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However, they say immediate actions to reduce climate change could stem some losses in the longer term. Noah Diffenbaugh, a professor and environmental researcher at Stanford University, said the economic damage from climate change will take different shapes. Researchers estimated it would cost the global economy $6 trillion by 2050 to comply with the Paris Climate Agreement—the international agreement among nearly 200 nations to tackle climate change—compared to the study’s estimated $38 trillion economic damage due to climate change. “That’s what’s likely to happen from the global warming that’s already occurred and what’s likely to happen even for small increments of global warming.”The Nature study estimated the economic damage of different regions. The ICF paper said price hikes on essential elements of the cost of living in the US will add up due to climate change.
Persons: , Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh, It’s, Wenz, Bernardo Bastien, Bastien, ” Bastien, , , “ That’s, what’s, won’t Organizations: CNN, United Nations, Potsdam, Climate, Stanford University, Scripps Institute of Oceanography, University of California Locations: Nature, Paris, University of California San Diego, California, North America, Europe, South Asia, Africa, United States
That success can be seen in funds like the Morningstar five-star, gold-rated Baird Aggregate Bond Fund . BAGSX 1Y mountain Baird Aggregate Bond Fund, investor shares Since BAGIX's inception in 2000, it has seen a 4.74% annualized gain through March 31, 2024, according to Baird. The team runs a number of fixed income funds in addition to the Baird Aggregate Bond Fund, including the Morningstar five-star rated Baird Intermediate Bond Fund. The product was one of the top performing actively managed bond funds in 2023, according to Morningstar. With the yield curve still inverted, short-term term Treasury bills are yielding over 5%.
Persons: Baird, Mary Ellen Stanek, Stanek, hasn't, Morningstar, we've Organizations: Baird Advisors, CNBC, Bond Fund, Institutional, SEC, Investor, Bloomberg U.S, First Wisconsin Trust, Treasury, Bond, Morningstar, Pensions, Investments, AAA, MBS
Lower-income workers without a college degree could be at the most risk of AI job replacement. AdvertisementNothing is certain about the future of AI technologies, but three things are becoming more clear. That said, if and when some AI job replacement does come, some workers could be more at risk than others. Conversely, 17% of high school graduates had jobs with high AI exposure, and 14% had jobs with both high AI exposure and low performance requirements. Re-training workers who lose their jobs due to AI could help move the needle in a more positive direction.
Persons: , It's, Angus Deaton, Deaton, he's Organizations: Service, of Economic Advisors, Walmart, Target Locations: China
Lauren and Steven Keys built a million-dollar portfolio from scratch, which set them up to quit their full-time jobs in their 20s and pursue various side projects and creative work. "We made, honestly, zero sacrifices on our journey," Steven said, noting that they never budgeted or tracked their spending. The couple kept the cost of their hobbies in check and sometimes even found ways to monetize them. In fact, it made us significantly more money than it cost us in the first place," said Steven. Playing Magic: The Gathering, on aggregate over my lifetime, has actually made me money, not cost me."
Persons: Lauren, Steven Keys, Steven, we're Organizations: Business, Bureau of Labor Statistics — Locations: The Florida, United States
US stocks could be stuck in quicksand for the rest of 2024 despite robust earnings growth, but investors shouldn't panic. Wall Street expects double-digit earnings growth in 2024. The consensus estimate for S&P 500 profits is about $244, which would be up from $220 in 2023. The so-called SMID-cap cohort lagged its larger peers again in the first quarter, posting a solid 7.6% total return, while the S&P 500 surged 10.6%, including dividends. Six sell-side research analysts cover the typical stock in the SMID-cap S&P 1000 index compared to 17 analysts for the average S&P 500 member, Belski wrote.
Persons: Brian Belski, Belski, Evercore ISI's Julian Emanuel Organizations: Business, BMO Capital Markets, BMO
If the Federal Reserve wants to lower inflation, they need to cut interest rates, according to JPMorgan. JPMorgan strategist Jack Manley said lower interest rates would help lower shelter costs. "You're not going to see meaningful downward pressure on shelter costs until the Fed lowers interest rates," Manley said. AdvertisementIf the Federal Reserve wants to lower inflation back to its long-term target of 2%, it needs to start cutting interest rates, according to JPMorgan strategist Jack Manley. "A lot of what's going on today can be very closely linked to the level of interest rates.
Persons: Jack Manley, Manley, Organizations: Federal Reserve, JPMorgan, Service, Bloomberg
Newly launched startup Superintelligent is betting it can solve this problem and help more people master using AI in their work and personal lives. The company just exited stealth with $2 million in pre-seed funding from Learn Capital, an edtech-focused VC fund. Based in New York, Superintelligent is a learning platform designed to help people understand how to use AI tools. "People who never would have cared about taking an online course before will 100% find themselves looking for online tools for learning AI." More broadly, AI is providing a boon to the edtech space, with startups such as Lirvana Labs, which provides AI learning for kids; Curipod, which lets teachers create AI lesson plans; and AI-powered study assistants Digest.ai and FoondMate all raising funding recently.
Persons: , OpenAI's DALL, Superintelligent, Nathaniel Whittemore, Whittemore, Digest.ai, he's Organizations: Service, Pew Research Center, Learn, Business, Labs Locations: New York
Read previewAlthough US stocks have been all the rage this year, a top-performing fund manager remains convinced that the most compelling investing opportunities are in international equities. Its 80% gain over the past five years is more than double that of the STOXX Europe 600 and is six-fold above the 13% return of Vanguard's Total International Stock Index ETF (VXUS). The Brandes International Equity Fund has been in the top 10% of its category in the last 10 years, according to Morningstar, which includes a top-1% finish in 2023. AdvertisementOnce the fund manager finds stocks that fit this bill, he thinks more like a business owner than a stock trader. Of all the opportunities in international markets, Germain is especially drawn to four stocks across various countries and industries.
Persons: , Jeff Germain, Germain, David Kelly, Brandes, He's, " Germain, Royce Organizations: Service, Vanguard's, Stock, Business, Brandes Investment Partners, Brandes International Equity Fund, JPMorgan Asset Management, Morningstar, Heidelberg, Embraer, Royce, Heineken Locations: German, Brazil, Britain
In a country roiled by recession worries, those at the top of New York City — for better or worse — couldn't give a single gilded shit. For New York City, a brush with death called for a time of decadence. "New York City's restaurants and bars are experiencing an uneven pandemic recovery nearly four years after COVID-19 struck our city," Andrew Rigie, the executive director of the New York City Hospitality Alliance, said. AdvertisementIf a pandemic can't defeat New York City, a little inflation certainly isn't going to do it. And what that looks like is the affluent in New York City eating caviar, and poorer Americans eating cereal.
Persons: Steve Jobs, it's, Jennifer Saesue, Saesue, Fish Cheeks, Z, bistros, James Murphy, us Carbone, Casas — Cruz, Cipriani, Jean, Georges Vongerichten, Bongo, Andrew Rigie, Corey Mintz, we're, WK Kellogg, Gary Pilnick, Gary Pilnick's Organizations: Grand Prospect Hall, New, New York City, Apple, Mastercard, Chefs, Casas, Soho House, Bangkok Supper, Village, IBA, Hospitality Alliance, Nationwide, National Restaurant Association, Nasdaq, The University of Michigan Consumer, UBS, New York Locations: New York City, New York, Rome, Xinjiang, New, Manhattan, Coqodaq, Las Vegas, York, Bangkok, Hell, TouchBistro, Brooklyn, The Bronx
“Science postdocs perform the science,” Donna Ginther, an economist who studies the science labor market at the University of Kansas, told CNN. Biomedical companies take scientific contributions and, over time, aggregate them into a commercial product. Building on the discovery of mRNA in the 1960’s, the technology behind an mRNA vaccine for humans was in development for decades before the Covid-19 vaccine was first administered in 2020. By using that technology to develop their mRNA vaccines for Covid-19, pharmaceutical companies like Pfizer and Moderna made a windfall in profits. “That’s how they make money is through commercialization: they have a product, which they then patent and sell.”Why are scientists leaving academic labs?
Persons: postdocs, Donna Ginther, “ They’re, Michael Ciaglo, , , Nobel, Dr, Katalin Kariko, ” Ginther, they’re, Ginther Organizations: New, New York CNN —, National Institutes of Health, NIH, National Science Foundation, University of Kansas, CNN, , Pfizer, Moderna, Wired Magazine, NSF, World Health Organization Locations: New York, United States, Denver , Colorado, Europe, Alzheimer’s
When New York’s governor and attorney general joined forces to pass a law trying to restrict social media companies’ ability to use algorithms to shape content for children, they expected Big Tech to put up a battle. That fight has certainly arrived, but with far more opponents than anticipated. A broad range of online service providers, including Google, TikTok and Meta, the parent company of Facebook and Instagram, has spent over $700,000 on lobbyists to press legislators and state officials, according to recent state disclosures. The spending represents aggregate amounts that includes other items on the lobbyists’ agendas, and the disclosures do not state whether the companies are for or against the legislation. But interviews and public statements show that most are opposing the bill — and a related bill connected to child data privacy — or raising concerns about the measures going too far, with some saying it could have unintended consequences on e-commerce sites or digital news publishers.
Persons: Big Organizations: New, Big Tech, Google, Meta, Facebook, Companies, eBay, New York Times
CNN —Barcelona and Paris Saint-Germain both reached the semifinals of the Women’s Champions League with dominant performances to set up two thrilling clashes in the last four. “Tonight was a good example of what my team are,” Barcelona head coach Jonatan Giráldez added. However, the French side stamped its authority on the match in the opening stages and deservedly broke the deadlock after 27 minutes thanks to Chawinga’s unerring left-footed finish off the post. PSG will rightly feel confident going into the semifinal against European powerhouse Lyon, with the team currently on a 22-match unbeaten run and 11-game winning streak at home. Thibault Camus/AP“It was a good game, there are many reasons to be satisfied,” PSG head coach Jocelyn Prêcheur said, per UEFA.
Persons: Germain, Ballon, Aitana Bonmatí, Fridolina Rolfö, Patricia Guijarro, Barça, Lyon, Tabitha Chawinga, Korbin Albert, Marie, Antoinette Katoto, Bonmatí, Barça hasn’t, Tomine Svendheim, Guijarro, Caroline Graham Hansen, Fridolina, Albert Gea, , Jonatan Giráldez, deservedly, Chawinga’s unerring, Albert, Katoto, Thibault Camus, Jocelyn Prêcheur, it’s, Organizations: CNN —, Paris Saint, Women’s, League, Norwegian, Brann, Chelsea, PSG, Women’s Champions League, Lyon, Rolfö, Reuters, UEFA, , ” Barcelona, ” PSG, European, Parc des Princes Locations: CNN — Barcelona, Paris, Thursday’s, Norway, Barcelona, ” Barcelona, Parc des
Newly appointed UBS CEO Sergio Ermotti (R) speaks with UBS Chairman Colm Kelleher during a press conference in Zurich on March 29, 2023. UBS CEO Sergio Ermotti earned 14.4 million Swiss francs ($15.9 million) in 2023 after his surprise return at the helm of the Swiss banking giant, following its takeover of stricken rival Credit Suisse. Hamers earned 12.6 million Swiss francs in 2022 during his last full year as CEO, according to UBS' annual report published on Thursday. In total, the bank's executive board picked up a 140.3 million Swiss franc pay package in 2023, a significant increase from the previous year's 106.9 million francs. UBS shares have gained more than 52% since Ermotti took the reins on April 5, 2023.
Persons: Sergio Ermotti, Colm Kelleher, Ermotti, Ralph Hamers, Hamers Organizations: UBS, Credit Suisse Locations: Zurich, Swiss
The market's surprising rally has lifted the S & P 500 to Goldman Sachs' year-end target before the first-quarter is even over, so the firm is giving clients various scenarios that could happen from here. If their target ends up being correct and stocks pull back, Goldman recommended clients get long its basket of defensive stocks. The S & P 500 is coming off its best week since December, bringing it to 5,234.18. Catch-down scenario: The S & P 500 falls to 4,500, or down 14% from here, as sales growth estimates prove to be too optimistic, especially for the Magnificent 7 Stocks. "Mega-cap exceptionalism" scenario: The S & P 500 finishes the year at 6,000, or up another 15% from here, where expectations for stocks like Nvidia prove correct and investors take the S & P 500 to 23 price-earnings ratio.
Persons: Goldman Sachs, Goldman, David Kostin, Kostin Organizations: CNBC Pro, Wall, Nvidia Locations: That's
Gallant will be told that the various cases of weapons sales are being worked on, a senior administration official told CNN. “There is scrutiny, but no policy decision to deny” the provision of additional weapons to Israel, the official told CNN. But the defense secretary’s position on providing weapons to Israel has not shifted much since the war began, officials said. “If there is one, that would be something we would want to hear,” said the senior administration official who added that consequences for ignoring US urgings are increasingly being considered. Austin also told Gallant last week that Israel needs “to consider alternatives to a major ground operation in Rafah,” according to a Pentagon readout of their call.
Persons: Yoav Gallant, Lloyd Austin, Gallant, , Joe Biden’s, Austin, Jake Sullivan, Antony Blinken, Benjamin Netanyahu, We’re, John Kirby, Israel, , Patrick Ryder, , ” Gallant, Biden, Netanyahu, ” Kirby, Matthew Miller, ” Miller, ” CNN’s Oren Liebermann Organizations: US, Israel, Pentagon, UN, ” National Security, CNN, Austin, Israel Defense Forces, Foreign, State Department, Congress, Democratic Locations: Gaza, Israeli, Washington, Rafah, Israel, Lebanon,
Reddit shares jumped 48% in their debut on Thursday in the first initial public offering for a major social media company since Pinterest hit the market in 2019. Reddit and selling shareholders raised about $750 million from the offering, with the company collecting about $519 million. This year, Reddit said it plans to recognize roughly $66.4 million in revenue as part of its data licensing deals. Google has also entered into an expanded partnership with Reddit, allowing the search giant to obtain more access to Reddit data to train AI models and improve its products. "I hope they believe in Reddit and support Reddit," Huffman told CNBC in an interview on Thursday.
Persons: Steve Huffman, Lynn Martin, Reddit, Pinterest, Klaviyo, Pinterest's, it's, Alexis Ohanian, Huffman, Redditors, Sam Altman, Condé Nast, Altman's, Altman Organizations: New York Stock Exchange, Astera Labs, Nasdaq, Meta, Google, Reddit, Federal Trade Commission, FTC, Companies, CNBC, GameStop, Tencent, Advance Magazine Publishers Locations: New York, It's, Reddit
Overall, actively managed mutual funds and exchange-traded funds fell short of passive funds, with 47% of active strategies surviving and beating their index-following peers, according to Morningstar. However, actively managed funds outperformed in the bond category. About 53% of active bond managers survived and beat the passive average in 2023, up from 30% in 2022, the research firm said in a recent report . Intermediate core bond funds largely invest in investment-grade debt, spanning from government issues to corporates. Core bond funds have also held up in recessions, thanks to their diversification across fixed income and duration.
Persons: Morningstar, Paul Olmsted, Olmsted, Olmstead, It's Organizations: Morningstar, Vanguard, Bond Market, Aggregate Bond, Intermediate Bond Fund
New bank lending in China fell more than expected in February from a record high the previous month, even as the central bank seeks to spur sluggish economic growth and fight deflationary pressures. New bank lending in China fell more than expected in February from a record high the previous month, even as the central bank seeks to spur sluggish economic growth and fight deflationary pressures. Outstanding yuan loans grew 10.1% from a year earlier — the lowest on record — compared with 10.4% growth in January. Analysts polled by Reuters had predicted new yuan loans would fall to 1.50 trillion yuan in February from 4.92 trillion yuan the previous month and against 1.81 trillion yuan a year earlier. Chinese banks made 6.37 trillion yuan in new yuan loans in the first two months of 2024, data released by the central bank showed on Friday.
Organizations: People's Bank of China, Analysts, Reuters, ING, Consumer Locations: Beijing, China
CNN —The way Americans buy and sell homes is about to get turned on its head. And other broker tactics that critics say are anticompetitive, such as a rule that made sellers’ agents set compensation for buyers’ agents, will be prohibited. Goodbye, 6% commissionsFor decades, Americans have paid a standard commission of around 6% when selling a home, split between the seller’s broker and the buyer’s broker. A separate new rule will require buyers’ brokers to enter into written agreements with their buyers. Second, it led buyers’ brokers to push more expensive homes on buyers, so their payout would be higher.
Persons: Cowen, Stephen Brobeck, Norm Miller, Miller Organizations: CNN, National Association of Realtors, NAR, Industry, Consumer Federation of America, University of San Locations: America, University of San Diego
CNN —Manchester City has been drawn against Real Madrid in a mouthwatering Champions League quarterfinal clash. Real Madrid will be looking for revenge after suffering a 5-1 aggregate drubbing at the hands of City in last season’s semifinals, as Pep Guardiola’s side went on to win the title for the first time in the club’s history. Real Madrid will be out for revenge after last season's defeat to City. Molly Darlington/ReutersFinally, Atletico Madrid and Borussia Dortmund - arguably the two underdog teams in the quarterfinals - will face off in perhaps the most even of the ties for a place in the semifinals. Draw in fullArsenal vs. Bayern MunichAtletico Madrid vs. Borussia DortmundReal Madrid vs. Manchester CityParis Saint-Germain vs. BarcelonaSemifinal drawAtlético or Dortmund vs. PSG or BarcelonaArsenal or Bayern vs. Real Madrid or Man City
Persons: Pep, Harry Kane, Kane, Germain, Xavi, Molly Darlington Organizations: CNN, Manchester City, Real Madrid, Real, Tottenham, Bayern Munich, Arsenal, Spurs, Bayern, England, Paris Saint, Barcelona, Champions League, City, Reuters, Atletico Madrid, Borussia Dortmund, Atletico, Dortmund hasn’t, Bayern Munich Atletico Madrid, Borussia Dortmund Real Madrid, Manchester City Paris Saint, Atlético, Dortmund, PSG, Barcelona Arsenal Locations: Real Madrid, London, French, Man
CNN —As bad days at the office go, it’s unlikely Sparta Prague will have endured many worse than on Thursday. Things did get slightly better for Sparta – albeit very briefly – as Veljko Birmančević reduced the aggregate deficit to seven goals when he scored just before half-time to make it 4-1 on the night. “We were really, really after them, at them – however you want to call it – and scored wonderful goals. “A long time in my life, I obviously worked for a smaller club – not that Sparta are a small club – but I worked in Germany for a smaller club with Mainz. You can win games, but you need a little bit of help from the opponent – we didn’t give any help [tonight].
Persons: Darwin Nuñez, Bobby Clark, Mo Salah, Cody Gakpo, Birmančević, Liverpool wasn’t, Gakpo, Dominik Szoboszlai, , ” Klopp, , , Klopp, Salah, ” “ I’ve, Peter Byrne, Brian Priske Organizations: CNN, Europa, Anfield, Liverpool, Sparta, Sparta ”, Press Association Locations: it’s, Sparta Prague, Sparta, Germany, Mainz
I attended the ExploreAI summit on January 29, which marked the successful conclusion of the AI Trailblazers initiative. Minister Josephine revealed AI Trailblazers 2.0 to advance Singapore's National AI Strategy 2.0 and deepen AI use across Singapore. The event marked the successful conclusion of the AI Trailblazers initiative — an effort to help Singapore-based organizations develop 100 generative AI (GenAI) solutions over 100 days. Minister Teo announced plans to build on the success of the first AI Trailblazers program with AI Trailblazers 2.0. This collaboration between AI Trailblazers and Google exemplifies Singapore's dedication to using AI for the betterment of everyone, from residents to businesses.
Persons: Josephine, Kris LeBoutillier, he's, I'm, Mark Micallef, John Ang, Temus, Ang, Tan, Keow, , Long Yin, What's, Josephine Teo, Teo Organizations: Google Asia Pacific, Singapore's Ministry of Communications, Information, MCI, Digital Industry Singapore, Smart Nation Group, Enterprise Singapore, Google, Southeast, of Information Technology, Nanyang Polytechnic, People's Association, AI, Ministry of Communications, Insider Studios, Singapore Economic Development Board Locations: Singapore, Asia, ExploreAI, Southeast Asia, Temus
CNN —As he led the team out inside of a raucous Emirates Stadium on Tuesday night, Arsenal captain Martin Ødegaard had the weight of expectation on his shoulders. Because Ødegaard looks to have finally found his home at Arsenal. On a magical night for Arsenal fans, Ødegaard produced another sensational performance, proving once again to be the creative spark for Mikel Arteta’s team. But, in Ødegaard, Arsenal finally has a leader who looks determined to lead this team to success. And, in Arsenal, Ødegaard finally has a place to shine.
Persons: Martin Ødegaard, Ødegaard, Mikel Arteta’s, Leandro Trossard, Arsenal's Ødegaard, Andrew Boyers, Arsene Wenger’s, Martin, , Hans Erik Ødegaard, Zinedine Zidane, Denis Doyle, Luka Modrić, Toni Kroos, Arteta, , “ Martin, he’s, ” Ødegaard, Mike Hewitt Organizations: CNN, Emirates, Arsenal, Gunners, Porto, Champions League, Norwegian, Strømsgodset, Norwegian national, Manchester United, Liverpool, CNN Sport, , Madrid, Real Madrid, La Liga, Spanish, Real Sociedad, ” Arsenal, English Premier League rivals Manchester City Locations: Norwegian, Europe, France, Real, London, Liverpool, Ødegaard, Arsenal
"Fixed income returns, by contrast, come almost entirely from coupon payments, which can be taxable at the highest rates." You may also want to think about where you're holding these fixed income assets. The fourth step to save on taxes: Consider whether a buyback ETF or a dividend ETF is right for you. Woodard recently highlighted the iShares Core Dividend ETF (DIVB) and the Invesco BuyBack Achievers ETF (PKW) as buyback plays. He also noted that true income investors may want to go with dividend funds, including Schwab US Dividend Equity ETF (SCHD) and Vanguard High Dividend Yield ETF (VYM) .
Persons: It's, Jared Woodard, Woodard, buybacks, they're, DIVB, PKW, SCHD, VYM, Morningstar Organizations: Bank of America, Taxpayers, Schwab, Equity, Vanguard, & ' $
Housing, housing and more housingThe housing sector carries more than four times as much weight in CPI compared to the Fed’s preferred inflation gauge. But, with PCE, housing has a much more limited impact on the inflation index. Both indexes are faulted for using this metric to calculate housing inflationBoth indexes use a widely criticized metric called owners’ equivalent rent (OER) to track housing inflation. But it can often take months for these trends to show up in either the PCE or CPI housing indexes. Another issue with using OER to track housing inflation is that it doesn’t really affect homeowners.
Persons: Joe Biden, Frederic J . Brown, Organizations: New, New York CNN, Federal, Cleveland Federal Reserve, PCE, Bureau of Labor Statistics, Getty, Commerce Department, Bank of America Locations: New York, November’s, AFP
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