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☆ A.I. is on a collision course with white-collar, high-paid jobs — and with unknown impact
▼ + stars: | 2023-07-31 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

And it has had various effects on the workplace, by displacing, changing, enhancing or creating jobs, experts said. "It is reaching up from the factory floors into the office spaces where white-collar, higher-paid workers tend to be." About 1 in 5 American workers have 'high exposure' to AIwatch nowwatch nowConversely, 23% of American workers have low exposure to AI, according to the Pew report. The remaining share of jobs — 58% — have varying AI exposure. It will also create new challenges and needs like retraining or reskilling; those may have knock-on effects, like child care needs for disadvantaged workers, Holzer said.

Persons: it's, Rakesh Kochhar, Kochhar, Harry Holzer, Holzer, Gene Kindberg, Hanlon, " Holzer, — Organizations: Pew Research Center, Department of Labor, Occupational Information, Georgetown University, federal Labor Department, Technology, World Bank, Pew Research, Business Locations: U.S

☆ Iran's drones could reach a new South American market as Bolivia expresses interest
▼ + stars: | 2023-07-31 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Here's what's ahead for defense stocks "Latin American countries are of special significance in Iran's foreign and defense policy based on the importance of [the] very sensitive South American region," Iran's Defense Minister Mohammad Reza Ashtiani was quoted as saying. Iran's drones have made "considerable impact on any battlefield they have appeared in," according to Farzin Nadimi, an arms expert at The Washington Institute said. The U.S.' concerns center on Iran's deepening foreign alliances and dissemination of its lethal drones, analysts say. It added that a former Revolutionary Guard Corps commander, "boasted in October 2022 that 22 countries — including Algeria, Armenia, Serbia, Tajikistan, and Venezuela — had submitted formal requests for Iranian drones." Iran has previously provided drones to African countries including Sudan and Ethiopia, which the latter used against Tigrayan rebels.

Persons: Oleksii Samsonov, Mohammad Reza Ashtiani, Edmundo Novillo, Novillo, Farzin, Nadimi, Novillo's, John Kirby, Biden, Ebrahim Raisi, Kirby, Annika Ganzeveld, Asad, Khomeini, Majid Asgaripour, Venezuela —, Raisi, ISW Organizations: Kyiv, Getty, Iran's, Bolivian, Bolivia's, CNBC, U.S . Defense Intelligence Agency, The Washington Institute, U.S . Institute for Peace, The U.S, U.S . National Security Council, Sepah, Anadolu Agency, American Enterprise Institute, Associated Press, U.S, Missiles, WANA, REUTERS, for, Revolutionary Guard Corps Locations: Russia, Kyiv, Ukraine, Iran, Washington, South America, Tehran, Fars, Bolivia, The, U.S, Europe, Africa, Latin America, Asia, America, Venezuela, Cuba, Nicaragua, U.S Ayn, REUTERS Washington, Algeria, Armenia, Serbia, Tajikistan, Iranian, Kenya, Uganda, Zimbabwe, Sudan, Ethiopia

☆ Anchor Brewing, America's oldest craft brewery, just shut down. Here's what's next
▼ + stars: | 2023-07-31 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +5 min

New York CNN —Anchor Brewing, which has been America’s oldest craft brewer with 127 years in business, closed its taprooms for good on Sunday. There’s hope that could happen: Roughly two dozen different investors as well as a group of Anchor’s employees have “expressed interest in buying all or parts of Anchor Brewing,” company spokesman Sam Singer told CNN. Anchor got its start in 1896 in San Francisco, becoming the nation’s first-ever craft brewery. Under Sapporo’s ownership, production of Anchor’s beer declined every year except in 2021, according to the Brewers Association. Brewbound, a beer industry website, previously reported that Sapporo’s recent purchase of craft brewer Stone Brewing sparked concerns among Anchor’s employees of how their brewery fit into plans.

Persons: there’s, There’s, Sam Singer, Singer, Jeff Chiu, they’ve, Anchor, ” Singer, Anchor’s, Justin Sullivan, Fritz Maytag Organizations: New, New York CNN, Brewing, CNN, Anchor Brewing, Sapporo, Warehouse Union, ” Employees, Getty, North, Anchor, Maytag Corporation, Steam, Brewers Association . Brewbound, Stone, Craft, Craft Business Locations: New York, San Francisco, Sapporo USA, Sapporo, United States, North America, California

☆ A.I. is changing national security systems. Here's what's ahead for defense stocks
▼ + stars: | 2023-07-30 | by ( Hakyung Kim | ) www.cnbc.com time to read: +7 min

Vladimir Putin said in 2017 that whoever becomes the leader in artificial intelligence "will be the ruler of the world." The department examined AI technology in defense through two pathways: The first was "autonomy at rest," which describes decision-making support software. Critically, artificial intelligence in defense will help automate more dangerous tasks while also reducing the risk of human casualties. "As of now, there is not the development of artificial intelligence technology in regards to making life-or-death choices. Boeing announced earlier in 2023 that it would partner with defense technology company Shield AI to expand AI pilot offerings for its military clients.

Persons: Vladimir Putin, Bob Work, Jonathan Sakraida, Lockheed Martin, Sakraida, Northrop, Booz Allen Hamilton Organizations: Pentagon, Deutsche Bank, Department of Defense, Center, New, New American Security, U.S, Defense, CFRA Research, U.S . Army, Lockheed, Dynamics, Department of, Carnegie Endowment, International, IBM, Palantir Technologies, Cisco, BAE Systems, Research Projects Agency, Northrop Grumman, Booz, Boeing, Air Force Locations: New American, There's, China, U.S, United Kingdom

☆ 15 years of low interest rates reshaped the U.S. economy. Here's what's changing as rates stay higher for longer
▼ + stars: | 2023-07-26 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

The United States is entering a new economic era as the Federal Reserve hikes its benchmark interest rate. As interest rates climb, economists say financial conditions are headed back to being more normal. Government bonds, Treasury securities and savings accounts all return very little yield when interest rates are low. At the same time, low interest rates increase the value of stocks, homes and Wall Street firms that make money by taking on debt. "Barring a catastrophe, I don't think we'll see lower interest rates any time soon," said Mark Hamrick, Washington bureau chief at Bankrate.com.

Persons: Roger Ferguson, we'd, Gregory Daco, Mark Hamrick Organizations: Federal, Federal Reserve, Wall Street Locations: States, America, EY, Washington, Bankrate.com, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what's stopping cities from converting offices into apartmentsSome U.S. mayors are loosening up rules that determine how developers convert office buildings into apartment complexes. The conversion trend sped up in the 2020s, as the Covid pandemic remote work boom reshaped cities. Declines in office leasing activity is constraining funding for services like education and transit, leading some local leaders to prioritize conversion of dated buildings. These rule changes may create some additional housing supply in regions like the U.S. East Coast.

Organizations: U.S . Locations: U.S, U.S . East Coast

☆ Apple just released a preview of its next big iPhone update. Here's what's new
▼ + stars: | 2023-07-12 | by ( Kif Leswing | ) www.cnbc.com time to read: +6 min

Josh Edelson | AFP | Getty ImagesIn June, Apple announced iOS 17, the latest version of the iPhone operating system. Here are some of the biggest changes in iOS 17. A new feature called NameDrop allows two iPhone users to share contact details by simply bringing their phones close together. So, if you have two dogs, Apple Photos can tell the difference between the two in search and other applications. In iOS 17, Apple will be able to automatically input two-factor authentication codes from emails received in the Mail app.

Persons: Tim Cook, Josh Edelson, it's, Apple’s autocorrect, Apple, Sofia Pitt, ”, Siri, It's, FaceTime Organizations: Apple's Worldwide, Apple, AFP, Getty, Google, AirPods, Sofia Pitt New, Apple Music, Spotify Locations: Cupertino , California, voicemails

☆ DeSantis vs. Disney: Who are the winners and losers?
▼ + stars: | 2023-07-11 | by ( Erica Star Domena | Tamara Lindstrom | ) www.businessinsider.com time to read: 1 min

Florida Gov. Ron DeSantis has been battling Disney since the company spoke out against the "Don't Say Gay" law in 2021. Here's what's at stake.

Persons: Ron DeSantis, Here's Organizations: Florida Gov, Disney Locations: Florida

☆ The Supreme Court is set to rule on Biden's student debt forgiveness plan—here's what's at stake
▼ + stars: | 2023-06-28 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The Supreme Court is expected to deliver a ruling on President Joe Biden's student debt forgiveness plan this week. Back in February, the Supreme Court heard oral arguments in two lawsuits challenging the plan. On top of that, federal student loan borrowers have been relieved of making monthly payments on their debts for the last three years, but will have to start paying again this fall. The Biden administration is confident in the legality of its plan to forgive student debt, and has not confirmed whether it is working on a back-up plan in case the nation's highest court rules against it. Here's what's at stake with the Supreme Court's decision.

Persons: Joe Biden's, Biden

☆ Grindr went public 7 months ago. Here's what's happened since then
▼ + stars: | 2023-06-23 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

Since its Nov. 18 debut, Grindr has begun courting investors and making the necessary adjustments to be a public company, all the while making innovative plans for the future of the product. Seven months in the public marketIn the seven months since Grindr representatives rang the opening bell, CEO George Arison has shifted his focus to matters relevant to a public company, such as hiring specialists versus generalists and raising liquidity. Slightly more than 6% of shares are available for public investors to buy and sell, according to FactSet. Big names such as Vanguard, BlackRock and Charles Schwab also have small holdings, with each accounting for less than 0.2% of total shares. Grindr also recently launched a web offering, which may offer more features at an additional cost in the future.

Persons: Grindr, It's, Bud, George Arison, Arison, unapologetically, Bumble, Morgan Stanley, he's, Charles Schwab, Raymond Zage, Tiga, James Fu Bin Lu, Spencer Platt Organizations: NYSE, Tiga, Disney, Bud Light, Anheuser, Busch Inbev, JPMorgan, Wall Street, Group, West Capital Management, Prescott Investors, Vanguard, BlackRock, New York Stock Exchange, Tiga Acquisition Corp, Getty Locations: Boston, New York City

☆ Here’s what we know about Meta’s planned Twitter competitor that has Elon Musk upset
▼ + stars: | 2023-06-22 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Meta Platforms CEO Mark Zuckerberg speaks about the Facebook News feature at the Paley Center For Media in New York on Oct. 25, 2019. For months, Meta has been working on a Twitter-like, text-based social media network that would compete with Twitter and the bevy of clone apps that have gained prominence since Elon Musk took Twitter private in 2022. News of the plans have inspired a public spat between Musk and Meta CEO Mark Zuckerberg, culminating in a joking challenge to engage in a physical "cage match" fight in Las Vegas. But given deep cuts to trust and safety teams at Meta and throughout the social media industry, content moderation may prove to be a challenge. Many advertisers fled Twitter after controversial content surged in the wake of Musk's acquisition.

Persons: Mark Zuckerberg, Meta, Elon Musk, Here's what's Organizations: Facebook, Paley Center For Media, Twitter, Elon, CNBC, Meta Locations: New York, Las Vegas

☆ What EV owners need to know about Tesla's charging partnership with Ford and GM
▼ + stars: | 2023-06-10 | by ( Associated Press | ) www.businessinsider.com time to read: +5 min

Tesla's Supercharger Network will open up to Ford and GM EV owners in 2024. As part of their move, both Detroit-area automakers have decided to adopt Tesla's EV charging connector, the plug that links an electric vehicle to a charging station. With GM and Ford joining Tesla's charging system, the rest of the auto industry may be forced to follow suit. At present, two main types of EV charging plugs exist: Tesla's North American Charging Standard and CCS, used by nearly all other automakers. GM and Ford EV owners also win because they will gain access to double the number of chargers that they had before.

Persons: Tesla, Here's, Gary Silberg, you'd, Sam Abuelsamid, Ford, Abuelsamid, Silberg, Stellantis, it's Organizations: Ford, GM EV, General Motors, GM, CCS, EV, KPMG, Associated, Energy Department, Tesla, North America, Guidehouse Insights, Ford EV, Kia, Nissan, Toyota, Hyundai, VW Locations: DETROIT, Detroit, United States, U.S, North America, North, America

☆ Debt ceiling deal done? Here's what's next for bond ETF investors
▼ + stars: | 2023-06-10 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +2 min

With an agreement on the debt ceiling easing concerns on the macro level, the aftereffects of avoiding default could pose new challenges for bond exchange-traded fund investors. "Now [The Fed] is going to hit it with trillion dollars of sales that will make short-term Treasury rates rise," he said. Additionally, the trillion dollars taken out of the regional banking system and placed into money market funds added pressure on big and systemic banks, he said, increasing the Fed's constraint. As money market yields continue to rise, Lutnick said he sees capital continuing to flow out of equities and into money market funds and Treasury bond ETFs. "You're going to see the stock market go sideways, but the bond market is going to continue to draw in money and get a lot of power," Lutnick said.

Persons: Howard Lutnick, CNBC's Bob Pisani, Lutnick, Billy Hult, Hult, That's Organizations: Treasury Locations: Treasurys

So what's hot in fintech right now? One area fintech companies are getting excited by is an improvement to online checkout tools. Callan Carvey, global head of operations at Cleo, said the firm's AI connects to a customer's bank account to get a better understanding of their financial behavior. "A job that typically would take around one or two weeks can now be completed in 30 minutes, right. Several fintech executives CNBC interviewed spoke of how they're not interested in launching products tailored to crypto as the demand from their customers isn't there.

Persons: MacKenzie Sigalos, hasn't, they've, Starling, Richard Davies, Davies, Niklas Guske, —, B2C fintechs, David Singleton, Guske, dazzled, Cleo, Callan Carvey, Carvey, Teo Blidarus, Taktile's, Hiroki Takeuchi, Takeuchi, Changpeng Zhao, they're, Jack Zhang, Zhang, Prajit Nanu, cryptocurrencies, Banks, Nanu Organizations: Bank, fintechs, CNBC, Business, Allica Bank, B2B, Tiger, Schroders Capital, Atom Bank, Schroders, U.S . Securities, Exchange Commission, SEC, U.S, cryptocurrencies Locations: Amsterdam, MacKenzie Sigalos AMSTERDAM, Netherlands, British, Atomico, U.S

☆ Copycats are coming for JPMorgan's high-yield ETFs. Here's what's next for the popular funds
▼ + stars: | 2023-06-06 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Goldman Sachs filed last week to launch two similar funds: the Goldman Sachs U.S. Equity Premium Income ETF and the U.S. Tech Index Equity Premium Income ETF. Some other funds that use some form of a covered call strategy similar to JPMorgan's approach with equity linked notes are already on the market. The JPMorgan funds both have an expense ratio of 0.35%. However, even a fund that did exactly that would likely not be an option for some financial advisers until it had an established track record, giving the JPMorgan funds a big head start. The competition is coming even as the rally for growth stocks has dulled some of the allure for the JPMorgan funds.

Persons: JEPI, Goldman Sachs, Hamilton Reiner, Goldman, Reiner Organizations: JPMorgan Equity, JPMorgan Nasdaq Equity, SEC, JPMorgan, Goldman Sachs U.S, Equity, U.S . Tech, JEPI, Morgan Asset Management, Trust Locations: U.S, JEPQ

Goldman Sachs released its list of high conviction stocks — with a new twist. What makes this list unique from the typical top picks list is that members of Goldman's Investment Review Committee were the ones choosing the names, adding a second layer of analysis. Take a look at some of the names that made the list, and where Goldman sees them going forward. Goldman expects shares to have 42% upside over the next 12 months. The tech giant's scale, platform breadth, category diversification and end-market exposure will further fuel its upside opportunity in the years ahead, according to Sheridan.

Persons: Goldman Sachs, Steven Kron, Goldman, Kate McShane, Chris Shibutani, Eric Sheridan, Brett Feldman, Max —, — CNBC's Michael Bloom Organizations: Goldman's Investment, Pharmaceutical, Merck, Goldman, Amazon, Services, Warner Bros, HBO Max Locations: Sheridan, WarnerMedia

☆ From Wall Street to Washington: Which finance execs would make the best public servants?
▼ + stars: | 2023-06-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

There has long been speculation that America's most-famous banker has plans to run for some sort of public office. The path from Wall Street to Washington is well worn, with plenty of high-profile executives taking up positions in the government. When most Wall Street executives were still afraid of the public cloud, she was ready to embrace it with open arms. Jon Gray — Treasury SecretaryBlackstone's president and chief operating officer has already had a brush with public office. The idea of him holding public office doesn't seem far-fetched.

Persons: Dan DeFrancesco, TikTok, I'm, we've, nabbing, Joe Biden's, Kevin McCarthy's, Jamie Dimon, Larry Downing, hasn't shied, Dimon, Dimon's, Bill Ackman, Kenneth Chenault —, Kathy Hochul, she's, Chenault, He's, Larry Fink —, We've, Larry, Fink, Adena Friedman, Friedman, Jon Gray —, Gray, Donald Trump, Gray's, Wall, Sen, Elizabeth Warren, Ken Griffin, Griffin, hasn't, Griffin hasn't, Ron DeSantis, he'll, Brian Moynihan —, Moynihan, Dan Schulman —, PayPal — he's, Taylor Swift, Kevin Mazur, Larry Fink, Franklin Templeton, It's, Rockefeller, Stephen Schwarzman, Warren Buffett, Cliff Asness, that's, Here's, Jeffrey Cane, Nathan Rennolds Organizations: JPMorgan, REUTERS, Bloomberg, American Express, Catalyst, Washington Post, BlackRock, SEC, CFTC, OCC, Nasdaq, Wall, Democrat, GOP, Florida Gov, Commerce, PayPal, Express, Virgin Mobile, Rockefeller Capital Management, Putnam Investments, Blackstone, Credit Suisse, UBS, Reuters, LinkedIn Locations: NYC, Washington, New York, Florida, Chicago, Miami, Ohio, Swiss, London

Analysts say the proposed debt ceiling deal could have only marginal effects on the US economy. "The impacts will be negative but small," Mark Zandi, chief economist at Moody's Analytics, told CNN. Here's what's in the proposed deal and how it would show up in the broader economy:What's in the deal? It would keep non-defense spending relatively flat in fiscal 2024 and then set a cap of 1% in spending increases for fiscal 2025. The debt deal and GDP.

Persons: Mark Zandi, Goldman Sachs, Ian Shepherdson, Gregory Daco Organizations: Moody's, CNN, Internal Revenue Service, Pantheon, Bureau of Labor Statistics Locations: West Virginia

☆ Employees say returning to the office is breaking the bank. Here's what's costing them so much
▼ + stars: | 2023-05-20 | by ( Jordan Hart | ) www.businessinsider.com time to read: +2 min

Remote work is dwindling and in-person work is getting costly, employees say. Things like new office clothes, lunch, and commuting, are all adding up. Frustrated workers are sounding off that cost of office clothes, daily lunches, commuting, and more are all adding up as they start going into the office multiple times per week. On Tuesday, Elon Musk described remote work as "morally wrong," and other industry execs are also moving away from policies that would allow employees to work from home. Sometimes it's just a pot of lentil soup, but it works," Chou wrote.

☆ After hitting new heights during the pandemic, PayPal has struggled in the market. Here's what's killing the company's stock growth
▼ + stars: | 2023-05-08 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

While most companies struggled during the pandemic, digital-payment companies including PayPal thrived as consumers were forced to depend more on online transactions. But as pandemic restrictions began to ease, PayPal's stock growth started to fall off. And while PayPal's total payment volume has seen continuous gains, its stock growth has slowed, with rising competition in the digital-payment space being a major contributing factor. "There's a positive and a negative to the fact that PayPal is so focused on e-commerce," said Brett Horn, an analyst at Morningstar. Watch the video to find out more about how Paypal makes its money and why it has been struggling in recent years.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what's killing PayPal's growthPayPal is a powerhouse in the digital-payment industry with a market valuation of over $85 billion. The company's annual revenue has also seen impressive gains, reaching $27.5 billion in 2022. But the PayPal's performance in the stock market paints a different picture. After reaching new heights during the pandemic, shares have since seen significant losses. So, what has been causing PayPal's recent struggles?

☆ No, the IRS still isn't hiring an 'army' of armed auditors—here's how the agency is actually spending $80 billion
▼ + stars: | 2023-05-02 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Last month, the IRS released a plan for how the agency plans to spend nearly $80 billion in funding granted through the Inflation Reduction Act passed in August. The IRS is already spendingThe IRS has already started using a portion of the appropriation to beef up customer services. More audits for wealthy filersThe biggest sticking point in the funding plan is IRS efforts to close the $600 billion "tax gap," the difference between what Americans owe and what they actually pay. To that end, the agency plans to higher more staff in order to ramp up auditing efforts on wealthy families, large corporations and business partnerships. What is clear, Smith says, is that corporations are likely to receive the "majority" of the uptick in IRS scrutiny.

☆ The First Republic deal has come at a crucial point for the markets and economy
▼ + stars: | 2023-05-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Michael M. Santiago | Getty ImagesJPMorgan Chase's takeover of First Republic likely ends the panic phase of the banking crisis, with the fallout left to come in a pivotal week for markets and the economy. Following an unsuccessful effort to keep First Republic open, the largest U.S. bank by deposits reached a deal to take over the 14th-largest financial institution. With financial services covering such a wide swath of activities in the $26.5 trillion U.S. economy, the failures of Silicon Valley Bank, Signature Bank and now First Republic Bank will reverberate. Stocks nudged higher Monday morning on hopes that the worst of a banking crisis that began in early March has drifted into the rear view. "Resolving FRC should end the 7-week post SVB bank crisis phase."

☆ Millions of student-loan borrowers could find out in the next 2 months if they will get Biden's debt relief. Here's what's at stake — beyond a reduction to balances.
▼ + stars: | 2023-05-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +8 min

The Supreme Court is expected to issue a decision on Biden's student-debt relief by the end of June. They could have debt relief right now if it weren't for these lawsuits." And it looks like the Education Department is planning for those payments to resume with or without relief. The implementation of targeted debt relief reformsThe Education Department has some other things in the works, aside from broad student-debt relief. Share your student debt story with this reporter at asheffey@insider.com.

☆ Here's what's next for bank stocks after the failure of First Republic
▼ + stars: | 2023-05-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic's demise was the third regional bank failure since early March, when Silicon Valley Bank and Signature Bank folded within days of each other. There is cautious optimism on Wall Street that First Republic will be the last failure of this period. However, reports from other regional banks weren't nearly as dire, with many reporting that deposits had stabilized and were growing again. However, the failure of First Republic could cause some more turbulence, at least in the short-term, for both deposits and bank stocks. "We don't believe that regional banks are completely out of the woods," Wolfe Research chief investment strategist Chris Senyek said in a note to clients on Monday.

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