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☆ Southwest Airlines tells staff ‘difficult decisions' ahead in push to boost profits
▼ + stars: | 2024-09-23 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +2 min

Southwest Airlines has warned employees that it will have to make “difficult decisions” ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company. Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights. We also have to change our network,” Watterson said in the video, a transcript of which was seen by CNBC. Southwest did not immediately comment on the staff message.

Persons: Andrew Watterson, “, ” Watterson, Elliott, Gary Kelly Organizations: Southwest Airlines, Elliott Investment Management, Google, CNBC, JetBlue, Southwest, Wing Locations: It’s, Dallas

Cabinet secretaries came and went in a Trump administration marked by head-spinning turnover. McMaster and John Kelly, all of whom were generals before they took high-ranking positions in the Trump administration. Another post that would loom large in a Trump administration is that of secretary of homeland security. Advisers to Trump’s transition include his sons Donald Trump Jr. and Eric Trump. Trump’s transition team is assembling small teams of people who would help shepherd nominees through to Senate confirmation.

Persons: Donald Trump, Trump, —, Hillary Clinton, Chris Christie, They've, ”, Max Stier, it’s, ” Stier, Kamala Harris, Harris, “, ” Sen, Mitt Romney, ” Romney, James Mattis, John Kelly, Romney, won’t, William Barr, Jeff Sessions, Mark Esper, Marc Short, Mike Pence, Sen, Lindsey Graham, ” Graham, Marco Rubio, Bill Hagerty of, Robert O’Brien, Mike Lee, Ken Paxton, — I’m, Dick Durbin, Tom Cotton, Mike Waltz, Mike Pompeo, Thomas Homan, Homan, ” Homan, “ Trump, Howard Lutnick, Cantor Fitzgerald, Linda McMahon, Lutnick’s, McMahon, Lutnick, Donald Trump Jr, Eric Trump ., Robert F, Kennedy Jr, Tulsi Gabbard, Doug Hoelscher, Hoelscher, Lisa Murkowski, Susan Collins of, Luther Strange, Strange, Roy Moore, Moore, Doug Jones, hadn’t, ’, President Trump, that’s, Stier Organizations: WASHINGTON, White, Former New Jersey Gov, Trump, Public Service, Democratic, H.R, McMaster, Senate, Trump White House, Republican Sens, White House, Harris, Committee, CIA, Customs, Republican National Convention, Small Business Administration, Trump’s, America, Office, Intergovernmental Affairs, Republican, Alabama, Democrat, Brookings, Capitol Locations: Washington, R, Utah, Marco Rubio of Florida, Bill Hagerty of Tennessee, Texas, Milwaukee, Hawaii, Alaska, Susan Collins of Maine, Alabama

☆ Investors shorting oil are walking into a 'bear trap' with energy demand set to surge, Bank of America says
▼ + stars: | 2024-09-23 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Investors have turned bearish on oil amid fears of an OPEC+ price war and weak China oil demand. But if world GDP grows 3.3% next year, energy demand will likely surge, Bank of America says. That's because if GDP grows according to estimates, energy demand growth will likely follow. AdvertisementOPEC+ plans to add crude oil barrels into an existing surplus oil market after a series of cuts in the last two years. Those factors, along with the chance for a global economic slowdown, pose downside risks to the analysts' oil price target.

Persons: — Organizations: Bank of America, Service, Federal Reserve, bbl Locations: OPEC, China

☆ Southwest Airlines tells staff 'difficult decisions' ahead in push to boost profits
▼ + stars: | 2024-09-23 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Southwest Airlines has warned employees that it will have to make "difficult decisions" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company. Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights. We also have to change our network," Watterson said in the video, a transcript of which was seen by CNBC. Southwest did not immediately comment on the staff message.

Persons: Andrew Watterson, Watterson, Elliott, Gary Kelly Organizations: Southwest Airlines, Elliott Investment Management, Google, CNBC, JetBlue, Southwest, Wing Locations: It's, Dallas

☆ China can't boost its economy because its macro policy is 'too slow and reluctant,' Goldman Sachs says
▼ + stars: | 2024-09-23 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

August economic data shows China's policy moves haven't acted quickly enough, Goldman Sachs says. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's economy can't seem to catch a break, and Beijing's policy interventions haven't done much to help. The strategists pointed to weak economic data from last month, with further contracting retail sales and potential labor market pressures. These data points show China's economic policies have been ill-timed, the strategists say.

Persons: haven't, Goldman Sachs, — Organizations: Service, Goldman, Business

☆ Boeing sweetens labor proposal in 'best and final' offer as strike enters second week
▼ + stars: | 2024-09-23 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Boeing on Monday sweetened its contract offer and said it was its "best and final" proposal for its more than 30,000 machinists as their strike, which has halted most of the aerospace giant's aircraft production, entered its second week. Boeing's new offer would raise general wages by 30% over four years, up from a previously proposed 25%. It also doubled the ratification bonus to $6,000, reinstated an annual machinist bonus and raised the company's 401(k) match. The labor union, the International Association of Machinists and Aerospace Workers, didn't immediately comment on the offer. The strike came as workers voted 94.6% against the previous proposal that the union had endorsed.

Persons: didn't, group's, Kelly Ortberg, Ron Epstein Organizations: Boeing, International Association of Machinists, Aerospace Workers, Bank of America, CNBC Locations: Renton , Washington, Seattle

☆ A California Gen Xer who retired early to Colombia on a $3,423 monthly pension explains how much he pays for housing and other bills
▼ + stars: | 2024-09-22 | by ( Allie Kelly | ) www.businessinsider.com time to read: +3 min

Read previewTo Jeremy Teitelbaum, the weather in Pereira, Colombia, feels like "eternal spring." According to documents reviewed by Business Insider, he lives on his $3,423 monthly teaching pension. According to the Social Security Administration, over 700,000 US workers retired abroad in 2022, the latest available data. This trend comes as millions of baby boomers are living on fixed Social Security or pension incomes with limited savings. Once he begins collecting Social Security, Teitelbaum said his teaching pension will be reduced.

Persons: —, Jeremy Teitelbaum, Teitelbaum, Teitelbaum hasn't, Pereira — Organizations: Service, Business, International, Social Security Administration, Security Locations: Pereira, Colombia, San Luis Obispo , California, America, Texas, Panama , California, Italy, Minnesota, Mexico, California, Machu Picchu, Buenos Aires, Los Angeles

☆ Why housing affordability could be a key issue for swing state voters in November, according to Redfin
▼ + stars: | 2024-09-22 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

The report says median asking rents in swing states have shot up almost 24% since 2020, with especially big increases in key states like Michigan. As rent prices have climbed, housing affordability remains stretched. AdvertisementThat's a $10,365 difference, meaning renters in swing states earn 17% less than they need to afford the typical apartment. "America's swing state voters will decide the outcome of the next presidential election based on the candidates' plans for tackling key issues including the housing affordability crisis," Fairweather said. In July, Redfin found the median monthly housing payment in swing states has nearly doubled in the last four years, rising by 92% to reach a record high of $2,161.

Persons: —, Redfin, Daryl Fairweather, Donald Trump, Kamala Harris, Harris, Trump, Fairweather Organizations: Service, Business, Midwest Locations: Michigan, Arizona , Nevada , Wisconsin , Michigan, Pennsylvania, Georgia, North Carolina, Arizona

For decades, Sean “Diddy” Combs presented the image of a wealthy, Black music mogul, one who broke business barriers, threw lavish parties and even created iconic TV moments. But behind the scenes, prosecutors say, was a more sinister picture, with allegations of violence, sex trafficking and severe abuses of power. Sean "Diddy" Combs during a photo shoot to promote a Sean John fragrance in 2016. Casandra Ventura and Sean "Diddy" Combs attend the the Met Gala in New York City on May 7, 2018. Designer Donna Karan, musician Tommy Lee, singer Mariah Carey, host Sean "Diddy" Combs, Star Jones and rapper Reverend Run at "The Real White Party" presented by Combs at his East Hampton, N.Y., estate on Sept. 2, 2007.

Persons: Sean “ Diddy ” Combs, Combs, Tupac, Al Yankovich, Jennifer Lopez, Versace, “, Sean, Diddy, Sean John, Damian Williams, ” Fatima Goss Graves, ” “ Combs, ”, Goss Graves, ” Combs, Casandra, Cassie ” Ventura, Ventura, Dawn Richard, Rodney “, Rod ” Jones, Derrick Lee Cardello, Smith, Casandra Ventura, John Shearer, Oronike Odeleye, Kelly, Odeleye, ’ ” Odeleye, Combs ’, Craig Mack, Faith Evans, ” Richard, Nate Dogg, Snoop Dogg, Sean Combs, Forbes, Laurieann Gibson, ’, Paris Hilton, Leonardo DiCaprio, Mariah Carey, Jay, Oprah, ” Carson, Carson, Black, Donna Karan, Tommy Lee, Star Jones, Bryan Bedder, he’s, Mase, Aubrey O’Day, Danity Kane, O’Day, I’ve Organizations: Bad Boy Records, Penske Media, Getty, U.S, Metropolitan Detention, National Women’s Law, Legal Defense Fund, Hollywood, “, Uptown Records, Bad Boy Entertainment, MTV, University of Virginia, Labor, Paris, White Party, White, Bad, TMZ Locations: New York, Michigan, New York City, Carson, East Hampton, N.Y

☆ A naming expert shares 22 names for babies born in the fall. She suggests getting inspiration from colors and fall traditions.
▼ + stars: | 2024-09-21 | by ( Kelly Burch | ) www.businessinsider.com time to read: +4 min

Some fall baby names are obvious. Take Autumn for example, which has been in the top 100 names for American baby girls since the late 1990s. AdvertisementThere are 22 fall baby names that will last a lifetime. Fall symbolsBeyond colors, you can draw naming inspiration from common fall symbols. Giving your fall baby an autumn-inspired name is a great way to pay homage to when they arrived.

Persons: —, Sophie Kihm, It's, Goldie, Goldie Hawn, Bruno, Rory, Radley, Opal, October's, September's, Harvey, Bowman, Archer, Otto, Toby, it's, Hazel, Oakley Organizations: Service, Business, Juniper Locations: Nameberry, Aurelia

☆ The executive in charge of the division that has 2 astronauts stuck in space is leaving Boeing
▼ + stars: | 2024-09-21 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +1 min

Ted Colbert, head of Boeing's defense, space, and security division, is leaving the company, per CNBC. Boeing CEO Kelly Ortberg announced Colbert's departure in a staff memo on Friday, CNBC reported. His departure comes amid production problems, budget overruns, and astronauts getting stuck in space. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementTed Colbert, the head of Boeing's defense, space, and security division is leaving the company after 15 years, CEO Kelly Ortberg told staff in a memo on Friday, according to CNBC.

Persons: Ted Colbert, Kelly Ortberg, —, Ortberg —, Colbert, Steve Parker Organizations: CNBC, Boeing, Service, Business

☆ Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes'
▼ + stars: | 2024-09-21 | by ( Leslie Josephs | ) www.cnbc.com time to read: +7 min

Matt Mills Mcknight | ReutersRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long. Boeing 737 Max planes sit at the airport in Renton, Washington. Boeing Machinists union members count votes to accept or reject a proposed contract between Boeing and union leaders and whether or not to strike if the contract is rejected, at the Aerospace Machinists Union Hall in Seattle, Washington, on September 12, 2024. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.

Persons: Matt Mills Mcknight, Cash, Boeing machinists, Boeing hasn't, Kelly Ortberg, Leslie Josephs, Louis, Jake Meyer, Meyer, Ron Epstein, Jason Redmond, today's, Ortberg, Biden, Pete Buttigieg, CNBC's Organizations: Boeing, Reuters, CNBC, Max, state's, Financial Management, Federal Reserve Bank of St, Bank of America, Aerospace Machinists, Hall, AFP, Getty, International Association of Machinists, Aerospace Workers, Workers Locations: Renton , Washington , U.S, Reuters RENTON, Wash, Seattle, Pacific Northwest, Renton , Washington, Renton, machinists, Washington, South Carolina, Seattle , Washington, Pacific, Oregon

☆ How the Sean ‘Diddy’ Combs indictment compares to the R. Kelly sexual abuse cases
▼ + stars: | 2024-09-21 | by ( Dakin Andone | ) edition.cnn.com time to read: +9 min

Combs, meanwhile, was indicted in the Southern District of New York on three counts: racketeering conspiracy, sex trafficking and transportation to engage in prostitution. Members of the enterprise also witnessed acts of violence by Combs against the victims, it says. It was unclear whether Ventura reported any of the allegations of abuse to police and a federal lawsuit was later settled. Court sketch of Sean "Diddy" Combs in federal appeals court Wednesday, Sept 18., presided over by Judge Andrew Carter. The indictment against Combs outlines a number of alleged victims, women and sex workers among them, but does not say how many there are.

Persons: Sean “ Diddy ” Combs, Robert Sylvester Kelly, Combs, ”, Nadia Shihata, Kelly, ” Kelly, –, ” Robert Sylvester Kelly, Ann M, Donnelly, Christine Cornell, John Miller, ” Miller, ” Combs, Neama Rahmani, Casandra, Cassie ” Ventura, Ventura, ” Rahmani, Sean, Diddy, Judge Andrew Carter, ” “ He’s, ” CNN’s Eric Levenson contirbuted Organizations: CNN, of, of Illinois, Areva Martin, United States, Intelligence, Homeland Security Investigations, Southern District, of New York, West Locations: New York City, Eastern, of New York, York, Southern, New York, Illinois

☆ Local police responsible for roof where Trump shooter hid at Butler rally had never spoken to Secret Service, report says
▼ + stars: | 2024-09-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Julia Ainsley | ) www.nbcnews.com time to read: +3 min

The local police team responsible for the roof a shooter used to fire at ex-President Donald Trump on July 13 in Butler, Pennsylvania, had never spoken to the Secret Service prior to the attempted assassination, a report released by the Secret Service on Friday says. Among other errors, the report found that one local police entity working security at the Trump rally requested support from another local department without the Secret Service being aware. While investigating the incident, the Secret Service placed some officials, including the director of the Secret Service’s Pittsburgh Field Office, on leave. “The former president is getting everything that the current president has with respect to Secret Service assets,” Rowe said. Rowe also told reporters at a news conference Friday that the Secret Service did not deny security assets to the Trump campaign ahead of the July rally in Butler.

Persons: Donald Trump, Thomas Crooks, Trump, Butler, Jeff Swensen, Crooks, —, “, Ronald Rowe, Friday’s, ”, Rowe, ” Rowe, Kamala Harris Organizations: Trump, FBI, Inc, Secret Service, Service, Pittsburgh Field, Republican National Convention, Democratic National Convention, Secret, United Nations General Assembly Locations: Butler , Pennsylvania, Trump, Butler, Pa, West Palm Beach , Florida

The fight over Wisconsin — considered a must-win for Harris as part of Democrats’ so-called blue wall — could tilt the election. Tim Walz has re-energized staff members in the state, a campaign official told NBC News. With more than 200 staffers statewide, the Harris campaign touts 48 offices across Wisconsin, including some in smaller, more rural areas that Trump won in 2020. But the Trump campaign is mounting its own effort in the state. An RNC official also said the Trump campaign and the Wisconsin GOP have more than 70 staff members and 40 offices across the state.

Persons: Kamala Harris, Harris, Donald Trump —, Wisconsin —, ’, Tim Walz, Trump, Walz, Gwen Walz, Walz —, Dane County, Sen, JD Vance, it’s, “ Kamala Harris, ”, Anna Kelly, haven’t, doesn’t bode, ” Kelly Organizations: Trump, Quinnipiac University, Marist College, Wisconsin, Democratic, Minnesota Gov, NBC News, United Auto Workers, Teamsters, Superior, Convention, Republican National Committee, RNC, Wisconsin GOP, University of Wisconsin Locations: MADISON, Wis, Wisconsin, Harris, Quinnipiac’s, Marist’s, Midwest, Superior, Wisconsin’s, Minnesota, Duluth , Minnesota, Milwaukee, Madison, Dane, Dane County, Ohio, Eau Claire

☆ The Fed's lone dissenter on the big rate cut says she's concerned about 'premature declaration of victory' over inflation
▼ + stars: | 2024-09-20 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

In a historic dissent, Michelle Bowman, a Fed governor, advocated instead for a smaller 25 basis point cut. AdvertisementLeading up to the rate cut, Fed Chair Jerome Powell repeatedly emphasized the Fed's goals of maximum employment and a 2% inflation rate. Bowman said she believes inflation could come closer to the Fed's target with more gradual easing, which would avoid a spike in demand from lower borrowing costs. AdvertisementBowman has long advocated for tighter monetary policy to rein in inflation, skewing hawkish among the Fed's members. "We should keep in mind the historical lessons and risks associated with prematurely declaring victory in the fight against inflation," Bowman said in a speech last year.

Persons: —, Michelle Bowman, Bowman, Jerome Powell, Powell Organizations: Service, Fed, Business, New York Fed

☆ Boeing’s head of defense unit Ted Colbert to leave
▼ + stars: | 2024-09-20 | by ( Reuters | Cnn'S Chris Isidore | ) edition.cnn.com time to read: +2 min

Reuters —Boeing said on Friday that Ted Colbert, president and CEO of its defense, space and security unit will be leaving the company effective immediately. “I’d like to share that Ted Colbert, president and CEO of Boeing Defense, Space & Security (BDS), will be leaving Boeing, and that l’ve asked Steve Parker to temporarily oversee BDS, effective immediately, until a replacement for Ted is named at a later date,” Kelly Ortberg, Boeing’s president and CEO, said Friday in a statement. In the most recent quarter, Boeing’s Defense, Space & Security unit lost $913 million, up from the $527 million loss in the same period a year ago, after a narrow profit in the first quarter. But both the second quarter loss and the 2023 full-year loss were more than the company’s troubled commercial aircraft unit lost in the same periods. Boeing’s shares closed down about 1% on Friday and have lost about 41% so far this year.

Persons: Ted Colbert, Steve Parker, “, l’ve, Ted, ” Kelly Ortberg, ”, Utkarsh, Shounak Dasgupta Organizations: Reuters, Boeing, Boeing Defense, Space & Security, BDS, Boeing Company, Boeing’s Defense, & $ Locations: Bengaluru

☆ Diddy's 'attack the accuser' defense could easily backfire — but it may be all he has
▼ + stars: | 2024-09-20 | by ( Laura Italiano | Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

AdvertisementBut as ugly as it is, going on the attack may be Combs' only defense, former federal prosecutors told Business Insider. Related storiesThose limits are set down in a section of the federal evidence statute known as "Rule 412." AdvertisementAgnifilo also mentioned a recorded conversation in which Ventura's lawyer asked Combs' lawyer for $30 million to keep the R&B star from publishing a tell-all book about the relationship. "That conversation, I guess, didn't go so well for her and the lawyer," Agnifilo said. Attacking the accuser can backfire at trialIf a judge does allow Combs to air his blame-the-accuser defense, it may backfire before a jury.

Persons: —, Sean Combs, Cassandra, Cassie, Ventura, Marc Agnifilo, Combs, Agnifilo, he'd, Johnny Depp, Amber Heard, Depp, Ephraim Savitt, Savitt, Agniflo, Diddy, — Combs, Andrew Carter, Jennifer Beidel, Sean, Jane Rosenberg, didn't, Jeff Kravitz, FilmMagic, Elizabeth Geddes, Kelly, Geddes Organizations: Service, Business, Prosecutors, Combs, FBI, Shihata, Geddes LLP Locations: Manhattan, besmirching, Dykema, Ventura, Brooklyn, Geddes

☆ Post-rate cut bubble risks mean investors should buy bonds and gold, Bank of America says
▼ + stars: | 2024-09-20 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +2 min

But that means investors once again exposed to risks of a tech bubble inflating anew. Hartnett says investors should allocate to bonds and gold to hedge bubble risk. But it means investors will have to chase the stock market surge as bubble risks bounce back, he added. AdvertisementHartnett has previously warned of the potential for a tech bubble as investment in AI has soared. Amid further AI investment and easing policy, Hartnett says the best way to position portfolios is with allocations to bonds and gold, which hedge against growth and inflation risks.

Persons: BofA's Michael Hartnett, Hartnett, —, Michael Hartnett Organizations: Service, Federal Reserve, Bank of America, Nvidia, Broadcom, ASML, Meta, Treasury

☆ Nonalcoholic drinks: Some experts are calling for age restrictions on sales
▼ + stars: | 2024-09-20 | by ( Brenda Goodman | ) edition.cnn.com time to read: +7 min

The market for nonalcoholic drinks has been growing as more people — notably younger adults — look to cut their alcohol use. Bowdring says there’s emerging evidence that nonalcoholic beverages may prime kids to switch to the real thing. Surveys of elementary, middle and high school students in Japan, where the legal drinking age is 20, found that 20% to 30% said they were drinking nonalcoholic beverages. So minors in those states can buy nonalcoholic drinks but not those with low levels of alcohol. For minors, there’s no benefit in consuming nonalcoholic drinks, and there is some evidence of potential harm, she said — which is why she thinks states need to step in to curb sales.

Persons: ”, Molly Bowdring, Kristen Bell, Kelly Clarkson’s, “, Bowdring, who’d, Leon Booth, ” Booth, ” Lisa Hawkins, Busch, officiais, Dr, Sanjay Gupta, there’s Organizations: CNN, Stanford Prevention Research, George Institute for Global Health, Budweiser, “ Anheuser, Beer, Constellation Brands, District of Columbia, Get CNN, CNN Health Locations: Corona, Japan, Taiwan, Australia, New South Wales, Georgia, Idaho, Florida, Kansas

☆ Zoo Atlanta bids farewell to pandas after 25 years
▼ + stars: | 2024-09-20 | by ( Kelly Bowman | ) edition.cnn.com time to read: +7 min

Atlanta CNN —After a quarter-century hosting giant pandas, Zoo Atlanta is saying goodbye to its beloved residents. The zoo announced its four giant pandas: Lun Lun, Yang Yang, Ya Lun and Xi Lun will head home to China mid-October. Zoo Atlanta says the total number of giant pandas is still low for maintaining a viable population. Kelly Bowman/CNN“Panda-Palooza”And if you want to wish the Zoo Atlanta pandas farewell the zoo will be sending them off in style with a “Panda-Palooza” event on October 5, 2024. San Diego Zoo Wildlife Alliance is an international non-profit conservation organization divided in two parts: the San Diego Zoo and the San Diego Zoo Safari Park.

Persons: Lun, Yang Yang, Ya Lun, Xi Lun, They’ve, Sam Rivera, Rivera, Adam K, Kelly Bowman, CNN “ Organizations: Atlanta CNN, San Diego Zoo, Smithsonian National Zoo, Zoo Atlanta, Atlanta, Animal Health, Zoo, International, Georgia Tech, Thompson, World Wildlife Fund, Pandas, CNN, Smithsonian National, San Diego Zoo Wildlife Alliance, San Diego, Safari, Wildlife Fund Locations: Zoo Atlanta, China, Washington, Atlanta, San Diego, United States, Africa, Asia, Central, South America, San

☆ Boeing's defense unit chief Colbert is departing, CEO says
▼ + stars: | 2024-09-20 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Former CEO for Boeing's defense, space and security subdivision Ted Colbert speaks during a press conference in Dubai on Nov. 16, 2019. The head of Boeing 's defense unit Ted Colbert is leaving the company effective immediately, said CEO Kelly Ortberg, marking his first major executive change since he took the top job in early August. Ortberg thanked Colbert for his 15 years of service at Boeing and said the unit's Chief Operating Officer Steve Parker would take over until the company names Colbert's replacement. Boeing's defense, space and security unit generated nearly 40% of Boeing's revenue in the first half of this year, but it has struggled with production problems and cost overruns, including on the new 747s that will serve as Air Force One aircraft. In the space sector, Boeing's Starliner is returning without the NASA astronauts who took it to the International Space Station in June.

Persons: Ted Colbert, Kelly Ortberg, Ortberg, Colbert, Steve Parker, Starliner Organizations: Boeing, Air Force One, NASA, International Space Station Locations: Dubai

☆ Why rate cuts could actually slow the economy instead of sparking growth
▼ + stars: | 2024-09-19 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

The consensus view is that lower rates will stave off a recession by stimulating economic growth through lower borrowing costs. The hidden danger of a double cutHowever, David Kelly of JPMorgan Asset Management warned that lower rates aren't an economic panacea. In fact, the chief global strategist thinks these cuts could, paradoxically, cause the economy to slow in the near term. Advertisement"The important thing to recognize is that cutting interest rates at the start doesn't stimulate the economy at all," Kelly said on CNBC. "There is a J-curve effect; it actually slows the economy because people begin to anticipate those lower rates, so they want to wait for lower rates."

Persons: —, Jim Caron, Claudia Sahm, Jerome Powell, Sahm, Ronald Temple, Kevin Philip of, David Kelly, Kelly, what's, you've, Kelly isn't, it's, they've Organizations: Service, Federal, Business, Fed, Dow Jones, Morgan Stanley Investment Management, CNBC, New Century Advisors, Lazard, Kevin Philip of Bel Air Investment Advisors, JPMorgan Asset Management

☆ The Boeing strike has already cost the company and its workers $572 million – and the pace of losses is climbing
▼ + stars: | 2024-09-19 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +4 min

New York CNN —The strike at Boeing by 33,000 members of the International Association of Machinists union, which reaches its seventh day today, has already cost the company and workers $572 million, according to an estimate from Anderson Economic Group. “The first week of losses for Boeing are substantial, but they’ll pale in comparison to what comes in the following weeks,” Anderson told CNN. The strike at Boeing (BA), on the other hand, has yet to have a measurable economic impact on airlines so far, Anderson said. The losses for workers, primarily the 33,000 union members who have gone on strike, as well as for suppliers come to about $117 million in the first week. The strike will also cost about $10 million in local losses, including at businesses near the plants, according to Anderson.

Persons: Patrick Anderson, “, ” Anderson, Anderson, Kelly Ortberg, Boeing’s, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, Anderson Economic, CNN, General Motors, Max, Federal Aviation Administration, FAA, Airbus Locations: New York, Michigan, South Carolina

☆ Stock market today: Dow surges 462 points as stocks rally after jumbo Fed rate cut
▼ + stars: | 2024-09-19 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Indexes rallied Thursday as investors continue to digest Wednesday's jumbo rate cut from the Fed. The Fed cut rates by 50 basis points in its first rate cut in over four years. AdvertisementUS stocks soared on Thursday in a late reaction to the Federal Reserve's jumbo interest rate cut. On Wednesday, the Fed issued its first interest rate cut since 2020, cutting its benchmark rate by 50 basis points. Bank of America analysts said after the meeting that they see 75 basis points of cuts in the fourth quarter and 125 basis points next year.

Persons: —, Jerome Powell's, Dow, today's 50bp, Goldman Sachs, Powell, Gen Z's Organizations: Fed, Service, Federal, Nasdaq, Bank of America, Labor Department, SEC

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