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☆ Big Tech and growth are safer investments than hot cyclical trades, Citi's strategy head suggests
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBig Tech and growth are safer investments than hot cyclical trades, Citi's strategy head suggestsStuart Kaiser, Citi Head of Equity Trading Strategy, joins 'Fast Money' to talk smart and safe investments in the current market.

Persons: Stuart Kaiser Organizations: Tech, Citi Head of Equity Trading

☆ Biden to keep Julie Su on indefinitely as Labor chief despite lack of Senate votes
▼ + stars: | 2023-07-21 | by ( Sahil Kapur | Liz Brown-Kaiser | ) www.cnbc.com time to read: +5 min

The White House plans to use a little-known law to keep Acting Labor Secretary Julie Su in the job even if she fails to win Senate approval, a White House official told NBC News. "Upon Secretary Walsh's departure, Acting Secretary Su automatically became Acting Secretary under its organic statute, not under the Federal Vacancies Reform Act," the White House official said in an email. "As a result, Su is not subject to the time limits of the Federal Vacancies Reform Act and she can serve as Acting Secretary indefinitely." But Su's nomination for labor secretary has since stalled in the Senate, where Democrats control 51 votes and expect unified Republican opposition. "The President's support for Acting Secretary Su is unwavering," the White House official said.

Persons: Julie Su, Walsh's, Su, Marty Walsh, Sen, Joe Manchin, Kyrsten Sinema, hasn't, Joe Biden, Biden, Julie Su's, Bill Cassidy, Kevin McCarthy, Mitch McConnell, Donald Trump, Chuck Schumer, — Elyse Perlmutter, Gumbiner Organizations: Education, Department of Labor, White, Labor, NBC, Federal, White House, NBC News, Senate, Health, Pensions, GOP, Republican, Democratic, Wednesday Locations: Rayburn, Ky

☆ Volunteering in late life may protect the brain, research finds
▼ + stars: | 2023-07-20 | by ( Kristen Rogers | ) edition.cnn.com time to read: +6 min

New research backs her up: Volunteering has been linked with better scores on tests of cognitive function, according to research presented Thursday at the Alzheimer’s Association International Conference in Amsterdam. “We hope these new data encourage individuals of all ages and backgrounds to engage in local volunteering — not only to benefit their communities, but potentially their own cognitive and brain health.”Previous studies have found positive links between volunteering and cognitive function. These adults were around age 74 on average and had participated in the Kaiser Healthy Aging and Diverse Life Experiences Study or the Study of Healthy Aging in African Americans. Barberena thinks volunteering helps maintain her cognition by engaging her memory, verbal and reasoning skills, she said. Previous studies have found socializing and physical activity, both often involved in volunteering, to be beneficial for brain health.

Persons: Celia Barberena, Barberena, ”, “, Donna McCullough, —, it’s, Maria C, Carrillo, wasn’t, hadn’t, ” Carrillo, Yi Lor, Lor, ” Barberena, ” Lor Organizations: CNN, Alzheimer’s Association International, “ Volunteers, Alzheimer’s Association, Healthy Aging, Aging, University of California, Alliance Locations: Latina, Pacific Grove , California, Amsterdam, Davis, Monterey County, “, California’s Monterey

☆ Junk fees, medical debt and artificial intelligence: CFPB chief lays out regulatory agenda
▼ + stars: | 2023-07-20 | by ( Chelsey Cox | ) www.cnbc.com time to read: +5 min

Medical debtChopra said that tens of millions of Americans are battling medical debt. The crisis is compounded by debt collectors that add medical debt to credit reports as a means of coercion. The agency's crackdown on junk fees has prompted some policy changes at big banks, he added. "Many of them are getting rid of their reliance on junk fees and making their fees much more reasonable," Chopra said. Rep. Blaine Luetkemeyer, R-Mo., has said the CFPB has "no authority" on the issue because junk fees is not a legal term.

Persons: Rohit Chopra, Tom Williams, Andy Barr, Chopra, servicers, We're, Experian, Blaine Luetkemeyer, Luetkemeyer Organizations: Consumer Financial Protection, Banking, Housing, Urban Affairs, Cq, Inc, Getty, Consumer Financial, Bureau, Federal Reserve, Governors, CNBC, Education Department, U.S, Kaiser Family Foundation, Bank of America, Biden, GOP, Rep, Financial Services Locations: Ky

☆ Wall Street on ice ahead of big tech earnings, UK shines
▼ + stars: | 2023-07-19 | by ( Naomi Rovnick | ) www.reuters.com time to read: +3 min

Tech stocks have been boosted by exuberance about artificial intelligence as well as hopes the Federal Reserve will soon end the aggressive interest rate rises that bludgeoned valuations of more speculative businesses in 2022. Owning big tech is also the "most crowded" trade in global markets, Bank of America strategist Michael Hartnett warned in a note to clients this week. This was just the latest downside surprise on prices for a major economy after more than 18 months of central banks cranking interest rates higher. Sterling lost 0.96% to trade at $1.291 as market bets that the Bank of England would raise interest rates as high as 6%, from the current 5%, faded out. London's blue-chip FTSE 100 (.FTSE) added 1.6% and the domestically focused FTSE 250 (.FTMC) rose 3.2%, on track for its best daily performance since February 2.

Persons: Sterling, Michael Hartnett, Hartnett, BofA, Stuart Kaiser, Eren Osman, Arbuthnot Latham, BoE, Samuel Tombs, Kenneth Broux, Germany's, Tom Westbrook, Bernadette Baum, Kim Coghill, Chizu Organizations: Stock, Wall, Tesla, Netflix, Nasdaq, Tech, Reserve, Bank of America, Citi, Bank of England, Macroeconomics, Sterling, . Federal, Societe Generale, Thomson Locations: London, Sydney

☆ Northeast flooding: 5 people were killed by raging floodwaters in southeastern Pennsylvania and 2 children are still missing
▼ + stars: | 2023-07-16 | by ( Christina Maxouris Lauren Mascarenhas Melissa Alonso Caitlin Kaiser | Christina Maxouris | Lauren Mascarenhas | ) edition.cnn.com time to read: +6 min

The children and their family, who were visiting from Charleston, South Carolina, were driving to a barbecue when they got stuck in flash flooding, Upper Makefield Fire Chief Tim Brewer said Sunday afternoon. Southeastern Pennsylvania was hit hard by heavy rain Saturday, less than a week after parts of the state had again faced flash flooding that deluged roadways and displaced dozens from their homes. “New York State is once again seeing significant rainfall & we are prepared to help communities respond,” Gov. Flash flood warnings were again in effect earlier Sunday in parts of the state, prompting officials to warn of potential landslides. “There are flash flood warnings throughout the state today.

Persons: Tim Brewer, “, Brewer, ” Brewer, ”, Norfolk PIO Jon Barbagallo, Kathy Hochul, ” Hochul, ” Long, Hochul, Kyle Mazza, Ned Lamont, John F, downpours, Hurricane Irene, Joe Biden, Jennifer Morrison, Phil Scott, Michael E, Mann Organizations: CNN, Authorities, Local, Empire State, “, York State, Twitter, New, New York City Emergency Management Department, Anadolu Agency, Bristol Firefighters Association, Connecticut Gov, National Weather Service, Boston Logan International Airport, LaGuardia, Newark Liberty International Airport, John, Kennedy International Airport, Federal Aviation Administration, Sunday, FEMA, ”, University of Pennsylvania, Southwestern Locations: Pennsylvania, Charleston , South Carolina, Bucks County, Upper Makefield, Southeastern Pennsylvania, New England, Vermont , New York, Massachusetts, Norfolk , Connecticut, Norfolk, New York, Connecticut, Empire, York, Waterbury , Connecticut, New York City, Suffolk County, Dutchess, Sullivan, New Jersey, Bristol, Boston, LaGuardia Airport, Vermont

☆ JPMorgan downgrades this aluminum stock ahead of earnings
▼ + stars: | 2023-07-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Analyst Bill Peterson downgraded the stock to neutral from overweight and slashed his price target to $36 from $54 in the runup to its earnings report next week. Despite an approximately 90% correlation between Alcoa shares and aluminum prices over the past decade, Alcoa has underperformed the metal by 7% since April. Aluminum prices as a whole should also be cheaper than previously forecasted in both the fourth quarter and 2024, but may find support in the second half of next year as inventories thin out. Cost pressure could also remain into 2024 given the lower bauxite grade feed for refineries. As a group, Peterson said he remained constructive on aluminum stocks in the long term.

Persons: Bill Peterson, Peterson, Kaiser, Constellium, — CNBC's Michael Bloom Organizations: JPMorgan, Alcoa, AA, Midwest Locations: Alcoa, China, U.S, Western Australia

☆ In older adults, a little excess weigh may be OK
▼ + stars: | 2023-07-14 | by ( Judith Graham | Kff Health News | ) edition.cnn.com time to read: +9 min

For years, experts have debated what to advise older adults in this situation. Only 27% to 44% of older adults meet these guidelines, according to various surveys. Epidemiologic research suggests that the ideal body mass index (BMI) might be higher for older adults than younger adults. The study’s conclusion: “The WHO healthy weight range may not be suitable for older adults.” Instead, being overweight may be beneficial for older adults, while being notably thin can be problematic, contributing to the potential for frailty. Indeed, an optimal BMI for older adults may be in the range of 24 to 29, Carl Lavie, a well-known obesity researcher, suggested in a separate study reviewing the evidence surrounding obesity in older adults.

Persons: they’ve, ”, Mitchell Lazar, we’re, John Batsis, Anne Newman, —, Carl Lavie, Lavie, “, ” Lavie, Newman, you’re, Dinesh Edem, Dennis Kerrigan, Katie Dodd Organizations: CNN, US Centers for Disease Control, Institute for Diabetes, University, Pennsylvania’s Perelman, of Medicine, University of North Carolina School of Medicine, Center for Aging, Health, University of Pittsburgh School of Public Health, BMI, World Health Organization, WHO, University of Pittsburgh, University of North, University of Arkansas, Medical Sciences, Henry Ford Health, Kaiser Health, KFF Locations: —, Chapel Hill, New Orleans, University of North Carolina, Michigan

☆ Google's top AI researchers, including all the authors behind a landmark paper, have left for competitors. Here's where they are now.
▼ + stars: | 2023-07-13 | by ( Thomas Maxwell | Hugh Langley | ) www.businessinsider.com time to read: +13 min

Top AI researchers have been leaving for startups where their work can have more impact. That frustration over Google's slow movement has been corroborated by other former Google researchers who spoke to Insider. Niki Parmar left Google Brain after five years to serve as a cofounder and CTO of Adept, though in November, she left to found a stealth startup. Lukasz Kaiser left Google Brain after working there for more than seven years to join OpenAI in 2021. Sharan Narang, another contributor to the T5 paper, left Google Brain in 2022 after four years there.

Persons: it's, Llion Jones, OpenAI's, ChatGPT, Sundar Pichai, Bard, Daniel De Freitas, Noam Shazeer, Ilya Sutskever, Sutskever, OpenAI, Ashish Vaswani, Niki Parmar, Jakob Uszkoreit, Aidan Gomez, Nick Frosst, Lukasz Kaiser, Kaiser, Illia Polosukhin, Meena, De Freitas, Romal Thoppilan, Character.AI, LaMDA, Elon Musk, Character.ai, Winni Wintermeyer, Thoppilan, Alicia Jin, BERT BERT, BERT, Jacob Devlin, Colin Raffel, Raffel, Sharan Narang, He's, Azalia Mirhoseini, Anna Goldie, Mirhoseini, Goldie, Claude, DeepMind Mustafa Suleyman, Mustafa Suleyman, DeepMind, Suleyman, Reid Hoffman Organizations: Google, Bloomberg, New York Times, Microsoft, Street Journal, Neural Networks, OpenAI, YouTube, Elon, UNC Chapel Hill, Meta, Anthropic, Society Locations: ChatGPT, Character.AI, DeepMind

☆ Biden's labor secretary pick may not have the votes. She also may not need them.
▼ + stars: | 2023-07-13 | by ( Liz Brown-Kaiser | Sahil Kapur | ) www.cnbc.com time to read: +7 min

The Senate is stalled on President Joe Biden's pick for secretary of labor, Julie Su, and Democrats face a conundrum on how to proceed. But Su, who currently serves as the acting labor secretary, could just keep running the department anyway. Federal law places no limits on how long Su can serve as acting labor secretary without being confirmed. He said he wants a voice for "both labor and industry" in the labor secretary role. Any Senator who voted to confirm Secretary [Marty] Walsh should vote to confirm Acting Secretary Su, too.

Persons: Julie Su, Joe Biden's, Su, Biden, Sen, Bernie Sanders, Kyrsten Sinema, Jon Tester, Joe Manchin, pushback, there's, Mazie Hirono, haven't, She's, she'll, she's, Mark Kelly, John Hickenlooper, I'm, Su aren't, Tester, you've, Manchin, Bill Cassidy of, Sinema, Tammy Duckworth, Marty, Walsh, We're, Sherrod Brown, Elizabeth Warren of, Chuck Schumer Organizations: Health, Education, Labor, Capitol, Labor Department —, Pensions, Su's, Democrats, HELP, Su's Democratic, White, Department, Democratic Locations: Washington, American, Sens, Hawaii, Bill Cassidy of Louisiana, Sherrod Brown of Ohio, Elizabeth Warren of Massachusetts

☆ U.S. companies are on a hiring spree for A.I. jobs—and they pay an average of $146,000
▼ + stars: | 2023-07-13 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +3 min

There were 7.6 million open jobs in the U.S. in June, according to the Adzuna database, with a growing share calling for AI skills: 169,045 jobs in the U.S. cited AI needs, and 3,575 called for generative AI work in particular. The average tax manager job that'll use AI pays $100,445 a year, according to Adzuna data. AI jobs have been around for decades but exploded in recent months as ChatGPT entered the scene in late 2022. Companies like EY explicitly listed AI as one of their top three hiring priorities, while Wells Fargo and Kaiser Permanente are implementing it across their workflows. Those interested in building their generative AI skills can look into certification and training courses online, from the University of Michigan, Coursera and other e-learning platforms.

Persons: James Neave, Adzuna's, ChatGPT, Jay Shankar, Neave, Kelly Evans Organizations: Companies, Kaiser Permanente, Amazon Web Services, CNBC, University of Michigan, Stanford, MIT Locations: U.S, Wells Fargo, India

☆ Gerald C. Meyers, C.E.O. Who Paved Way for the S.U.V., Dies at 94
▼ + stars: | 2023-07-12 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

His death was announced by his daughter Susan Meyers. In 1970, as a senior manufacturing executive, Mr. Meyers was tasked with evaluating a possible acquisition of Kaiser Jeep. But the board proceeded anyway — and put Mr. Meyers in charge. To appeal to more consumers, he upgraded existing Jeeps with better engines, suspensions and interiors, and directed the development of a new wagon, the Jeep Cherokee. Sales soon surged, steadying AMC’s shaky finances and driving consumer interest in roomy off-road vehicles.

Persons: Gerald C, Meyers, Susan Meyers, Kaiser Jeep, steadying Organizations: American Motors Corporation, American Motors, Ford Motor, Chrysler, AMC, General Motors, Kaiser, Jeep Locations: West Bloomfield, Mich, United States, roomy

Medical debt can affect your credit score, but its been deprioritized by the credit industry. While FICO has lessened the weight of medical debt on your credit score, VantageScore completely removed medical debt from its calculations. How to improve your credit after medical debtWhile unpaid medical debt doesn't have the same impact on your credit score as an unpaid credit card bill, it can impact your credit nonetheless. Once you transfer that debt to your credit card, those protections you and your credit score have against medical debt no longer apply. Medical debt frequently asked questionsIs medical debt being removed from credit reports?

Persons: FICO, VantageScore, —, doesn't, Experian, Tiffany Cross, Rick Eicheldinger, You'll, Cross Organizations: Service, Consumer Financial Protection Bureau, Kaiser Family Foundation Locations: United States

CNN —The US Food and Drug Administration is expected to decide on Thursday whether to grant traditional approval to the Alzheimer’s drug Leqembi, the first medicine proven to slow the course of the memory-robbing disease. Leqembi, from drugmakers Eisai and Biogen, received accelerated approval in January based on evidence that it clears amyloid plaque buildups in the brain that are associated with Alzheimer’s disease. But because of an earlier coverage decision by CMS, which provides insurance coverage for many elderly patients with Alzheimer’s through Medicare, the drug hasn’t been widely used. People with more advanced forms of the disease may not benefit from the drug, he said, and may face increased safety risks. Broad Medicare coverage of Leqembi and similar types of medications to slow the progression of Alzheimer’s disease would probably have a big impact on the program’s spending.

Persons: drugmakers, hasn’t, “, ’ ”, Joe Montminy, Lawrence Honig, “ It’s, ”, Honig, it’s, Leqembi, ” Honig, Georges Naasan, Sue Rottura, ” Drugmaker Eisai, “ You’re, Ivan Cheung, Eisai, ” Montminy, Dr, Sanjay Gupta Organizations: CNN, Food and Drug Administration, Medicare, Services, CMS, Columbia University Irving Medical Center, Alzheimer’s, Behavioral, CNN Health, Kaiser Family Foundation Locations: Mount, Florida

Georgetown University in Washington, D.C. Not everyone with debt would have been covered under the Biden administration’s student loan forgiveness plan. The Supreme Court has barred the Biden administration from carrying out its plan to extinguish up to $20,000 in federal student loan debt, and millions of borrowers will continue to struggle under the weight of their loans. Ms. Schmidt owes $64,000 in student debt, more than half of which is for her graduate work in nursing. But she’s already contemplating how she’ll finance her dream of becoming a civil rights lawyer, which typically requires an additional six figures in student debt. Yet her mother is still paying down student debt of her own.

Persons: Biden, Gina McDavitt, weren’t, Pell, “, ”, McDavitt, ” Ms, Ms, Monica Schmidt, Schmidt, Kevin Serna, Dorien Rogers, Rogers, Asha Anthony, she’s, —, Anthony, Mr, don’t, Joanna Leiserson, Brian Kaiser, “ I’m, Leiserson Organizations: Georgetown University, Biden, College of San, San Francisco State University, The New York Times, University of Phoenix, Northern Illinois University, Public, Schaun, Tax, Howard University, Salisbury University, The New York, Republicans Locations: Washington ,, College of San Mateo, Bay, Vallejo , Calif, Genoa, Ill, Germantown, Md, Credit, Montgomery County, Mesa, Maryland, Spokane, —, forbearance

☆ Go for big tech, growth stocks during second half of 2023: Citi's Head of Equity Trading
▼ + stars: | 2023-06-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGo for big tech, growth stocks during second half of 2023: Citi's Head of Equity TradingStuart Kaiser, Citi Head of Equity Trading Strategy, joins 'Fast Money' to talk his top stock picks for the second half of the year.

Persons: Equity Trading Stuart Kaiser Organizations: Equity Trading, Citi Head of Equity Trading

☆ It’s Not Just You: Many Americans Face Insurance Obstacles Over Medical Care and Bills
▼ + stars: | 2023-06-15 | by ( Reed Abelson | ) www.nytimes.com time to read: +3 min

The NewsA majority of Americans with health insurance said they had encountered obstacles to coverage, including denied medical care, higher bills and a dearth of doctors in their plans, according to a new survey from KFF, a nonprofit health research group. Those who were most likely to need medical care — people who described themselves as in fair or poor health — reported more trouble; three-fourths of those receiving mental health treatment experienced problems. The survey also underscored the persistent problem of affordability as people struggled to pay their share of health care costs. Among the nearly 60 percent who reported difficulty with their insurance coverage, 15 percent said their health had declined. Background: Insurance coverage is confusing to everyone.

Persons: ”, Drew Altman, Karen Pollitz, Amanda Parente Organizations: Kaiser Family Foundation Locations: KFF, Nashville

☆ Has America Ignored the Workplace for Too Long?
▼ + stars: | 2023-06-13 | by ( Robin Kaiser-Schatzlein | ) www.nytimes.com time to read: +3 min

In that context, watching Sheila’s meeting spiral out of control feels almost as subversive and revelatory as Terkel’s book. The problem arises when the show attempts to explain what, specifically, has gone wrong to make that eruption possible. The series wants to hang around working people, as Terkel did, to understand their hopes and dreams and contradictions. This issue goes unaddressed, but the series does touch on the idea that popular media has long neglected the workplace. Neither are developments like the erosion of job security, the rise of erratic scheduling, the invasive workplace surveillance — changes that marked Obama’s very own era in the White House.

Persons: Obama, Milton Friedman, Terkel, Norman Lear, ”, Reagan, “, Henry Mayhew, London “, Barbara Ehrenreich, Dwight Macdonald Organizations: Television, “, Morning Chronicle Locations: ‘, London

Pig prices soared in Europe last year as output was cut by farms squeezed by high grain and energy costs. The EU pork industry has been buffeted in the past decade by a Russian trade embargo, the westward spread of African swine fever and the COVID-19 pandemic. "We're continuing to add costs to the overall pork production chain," Justin Sherrard, global strategist for animal protein at Rabobank, said. That may mean EU pork exports, whose share of production more than doubled to 21% between 2000 and 2020, have peaked. But an inflationary economy may make consumers less ready to accept rising pork prices and deepen a shift towards chicken as a cheaper, more convenient option.

Persons: Carole Joliff, Joliff, Jean, Paul Simier, AKI, We're, Justin Sherrard, slaughterhouses, Klaus Kaiser, FICT, Rabobank's Sherrard, jamon serrano, prosciutto, Tim Koch, Gus Trompiz, Forrest Crellin, Michael Hogan, Johannes Birkebaek, Emma Pinedo, Toby Sterling, David Evans Organizations: European Union, Commission, Rabobank, BLE, Danish Crown, AMI, Thomson Locations: PARIS, Brittany, Europe, Russian, Hungarian, China, Japan, Denmark, Netherlands, Danish, France, Brazil, United States, Germany, EU, Paris, Hamburg, Copenhagen, Madrid, Amsterdam

☆ One million people have lost Medicaid coverage since pandemic protections expired
▼ + stars: | 2023-06-12 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

At least 1 million people have been kicked off Medicaid since coverage protections implemented during the Covid-19 pandemic expired in April, according to data published by the Kaiser Family Foundation on Monday. Many people are losing Medicaid even though they likely remain eligible. Becerra told the governors that he was particularly concerned children will lose insurance if their parents are kicked off Medicaid. "Even if parents think they are no longer eligible, states should ask parents to still fill out their renewal forms for their children," Becerra said. "We also urge you to include messaging about Medicaid renewals through schools, early childhood programs, and summer camps, to parents."

Persons: Xavier Becerra, Becerra, he's Organizations: Kaiser Family Foundation, Human Services, Children's Health Insurance Locations: New York, United States

☆ Measuring inflation can be tricky and quirky. Here are 3 examples
▼ + stars: | 2023-06-01 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

HousingRichard Newstead | Moment | Getty ImagesHousing is perhaps the most consequential category in the consumer price index, a key inflation barometer. But Covid-19 warped that dynamic: Housing costs shot up but have slowed and even started to fall in some areas, economists said. Overall inflation is expected to slow sharply during the second half of the year as the CPI incorporates the housing price cooldown, economists said. The government doesn't calculate health insurance inflation by measuring consumers' direct costs, such as monthly premiums. Health insurance inflation readings may flip positive in fall 2023 and persist into 2024 due to this dynamic, Zandi said.

Persons: Housing Richard Newstead, Zandi, Price, Mark Zandi, Andrew Hunter, Hunter, There's, Jordi Mora Igual Organizations: Housing, Capital Economics, U.S . Bureau of Labor Statistics, BLS, CPI, Health, Images, Kaiser Family Foundation, Consumers

May 28 (Reuters) - Global investors are gaming out how a tentative deal to raise the United States debt ceiling could ripple through markets, as lawmakers strive to pass the agreement through Congress before a June 5 deadline. U.S. five-year credit default swaps narrowed, meaning that the cost of insuring against exposure to a U.S. debt default fell. “The debt ceiling agreement is only the first step in saving the government from the brink of illiquidity.”The deal suspends the debt ceiling until January 2025 in exchange for caps on spending and cuts in government programs. U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the debt ceiling by June 5. Optimism that a debt ceiling deal was near and hefty gains in AI-related stocks helped the S&P 500 (.SPX) close at its highest level since August 2022 on Friday.

“The debt ceiling agreement is only the first step in saving the government from the brink of illiquidity.”The deal suspends the debt ceiling until January 2025 in exchange for caps on spending and cuts in government programs. U.S. Treasury Secretary Janet Yellen on Friday set a deadline for raising the federal debt limit, saying the government would default if Congress does not increase the debt ceiling by June 5. Optimism that a debt ceiling deal was near and hefty gains in AI-related stocks helped the S&P 500 (.SPX) close at its highest level since August 2022 on Friday. S&P Global Ratings stripped the United States of its coveted top rating over a debt ceiling showdown in 2011, a few days after a last-minute agreement the agency at the time said did not stabilize "medium-term debt dynamics." S&P Global Ratings, Fitch and Moody's did not immediately respond to Reuters requests for comment.

☆ How TikTok helps Will and Jada Pinkett Smith's Westbrook find fresh talent and supercharge its marketing strategy
▼ + stars: | 2023-05-26 | by ( Nhari Djan | ) www.businessinsider.com time to read: +4 min

Westbrook is an entertainment company whose founders include Will Smith and Jada Pinkett Smith. Two execs explain how they use the app to find talent and incorporate TikTok creators in their marketing projects. TikTok specifically has helped Westbrook find creators to work on its marketing projects. Sadao Turner, Westbrook Media's SVP of talent strategy, said TikTok has been a better recruiting tool than some other social-media platforms because of its search and discovery features. Turner said that TikTok creators display a different level of creativity and freedom than he had seen from other digital creators.

☆ Cancel That Brainstorm. There’s a Better Way to Spur Good Ideas.
▼ + stars: | 2023-05-18 | by ( Callum Borchers | ) www.wsj.com time to read: +5 min

The value of gathering to swap loosely formed thoughts is highly suspect, despite being a major reason many companies want workers back in offices. “You do not get your best ideas out of these freewheeling brainstorming sessions,” says Sheena Iyengar, a professor at Columbia Business School. He discovered that his 16-person team, now fully remote, thrives when people develop ideas on their own and can share them in writing. An Amazon spokesman adds that the company’s brainstorming sessions are sometimes unstructured but often begin with colleagues sharing well-researched memos, reducing time spent on ill-conceived ideas. Oh, he’s also noticed that the duds tend to come first, so to leave time for the good stuff, he prescribes two-hour meetings.

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