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☆ Weak shipbuilding could be the US Navy's Achilles' heel in a war with China
▼ + stars: | 2024-11-17 | by ( Chris Panella | ) www.businessinsider.com time to read: +14 min

The US Navy faces critical shipbuilding problems that could hobble it in a war with China. China's commercial and military shipbuilding capacity overshadows the rest of the world. China has pursued shipbuilding dominance over the past few years, building a massive naval fleet. Long-term investments and solutions are needed to fix the US Navy's shipbuilding problems. US Navy photo by Mass Communication Specialist Seaman Erwinjacob Miciano/ReleasedThe US Navy's shipbuilding woes aren't new, and there simply isn't a quick fix.

Persons: Shelby Oakley, Oakley, Paula Zorensky, Gerald R, Petty, Alex Smedegard, Bryan Clark, who's, Mackenzie Eaglen, Seaman Wesley J, Bryan McGrath, Matthew Funaiole, McGrath, Seaman Erwinjacob Miciano, Lisa Franchetti, Franchetti, John Harris, Campbell Organizations: US Navy, US, Getty Images China, Newport News Daily Press, TNS, Navy, Huntington Ingalls Industries, General Dynamics, Marinette Marine Corporation, of, Pentagon, USS Enterprise, Getty Images Navy, Shipbuilders, GAO, Shelby, Norfolk Naval Shipyard Shipbuilders, Shipbuilders Council of America, Ford, Columbia, Hudson Institute, American Enterprise Institute, Communication, Jiangnan Shipyard, Shipyards, China State Shipbuilding Corporation, China Power, Center for Strategic, International Studies, People's Liberation Army, of Naval Intelligence, Technological, Department of Defense, Pacific . US Locations: China, US Navy, Virginia, Columbia, Shelby West, Jiangnan, Dalian, Huangpu Wenchong, Hong Kong, Hudong, Shanghai, Beijing, Taiwan, Pacific, Japan, South Korea

☆ How different a commander in chief will Trump be?
▼ + stars: | 2024-11-17 | by ( Peter Bergen | ) edition.cnn.com time to read: +27 min

On the face of it, there are sizable differences in foreign policy between Trump and President Joe Biden. In October, the Biden administration again helped to intercept a barrage of around 200 Iranian ballistic missiles, which also caused minimal damage to targets in Israel. Bringing US troops homeIn 2020, the Trump administration signed a US withdrawal agreement from Afghanistan with the Taliban. But after McMaster was pushed out of office in 2018, the Trump administration negotiated with the Taliban the withdrawal agreement of all US forces from Afghanistan. Nonetheless, the incoming Trump administration seems intent on resurrecting Schedule F, an executive order issued in the last months of the first Trump term.

Persons: sneezes, Trump, Donald Trump’s, Joe Biden, —, Biden, Trump’s, shored, Donald Trump, Xi Jinping, Andrew Harnik, ”, Benjamin Netanyahu, Netanyahu, Ahmad Gharabli, Israel, Jared Kushner, Qasem Soleimani, Mike Huckabee, Israel — Huckabee, David Friedman, Reagan, JD Vance —, H.R, McMaster, Nikki Haley, Mike Pompeo, Haley, Pompeo, Elise Stefanik, Mike Waltz, Florida, George W, Bush, Pete Hegseth —, Lloyd Austin, Jim Mattis, Robert Gates, John Ratcliffe of, Tulsi Gabbard, Vladimir Putin, Basher al, Assad, Putin, Diego Fedele, Ukraine doesn’t, John Bolton, Mark Rutte, Tom Homan, Homan, ” Trump, CNN’s Priscilla Alvarez, “ It’s, Maura Healey, Stephen Miller, CBS’s, Camp David, It’s, Kim Jong Un Organizations: CNN, Trump, NATO, Ukraine, White, of, Biden, CIA, Liberation Army, Center for Strategic, International Studies, Obama, Getty, West Bank, Abraham Accords, Arkansas Gov, US Defense Intelligence Agency, ISIS, McMaster, UN, GOP, Republican, Special, House Armed Services Committee, Pentagon, Fox News, Senate, Republicans, US Civil, Policy, State Department, Department of Homeland Security, Policy Institute, Rep, House Intelligence, NATO Trump, US Congressional Research Service, Joint Assault Brigade, National Police, of Homeland, American Immigration Council, NBC News, US Bureau of Prisons, Massachusetts Gov, National Guard, Congress, Washington Post, H.R, North, America Locations: Paris, Russia, China, Beijing, South China, United Kingdom, Australia, Taiwan, Washington, United States, Gaza, Lebanon, Iran, Iranian, Syria, Israel, Yemen, Jerusalem, AFP, Iraq, Saudi Arabia, Afghanistan, Pakistan, John Ratcliffe of Texas, Hawaii, Ukraine, Dnipro, Soviet, Toretsk, Crimea, Japan, NATO, “ Russia, Baltic, Western Europe, ”, Korean, North Korean

☆ Elon Musk downsized Big Tech. Can he do the same to Big Government?
▼ + stars: | 2024-11-17 | by ( Amanda Hoover | ) www.businessinsider.com time to read: +11 min

And to run the new cost-cutting department, Trump tapped the businessman he calls the world's "greatest cutter" — Elon Musk. If you're looking to take a chainsaw to the federal government, Musk seems perfectly suited to the job. When it comes to federal spending, one person's waste is another person's bread and butter. And his massive investments in electric vehicles and social media are dependent on all sorts of federal spending and oversight. Musk has acknowledged that Americans will feel "hardship" as a result of the cuts he wants to see implemented.

Persons: Donald Trump, Trump, Elon Musk, Musk, cochair, Vivek Ramaswamy, Ronald Reagan —, There's, Michael Morris, Morris, it's, Andy Wu, Linda Bilmes, Ronald Reagan, Joel Friedman, Brian Hughes, DOGE, Reagan, Ramaswamy, It's, Sam, Uncle, Elon Organizations: Department of Government, Twitter, Tesla, SpaceX, Defense Department, IRS, Columbia Business School, Harvard Business School, Government, Harvard Kennedy School, Office, GAO, Fox News, Budget, Federal Aviation Administration, Veterans Administration, — Locations: Ecuador, Independence

☆ Americans moving to Canada should be aware of these 4 tax and investment implications
▼ + stars: | 2024-11-16 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

AdvertisementInterest in moving to Canada has spiked among Americans after the election. Advertisement"I think sometimes it can be a knee-jerk reaction," Woodfield said of moving to Canada. AdvertisementTo prevent ex-pats from getting taxed twice on their income, the US and Canada have a tax treaty that provides a foreign income tax credit for any income tax paid to the other country, Woodfield explained. You also don't have the option to file joint income tax returns with your spouse in Canada, Woodfield warned. AdvertisementThe earlier you start preparing for your cross-border move, the better — ideally, one to two tax years before moving, Woodfield said.

Persons: Tiffany Woodfield, Donald Trump, Roe, Trump, Raymond James ., Woodfield, Uncle Sam, RRSPs, …, It's, you've, they've, I've Organizations: White, Wade, SWAN Wealth Management, pats, Income Corporations, IRS Locations: Canada, Spain, they're

☆ These 'best-in-class' stocks are rising fast so buy them quickly, Bank of America says
▼ + stars: | 2024-11-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

CNBC Pro combed through Bank of America research to find stocks the bank believes are "best-in-class." They include Carvana , ESAB, Netflix , Texas Roadhouse and Johnson Controls . Texas Roadhouse Analyst Sara Senatore is sticking with shares of the Texas-themed restaurant following earnings in late October. BofA says Texas Roadhouse benefits from low staff turnover, innovative technology and same-store sales that continue to improve. In addition, Senatore called traffic growth "best-in-class" with month-to-month improvement even as the wider industry battles numerous headwinds.

Persons: Jessica Reif Ehrlich, Reif Ehrlich, Sherif El, BofA, ESAB, Sara Senatore, Senatore, Johnson Organizations: Bank of America, CNBC, Netflix, Texas, Johnson Controls, BofA, Gaming, El, JCI Locations: Bank, El, Texas, U.S, North America

☆ Before politics, JD Vance had a career in venture capital. Here are the startups he's invested in.
▼ + stars: | 2024-11-16 | by ( Madeline Berg | Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

JD Vance is a man of many careers: attorney, author, senator, vice president-elect, and, perhaps less well-known, venture capitalist. For about six years between graduating from law school and becoming a United States senator from Ohio, Vance held various positions in the space before eventually starting his own fund, Narya Capital. Vance co-founded Narya Capital in 2019After two years, Vance broke out on his own, cofounding Narya Capital in 2019 with investments from Thiel, former Google CEO Eric Schmidt, and VC veteran Marc Andreessen. According to his vice president and senate disclosure forms, he has a stake in Narya Capital Fund I, Narya Capital Fund II, and Rise of the Rest Seed Fund. AdvertisementHis stake in Narya Capital Fund I is worth between $500,001 and $1 million.

Persons: JD Vance, Vance, doesn't, Peter Thiel's, Steve Case's, Boston —, Thiel, Eric Schmidt, Marc Andreessen, Narya, Vivek Ramaswamy's, Nayra, Luke Schroeder Organizations: United, Narya, Mithril, Narya Capital, cofounding, II, Narya's Capital, US Space Force Locations: United States, Ohio, New York, Silicon Valley, Boston, Narya, ValueBase, PitchBook

☆ Activist ValueAct is poised to trim fat and help boost profits at Meta Platforms. Here’s how
▼ + stars: | 2024-11-16 | by ( Kenneth Squire | ) www.cnbc.com time to read: +8 min

Now, ValueAct has engaged another titan of the market, Meta Platforms, announcing an approximately $1 billion dollar position in the company. With the stock price up about 56% in 2024, ValueAct still sees significant untapped value in Meta. ValueAct has shown at Microsoft and Salesforce that it is very good in helping companies trim fat and build muscle. The AI spending, while concerning to some in the market, can be the muscle that strengthens Meta's core FoA business. It should more than justify Meta's AI spend.

Persons: ValueAct, Mason Morfit, Mark Zuckerberg, OpenAI's GPT, Meta, Martha Stewart Living, Ken Squire Organizations: Reality Labs, Facebook, Microsoft, Meta, RL, Spotify, OpenAI, Adobe, New York Times, Expedia, Century Fox, KKR, 13D Locations: Salesforce

☆ This is the anti-ESG venture capital firm that Donald Trump Jr. is joining instead of taking a White House role
▼ + stars: | 2024-11-16 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +4 min

AdvertisementDonald Trump Jr. will not take on a White House role, opting instead for the VC firm 1789 Capital. The venture capital firm that Donald Trump Jr. is reportedly joining eschews investments that push social and environmental issues and instead focuses on what it calls "EIG," or entrepreneurship, innovation, and growth. Like 1789 Capital, Trump Jr. has long been a proponent of the parallel economy, also called the "patriot economy," a term used by MAGA conservatives to refer to businesses that align with their traditional values. And Trump Jr.'s connection to Malik, the president of 1789 Capital, includes the pair's mutual support of a parallel economy platform called PublicSquare. Representatives for Trump Jr. through the Trump Organization and the Trump transition team didn't respond to a request for comment from BI.

Persons: Donald Trump Jr, Omeed Malik, Tucker, EIG, —, Tucker Carlson's, Donald Trump's, Omeed Malik —, Christopher Buskirk, Malik, Buskirk, deglobalization, MAGA, Trump, Malik didn't, Tucker Carlson, Jordan Cohen Organizations: The New York Times, Bloomberg, Trump Jr, Bank of America, Farvahar Partners, Trump, Republican National Committee, New York Stock, Time Magazine, Tucker Carlson Network, Fox News, Trump Organization Locations: The Florida, Beach , Florida

☆ How to protect your portfolio against risks tied to President-elect Trump's tariff agenda
▼ + stars: | 2024-11-16 | by ( Krysta Escobar | ) www.cnbc.com time to read: +1 min

Money manager John Davi is positioning for challenges tied to President-elect Donald Trump's tariff agenda. Davi said he worries the new administration's policies could be "very inflationary," so he thinks it is important to choose investments carefully. "Small-cap industrials make more sense than large-cap industrials," the Astoria Portfolio Advisors CEO told CNBC's "ETF Edge" this week. Davi, whose firm has $1.9 billion in assets under management, also likes staying domestic despite the tariff risks. But Davi plans to stay away from fixed income due to challenges tied to the growing budget deficit.

Persons: John Davi, Donald Trump's, Davi, CNBC's, Russell, Trump Organizations: Astoria

☆ A boomer who retired with a $2 million net worth despite working modest jobs shares his advice on retiring comfortably
▼ + stars: | 2024-11-16 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

AdvertisementAn Idaho couple retired with a net worth of over $2 million by living frugally and making smart investment choices. Richard learned investment strategies later in life after losing thousands in the dot-com bubble. He worked and lived frugally while attending the University of Illinois, which he said cost just $173 his first semester. Advertisement"I haven't been a disciplined, smart investor throughout my life, but I have always lived frugally," Richard said. In retirement, Richard has produced over 70 books about his hometown, American history, and trail guides.

Persons: Richard, weren't, wasn't, it's, I've, He's Organizations: University of Illinois, Air Force, Social, Social Security Locations: Idaho, Illinois, Sacramento, Airbnbs

☆ Three Mile Island restart could mark a turning point for nuclear energy as Big Tech influence on power industry grows
▼ + stars: | 2024-11-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +12 min

The main control room of the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024. (Take a deeper look inside the Three Mile Island nuclear power plant here.) Part of a control panel at the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024. A cooling tower at the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024. The turbine deck of the Three Mile Island nuclear power plant in Middletown, Pennsylvania, Oct. 30, 2024.

Persons: Danielle DeVries, Trevor Orth, Chris Crane, Constellation, Bryan Hanson, Hanson, Holtec, Mike Goff, Thomas Mehaffie, Tom Mehaffie, Mehaffie, Mehaffie's, PJM, Mark Christie, Alistair Speirs, Speirs, Ryan Levine, Levine, CNBC Hanson Organizations: CNBC MIDDLETOWN, Constellation Energy, Nuclear Regulatory Commission, Constellation, NRC, CNBC, Crane Clean Energy, Microsoft, Google, U.S . Unit, Energy Solutions, Unit, of Nuclear Energy, Department of Energy, Pennsylvania, Construction, Federal Energy Regulatory Commission, CNBC Federal, Nuclear Regulatory, Citi, General Electric Locations: Middletown , Pennsylvania, Pa, United States, U.S, Baltimore, Exelon, Michigan, Pennsylvania, Harrisburg

☆ China retail sales beat forecasts in October while real estate slump worsens
▼ + stars: | 2024-11-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's retail sales rose more than expected in October, while industrial production and investment data missed forecasts as the real estate drag worsened. Industrial production rose by 5.3% in October from a year ago, missing expectations of 5.6% growth. Investment in real estate for the January to October period fell by 10.3% from a year ago, steeper than the 10.1% drop seen in the January to September period. While infrastructure and manufacturing investments picked up slightly in the year-to-date period as of October, versus that of September. The central bank has cut interest rates and extended existing real estate support.

Organizations: Retail, National Bureau of Statistics, Ministry of Finance Locations: Shanghai, BEIJING

☆ Inside Microsoft's struggles with Copilot
▼ + stars: | 2024-11-15 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +23 min

In September 2023, Microsoft's famously soft-spoken CEO, Satya Nadella, unveiled the company's flagship AI product, Copilot, with sweeping fanfare. Some of Microsoft's own employees and executives are privately concerned that Copilot won't be able to deliver on its ambitions. Copilot's struggles have created an opening for Microsoft's rivals, some of whom have seized on the opportunity to promote their own agendas. "Now, when Joe Blow logs into an account and kicks off Copilot, they can see everything," said one Microsoft employee familiar with customer complaints. As complaints and questions over Copilot mount, so does the pressure to justify Microsoft's unprecedented level of spending on AI.

Persons: Microsoft's, Satya Nadella, Gartner, Copilot, it'll, Copilot's, Marc Benioff, Benioff, Goldman Sachs, Marc Andreessen, Andreessen Horowitz, Ethan Miller, Jared Spataro, Spataro, —, Joe Blow, Joe, Nadella, Gary Marcus, Marcus, Wile, Coyote, Brontë, Judson Althoff, Jason Zander, Zander, We've, OpenAI, Tasos Katopodis, Steve Jobs Organizations: Microsoft, Venture, Getty, Goldman, BI, Fortune, Excel, Lumen Technologies, Honeywell, Gartner, Wall Street, Initiative, Department of Homeland Security, Employees, San Francisco, Software, Apple, Jobs Locations: Microsoft's, Copilot, New York City

☆ Alibaba shares rise 5% in premarket after Chinese tech giant posts 58% jump in profit
▼ + stars: | 2024-11-15 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Alibaba said net income rose 58% year-on-year to 43.9 billion Chinese yuan ($6.07 billion) in the company's quarter ending Sept. 30, on the back of the performance of its equity investments. This compared with a LSEG outlook of 25.83 billion yuan. Revenue, meanwhile, came in at 236.5 billion yuan, 5% higher year-on-year but below an analyst forecast of 238.9 billion yuan, according to LSEG data. Investors are closely watching the performance of Alibaba's main business units, Taobao and Tmall Group, which reported a 1% annual uptick in revenue to 98.99 billion yuan in the September quarter. The e-commerce giant's overseas online shopping businesses, such as Lazada and Aliexpress, meanwhile posted a 29% year-on-year hike in sales to 31.67 billion yuan.

Persons: Alibaba, — Organizations: Tmall, ING Locations: York, London, Beijing

☆ Trump called the climate crisis a scam. It could prove a gift to China.
▼ + stars: | 2024-11-15 | by ( Tom Porter | ) www.businessinsider.com time to read: +6 min

AdvertisementPresident-elect Donald Trump has long questioned the reality of the climate crisis, describing it as a "scam" and accusing policies to tackle the crisis of destroying US jobs. AdvertisementChina, as part of its "Belt and Road" initiative to grow its global influence, has provided developing countries with renewable energy technologies, including wind farms. AdvertisementThe US lags China as a clean tech economic power. There are also doubts over how much China is willing to take an international leadership role on climate issues. Assuming a leadership role would likely require China to send money to other countries, said Crowther.

Persons: Donald Trump, —, Herbert Crowther, we're, Lily McElwee, Xi Jinping, Trump, Daniel Araya, Biden, Joe Biden's, Crowther, Xi Organizations: Service, Eurasia Group, Business, Biden, China Studies, Center for Strategic, International Studies, Trump, Getty, Brookings Institute, International Energy Agency, Reuters Locations: Paris, China, New York, Baku, Azerbaijan, Washington ,, Beijing, United States, Gansu Province, Washington , DC, Brazil

☆ Warren Buffett's Berkshire Hathaway reveals new bets on Domino's Pizza and Pool Corp.
▼ + stars: | 2024-11-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett's Berkshire Hathaway purchased stakes in Domino's Pizza and Pool Corp. last quarter. AdvertisementWarren Buffett's Berkshire Hathaway took a bite of the pizza business and jumped into the swimming pool industry last quarter. The famed investor's conglomerate bought a slice of Domino's Pizza worth $549 million at the end of September, a portfolio update revealed Thursday. Buffett and his team also purchased just over 1% of Pool Corp. — a wholesale distributor of swimming pool supplies and related products. Buffett owning a piece of Domino's Pizza seems fitting given his insatiable appetite for fast food and the companies that produce it such as Berkshire-owned Dairy Queen.

Persons: Warren, Berkshire Hathaway, —, Buffett, Kraft Heinz, Todd Combs, Ted Weschler Organizations: Berkshire, Corp, Apple, Bank of America, Service, Pool Corp, Nu Holdings, Charter Communications, American Express, Kraft Locations: Berkshire

☆ McDonald's to invest over $100 million to speed up recovery after E. coli outbreak
▼ + stars: | 2024-11-15 | by ( Kate Rogers | In Katerog | ) www.cnbc.com time to read: +2 min

A Quarter Pounder with cheese, fries and a drink arranged at a McDonald's restaurant in El Sobrante, California, on Oct. 23, 2024. In the wake of last month's E. coli outbreak tied to McDonald's slivered onions, the fast food giant said it will invest over $100 million to boost restaurant sales and speed up the recovery at impacted franchisees. Of that total, $65 million will be invested into supporting owners who have lost business, targeting those in the hardest-hit states. Approximately $35 million will be invested traffic-driving programs, including marketing efforts, according to a memo to owners and employees viewed by CNBC. McDonald's will also be driving "local recovery plans for highly impacted markets" with more details to come in the weeks ahead, the memo said.

Persons: McDonald's, Michael Gonda, Tariq Hassan, Ian Borden Organizations: CNBC, Street Journal, Bloomberg, for Disease Control, CDC, and Drug Administration Locations: El Sobrante , California

☆ This new Goldman Sachs partner is leading the bank's strategy with young heirs and founders
▼ + stars: | 2024-11-15 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Goldman Sachs named 95 partners last week, including private wealth exec Brittany Boals Moeller. AdvertisementBrittany Boals Moeller, one of Goldman Sachs' newly minted partners, didn't picture a career in finance when she joined the bank 17 years ago. The 39-year-old is based in Atlanta and runs the Southeast region of Goldman Sach's private wealth division. While wealth management clients skew older, the division has a pipeline of rich millennial founders who work with the investment banking arm. Goldman Sachs' family office offering, Apex, launched a few years later.

Persons: Goldman Sachs, Brittany Boals Moeller, —, I've, Goldman, Boals Moeller, John Mallory, Tucker York, Ciara, Marc, Kwesi Farrell, John Paul DeJoria, Michelle Hynik, It's Organizations: Service, New York University, Goldman, Catering, Utah Royals, Advisors Locations: Jonesboro , Arkansas, Atlanta, Apex, Deer Valley, Copenhagen, Deer

☆ Couple has $3 million in assets, but $40,000 in credit card debt due to 'sloppy' financial management, says money expert
▼ + stars: | 2024-11-15 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +4 min

When asked how they racked up so much debt, the couple mentioned emergencies like a flood, a car accident and other unexpected costs. They could feasibly tap their savings and investments to wipe out their credit card debt almost immediately. Yet they also owe $40,000 in credit card debt, they told self-made millionaire and money expert Ramit Sethi on a recent episode of his "Money for Couples" podcast. Even high earners can find themselves under a mountain of credit card debt if they let their spending go unchecked. Then, they can institute a standard operating procedure with rules, such as putting cash windfalls toward their credit card debt or discussing purchases over a certain price.

Persons: Sethi, Megan, Ramit Sethi, Jason, You've, Jason wasn't, it's Organizations: Formula, CNBC

☆ Cramer says an RFK Jr.-run HHS ultimately won't tank junk food and drug industries
▼ + stars: | 2024-11-15 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Even with vaccine skeptic Robert F. Kennedy Jr. tapped to potentially lead the Department of Health and Human Services, CNBC's Jim Cramer said drug and junk food industries aren't necessarily headed for ruin. "Ultimately, if RFK dons jackboots and demands that we don't have vaccines or eat junk food, it probably won't matter," he said. At the same time, Cramer added, Kennedy has taken a hard stance against processed food. Many drug and processed food stocks have already shouldered heavy losses since Trump named Kennedy, including Eli Lilly , Bristol-Myers , Moderna , PepsiCo , J.M. Plus, he continued, drug and junk food stocks aren't particularly good investments during a rate-cutting cycle.

Persons: Robert F, Kennedy Jr, CNBC's Jim Cramer, Donald Trump, Kennedy, it's, Cramer, Kennedy's, Eli Lilly, Smucker, Mills, he's, Trump Organizations: Department of Health, Human Services, RFK, and Drug Administration, Centers for Disease Control, National Institutes of Health, HHS, Trump, Moderna, PepsiCo, J.M Locations: U.S, Bristol, Myers

☆ 2 maps show how Americans rely on income like Social Security more than they used to
▼ + stars: | 2024-11-15 | by ( Allie Kelly | Madison Hoff | ) www.businessinsider.com time to read: +4 min

Money from programs like Social Security accounted for 18% of total personal income in 2022. A growing share of income in most US counties is coming from social safety net programs like SNAP, Social Security, and Medicaid, per a report published in September by the research firm Economic Innovation Group. One in six people in 2022 were over the age of 65 — compared to one in 10 in 1970 — and just over half of the national transfer income flows from Medicare and Social Security. The report's findings come as Business Insider has spoken with many retirees — who are living solely on Social Security income because they don't have savings or retirement investments — who say they are struggling to afford basic necessities. "I don't want to be rich, I just need to be comfortable," a baby boomer living on $1,104 monthly in Social Security previously told BI.

Persons: That's, —, ALICE, EIG Organizations: Social, Service, —, SNAP, Social Security, Economic Innovation Group, Government, United Way's United, allisonkelly Locations: —, Louisiana

☆ My husband and I felt like we didn't save enough money to retire in the US. So we moved to Mexico and built our dream home.
▼ + stars: | 2024-11-15 | by ( ) www.businessinsider.com time to read: +6 min

My husband and I made reasonable salaries living in NYC but weren't happy about retirement. We moved to Mexico in 2020 into our dream house and now feel far more secure about retirement. We eventually settled on Mexico, a country that's long been a favorite of American retirees where an estimated 1.6 million already live. We moved to Mexico ahead of retirement so we could enjoy it moreWe moved to Mexico before retiring because we thought the transition to retirement in another country would be easier if we had already lived there. AdvertisementWe make less money in Mexico, but our cost of living is lowerOur combined income is less than it was when we were living in New York.

Persons: —, Fabian Martinezv, Marc Perrotta, We're, We'll Organizations: Service, Foreign, Security Locations: Mexico, Spain, Canada, California, Florida, Mérida, Yucatán, Bushwick , Brooklyn, United States, Mérida's, NYC, New York

☆ Major Trump Media shareholder ARC Global unloads nearly all DJT stock
▼ + stars: | 2024-11-15 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

The Thursday night disclosure to the U.S. Securities and Exchange Commission showed that financial firm ARC Global Investments II and its manager, Patrick Orlando, no longer own more than 5% of Trump Media stock. Trump Media reported in early September that ARC owned over 11 million shares, equating to 5.4% of the company's outstanding stock. In mid-September, a Delaware judge found that Trump Media breached an agreement with ARC and must grant it additional shares. Trump Media, which operates the Truth Social app, suffered a major selloff in late summer and by the end of September was trading near its post-merger lows. But it saw a major stock rally in October that recovered most of those losses.

Persons: Donald Trump's, Patrick Orlando, ARC's, Steven Fineman, Kamala Harris Organizations: U.S . Securities, Exchange Commission, ARC Global Investments, Trump Media, ARC, SEC, Orlando, United Atlantic Ventures, Trump, Republican Locations: Orlando, Delaware

☆ The top 10 family offices for startup investments
▼ + stars: | 2024-11-15 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

The top 10 family offices for startup investments made over 150 investments combined this year, in everything from biotech and energy to crypto and artificial intelligence, according to a new analysis. CNBC partnered with Fintrx, the private wealth intelligence platform, to analyze single family offices that made the largest number of investments in private startups in 2024. The most active family office so far this year is Maelstrom, the Hong Kong-based family office of American investor Arthur Hayes, who co-founded the crypto exchange BitMEX. For the sake of the list, family offices are defined as investment vehicles or holding companies of a single family or individual that don't manage money for outside investors. Nearly a third of startup capital in 2022 came from family offices, according to a PWC report.

Persons: Guillaume Houze, Pascal Le Segretain, Robert Frank, Bernard Arnault's, Laurene Powell Jobs, Peter Thiel's Thiel, Arthur Hayes, Guillaume Houzé, Motier, Andreesen Horowitz, Eric Schmidt, Magnus Carlsen, Fertility Organizations: Royal, Getty, CNBC, Fintrx, Ventures, Labs, Motier Ventures, Google, Flex, Mistral, Nvidia, Lightspeed, Atinum Investment, Emerson Collective . Thiel Capital Locations: Paris, France, Hong Kong, Lafayette, Seoul, Korea, Singapore

☆ Elon Musk's xAI raising up to $6 billion to purchase 100,000 Nvidia chips for Memphis data center
▼ + stars: | 2024-11-15 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Elon Musk listens as US President-elect Donald Trump speaks during a House Republicans Conference meeting at the Hyatt Regency on Capitol Hill on November 13, 2024 in Washington, DC. Elon Musk's artificial intelligence company xAI is raising up to $6 billion at a $50 billion valuation, according to CNBC's David Faber. The money will be used to acquire 100,000 Nvidia chips, per sources familiar with the situation. Musk's AI startup, which he announced in July 2023, seeks to "understand the true nature of the universe," according to its website. Last November, X.AI released a chatbot called Grok, which the company said was modeled after "The Hitchhiker's Guide to the Galaxy."

Persons: Elon Musk, Donald Trump, CNBC's David Faber, Faber, Tesla, X.AI, OpenAI, Musk, Sam Altman, Google's Bard, Claude chatbot, Trump, Biden's Organizations: Republicans, Hyatt, Elon, Memphis, Google's Locations: Washington , DC

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