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I'm a high school teacher, and I see parents spend way too much on school supplies all the time. Many states have tax-free weekends, and many stores schedule school supply sales for those weekends. As a high school teacher, I often see families overspending and wasting money. Have your school supply list handy as soon as it's released, and pick up the items on sale when you find them. Check with your school for support programsIf money is tight (and even if it's not), check with your school and community to see if there are support programs for school supplies.

Persons: I'm, —, there's, it's Organizations: Service, Walmart, Girls

A dozen school districts in Oklahoma said they will not check students’ immigration status if asked by the state’s education department, in the latest sign of growing resistance to State Superintendent of Public Instruction Ryan Walters. “The focus has changed from public school students to self-centered political aspirations,” said Susan Wray, an elementary school principal in Edmond and a former state education department official. School districts also cannot ask students about their immigration status if it may be used to deny them access to a free public education, according to U.S. Department of Education guidance. The Deer Creek, Pryor, Millwood, Owasso and Jenks school districts told NBC News that they do not currently, nor do they plan to, ask students about their status. He threatened to take over Tulsa Public Schools after the district leadership told a board member she could not lead prayers on the microphone at a graduation ceremony.

Persons: Ryan Walters, Walters, ”, ” Walters, Susan Wray, that’s, “, Rob Miller, Moore, —, Chris Payne, Jeremy Hogan, Kevin Roberts, Miller Organizations: State Board of Education, Oklahoma State Department of Education, Oklahoma, NBC News, Republican, U.S . Department of Education, U.S, Supreme, Bixby Public Schools, Policy Institute, Oklahoma City, Oklahoma Policy Institute, Oklahoma City Public Schools, Tulsa Public Schools, Norman, Union Public Schools, Public, Brooklyn Public Locations: Oklahoma, Edmond, Bixby, Tulsa, Pryor, Millwood, Owasso, Jenks, California

☆ This remote, mystical forest has been protected for centuries. Now it’s under threat
▼ + stars: | 2024-08-09 | by ( Nell Lewis | ) edition.cnn.com time to read: +17 min

He and most of the community believe it is their duty to protect it – and in turn, they believe the forest will protect them. In photos: The plants and animals of Naimina Enkiyio Prev NextShared landIn a shady clearing, a group of Maasai elders sit in a circle on the grass. Peter Achammer/Helicopter Charter EA Ltd.For centuries, local communities have protected the forest, but today they are facing new threats. As the culture modernizes, Maasai elders fear this will be forgotten. “We shall protect the forest so that we retain this fresh air for our communities and also everyone in the world,” he says.

Persons: CNN — Naimina, Ntirua, Obibi, ”, Nell Lewis, CNN Ntirua Koikai, Enkiyio, Mara, Rob O’Meara, Sarah, Kirk's dik, dik, Peter Achammer, Ole Koikai, Ntirua Koikai, Mbuvi Musingo, “, O’Meara, “ We’re, Josephat Olokula, sparky, you’re, “ I’m, Ntasikoi Oloimoeja, Oloimoeja Organizations: CNN, Initiative, Hansen Global, Forest Guardians, Guardians, Government, Helicopter Charter EA, Kenya Forestry Research Institute, ” Locations: “, Kenya, Nairobi, Mara, Narok

☆ China rocket launch creates cloud of space debris in low-Earth orbit
▼ + stars: | 2024-08-09 | by ( Ashley Strickland | ) edition.cnn.com time to read: +5 min

CNN —One of China’s Long March 6A rockets has broken apart in low-Earth orbit and created a debris cloud consisting of hundreds of pieces, according to multiple space debris-tracking entities. And the reason for the rocket breakup remains unknown. Everything in low-Earth orbit travels at 17,500 miles per hour, Crassidis said. It’s the second time one of these rocket bodies has experienced a significant breakup event in low-Earth orbit, according to Victoria Heath, associate director of marketing and communications for LeoLabs. “Events like this highlight the importance of adherence to existing space debris mitigation guidelines to reduce the creation of new space debris and underscore the need for robust space domain awareness capabilities to rapidly detect, track, and catalog newly-launched space objects so they can be screened for potential conjunctions.”

Persons: China’s, SpaceX’s, “ USSPACECOM, ”, Rob Margetta, LeoLabs, John L, Crassidis, “, It’s, Victoria Heath, Audrey Schaffer Organizations: CNN, Taiyuan Satellite, Shanghai Spacecom, Satellite Technology, Space Command, US Department of Defense, NASA, International, Network, University, Buffalo’s School of Engineering, Applied Sciences, LeoLabs, Aerospace Locations: Taiyuan, Shanghai, Victoria

☆ How New Zealand's fastest speed climber trains for the Olympics
▼ + stars: | 2024-08-09 | by ( Maggie Cai | ) www.businessinsider.com time to read: +1 min

We follow Julian David, who is representing New Zealand in men's speed climbing at the Paris 2024 Olympic Games. He's gearing up for one of his last events before the Games, the IFSC World Cup in Chamonix, France. For the very first time, speed climbing will be judged as a stand-alone event at the 2024 Olympics, and the pair are the first from New Zealand to qualify. Sam Watson broke his own world record of 4.79 seconds at the 2024 Paris Olympics with a time of 4.74 seconds. At the time of publishing, this narrows their difference to 0.5 seconds.

Persons: Julian David, Rob Moore, Julian, Sarah Tetzlaff, Sam Watson Organizations: New Zealand, Paris, Games, Business Locations: New, Chamonix, France, New Zealand

☆ Deadpool: Cover art showing Marvel hero’s first appearance could sell for record $7.5 million
▼ + stars: | 2024-08-09 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

CNN —As Deadpool breaks records at the box office with “Deadpool & Wolverine,” cover art depicting the of superhero’s first ever comic book appearance could sell for a record $7.5 million. Designed by writer and artist Rob Liefeld in 1991, it would become the most valuable comic book cover art ever sold if it fetches its asking price, according to Heritage Auctions, which is handling the sale. Deadpool became one of Marvel's most popular comic book characters. A poster of Deadpool hangs at the David H. Koch Theater during the premiere of "Deadpool and Wolverine" in New York City on July 23. The owner acquired it almost 20 years ago, after Liefed had sold it, but refused any offers to sell.

Persons: “ Deadpool, Rob Liefeld, Ryan Reynolds, Deadpool, Reuters “ Marvel, ” Liefeld, Liefeld, ”, scripter Fabian Nicieza, David H, Caitlin Ochs, Liefed Organizations: CNN, Heritage, Reuters, “, Koch, REUTERS, Deadpool Locations: …, New York City

☆ Turns out being a venture capitalist can be really hard and some VCs want out
▼ + stars: | 2024-08-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, turns out being a venture capitalist can be really hard, and some VCs want out . The big storyWe were promised big returnsiStock; Rebecca Zisser/InsiderFor venture capitalists, when the going gets tough, the tough get going…toward the exits. Some VC workers are reconsidering their future as the industry goes through a rough patch, writes Business Insider's Sri Muppidi. The ink was barely dry on a deal before startups were raising another round, doubling their VCs' investment (on paper) along the way. One Bay Area partner told Sri junior investors need to meet dozens of companies a week.

Persons: —, Rebecca Zisser, It's, That's, VCs, dobi, Goldman Sachs, duMond, Chip Somodevilla, Alyssa Powell, Jamie Dimon, we're, Jamie, David Zalubowski, Chelsea Jia Feng, Meta's Instagram, Grzegorz Wajda, Elon Musk, Musk's X, he's, Grimes, Sam Altman, Kamala Harris, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Business, VCs, Tiger Global, Area, JPMorgan, YouTube, Dell, Getty, Elon, Federation, Global Alliance, Responsible Media, UK Prime, Democratic, Trump, Disney Locations: Patagonia, Dimon, Anaheim , California, North Carolina, Virginia, New York, London

☆ MLB will host its first game at a NASCAR track, aiming to break attendance record
▼ + stars: | 2024-08-09 | by ( Juliette Arcodia | ) www.cnbc.com time to read: +2 min

Baseball fans, start your engines. Major League Baseball announced Friday that NASCAR's iconic Bristol Motor Speedway will host a regular-season MLB game for the first time next year. It will also be the first in-season MLB game to be held in Tennessee. The game next August is likely to break the single-game attendance record for a Major League Baseball game. This announcement comes as Major League Baseball makes a renewed to expand the game to new venues and fans across the United States and globally.

Persons: Rob Manfred, Hall, Hall of Famer Willie Mays Organizations: Baseball, Major League Baseball, Bristol Motor, Atlanta Braves, Cincinnati Reds, MLB, Los Angeles Memorial Coliseum, Los Angeles Dodgers, Boston Red Sox, Chicago White Sox, New York Yankees, Rickwood, Negro Leagues, Hall of Famer Locations: Tennessee, America, United States, Fort Bragg , North Carolina, Dyersville , Iowa, Birmingham , Alabama, Tokyo, Mexico City, Paris, San Juan , Puerto Rico

☆ This $49 million ranch for sale in Colorado is linked to the billionaire Walmart heirs and has a place in rock-n-roll history. Take a look.
▼ + stars: | 2024-08-08 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

It's also linked to the Walton family — the billionaire heirs to Walmart. AdvertisementThe ranch once had a recording studio that hosted musicians like Stevie Nicks and Billy Joel. Hall and HallIn addition to its ties to the famous family of billionaires, the history of Caribou Ranch also involves some music legends. The Caribou Ranch Recording Studio was even inducted into the Colorado Music Hall of Fame in 2017. Hall and HallThe ranch served as a basecamp for miners during the period, according to Hall and Hall.

Persons: —, Elton John, It's, Walton, Sam Walton, Rob, Jim, Alice, Lukas, Stevie Nicks, Billy Joel, Rod Stewart Organizations: Service, Walmart, Hall, Business, Denver Post, Walton Enterprises, Street Journal, Bloomberg, Boys, Colorado Music Hall of Fame, of, Colorado Locations: Colorado, Nederland , Colorado, Boulder, Denver, Hall Boulder, Arkansas, Caribou, American

☆ Elon Musk has a weak case against advertisers — but he's playing the long game
▼ + stars: | 2024-08-08 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +9 min

Read previewOn Tuesday, Elon Musk's X fulfilled his promise to sue advertisers over their boycotting of the platform. GARM creates frameworks to provide common definitions around areas like hate speech and misinformation; it's voluntary whether advertisers use them. It doesn't rank platforms on these issues, and its role isn't to advise advertisers on where to spend their dollars. US advertisers are also protected by the First Amendment to spend or not spend on whichever media platforms they please. If the X suit moves into the discovery phase, there could be a whole lot more.

Persons: —, Elon Musk's X, X, Ørsted, Musk, Ruben Schreurs, Ørsted didn't, GARM, Jim Jordan, colluded, WPP's GroupM, Rob Rakowitz, Rumble, Jamie Barnard, Jim Jordan of Ohio, Win McNamee, Jordan, Brian Wieser, Wieser Organizations: Service, Federation, Global Alliance of Responsible Media, Twitter, Unilever, Mars, CVS, Business, WFA, Republican, Procter, Gamble, WPP's, Committee, Verizon, Chanel, PepsiCo, WPP, Media, Madison Locations: Texas, Ohio

Stock futures pointed to a mild market bounceback following a significant sell-off Monday that left major indexes with their worst day in nearly two years. ET Tuesday, Dow Jones Industrial Average futures, S&P 500 futures, and and Nasdaq futures were each up about 0.4%. The recovery comes as Japan's Nikkei stock index, which saw its worst day in a generation Monday, rallied for its best day since 2008, surging 10.2%Still, Tuesday's gains are unlikely to make up for the losses stocks suffered Monday. Torsten Slok, chief economist at Apollo Global Management, said in a note Tuesday that the economy remains in decent shape. "If the economy were crashing, default rates would be spiking higher, and that is not what the data shows.” he wrote.

Persons: Dow, Goldman Sachs, Torsten Slok, ” Organizations: Dow Jones Industrial, Nasdaq, Nikkei, Federal, Citibank, Federal Reserve, Citi, Fed, Apollo Global Management Locations: U.S

☆ Volatility index surges close to 66 then falls to half
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVolatility index surges close to 66 then falls to halfCNBC's Rick Santelli and CBOE's Rob Hocking discuss huge moves in volatility as the market sell-off deepened.

Persons: Rick Santelli, Rob Hocking

☆ Tuesday's analyst calls: Taiwan Semiconductor a buying opportunity, CrowdStrike upgraded
▼ + stars: | 2024-08-06 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

He increased his price target by $25 to $575, which suggests shares can jump about 20.9% over the next year. Rollins upgraded the stock to neutral from sell and upped his price target from $1.25 to $3.15 per share, which implies roughly 21.6% potential upside. Analyst Rick Wise initiated coverage of GE Healthcare with a buy rating and $100 price target, which suggests 22.7% upside. Analyst Rob Owens upgraded the global cybersecurity company to overweight from neutral and lowered his price target by $20 to $290, which implies 30.6% upside. Its price target of 1,200 Taiwanese dollars implies upside of 36.4%.

Persons: Morgan Stanley, Piper Sandler, Rob Sanderson, Sanderson, — Pia Singh, Michael Rollins, Rollins, Lumen, Rick Wise, Wise, CrowdStrike, Rob Owens, Owens, pare, Price, Charlie Chan, Chan, Fred Imbert Organizations: CNBC, Taiwan Semiconductor, Meta, Citi, Lumen Technologies, GE Healthcare, Delta Air Lines, Microsoft Locations: U.S

☆ Trade Tracker: Rob Sechan buys Nvidia and sells O'Reilly Auto
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade Tracker: Rob Sechan buys Nvidia and sells O'Reilly AutoRob Sechan, CEO of NewEdge Wealth, joins CNBC's "Halftime Report" to discuss his recent purchase o f Nvidia and sale of O'Reilly Auto.

Persons: Rob Sechan Organizations: Nvidia, O'Reilly, NewEdge, O'Reilly Auto

☆ The stock market is panicking, but you don’t have to
▼ + stars: | 2024-08-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

To be sure, the carnage on Wall Street and in equities markets around the world was real. But Monday’s panic was the Wall Street equivalent of a tantrum from a kid who just got told they can’t have ice cream for dinner. But don’t let the stock market drama fool you: The US economy is still in good shape, despite some turbulence. “And I’m not too worried about Wall Street becoming poor.”Stocks looked to bounce back Tuesday. Wall Street worked itself into a lather when ChatGPT came out two years ago.

Persons: CNN Business ’, Stocks, Dow, Wall, don’t, Rana Foroohar, That’s, it’s, Goldman Sachs, ”, Jan Hatzius, ” Goldman, There’s, Beryl, “, Beryl didn’t, Aaron Sojourner, ’ ”, ChatGPT, Rob Haworth, ” Haworth Organizations: CNN Business, New York CNN, CNN, Nikkei, of Labor Statistics, Coast, BLS, WE Upjohn, Employment Research, White House Council, Economic Advisers, Fed, Federal, Markets, Big Tech, Nvidia, Microsoft, Wall, Bank of Japan, US Bank Locations: New York, Japan

☆ Elon Musk says ‘civil war is inevitable’ as UK rocked by far-right riots. He’s part of the problem
▼ + stars: | 2024-08-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —Social media has played a big role in fueling the anti-immigration riots engulfing towns and cities in the United Kingdom. Musk later apologized for what he called his “dumbest” ever social media post. The UK government this week vowed to prosecute “online criminality” and has pushed social media companies to take action against the spread of false information. “Social media has put rocket boosters under… not just the misinformation but the encouragement of violence,” UK Home Secretary Yvette Cooper said Monday. It is unclear that the UK government has the tools to hold social media platforms accountable for their role in the riots.

Persons: Elon Musk, Tesla, “, ”, Axel Rudakubana, ” Isabelle Frances, Wright, Musk, White, dumbest, Tommy Robinson, Yvette Cooper, Keir Starmer, Peter Kyle, Rob Picheta, Lauren Kent Organizations: London CNN — Social, Institute for Strategic, IDS, CNN, BBC Radio, Facebook, Meta, Ofcom Locations: United Kingdom, ”, England, Israel, Gaza

The day's rout was sparked by a massive sell-off in Japanese stocks. The Nikkei fell 12.4%, its worst day since the 1987 "Black Monday" crash rattled investors around the world. Spencer Platt / Getty ImagesThe Japanese drawdown, in turn, was partly in response to the worse-than-expected jobs report published Friday that showed U.S. unemployment rising to 4.3% and just 114,000 jobs added in July. As soon as that report was published, stocks started erasing some of their earlier losses, while bond purchases, which had surged as investors sought safe-haven assets, faded. It’s a much easier decision to say I want to take my chips and go home here.”

Persons: Stocks, Spencer Platt, Apple, Warren Buffett's Berkshire Hathaway, ”, Michael Farr, Farr Organizations: Dow Jones, Nasdaq, Dow, Nikkei, New York Stock Exchange, Getty, Federal, Institute for Supply Management, Bank of Japan, U.S . Federal Reserve, Nvidia, Intel, Microsoft, Buffett, Miller & Washington Locations: New York City, U.S, Berkshire

☆ These scientists want to safeguard Earth’s species by cryogenically preserving them on the moon
▼ + stars: | 2024-08-05 | by ( Jack Guy | ) edition.cnn.com time to read: +4 min

CNN —A group of scientists has devised a plan to safeguard Earth’s species in a cryogenic biorepository on the moon. In order to reach the required temperatures on earth, a supply of liquid nitrogen, electricity and human staff are required. To reduce this risk, Hagedorn and the team thought about how cryopreservation could be achieved passively, which is impossible on Earth, and alighted on the moon. “We aren’t saying what if the Earth fails – if the Earth is biologically destroyed this biorepository won’t matter,” Hagedorn said in the statement. Sally Keith, a senior lecturer in Marine Biology at Lancaster University, who was not involved in the research, had similar concerns.

Persons: Norway Lise Aserud, NTB Scanpix, ”, Mary Hagedorn, Hagedorn, ” Hagedorn, Rob Brooker, James Hutton, ” Brooker, Sally Keith Organizations: CNN, Smithsonian, BioScience, Reuters, Conservation Biology Institute, James, James Hutton Institute, Lancaster University Locations: Svalbard, Norway, Scotland

☆ Violent, far-right riots overran some UK cities this weekend. What happened, and what comes next?
▼ + stars: | 2024-08-05 | by ( Rob Picheta | ) edition.cnn.com time to read: +10 min

London CNN —Far-right riots swept Britain over the weekend, with outbreaks of anti-immigrant violence in a number of cities and towns, leaving the new UK government scrambling to control the worst disorder in more than a decade. Throughout Friday, Saturday and Sunday, violent protesters congregated in city and town centers across the UK, many of them apparently intent on clashing with police and causing havoc. The gatherings ostensibly started as anti-immigration marches, organized on social media platforms like X and on WhatsApp and Telegram groups. Violence also took place in Sunderland, Middlesbrough, Stoke-on-Trent and several more cities, mostly across the Midlands and north of England. The man in charge of bringing those offenders to justice was Keir Starmer, then Britain’s Director of Public Prosecutions.

Persons: Keir Starmer, –, ”, Constable Lindsey Butterfield, Owen Humphreys, we’ve, ” Starmer, Christopher Furlong, Nigel Farage, Priti Patel, Diane Abbott, Britain’s, Elon, Tommy Robinson, Joe Mulhall, Robinson, Peter Powell, Musk, “, Starmer, underfunding Organizations: London CNN, Labour Party, Protesters, Rotherham, South Yorkshire Police, Middlesbrough, Stoke, Trent, Office, National Police Chiefs ’ Council, “, Downing, Police, . Police, Reform, Conservative Party, Farage, Conservative, CNN, Getty, Public Prosecutions, British Ministry of Justice, State, Justice, PA Media Locations: Britain, Southport, England, WhatsApp, Rotherham, Tamworth, Midlands, Middlesbrough, Sunderland, United Kingdom, Manchester, AFP, ”, British, London, gridlock, Wales, Afghanistan

☆ Meta's AI keeps pretending to be me and giving my phone number out to strangers
▼ + stars: | 2024-08-05 | by ( Rob Price | ) www.businessinsider.com time to read: +10 min

You only need to save my phone number," the AI responded in Spanish — before sharing my phone number. Someone in this WhatsApp group had asked Meta AI for its phone number — and again it shared my number. It had replied that it did, and Maxi simply had to message a phone number — my phone number — to access the content. Since I asked Meta's communications team for help, I haven't received any more messages from people looking for Meta AI. Another time, Meta AI said it didn't have a phone number (it actually does, +1 313-555-0002, although it doesn't advertise it publicly).

Persons: Franco, escuadron lobo, Tell Gretel, he'd, Franco chimed, Meta, chatbot, Taylor, Taylor Swift, Maxi, I'm, I've, Pablo Morano, Meta's Emil Vazquez, Mark Zuckerberg, that's, Axel Springer, Cooper Neill, Getty, LLMs, Meta's, haven't, you've Organizations: Meta, alfa buena, Alpha, Business, Tech, LinkedIn, Facebook, Team Alpha, Squadron, Maxi, BSR Agency, Business Insider, CBC News Locations: Peruvian, Spanish, LLMs, scammers, WhatsApp, Memphis , Tennessee

☆ Our bend-don't-break economy is reaching its limit
▼ + stars: | 2024-08-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, interest-rate cuts are almost certainly coming, but the relief won't be felt immediately . The big storyCrash landingKevin Dietsch/Getty, Tyler Le/BIOur bend-don't-break economy might finally have reached its limit. After a year of resiliency in the face of high interest rates, the cracks are showing in the US economy. But it's not a silver bullet, and the rate cut's effect will take time to make its way through the economy.

Persons: —, Kevin Dietsch, Tyler Le, it's, Chelsea Jia Feng, Claudia Sahm, Madison Hoff, McDonald's, Jared Siskin, Bobby, Jordan Grumet, Justin Best, Brian Stauffer, Michal Kosinski, Rob Price, sompong, Seng kui Lim, Getty, Joe Biden's, Elon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Relief, Getty, Fed, Amazon, Big Tech, Madison, Park Conservancy, Citadel, FIRE, Union Square Advisors, Nvidia, America Locations: resiliency, Central, Switzerland, Canada, Park, Paris, New York, London

☆ ‘Worst season ever’: How things got ugly on Santorini, Greece’s ‘Instagram island’
▼ + stars: | 2024-08-04 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +7 min

It’s even earned the nickname “Instagram Island” because of its perfectly saturated “no filter” splendor. When evening comes, however, the crowds melt away, and some complain the island goes from Times Square to ghost town. Visitor cap coming in 2025Santorini Mayor Nikos Zorzos has proposed a cap on cruise ship passengers, down to 8,000 a day. Cruise ship passengers are valued and much needed, as are those longer-stay visitors coming by boat or plane, but he says the feeling among locals is that something has to give. Currently, nearly two-thirds of cruise tourism in Greece takes place in Piraeus, Santorini and Mykonos, CLIA said.

Persons: CNN —, it’s, It’s, Nikos Zorzos, Kyriakos Mitsotakis, megaphones, Xavier Duvot, Hans Lucas, ” Gianluca Chimenti, “, ”, Christos Stylianides, Maria Deligianni, CLIA, Katie Haslam, Rob, we’d, ” Love Organizations: CNN, Fira, Bloomberg, Getty, CNN Travel, Cruise Lines International Association, “ Locations: Oia, Europe, Spain, Netherlands, Venice, AFP, Santorini, Greece, Mykonos, Piraeus, Rochdale, England

☆ Joe Biden Stepped Aside. a Lot of Aging CEOs Should Do the Same.
▼ + stars: | 2024-08-04 | by ( Rob Price | ) www.businessinsider.com time to read: +13 min

Less discussed, however, is a parallel crisis in corporate America: a wave of aging business leaders who refuse to step aside. The average retirement age is similarly increasing: to 62 in 2024 from 57 in 1991. Using public data from 1992 to 2018, they assessed the relationship between a CEO's age and their "managerial ability," as measured by how they turned company resources into revenue and profit. "A 10% increase in CEO age is associated with a 1.9% decrease in managerial ability," they wrote. And older workers, both above and below the traditional retirement age, already face unwarranted discrimination in the workplace.

Persons: who'd, Joe Biden's, Donald Trump, Ruth Bader Ginsburg, Sen, Dianne Feinstein, It's, Rosemond Desir, Scott Seavey, Seavey, what's, Mark Fisher, Sumner Redstone, —, David Ekerdt, Olivia S, Mitchell, Desir, Warren Buffett, Rupert Murdoch, Fisher, Biden imbroglio, they're Organizations: Business, Supreme, California, Florida Atlantic University, University of California, CBS, Viacom, Barclays, gerontology, University of Kansas, Wharton, Chevron, Caterpillar, Berkshire Hathaway, News Corp Locations: America, Irvine, Southern California, United, Berkshire

Stocks declined heavily in Friday trading following a weaker-than-expected jobs report. The Dow Jones Industrial Average fell 810 points, or 2.3%. The U.S. added just 114,000 jobs in July, well below the 185,000 expected and down significantly from 206,000 in June. Amazon also saw a large decline, sliding 12.5% after missing quarterly financial estimates and issuing a disappointing forecast. A day earlier, stocks saw heavy declines as they responded to other weaker-than-expected data, including a disappointing manufacturing output report and surprisingly high initial jobless claims.

Persons: Stocks Organizations: Dow Jones, Nasdaq, U.S . Commerce Department, Intel Locations: U.S

But you're going to struggle if you're looking for a new one. "Even a few months ago, the labor market seemed fine, the trajectory looked stable," said Guy Berger, director of economic research at the Burning Glass Institute, a think tank. The Fed therefore believes it can put a floor underneath the labor market that prevents it from deteriorating further, Berger said. "What we need to see is strong private-sector labor market growth, and outside of health care, what we've seen instead is a very, very rapid deceleration that has shown no signs yet of stabilizing," Pollak said. Pollak also said leisure and hospitality jobs — a key entry point into the labor market — have actually declined outright in recent months, putting further pressure on workers to secure employment.

Persons: Guy Berger, Berger, Jerome Powell, Bill Dudley, Julia Pollak, Pollak, we've Organizations: of Labor Statistics, Glass, Federal, Fed, New York Federal, Bloomberg Locations: U.S, haves

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