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The Federal Reserve is expected to cut interest rates by 25 basis points on Thursday. It follows a 50-basis-point rate cut in September — the first cut in four years. CME FedWatch, which forecasts interest rate changes based on market predictions, estimated an all-but-certain 25 basis point cut as of Friday afternoon. Advertisement"Borrowers should understand that 'falling interest rates' are not the same as 'low interest rates,'" Greg McBride, Bankrate's chief financial analyst, said in a commentary. What are your financial plans if the Fed makes another rate cut?
Persons: , Jerome Powell, Powell, Helene, Milton, Cory Stahle, Julia Pollak, Greg McBride Organizations: Federal, Service, FedWatch, Boeing, BLS, Federal Reserve, PCE, Fed, asheffey
Russian President Vladimir Putin is engaging in a war of attrition in Ukraine. AdvertisementKamala Harris and Donald Trump have starkly different visions of how they'll seek to end one of the gravest security crises in recent decades: the Ukraine war. North Korea is also believed to have sent thousands of troops to aid Russia in its war against Ukraine, per officials from South Korea, Ukraine, and the US. It's a war Putin has staked Russia's economic future on, underlining the importance of victory for the Russian leader. China is observing the Ukraine conflict closely as it weighs whether to launch an invasion of US-ally Taiwan.
Persons: Vladimir Putin, , Kamala Harris, Donald Trump, Harris, Joe Biden, Trump, Putin, Oleksandr Lytvynenko, Robert Dover, Mikhail Svetlov, he's, Biden, JD Vance, Paul Cormarie, it's, Alexander Mertens, Taiwan, Dover, Jonathan Ward, Peter Schroeder, Schroeder Organizations: Service, National Security Council, Ukraine, Intelligence, National Security, University of Hull, UK, Business, Trump, Russia, NATO, RAND, Anadolu, Getty, Allies, Hudson Institute, BI, National Intelligence Council, Foreign Relations Locations: Ukraine, Russia, Ukraine Russia, Korea, South Korea, Helsinki, Ukrainian, Europe, Washington, Moscow, It's, China, India, Dover, Taiwan, United States, Asia, Eurasia
Rivian Chief Software Officer Wassym Bensaid says the future of cars will be hands-free. Related storiesA $5 billion investment from Volkswagen announced in June could help the struggling EV company deliver on its cheapest model yet, the R2, priced at $45,000 and set to launch in 2026. In January, Goldman Sachs analysts said Rivian's software is "a key part of the value proposition and monetization opportunity" for the company. "Software is, really behind the scenes, pervasive throughout the entire company," Bensaid told BI. "And we see Rivian as a tech company.
Persons: Wassym Bensaid, Bensaid, , we're, robotaxis, wasn't, RJ Scaringe, EVs, Scaringe, Kleiner Perkins, Tesla, Rivian, We're, Goldman Sachs Organizations: Service, Business, Rivian, TechCrunch, CSO, EV, Motors, Volkswagen, Tesla Locations: Irvine , California, San Francisco
Sam Altman says he prioritizes talent over age in his hiring decisions. The job market in Big Tech is increasingly polarized with many job seekers facing a bleak outlook. AdvertisementOpenAI CEO Sam Altman says his hiring strategy is focused on talent over age. Advertisement"You want both, and I think what you really want is just like an extremely high talent bar of people at any age, " Altman said. While Altman may prioritize talent over age at OpenAI, some older tech employees say they are experiencing ageism in the workforce.
Persons: Sam Altman, , Harry Stebbings's, Altman, wouldn't, Noam Shazeer, Mustafa Suleyman, Karen Simonyan, Zers Organizations: Big Tech, Service, Tech, Google, Microsoft, BI Locations: OpenAI
In today's big story, a final look at the impact a Harris or Trump presidency will have on your finances . The big storyThe White House and your walletGetty Images; Jenny Chang-Rodriguez/BIOn the eve of election day, we're offering a final breakdown of how both candidates might affect your wallet. Let's get into it:Investing : The corporate tax rate is the major difference between the two sides that'll likely have the biggest impact on markets. Harris wants to raise the corporate tax rate, which would likely have the opposite effect. Cost of things : Both candidates are looking to keep leveraging tariffs, but Trump's policy is much more aggressive.
Persons: , Harris, Trump, let's, Jenny Chang, Rodriguez, Kamala Harris, Donald Trump, Let's, she's, Mario Tama, Peacock, Chip Somodevilla, Dow, BI's Emma Cosgrove, Siri, We've, Montana Sen, Jon Tester, Colin Allred, Carl Godfrey, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Ella Hopkins, Amanda Yen, Milan Sehmbi Organizations: Business, Service, BI, . Tech, Nvidia, Intel, Dow Jones, Trump, Mario, Fed, Street, CNBC, MSNBC, NBC, Apple Intelligence, WWDC, Apple, Democratic, Texas Rep, Fox Corp, Goodyear, Marriott Locations: Trump, New York, London
China said it plans to sue the European Union after the bloc cracked down on its EV giants. The EU imposed sweeping tariffs on Chinese EV companies, including BYD, last week. The measures have raised fears that China might retaliate by slapping its own tariffs on European automakers. The EU voted to impose sweeping tariffs on Chinese EV companies like BYD in October. Advertisement"With this in mind, the Commission takes note of the request for WTO consultations lodged by China.
Persons: , Xpeng Organizations: European Union, EV, Service, World Trade Organisation, EU, WTO, Business, Commission, Volkswagen, BMW, Mercedes Locations: China, European, Europe, Hungary, Turkey
A rare bee species reportedly threw a wrench in Meta's plans for an AI data center. Other tech giants are spending billions on data centers to further their AI ambitions. A rare species of the insect threw a wrench in the company's plans for an AI data center, the Financial Times reported Monday. Rivals, including Google, Amazon, and Microsoft, also invest billions in data centers to power their AI. AdvertisementThe boom in data centers to power AI also comes with high costs environmentally, not just financially.
Persons: Meta, , Mark Zuckerberg, IBM's Jonathan Adashek Meta, Kairos Power, Marc Wulfraat, MWPVL Organizations: Service, Financial Times, Google, Microsoft, Kairos, Bloomberg, McKinsey
PowerSchool sells student data without parents' informed consent, a federal lawsuit alleges. Related storiesPowerSchool spokesman Austin Zerbach told BI that no PowerSchool product sells any form of student data. The public disclosures of PowerSchool say the edtech company "may" collect data such as "extracurricular program membership" and "student assessments." AdvertisementTechnology can easily re-identify anonymized student data, said Chad Marlow, senior policy counsel at the ACLU, where he focuses on privacy, surveillance, and technology issues. "No PowerSchool product, including Connected Intelligence P20W, sells any form of student data," the spokesman said.
Persons: PowerSchool, , It's, Emily Cherkin, Cherkin, Hardeep Gulati, PowerSchools, Austin Zerbach, Zerbach, it's, — they're, Julie Liddell, Chad Marlow, Marlow, Liddell, James Donato, PowerSchool's Bain, The Bain Organizations: Service, Bain Capital, PowerSchool, Technology, ACLU, Data Systems, US, Apple, Vista Equity Partners, Vista Equity, Onex Partners, NYSE, The, KKR, Co, Instructure Holdings, Inc Locations: San Francisco, Seattle, Folsom , California, Boston, Austin , Texas, Salt Lake City
Nvidia wants to bring "physical AI" to hospitals, with robots for X-rays, linen delivery, and more. AdvertisementNvidia is digging deeper into healthcare — and the tech giant has big ambitions to bring AI to every part of the hospital. "This physical AI thing is coming where your whole hospital is going to turn into an AI," Powell told BI. Physical AI is getting more sophisticated for real-time surgeries, too. But Nvidia sees robots being used far beyond the operating room — including to monitor a patient for falls in their hospital room, or bring them fresh linens, Powell said.
Persons: , Healthcare Kimberly Powell, Powell, III, Nvidia doesn't, Abridge Organizations: Nvidia, Service, Healthcare, University of Florida Health, Mayo Clinic, AP, Inc, Catalyst, Microsoft Locations: Las Vegas, Florida, Abridge, HLTH
The typical age of a first-time homebuyer in the US has reached an all-time high: 38. First-time buyers make up 24% of all buyers, the lowest level since NAR started tracking in 1981. The changing characteristics of the typical first-time homebuyer in America are proof of the strain. The typical first-time buyer now has a median age of 38 — up from 35 in 2023. The typical first-time homebuyer is richer than ever, too.
Persons: It's, , — Gen Zers, millennials, haven't, Jorge Argota, Argota, He's Organizations: National Association of Realtors, Service, NAR Locations: America, Miami, Florida
James Van Der Beek announced his colorectal cancer diagnosis in a People interview on Sunday. Van Der Beek's announcement comes as more people under 50 are being diagnosed with colorectal cancer. AdvertisementJames Van Der Beek has announced his diagnosis of colorectal cancer. "There's reason for optimism, and I'm feeling good," Van Der Beek, 47, added. AdvertisementThe rise of colorectal cancer in young peopleVan Der Beek's announcement comes as more young people are being diagnosed with colorectal cancer, a 2023 report by the American Cancer Society found.
Persons: James Van Der Beek, Instagram, Van Der, , Van Der Beek, Michael Shusterman, NYU Langone's, JJ Singleton, Josh Herting Organizations: Service, Business Insider, American Cancer Society, NYU, NYU Langone's Perlmutter Cancer Center
Insider Today: Big Tech battle royale
  + stars: | 2024-11-03 | by ( Matt Turner | ) www.businessinsider.com   time to read: +5 min
Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On the agenda today:Related Video How Twitter panic took down Silicon Valley BankBut first: Takeaways from a big week in Big Tech. All about AI, all the timeGetty Images; Jenny Chang-Rodriguez/BIThe trillion-dollar giants of Big Tech reported earnings this week, beating estimates and committing billions to AI. The disappearing tech freebiesMint Images - David Arky/Getty, masterzphotois/Getty, Tyler Le/BIAfter years of upping the ante with everything from exercise classes to laundry services, tech companies are clamping down on freebies.
Persons: , we'll, Jenny Chang, Rodriguez, Sundar Pichai, execs, Mark Zuckerberg, Natalie Ammari, Tesla, James Yates, David Arky, Tyler Le, BI's Graham Flanagan, Matt Garman Organizations: Business, Service, Big, Big Tech, Apple Apple, underwhelmed, Apple Intelligence, Meta Meta, Nvidia, Microsoft Microsoft, United States Army, Amazon Locations: Big Tech, China, Italy, Spain, New Zealand, Hawaii
Neither former President Trump nor VP Kamala Harris would be able to act on them imminently. Despite its inability to provide broad cancellation, Biden's Education Department has issued targeted relief that has given nearly 5 million borrowers debt cancellation to date. Constance, 65, has nearly $200,000 in student debt, an amount that's ballooned since she graduated from law school in 1994. "I would expect continued improvements and limited expansions of debt relief where legally possible under a Harris-Walz administration," Partridge said. Regardless of who wins the election, legal challenges to debt relief will keep borrowers in limbo.
Persons: Joe Biden's, Trump, Kamala Harris, Harris, , Donald Trump, Education James Kvaal, That's, it's, NORC, Biden, Constance, Constance —, It's, Sara Partridge, " Partridge, Kvaal, Partridge, Walz, Sen, Bill Cassidy Organizations: Service, GOP, Education Department, Biden's Education, Education, AP, Biden's Education Department, Public, American Progress Action, Trump, Republican, Senate
He told BI that cybersecurity roles are in high demand and there's a shortage of talent. Cybersecurity roles are needed across all business verticals and they're here to stay, Palmore said. AdvertisementThis as-told-to essay is based on a conversation with MK Palmore, a director in Google Cloud's office of the chief information security officer. I'm a director in Google Cloud's office of the chief information security officer. As industry importance continues to rise, the availability of talent continues to be a bit of a challenge across all industries.
Persons: Palmore, , I've, isn't, there's Organizations: FBI, CISCO, Service, Google, Palo, United States Marines Locations: Palo Alto, North America
It has nine intakes of 20 cadets this year for its Airline Transport Pilots Licence (ATPL) course that costs £105,500 ($136,000). It acquired another site in Vero Beach, Florida, where UK cadets spend six months of their course. Related Video Why flying is so terrible even though airlines spend billionsBooth says airlines are "very much knocking on our door" as they look to recruit new pilots. Skyborne cadets and British Airways CEO Sean Doyle at this year's Farnborough Airshow. Courtesy of British AirwaysLife at SkyborneWhen a new course starts at Skyborne, cadets move into the academy's accommodation in nearby Cheltenham.
Persons: , Carla Booth, Booth, Oliver Wyman, Skyborne, Sean Doyle, Vicky Harriss, Libby Roebuck, Roebuck, There's, she's, I've, Harriss, Diamond, Pete Syme, They've Organizations: Business, Service, Gloucestershire, Airline, Delta Air Lines, British Airways, Speedbird, Academy, BI, TUI Airways, International Civil Aviation Organization, Airlines, Cadets, Piper, Boeing, Max, Airbus Locations: Florida, India, England, Vero Beach , Florida, America, Farnborough, Skyborne, Cheltenham, TUI
Luxury sales in Japan surged due to a weakened yen and increased tourist spending. Brands like Hermès are thriving there by aligning with Japanese values of subtlety and quality. Rasmus Jurkatam/Getty ImagesBut in Q3, both LVMH and Kering reported a slowdown in luxury spending in Japan. Still, while the tourist spending may have faded somewhat, experts say Japanese consumers are emerging from a frugal era and spending on luxury themselves. But the Japanese aren't just splashing their cash anywhere — a bitter pill for some luxury brands to swallow.
Persons: , Amrita Banta, Kering, Rasmus Jurkatam, Jelena Sokolova, Daniel Langer, Martin Roll, Birkin, Banta, Louis Vuitton, Roll, Langer, " Langer Organizations: Brands, Service, Research, Gucci, Morningstar, Pepperdine University, McKinsey, Prada Locations: Japan, China, India
How to talk like a banker
  + stars: | 2024-11-03 | by ( Emmalyse Brownstein | ) www.businessinsider.com   time to read: +9 min
A manager might leave a comment on a page telling the junior banker to "kill this," which just means delete it. A manager might also instruct the junior banker to "take another stab" at it, which means doing the presentation over again and sending it back by email. In stock market talk, "trading with the Street" usually means someone is trading along the lines of majority opinion. It's so much a part of the culture that the term is also used by higher-ups to describe their junior bankers professionally. Each time a banker makes changes to client materials pre-meeting — like a deck — it's standard practice for every round of edits or changes to be saved as a new file.
Persons: , That's, Momo Takahashi, Morgan Stanley's Ted Pick, it's, drudge, Jane Organizations: Service
Gary Allen Montelongo won $10,000 for a science project on train derailment. Montelongo built and coded an experiment on railroad suspension, then won a national competition. AdvertisementThe internship ended, but Montelongo couldn't get the derailment off his mind, so he went down to the train tracks near his house. Then he built three sets of model railroad tracks out of foam and fitted them with three different types of springs: fresh new springs, midlife springs, and old, worn-out springs. This mimicked the different suspension systems he'd seen at the train tracks near his home.
Persons: Gary Allen Montelongo, Montelongo, , Lisa Fryklund, Ajmera, Montelongo couldn't Organizations: Service, Fisher Scientific, Junior, Society for Science, Broadcom, Federal Railroad Administration, University of Texas, NASA, SpaceX Locations: Ohio, East Palestine , Ohio, University of Texas Rio Grande
AdvertisementOne of the US Navy's best ballistic missile interceptors, the Standard Missile-3, got a workout in the Middle East this year, eliminating Iranian missiles headed for Israel. That's a high cost per intercept, especially if more than one interceptor is fired for each target. An SM-3 Block 1B interceptor missile is launched from the guided-missile cruiser USS Lake Erie during a test in the Pacific. It was then fired a second time during Iran's massive early October barrage, during which Tehran launched more than 180 ballistic missiles at Israel. The industry process, coupled with the exquisite capability of the missile to intercept ballistic missiles, raises the cost of the interceptor.
Persons: , Archer Macy, you've, Tom Karako, Navy Carlos Del Toro, Del Toro, RTX, Cmdr, Jason Tross, Bryan Clark, Karako, Macy Organizations: US, Service, Iranian, Congress, Navy, Pacific . US Navy, Missile Defense, Center for Strategic, International Studies, Mitsubishi Heavy Industries, Combat, US Naval Forces Europe, Hudson Institute, Getty, Business, Analysts, China's Rocket Force, SM, US Navy, Studies ' Missile Defense Locations: China, Israel, Lake Erie, Pacific, Tehran, Iranian, Iran
Almost 50,000 pounds of artisanal cheese were stolen in a sophisticated heist in the UK. AdvertisementOne of the most sophisticated cheese heists in history has left British cheesemakers reeling and facing an uncertain future. Neal's Yard unwittingly delivered the cheese, estimated to be worth about £300,000 ($390,000), to the fraudsters before realizing they were not legitimate buyers. "One of the things that made it so appealing was thinking that we'd see British cheese in a French supermarket." Calver said Neals Yard Dairy's ability to survive the financial loss is critical for the sector.
Persons: , fraudsters, Matt Austin, Ben, we'd, Trethowan, Tom Calver, they've, we've, Ticehurst, Brothers Todd, Maugan, David Lockwood, Calver, Todd Trethowan, Nicholas Saunders, Randolph Hodgson Organizations: Service, BBC News, Metropolitan Police, Business, Westcombe, Neal's Locations: French, British, London, Netherlands, Gouda, Trethowan, cheddar, Covent Garden
AdvertisementWhen Morgan Stanley and OpenAI announced their blockbuster partnership at the beginning of 2023, it signaled a competitive advantage for the Wall Street bank. Morgan Stanley, since then, has co-developed a handful of generative AI tools with the AI powerhouse for its lucrative wealth-management business. Morgan Stanley is far from the only financial firm using OpenAI. In his new role, Manahan oversees the bank's innovation council, which launched at the beginning of the year. The council is dedicated to identifying the bank's technology focuses.
Persons: Sean Manahan, Morgan Stanley's, , Morgan Stanley, OpenAI, Andy Saperstein, Jeff McMillan, Manahan, Morgan Stanley execs Organizations: Service, York, Tech, Big Tech, Morgan Locations: Silicon Valley, Manhattan, Manahan, New York
Deborah Szekely is 102 years old and works three days a week. But Szekely's secret to good skin isn't spending hundreds of dollars on creams that promise to turn back time. Related storiesSunscreen is the best way to prevent skin agingSzekely has a simple daily skincare routine, too. AdvertisementHer biggest skincare recommendation for younger people wanting good skin is to wear sunscreen. AdvertisementAnd Toshiko Eto has practically no wrinkles at 80, which she attributes to eating fermented foods as well as her skincare routine.
Persons: Deborah Szekely, , Szekely, she's, Derek V, Chan, William Organizations: Service, CNBC, Research, Dermatology, La, Rancho, Puerta, BI Locations: Baja California, Mexico, La Puerta, Manhattan
Defense firms are busy — but high inflation and interest rates past 20% have left them struggling. AdvertisementIn Russia's defense sector, demand is surging — but its companies are struggling all the same. Rising interest rates and export bans were eroding Russian defense companies' profits across the board, they said, making the Russian state the only guarantor of revenues. Sheremeta described the situation as a "death spiral," where war spending begets more inflation, which requires more war spending. "If some defense companies cannot fulfill their obligations, the Kremlin can simply nationalize them," Sheremeta said.
Persons: , Sergei Chemezov, Roman Sheremeta, Sheremeta, Daniel Treisman, Korhonen, Julian Cooper, Konstantin Sonin, Sonin Organizations: Service, Rostec, Weatherhead School of Management, Case Western Reserve University, Bloomberg, University of California, National Bureau of Economic Research, Central Bank, Bank of Finland Institute, Emerging, Centre for Russian, East European Studies, University of Birmingham, University of Chicago Harris School of Public, Project Syndicate Locations: Russia, Ukraine, Russian, Los Angeles
Satellite images appear to show a SIAR system on Triton Island in the South China Sea. China previously built a SIAR system on Subi Reef in the Spratly Islands, further south in the South China Sea and west of the Philippines. "This is an iteration on a long-term Chinese strategy to dominate the sensor space in the South China Sea," he said. AdvertisementLast fall, the Pentagon documented growth in China's intelligence-gathering capabilities in the South China Sea, especially at the Spratlys. China's new SIAR system on Triton Island helps grow its reconnaissance and surveillance network in the South China Sea.
Persons: , Chatham House's John Pollack, Damien Symon, Maxar, Chatham, Gregory Poling, Michael Dahm, Dahm, Aaron Haro Gonzalez Organizations: Service, Business, Chatham House, Triton, Southeast Asia Program, Asia Maritime, Center for Strategic, International Studies, Pentagon, Aerospace, China Studies, Mitchell Institute, US, Communication, US Air Force Locations: China, South China, South, Chatham, Spratly, Philippines, Hainan, Beijing, Aaron Haro Gonzalez China
More than 750 job seekers shared their frustrations trying to find work recently. AdvertisementMore than 750 Americans between the ages of 18 and 76 who have recently struggled to find work shared their experiences with Business Insider. Through emails and an online form, readers shared stories of fierce competition for white-collar roles and lower-paying gigs alike. Over three dozen respondents said they pulled from their 401(k) or IRAs to stay afloat. Meanwhile, some executives with 30 years of experience said their credentials may have prevented them from getting interviews for lower-paying white-collar roles.
Persons: , Zers, millennials, Scott Fite, he'll, Fritz Boyle, he's, hasn't, Boyle, haven't, Aaron Terrazas, they're, Chris Jorgensen, it's, Stephanie Allen, they've, Sean Tetpon, Tetpon, I'm Organizations: Service, Business, SNAP, of Labor Statistics, BLS, Bureau of Labor Statistics, didn't, IBM, University of Idaho Locations: Americas, Pennsylvania, Portland , Oregon, Utah, Maryland
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