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☆ How Ukraine seized the upper hand against Russia in the battle for the Black Sea
▼ + stars: | 2024-02-14 | by ( Tim Lister | Victoria Butenko | ) edition.cnn.com time to read: +9 min

Ukraine has virtually no navy of its own, but technological innovation, audacity and Russian incompetence have given it the upper hand in much of the Black Sea. Rather than fold, the Ukrainians declared a unilateral “Black Sea Humanitarian Corridor” for merchant shipping and stepped up its use of maritime drones and missile attacks against Russia’s Black Sea fleet. One-third of the Black Sea fleet has been disabled or destroyed, and the remaining ships rarely venture into the western half of the sea. In August, Russia withdrew some of the Black Sea fleet from its headquarters in Sevastopol to relatively safer ports on the Russian coast. Russia is unlikely to be able to tilt the balance in the Black Sea back in its favor.

Persons: Caesar Kunikov, Volodymyr Zelensky, ”, Yoruk Isik, Russia’s, Zelensky, Dmytro Pletenchuk, ” Pletenchuk, ’ Organizations: CNN, Ukraine’s Defense Intelligence, Reuters, Agriculture, UN, Initiative, NATO, Economy Ministry, Black Sea Initiative, Ukrainian, Russia, Maritime Autonomous Guard, Defense Intelligence, Drones, Both Defense Intelligence, Security Service, ’ AK, Black, Russian, Odesa, Montreux Convention – Locations: Crimea, Russia, Ukraine, Russian, Donetsk, Kharkiv, Romania, Bulgaria, Ukrainian, Sevastopol, Washington, Novorossiysk, Sochi, ”, MAGURA, Krasnodar, Kerch, France, Snake, Odesa, Turkey, Black, Montreux, Moscow

☆ Why the NFL went all in on sports gambling
▼ + stars: | 2024-02-10 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

On Sunday, the NFL will hold its first Super Bowl in Las Vegas, a city built on gambling. Even in 2003, gambling was as much a part of the NFL as tailgating, helmets and shoulder pads. Yet the change in the league’s relationship with sports gambling couldn’t be more obvious as it prepares for its first Super Bowl in Sin City. That direct spending is only part of the way the NFL has learned to profit from legalized gambling. The column came four years before the Supreme Court opened the door for legal sports gambling.

Persons: ”, Victor Matheson, ” Matheson, Jeff Miller, Bud, Miller, “, Andrew Zimbalist, ” Zimbalist, Adam Silver, it’s, Zimbalist, ” CNN’s Alicia Wallace Organizations: New, New York CNN, National Football League, Super, Las Vegas Convention, Visitors Authority, NFL, College of, Gambling, Sports, Super Bowl, Caesars Entertainment, American Gaming Association, Smith College, New York Times, NBA, of Columbia Locations: New York, Las Vegas, Sin City, Nevada, ”, California, Texas

☆ Las Vegas hopes to hit the jackpot with the Super Bowl
▼ + stars: | 2024-02-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +10 min

CNN —When Super Bowl Sunday rolls around each year — whether it’s in Miami, New Orleans, Los Angeles or Minneapolis — Las Vegas still draws the crowds. It took years — and a Supreme Court ruling legalizing sports betting — for the National Football League to view Las Vegas in a different light. “We’re sold out, have been for the last month,” said Paul Hobson, general manager of the Sahara Las Vegas hotel-casino. “Las Vegas has a lot of people going there for Super Bowl weekend anyway,” Stephenson said. Additionally, the visitors it attracts spend a whole lot more than the ones who would show up on your typical Super Bowl weekend, Hill said.

Persons: they’ve, Steve Hill, ” Hill, “, Hill, We’re, ”, Paul Hobson, It’s, Aaron J, Thornton, famer Michael Irvin, ” Hobson, Noel Bowman, you’re, ” It’s, Bowman’s, “ We’ve, Vince Lombardi, Ethan Miller, Frank Stephenson, ” Stephenson, Kirby Lee, “ We’re, “ That’s, Winston Fisher, David Farris, Café Lola, George Kittle, Travis Kelce, Lin Jerome, Lola, Alexandra Lourdes, “ It’s, Felicia Parker, she’s, Parker, it’s, Harry Reid Organizations: CNN, Minneapolis —, Football, Super, Las Vegas Convention, Visitors Authority, Las Vegas, National Football League, Playmakers Party, FHM, famer, NFL, Sunday, Visitors, Las, Super Bowl, Priceline, Berry College, of Sports Economics, USA, Reuters, Bowl, Business Connect, ”, Harry, Harry Reid International Airport Locations: it’s, Miami , New Orleans, Los Angeles, Minneapolis, Vegas, Sin City, Las Vegas, Sahara, Mandalay Bay, Mount Berry , Georgia

☆ Why Quinta Brunson actually loved having fewer episodes for 'Abbott Elementary' season 3
▼ + stars: | 2024-02-09 | by ( Palmer Haasch | ) www.businessinsider.com time to read: +4 min

The "Abbott Elementary" creator is also busy with the show's third season, which premiered Wednesday. After winning the Emmy Award for best actress in a comedy series in January, she’s now in the thick of “Abbott Elementary” season three. Many broadcast series saw reduced episode counts in the post-strike television season, and "Abbott Elementary" season three clocks in at 14 episodes — eight less than season two. Brunson in "Abbott Elementary" season three. "Abbott Elementary" season three airs Wednesdays at 9 p.m.

Persons: Quinta, Taika Waititi, Abbott, Brunson, —, Quinta Brunson, she’s, Waititi, Mel Brooks, ”, “ Abbott, Gilles Mingasson, Jalen, Jason Kelce, Brandon Graham, Josh Segarra, Kimia, Benjamin Norris, “, castmates, I’ll Organizations: Quinta Brunson, Service, ABC, Philadelphia Eagles Locations: Philadelphia

☆ The Super Bowl menu has changed. Here's what people are buying and how much they're spending.
▼ + stars: | 2024-02-09 | by ( Juliana Kaplan | Cork Gaines | ) www.businessinsider.com time to read: +4 min

In total, American households are expected to spend a total of around $86 on average for their Super Bowl necessities. The National Restaurant Association said that Super Bowl food habits are shifting a little this year. For example, Kennedy said that women, by a sprawling margin, view chips and salsa as Super Bowl must-haves and feel similarly about nachos. While Super Bowl ticket prices have fallen a bit heading up to the Super Bowl, they opened on the day after the AFC and NFC Championship games at some of the highest levels in history. They are predicting a record TV audience for this year's Super Bowl because of her impact.

Persons: —, “, ” Sean Kennedy, Taylor Swift, Kennedy, it’s, Swift, David Steinberg, Clark Hunt Organizations: Service, Super, National Retail Federation, Business, National Restaurant Association, Super Bowl, of Commerce, Seton Hall, Poll, AFC, NFC, Zeta Global, CNBC, Chiefs, Bowl LIV, 49ers

☆ I drove the hottest Chinese EV in Europe — and America is definitely missing out
▼ + stars: | 2024-02-07 | by ( Alex Goy | ) www.businessinsider.com time to read: +7 min

(And in other places, like North America, the MG brand is known for tiny vintage sports cars and little else.) The 2024 MG MG4 XPower. Alex GoyMG decided to send me the MG4 XPower, the fastest one you can get, as I am a hooligan. The interior of the MG MG4 XPower. Driving the MG MG4 XPower on the road.

Persons: It's, MG4 XPower, Alex Goy MG, you'd, there's, XPower, Alex Goy, Apple CarPlay, Uber, MG's, it's Organizations: Service, SAIC, TF, Business, MG4, Audi, EV, MG Locations: North America, United Kingdom, it's, Europe, It's, America, London

☆ Millennials and Gen Z saw their wealth balloon during the pandemic
▼ + stars: | 2024-02-07 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

A new analysis from Liberty Street Economics finds younger Americans saw their net worths swell. That might be because their new pandemic stimulus let them invest more. Coming into the pandemic, Americans under 40 were holding just under 6% of all US wealth, according to Liberty Street Economics, even as they made up just under 40% of adults. And it was a boon: Americans under 40 — who comprise both Gen Zers old enough to be in the full-time workforce, and almost all millennials — saw their real wealth skyrocket by around 80%. AdvertisementThose younger Americans were willing to make riskier investments, as the analysis notes, perhaps due to just how far out they are from retiring.

Persons: —, That's, Xers, Gen Zers, Rajashri Chakrabarti, Natalia Emanuel, Ben Lahey, Gen Z Organizations: Liberty Street Economics, Service, Liberty Street, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York, —

Lawmakers also said Wednesday that they want to at least temporarily suspend a sales tax exemption on equipment offered to data centers. Burt Jones touts as a way to shore up tax revenue so that Georgia could further cut its income tax rate for all residents and businesses. A study last year by Georgia State University suggested the state saw a return of less than 20 cents on the dollar. However, the credits are transferrable — production companies can sell them to any individual or business with state income tax liability. The data centers tax credit is projected to cost the state $44 million in foregone sales tax revenue this year, according to a 2022 University of Georgia study.

Persons: Shaw Blackmon, “ We’re, Burt Jones, ” Jones, Blackmon, Jon Burns, Georgia Power, Burns Organizations: ATLANTA, — Top, Marvel, Bonaire Republican, Georgia, Lawmakers, Georgia Power Co, Republican, Gov, Georgia State University, Atlanta, Newington Republican, of Georgia Locations: — Top Georgia, Georgia, Peach State, Hollywood, Bonaire

Add in the potential attendance of the world’s most famous pop star, and there’ll be no blank spaces on the proverbial check Las Vegas could cash by the weekend’s end. “It helps the spectacle of the Super Bowl in general and I think that means that it benefits everyone,” he says. At least one analyst, however, quibbles with just how large the economic impact will be in reality. There is, however, concern “about displacing one type of visitor” for another because of how busy Las Vegas is many weekends already, Matheson says. “Do Super Bowl fans gamble at the blackjack table in the same way?” Matheson wonders, referring to the typical Las Vegas gambling visitor.

Persons: Taylor Swift, there’ll, ”, Curtis Dubay, Clark, Wells, Swift, Travis Kelce, Dubay, They’re, ” Victor Matheson, ” There’s, Matheson, “, ” Matheson Organizations: Vegas, U.S . Chamber of Commerce, Kansas City Chiefs, San Francisco 49ers, Sunday, city’s Convention, Visitors Authority, Chiefs, NFL, Apex Marketing Group, Front Office, College of, Super, Kansas, Allegiant Locations: Sin City, Las Vegas, Vegas, Nevada, Wells Fargo, Tokyo, Glendale , Arizona, Asia, Kansas City

☆ A Goldilocks economy could be coming, but a key piece of the puzzle remains elusive
▼ + stars: | 2024-02-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at why investors are eyeing an even better outcome for the market than a soft landing . The big storyMarket's sweet spotPiotr PowietrzynskiForget about a soft landing, some market watchers want something just right. For months, investors hoped the Fed's tightening policy would culminate in a soft landing: lowering inflation while avoiding a full-blown recession. But why settle for a soft landing when you can get it all? Liu Jie/Xinhua via Getty ImagesA Goldilocks economy still hinges on the Fed cutting rates, which has proved fleeting for investors.

Persons: —, hasn't, Piotr Powietrzynski Forget, Matthew Fox, Solita, Marcelli, Jerome Powell, Liu Jie, we'll, Powell, Banks, Kenneth Rogoff, Jensen Huang, Rick Wilking, Goldman, Goldman Sachs, Savita Subramanian, Gen, Jenny Chang, Rodriguez, Fintechs, VCs, Sam Altman, Altman, didn't, Scott Winters, Alyssa Powell, Travis Kelce, Experian, It's, EVs, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Apple, Business, Getty, Bank of America, Harvard, Nvidia, CES, Kansas City Chiefs, US Treasury, New York Times, UBS, FAA, Boeing, Max Locations: Americas, Washington ,, Xinhua, Jensen, Las Vegas , Nevada, U.S, China, New York, London

☆ The red-hot health-plan business for seniors is finally cooling off
▼ + stars: | 2024-02-06 | by ( ) www.businessinsider.com time to read: +6 min

Read previewHealth insurance giant Cigna is exiting the lucrative senior business that's been a boon to insurers' bottom lines for years. It's a sign that the glory days of Medicare Advantage might be coming to an end. Cigna's senior business isn't the biggest, but it's also nothing to sneeze at. In January, Humana, the second-largest Medicare Advantage insurer with 6 million members, slashed its profit projections because of these costs. AdvertisementIn late 2023, rumors swirled that Cigna was looking to sell its Medicare Advantage plans so it could pull off a merger with Humana—the second-largest Medicare Advantage insurer.

Persons: —, that's, Cigna, it's, It's, David Cordani, Cordani, Gary Taylor, Cowen, Taylor, Dean Ungar, Humana, Ungar Organizations: Service, Health Care Service Corp, Medicare, Business, Kaiser Family Foundation, Competition, Humana, Moody's Investors Service Locations: Illinois

BOSTON (AP) — Getting the chance to host seven matches for the 2026 World Cup was more than expected and offers a much-needed shot in the arm to the city’s economy, Boston officials said Monday. Among the seven matches that will be played at Gillette Stadium in the Boston suburb of Foxborough will be five group stage matches, one match in the round of 32 and a quarterfinal match on July 9, 2026. I don't think FIFA could have done a better job.”Martha Sheridan, president & CEO of Meet Boston, said “nothing compares” to hosting World Cup matches. Foxborough hosted games at the 1994 World Cup, but Gillette Stadium is a different venue, built near the old Foxboro Stadium. Foxborough also hosted matches during the 1999 and 2003 Women’s World Cup.

Persons: —, Mike Loynd, “, ”, it's, ” Martha Sheridan, Foxborough, Sheridan, COVID, ” Sheridan, Brian Bilello, ” Bilello Organizations: BOSTON, FIFA, Mexico City’s Estadio Azteca, New York Jets, Giants, Gillette, Boston Soccer, Boston, Amtrak, New England, U.S Locations: Boston, Mexico, Foxborough, Philadelphia and New Jersey, New York City, Philadelphia, New Jersey, United States, Massachusetts, U.S, Canada, Atlanta, Inglewood , California, SoFi

☆ Chinese migrants are flocking to the southern border, and some have Chinese TikTok guides on how to enter the US: CBS
▼ + stars: | 2024-02-05 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

Chinese migrants hoping to get into the US are turning to an unlikely guide — the Chinese version of Tiktok. There has been a surge in the number of Chinese migrants crossing the US border in recent years. AdvertisementSome Chinese migrants attempting to cross the US southern border are getting a little help from Douyin, the Chinese version of TikTok, according to a report from CBS' "60 Minutes." Chinese migrants who spoke to 60 Minutes said they learned about the gap via the video application Douyin, the Chinese version of TikTok. Chinese migrants hoping to start a new life in the US have to trek through multiple countries before they arrive stateside.

Persons: —, It's, Manuel Monterrosa Organizations: Migrants, Service, CBS, CNN, US Customs, Reuters, New York Times, Business Insider Locations: Douyin, San Diego, crisscross, Turkey, Ecuador, Colombia, Panama, Mexico, Southwest, Texas, China, Venezuela, India

Pitchfork announced it was no longer a freestanding music site, after digital publications BuzzFeed News and Jezebel disappeared last year. Even The Washington Post, whose subscriptions boomed during the Trump administration, has seen a falloff, leading its management to acknowledge that it was too optimistic in expansion plans and needed to cut costs. THE PATH FORWARD IS JUST AS BUMPYSome of the troubled outlets also have unique issues that contributed to their problems. “We need journalists in society, and we will find a way to fill that need,” he said. But in the short run, it's going to be ugly.”___David Bauder covers media for The Associated Press.

Persons: —, tacos, Jezebel, Conde, walkouts, ”, Didier Saugy, Gray, Jeff Jarvis, ” Jarvis, “, Trump, Jeff Bezos, Patrick Soon, Jarvis, Aileen Gallagher, that's, Elon Musk's, ” Gallagher, Jim VandeHei, haven't, Tara Dublin, Steve Reilly, you've, ___ David Bauder Organizations: National Press, Los Angeles Times, Business, Time, Washington Post, Pitchfork, Washington Post , New York Daily News, Conde Nast, Press Club, Northwestern University, New York Times, Hollywood, Philanthropy, Associated Press, MacArthur Foundation, Knight Foundation, ” Tech, Syracuse University, Google, Publishers, Facebook, Twitter, Sports, Axios, Politico Locations: Washington, Washington Post , New, United States

☆ Opinion: Kim Jong Un wants the world to take his threat seriously
▼ + stars: | 2024-02-02 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +7 min

CNN —The world once again is trying to parse the stance of North Korean dictator Kim Jong Un. After North Korea was defeated, the fighting stopped with a 1953 armistice but a peace agreement was never reached. Kim has certainly been signaling that something fundamental has shifted and he clearly wants the world to take his threats seriously. For decades the Democratic People’s Republic of North Korea or DPRK, has had two explicit goals. The warning about North Korea cannot be ignored, and the US, South Korea and Japan should update their planning.

Persons: Frida Ghitis, Kim Jong, Kim, Donald Trump, Kim “, ”, Robert Carlin, Siegfried Hecker, Carlin, Hecker, North, Kim Il Sung, Yoon Suk Yeol, ” Carlin, Kim bluster, Trump, Biden, Vladimir Putin, what’s Kim, It’s, he’s, Putin Organizations: CNN, Washington Post, Politics, Frida Ghitis CNN, West, Democratic People’s, South, Ukraine, Korean, Politico Locations: Korean, Frida Ghitis CNN North Korea, Ukraine, North Korea, South Korea, North, Democratic People’s Republic of North Korea, DPRK, Seoul, United States, Korea, Russia, East Asia, Japan, China, Moscow, Pyongyang

☆ Job Market Starts 2024 With a Bang
▼ + stars: | 2024-02-02 | by ( Lydia Depillis | ) www.nytimes.com time to read: 1 min

The United States produced an unexpectedly sizable batch of jobs last month, a boon for American workers that shows the labor market retains remarkable strength after three years of expansion. Employers added 353,000 jobs in January on a seasonally adjusted basis, the Labor Department reported on Friday, and the unemployment rate remained at 3.7 percent. The report also put an even shinier gloss on job growth for 2023, including revisions that added more than 100,000 to the figure previously tallied for December. All told, employers added 3.1 million jobs last year, more than the 2.7 million initially reported. After the loss of 14 percent of the nation’s jobs early in the Covid-19 pandemic, the labor market’s endurance despite aggressive interest rate increases has caught economists off guard.

Organizations: Employers, Labor Department Locations: States

☆ AI is fueling global power demand. Morgan Stanley sees opportunities for these 'underappreciated' winners
▼ + stars: | 2024-02-01 | by ( Pia Singh | ) www.cnbc.com time to read: +7 min

Power demand from generative AI will soar from 46 terawatt hours to 224 TWH between this year and 2027, according to the firm's base case scenario. That's equivalent to more than 75% of the total global data center power use in 2022, or close to Spain's entire power consumption in 2022, the firm said. "We believe the rapid power demand growth from GenAI is not well understood, and not priced into a number of stocks." Among large-scale renewable developers in the U.S., AES has the largest commercial and industrial market share, according to Morgan Stanley. Apart from data center infrastructure and power providers, utilities are another part of the data center servicing ecosystem.

Persons: Morgan Stanley, Morgan Stanley's, Andrew Percoco, Bloom, Percoco, NextEra, Max Yates, Sharon Shih Organizations: CNBC, Bloom Energy, AES Corp, NextEra Energy, Google, Microsoft, Bank of America, AES, Big Tech, Stocks, Delta Electronics, Mitsubishi Electric, Analysts, Dominion Energy Locations: GenAI, U.S

☆ BRICS: South Africa says countries are clamoring to join the China and Russia-backed group
▼ + stars: | 2024-02-01 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Nearly three dozen countries are seeking entry into the China and Russia-backed BRICS economic group, member state South Africa said Wednesday, weeks after the body expanded its membership for the first time in more than a decade. Thirty-four countries have submitted an expression of interest in joining the bloc of major emerging economies, South African Foreign Minister Naledi Pandor told reporters, without naming the nations. BRICS, which since 2011 had been made up of Brazil, Russia, India, China and South Africa, roughly positions itself as the Global South’s answer to the Group of Seven (G7) major developed economies. The group took shape as a summit-level gathering between Brazil, Russia, India and China in 2009 and expanded to include South Africa two years later. Six new BRICS countries were invited during the 2023 summit last August.

Persons: Naledi Pandor, Xi Jinping, Putin, Pandor Organizations: Hong Kong CNN, African Foreign, United Arab Emirates, United Nations Security Council, Finance Locations: China, Hong Kong, Russia, South Africa, Iran, Saudi Arabia, UAE, Ethiopia, Egypt, United States, Washington, Brazil, India, Beijing, Ukraine, Johannesburg, Russian, Kazan, Argentina

☆ SGX discusses what's next after reaching its target of $100 billion in average daily volume
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSGX discusses what's next after reaching its target of $100 billion in average daily volumeLoh Boon Chye of SGX Group discusses its growth outlook for 2024.

Persons: SGX, what's, Loh Boon Organizations: SGX Group

☆ GSK posts blowout RSV vaccine sales, raises outlook as shots give big pharma a boost
▼ + stars: | 2024-01-31 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

GlaxoSmithKline on Wednesday lifted its long-term outlook following the smash-hit launch of its new RSV vaccine. GSK in November had forecast 2023 sales for the shot Arexvy between £900 million, or $1.1 billion, and £1 billion, or $1.26 billion, following its strong launch in the U.S. The company's RSV shot in part drove the higher forecast. The vaccine has about 70% market share for RSV, Walmsley added on Wednesday. Meanwhile, biotech company Moderna hopes to launch its own RSV vaccine this year.

Persons: Emma Walmsley, Walmsley, Arexvy, That's, Pfizer's, Albert Bourla, Bourla Organizations: GlaxoSmithKline, Stevenage, GSK, U.S, Pfizer, U.S . Food, Drug Administration, Moderna Locations: Britain, British, U.S, Canada, Japan

☆ Here's the magnitude of AI's effect on Microsoft's bottom line and what it means for the stock
▼ + stars: | 2024-01-31 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Microsoft seemed to pass Wall Street's latest test when it demonstrated its ability to monetize artificial intelligence. The action came a day after Microsoft issued light guidance but delivered a top-and-bottom line beat and strong AI-focused commentary. Wall Street analysts across the board regarded Microsoft's results as an affirmation of its AI leadership position. Piper Sandler's Brent Bracelin said in a Tuesday note that the results "reinforced Microsoft's first-mover advantage in AI applications." Meanwhile, Goldman Sachs analyst Kash Rangan called the company one of the "most compelling" opportunities across sectors, viewing AI as a major boon for an "already strong growth profile."

Persons: Brent Thill, Satya Nadella, Amy Hood, Morgan Stanley's Keith Weiss, Piper Sandler's Brent Bracelin, Goldman Sachs, Kash Rangan, Mark Murphy, — CNBC's Michael Bloom Organizations: Microsoft, Barclays, Raimo, Wall Street

☆ The CEO of FanDuel's owner Flutter explains how its US stock debut could boost its edge over rivals like DraftKings and why it thinks of itself as a media business
▼ + stars: | 2024-01-31 | by ( Ashley Rodriguez | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. "It's a great opportunity to bring the world's leading sports betting and gaming business to the world's leading capital market." AdvertisementJackson said he believes the US listing will help the company win media attention and new investors. DraftKings narrowly edged out in August FanDuel's market-share lead in the broader online gambling space that includes casino-style games, per EKG. "FanDuel is undoubtedly a media business," Jackson said.

Persons: —, Peter Jackson, Jackson, Paddy Power, it's, DraftKings, FanDuel, Pat McAfee, Charles Gillespie, Chad Beynon, Beynon Organizations: Service, New York Stock Exchange, Wall, Business, PokerStars, London Stock Exchange, Krejcik, Penn, ESPN Bet, Media, TVG, Gambling.com Group, Macquarie, Wall Street, Rush Street Interactive, Caesars Entertainment, Genius Sports, Research, Jefferies Locations: New York, London, Europe, Sportsbet, Australia, America, Sands

☆ Interest Rate Cuts Could Be a Boon to Biden
▼ + stars: | 2024-01-31 | by ( Jim Tankersley | More About Jim Tankersley | ) www.nytimes.com time to read: +1 min

Federal Reserve officials do not set interest rates with presidential elections in mind. Investors do not widely expect rate cuts to be announced when Fed officials conclude a two-day meeting on Wednesday. Interest rate cuts could also help to improve housing affordability, an issue for young voters that has bedeviled the president. Falling interest rates could drive down mortgage rates. White House officials are careful not to comment on Fed rate decisions; Lael Brainard, a former Fed governor who heads Mr. Biden’s National Economic Council, laughed off a reporter’s question on the topic last week.

Persons: Jerome H, Powell, Biden, Lael Brainard Organizations: Federal, White, Fed, Investors, Economic Council Locations: Biden’s

☆ Rent is unaffordable for over half of US tenants, but the cost is cooling
▼ + stars: | 2024-01-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

The median asking rent was $1,713, which was down $4 from November and down $63 from the July 2022 peak. However, median rent is still $309 higher than the same time in 2019, before the pandemic. What’s more, 12 million of those renters are severely cost burdened, which means they are paying more than half of their income on housing. Following changes in housing needs during the pandemic and an already existing low supply of multifamily housing in some markets, rents surged in 2021 and 2022. Without continued new supply in addition to enhanced rental support, the Harvard report concludes affordability will remain a critical concern for many renters.

Persons: Chris Herbert, ”, Whitney Airgood, Douglas Elliman, Miller Samuel Real, “, Anthemos Georgiades, ” Georgiades Organizations: DC CNN, Harvard University’s, for Housing Studies, Harvard Joint Center for Housing Studies, Harvard, Census Bureau, Builders, National Association of Home Builders, Baby Boomers Locations: Washington, United States, Manhattan

At Meta, in CEO Mark Zuckerberg's words, 2023 was the "year of efficiency," and the stock jumped almost 200% alongside 20,000 job cuts. AI demand is so great that some tech companies are cutting headcount in parts of the business to invest more heavily in developing AI products. Phil Spencer, CEO of Microsoft Gaming, appears at the Political Opening of the Gamescom conference in Cologne, Germany, on Aug. 23, 2023. Within tech, a wide variety of companies, big and small and spanning the consumer and enterprise markets, are eliminating jobs. But, he added, there's an "enormous base" of small and mid-sized tech companies across the U.S., and that in some cases contractors, freelancers and overseas workers are being hit particularly hard.

Persons: Peter Kramer, They've, Mark Zuckerberg's, Zeile, Phil Spencer, Franziska Krug, Sundar Pichai, Bob Carrigan, Nigel Vaz, Publicis Sapient, Salesforce, Meta's, " Vaz, Levi Strauss, Bob Bakish, Tim Herbert, Herbert, there's, Vaz, Michael Bloom, Annie Palmer, Jennifer Elias Organizations: Nasdaq, CNBC, Apple, Meta, Microsoft, Investors, Activision Blizzard, SAP, Microsoft Gaming, Facebook, Citigroup, Paramount, Commerce Department, Gross Locations: Cologne, Germany, U.S

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