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Glass Lewis Tells Shareholders To Vote Against Elon Musk's Proposed $56 Billion Compensation Package - Tesla (NASDAQ:TSLA) 2024-05-26 21:00:00+00:00 - Loading... Loading... Ahead of Tesla Inc's TSLA annual meeting, a major proxy advisory firm recommended that shareholders vote against CEO Elon Musk's substantial compensation package. What Happened: Tesla's shareholders have been advised by a significant proxy advisory firm to reject a proposed $56 billion compensation package for Musk. On Saturday, Glass Lewis & Co. issued a report recommending against the pay deal, citing its "excessive size" and potential dilutive impact, reported Bloomberg. The firm highlighted Musk's numerous time-consuming projects outside Tesla, including his acquisition of the company Twitter, now known as X. “Mr. Musk’s slate of extraordinarily time-consuming projects unrelated to the Company was well-documented before the 2018 grant, and only expanded with his high-profile purchase of the company now known as X,” Glass Lewis said in a report. The advisory could influence the vote at Tesla's annual meeting on June 13. If shareholders reject the proposal, Musk has hinted he might focus on projects outside Tesla. This vote marks the second time Musk's pay package is up for shareholder approval, following a Delaware judge's earlier annulment due to insufficient investor information. Also Read: Elon Musk Overtakes Mark Zuckerberg As World's Third-Richest Amid Stock Market Shake-Up While the vote is advisory, a rejection would be a significant setback for Musk and indicate waning investor confidence. Tesla's board is actively campaigning for shareholder support, with board chair Robyn Denholm engaging large institutional investors and a "Vote Tesla" website targeting retail shareholders. Additionally, Tesla is seeking shareholder approval to move its articles of incorporation to Texas from Delaware, a move Glass Lewis also opposes. The firm further recommends voting against the reelection of board member Kimbal Musk, Elon Musk's brother. Why It Matters: The recommendation from Glass Lewis comes amid ongoing efforts by Tesla's board to secure approval for Musk's compensation. Loading... Loading... Earlier this month, board chair Robyn Denholm emphasized the importance of the pay package for Tesla's future in a plea to shareholders. Denholm's appeal underscored the board's belief that Musk's leadership is crucial for the company's growth and innovation. Moreover, Tesla's board has been striving to keep Musk's focus on the company amidst his numerous other ventures. On May 18, reports surfaced detailing the board's efforts to ensure Musk remains dedicated to Tesla, highlighting concerns over his divided attention. Now Read: Several Companies Under Elon Musk Billed Each Other Approximately $9 Million In Expenses, Raising Serious Questions About Corporate Governance This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Photo: Shutterstock

Mexico City could run out of water in a month unless it rains 2024-05-26 20:58:14+00:00 - Mexico City could run out of drinking water by June 26, an event locals call "Day Zero." Three years of low rainfall and high temperatures have worsened the city's water crisis. The Cutzamala water system, which provides water to millions, operates now at 28% capacity. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Advertisement Experts say that Mexico City could run out of drinking water by the end of June, an event locals call "Day Zero." Mexico City has long struggled to bring water to its millions of residents, but three consecutive years of low rainfall and high temperatures have created a serious emergency. The Cutzamala water system — a series of treatment plants, reservoirs, and canals that provide water to tens of millions of people — is running dry. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

5 Coca-Cola Mocktail Recipes That You Need To Try 2024-05-26 20:56:00+00:00 - Loading... Loading... From blood orange to coffee, cinnamon infusions to experimental fruit mixes, Coca-Cola has been there, and done that. Coca-Cola is the biggest-selling drink in history. However, it's not just the company getting creative. Around the world, Coke enthusiasts are stirring up their concoctions, turning a simple soda into a key ingredient for delightful recipes. So if you're itching to bring a bit of flair into your glass, here are five Coca-Cola recipes that are bound to refresh your palate. Roy Rodgers Mocktail A Roy Rogers drink is a non-alcoholic beverage made with just three ingredients. Image credit: Dall-E 3 Let’s start with a classic homage to the "King of the Cowboys," Ray Rogers. This mocktail blends Coca-Cola with a dash of grenadine for a sweet twist, garnished with a cherry. Here's how: Fill a highball glass three-quarters with ice, pour grenadine over the ice, follow with Coke, and then garnish with a cherry. It's simplicity with a taste of old Hollywood charm. Mickey Mouse A combination of coke and vanilla ice cream float, the Mickey Mouse is a tried and tested hit. Image credit: Dall-E 3 Perfect for kids and the young at heart, the Mickey Mouse cocktail is as whimsical as it sounds. To make it, fill a tall glass with ice, add Coca-Cola to about two-thirds, gently float a scoop of ice cream on top, and crown it with whipped cream and a cherry to mimic Mickey's ears. It's a sweet treat that’s sure to bring out smiles! Loading... Loading... Lime Minimalism The Lime Minimalism is a drink for minimalists who do not like adding too much to their drink. Image credit: Dall-E 3 For those who prefer to keep things simple yet crave a zestier version of their soda, Lime Minimalism is your go-to. Prepare lime juice ice cubes beforehand by freezing lime juice in ice cube moulds. When you’re ready, just toss these zesty cubes into a glass of chilled Coca-Cola for an instantly refreshing beverage. Alcohol-free Malibu A classic malibu for the alcohol abstainer. Image credit: Dall-E 3 Craving a tropical twist without the buzz? The Alcohol-free Malibu beckons. Shake a can of coconut milk and pour about 40-50 ml into a glass. Add ice cubes, top with chilled Coca-Cola, and stir gently. Enhance the tropical vibe by adding a lime wedge. For an indulgent version, top with a scoop of coconut or cream-flavoured ice cream and sprinkle with coconut shavings. Double Bubble The Double Bubble is a drink that will appeal to lovers of all carbonated drinks. Image credit: Dall-E 3 This recipe is a fizzy fantasy for soda lovers. Start by pouring 40 ml of 7up into a tall glass. Place an orange slice inside to create a division, add ice cubes on top, and then splash in some lemon juice followed by cold Coca-Cola. It's a citrusy, bubbly blast that's both refreshing and invigorating.

Climate change is behind increasing flight turbulence, Transportation Sec'y Pete Buttigieg says 2024-05-26 19:22:00+00:00 - U.S. Secretary of Transportation Pete Buttigieg speaks during a press briefing the day after the collapse of the Francis Scott Key Bridge in Baltimore, at the White House in Washington, U.S., March 27, 2024. Transportation Secretary Pete Buttigieg says that climate change is one of the culprits behind an increase in flight turbulence. "The reality is, the effects of climate change are already upon us in terms of our transportation," Buttigieg said on CBS' "Face the Nation" on Sunday, forecasting that turbulence is something that will continue to "affect American travelers, whether here or abroad." "We've seen that in the form of everything from heat waves that shouldn't statistically even be possible threatening to melt the cables of transit systems in the Pacific Northwest, to, as you mentioned, hurricane seasons becoming more and more extreme and indications that turbulence is up by about 15%," he continued. "That means assessing anything and everything that we can do about it." A study published in the journal Geophysical Research Letters last year found that there have been increases in clear-air turbulence (CAT) between 1979 and 2020, with "severe-or-greater" turbulence – the strongest category of CAT – becoming 55% more frequent over the North Atlantic over the course of that time period. "Our climate is evolving," Buttigieg said. "Our policies and our technology and our infrastructure have to evolve accordingly, too." His comments come as turbulence has wreaked havoc on a number of flights so far this year. On Sunday, 12 people became injured after a Qatar Airways flight from Doha to Dublin was hit with turbulence while flying over Turkey. Six passengers and six crew members were injured, eight of whom were taken to the hospital after assessment, Dublin Airport said in a post on X. The aircraft landed just before 1:00 p.m. local time and was met by emergency services – including airport police and the fire and rescue department – upon landing, the airport said in a separate post on X. Severe turbulence also struck a Singapore Airlines flight last week, resulting in the death of one person and leaving 30 others injured. While Buttigieg called the deadly turbulence on the Singapore Airlines flight "very rare," he added that "turbulence can happen and sometimes it can happen unexpectedly." "Now, there are protocols and patterns for things like how pilots who encounter turbulence can notify those who might be coming in the path," he said. "But I do think we need to continually re-evaluate that in the face of the reality that these things are more frequent and more severe than before."

Is Alphabet a Good Dividend Stock? 2024-05-26 19:15:00+00:00 - Dividend-paying tech stocks were once a rare breed. But this year big names in tech have suddenly started offering dividends. For example, Salesforce and Facebook parent Meta Platforms both initiated dividends in February. Joining them is Google owner Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG), which implemented a dividend for the first time in April. As one of the largest companies in the world, with a market cap over $2 trillion, Alphabet possesses the ability to make this move, especially in light of its smaller tech brethren doing so. Now that it's paying dividends, does Alphabet make a good income stock? Considering an investment in the tech giant based on its dividend requires taking a deeper look into the company. Alphabet's free cash flow potency One reason why Alphabet can afford to pay a dividend is its remarkable ability to generate free cash flow (FCF). A company uses FCF for activities such as investing in its business, paying debt, performing share buybacks, and funding a dividend. In the first quarter, Alphabet produced FCF of $16.8 billion. To get a sense of how much this is, let's contrast Alphabet against tech veteran IBM, which paid dividends since 1916. IBM's Q1 FCF was $1.9 billion, and it produced a total of $11.8 billion over the trailing 12 months. This is dwarfed by Alphabet's massive FCF in Q1 alone. Not only that, Alphabet's impressive FCF generation has only grown stronger in recent years. GOOGL Free Cash Flow Chart This is thanks to the company's slew of successful businesses fueled primarily by advertising dollars. In Q1, ad sales accounted for $61.7 billion of Alphabet's $80.5 billion in total revenue. Alphabet's many other strengths Alphabet's FCF generation is likely to remain strong, helping to ensure its dividend remains in place. After all, it owns Google, but the corporation also has a potent streaming service in YouTube, and a thriving cloud computing business in Google Cloud. YouTube achieved revenue of $8.1 billion from advertising in Q1, an increase over the previous year's $6.7 billion. It also generates an undisclosed sum from subscription fees to services such as YouTube Music. Google Cloud is one of the top three cloud computing vendors in the world, and its market share has steadily risen in recent years. It pulled in $9.6 billion in Q1 sales, up from $7.5 billion in 2023. With ownership of several multi-billion dollar businesses, Alphabet's financials are strong. It exited Q1 with $402.4 billion in total assets on its balance sheet versus $119 billion in total liabilities. Cash, cash equivalents, and marketable securities were $110.9 billion. Story continues Other considerations regarding Alphabet's dividend Alphabet's financial strength means its dividend is reliable, but there's another component to consider with an income investment: the dividend yield. Alphabet initiated a $0.20-per-share dividend, currently yielding 0.5%. For comparison, IBM pays $1.67 per share with a yield of 3.8%. So in comparison, Alphabet's dividend is lacking. In addition, because Alphabet only began dividend payments this year, there's no history to gauge whether those payments will increase in the future, or how often. Typically, companies raise dividends annually, but every business is different. Right now, all that's known about how the firm will approach its dividend is Alphabet stating, "The company intends to pay quarterly cash dividends in the future." That said, its dividend isn't the only consideration for an investment in Alphabet stock. Factors such as its growth prospects and competitive strength should also play a role in a decision to invest. For instance, IBM possesses the superior dividend payout compared to Alphabet, but this rival to Google Cloud has a 2% share of the cloud computing market. Meanwhile, Google Cloud holds a far greater 11% share. Adding to the strength of its products, Alphabet is now investing in artificial intelligence. It included AI in its search engine. YouTube uses AI to check its vast video catalog for policy violations. Google Cloud serves as a distribution mechanism for Alphabet's AI products, allowing customers to use the technology for their own businesses. So while Alphabet is not among the best dividend stocks, with many other choices serving as superior sources of passive income, it is still a good overall investment. Its strong suite of products, fantastic financials and FCF generation, and rising revenue make Alphabet an excellent growth stock. Should you invest $1,000 in Alphabet right now? Before you buy stock in Alphabet, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Alphabet wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $652,342!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of May 13, 2024 Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Robert Izquierdo has positions in Alphabet, International Business Machines, Meta Platforms, and Salesforce. The Motley Fool has positions in and recommends Alphabet, Meta Platforms, and Salesforce. The Motley Fool recommends International Business Machines. The Motley Fool has a disclosure policy. Is Alphabet a Good Dividend Stock? was originally published by The Motley Fool

Donald Trump Goes On Full-Blown Rant Over Hush-Money Trial, Mocks Charges Over 'Legal Expense': 'It Is Another Crooked Joe Biden Election Interference Hoax!' 2024-05-26 19:11:00+00:00 - Loading... Loading... Ahead of the jury deliberations in his criminal trial, former President Donald Trump was up late into the night over the weekend, ranting on social media about the case and its key figures. What Happened: The defense concluded its arguments in the Stormy Daniels hush money election interference trial on Tuesday. Closing arguments are set to begin after Memorial Day weekend, with the jury expected to deliberate on the 34 felony counts. Throughout the trial, Trump has attacked Manhattan District Attorney Alvin Bragg and Judge Juan Merchan. Over Memorial Day weekend, Trump continued his tirade until 2 a.m., frequently using all caps in his social media posts. Just before midnight on Friday, Trump posted, “LEGAL EXPENSE = LEGAL EXPENSE!!!” He followed up after midnight by saying, “Let’s put the President in jail for 150 years because a LEGAL EXPENSE to a lawyer was called, by a bookkeeper, a LEGAL EXPENSE to a lawyer! What else could you call it. Crooked Joe Biden Witch Hunt. Election Interference. MAKE AMERICA GREAT AGAIN!!!” Also Read: Here's What To Expect If Donald Trump Is Convicted As Jury Deliberations Begin Next Week At 1:32 a.m., Trump wrote, “The City of New York’s D.A., Alvin Bragg, is trying to prosecute a Federal case, which cannot be done, and where there is NO CRIME, that has been turned down by everyone, including the Federal Elections Commission, SDNY, the D.A.’s Office, and Bragg himself – Until I announced that I was running for President. This case could have been brought 7 years ago, but wasn’t. It is another Crooked Joe Biden Election Interference Hoax!” At 1:51 a.m., Trump cited an opinion from The Wall Street Journal, stating, “ALVIN BRAGG HASN’T PROVED HIS CASE IN THE TRUMP TRIAL. THE EVIDENCE SHOWS WHY THE CHARGES SHOULD NEVER HAVE BEEN BROUGHT.” Trump was up hours later, posting a clip attacking presidential candidate Robert F. Kennedy Jr. Why It Matters: The trial has been a significant focus for Trump, who has consistently claimed that the charges are politically motivated. The case revolves around alleged hush-money payments to adult film actress Stormy Daniels and potential election interference. The trial has seen critical evidence that could determine Trump's fate. The trial's political implications are also noteworthy. A recent poll indicates that Trump and President Joe Biden are in a tight race for the 2024 election, with Trump faring worse on several issues. This context adds another layer of complexity to the ongoing legal proceedings. Now Read: Donald Trump Attempts To Block Release Of Biopic That Includes Controversial Rape Scene Involving Ex-Wife Ivana This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Your Memorial Day Cookout Will Probably Cost More This Year, Thanks To Inflation 2024-05-26 19:00:00+00:00 - Loading... Loading... Americans will face a 10% increase in barbecue costs this Memorial Day weekend as inflation continues to impact the economy. What Happened: The cost of Memorial Day cookout items has risen by 10% from last year. The average expense for a typical barbecue has climbed to $30, up from $27 in 2023, as reported by WalletHub. A Consumer Affairs report echoed similar findings, noting that the cost of seven essential barbecue items, including burgers and hot dogs, totaled $30.18, compared to $27.39 last year. The primary driver of this increase is the soaring price of burgers, which have risen by 15% to $8.07 for an order of eight. Other items have also seen price hikes. Burger and hot dog buns are up 1%, while condiments such as ketchup and mustard have increased by 2% and 3%, respectively. Relish prices have surged by 49% due to a pickle shortage caused by extreme weather in Mexico. Additionally, according to the Labor Department's Bureau of Labor Statistics, the cost of beer has risen by 3%, and soda prices are up 4.1%. The New York Post reported that food inflation was 3.4% higher year-over-year in April, with groceries being 2.2% more expensive than in 2023. Loading... Loading... Also Read: What Does 'Wealth" Mean To Americans Today? Survey Yields Unexpected Responses Why It Matters: The rising costs of Memorial Day barbecues reflect broader inflationary trends affecting the U.S. economy. According to the Labor Department, food inflation has been a persistent issue, with April seeing a 3.4% year-over-year increase. This price surge is not limited to barbecues but extends to everyday grocery items, now 2.2% more expensive than last year. Extreme weather conditions, such as those in Mexico affecting pickle supplies, have exacerbated these price hikes. The pickle shortage is a prime example of how climate events can disrupt supply chains and drive costs. This and the overall inflationary environment mean consumers face higher prices. Moreover, the increase in beverage costs, including a 3% rise in beer prices and a 4.1% hike in soda prices, highlights the widespread nature of inflation. These price increases are part of a larger trend affecting various sectors, from groceries to dining out. As these costs continue to rise, consumers may need to adjust their spending habits, especially for holiday celebrations like Memorial Day. Now Read: The Hidden Costs Of Moving: A Financial Wake-Up Call For Half Of Americans This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Apple may soon bring generative AI to emojis. Here's what that means. 2024-05-26 18:37:13+00:00 - Apple is developing software for users to create custom emojis using generative AI. Siri will get a generative AI upgrade to improve natural speech and new task capabilities. New AI features for iOS 18 and macOS 15 include transcribing voice memos and retouching photos. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement They say a picture is worth a thousand words. But that was before we had emojis. And before emojis had AI. Apple is developing software for users to create customized emojis on the go as part of a new spate of generative AI features, according to Bloomberg. These features go beyond the catalog of emojis Apple offers by creating a special emoji for each situation. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Hillary Clinton says Democrats underestimated anti-abortion activists: 'We could have done more to fight' 2024-05-26 17:53:22+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Former Secretary of State Hillary Clinton, in an interview for a forthcoming book, made some of her strongest remarks to date about the fall of Roe v. Wade, arguing that the Democratic Party underestimated the anti-abortion movement. In advance of the June release of the book, "The Fall of Roe: The Rise of a New America," Clinton told The New York Times that Democrats believed that the court system and legal precedents would protect abortion rights — until the US Supreme Court ruled in 2022 that those rights were not protected by the Constitution. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "We didn't take it seriously, and we didn't understand the threat," Clinton, the party's 2016 presidential nominee, told the Times. "Most Democrats, most Americans, did not realize we are in an existential struggle for the future of this country." "We could have done more to fight," she added. Advertisement The book, written by Times journalists Elizabeth Dias and Lisa Lerer, explores the decadeslong push to dismantle Roe v. Wade and the ramifications of its demise. Related stories During the interview, Clinton lamented that Democrats were "taken by surprise" by the Supreme Court's Dobbs decision. She argued that she never became complacent over the potential for a conservative-led Supreme Court to reverse Roe. "One thing I give the right credit for is they never give up," she told the Times. "They are relentless. You know, they take a loss. They get back up. They regroup. They raise more money." "It's tremendously impressive the way that they operate," she continued. "And we have nothing like it on our side." Advertisement Since the fall of Roe, Democrats have benefited in elections across the country, with many independents and even some Republicans backing ballot measures protecting abortion rights. And Democratic candidates fared much better than predicted in the 2022 midterms in part because they supported abortion rights, a position largely in line with suburban voters who have dramatically moved away from a GOP now controlled by former President Donald Trump. Democrats plan to use the issue against Trump this year, telling voters that it was his Supreme Court appointments that have now caused a patchwork of abortion laws across the country — with some states enacting near-total abortion bans and others expanding access. Trump has sought to moderate his views on the issue. He criticized a near-total abortion ban in Arizona that has since been repealed by the legislature. But Clinton is warning that the conservative push to restrict abortion further will not abate. Advertisement "More people have got to wake up because this is the beginning," she told the Times. "They really want us to just shut up and go home. That's their goal."

Bette Nash, who held the Guinness World Record for the longest-serving flight attendant, dies at 88 2024-05-26 17:53:07+00:00 - Bette Nash, the world's longest-serving flight attendant, has died from cancer at age 88. Nash started her career in 1957 with Eastern Airlines. She witnessed major changes in air travel, from the jet age to post-9/11 security measures. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement The world's longest-serving flight attendant has died from cancer at the age of 88. In a statement on X , formerly Twitter, American Airlines said: "We mourn the passing of Bette Nash, who spent nearly seven decades warmly caring for our customers in the air." "She started in 1957 and held the Guinness World Record for longest-serving flight attendant. Bette inspired generations of flight attendants. Fly high, Bette," the post continues. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Baby boomers are approaching 'peak burden' on the economy 2024-05-26 17:52:18+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview A time bomb has been ticking in the US. It's the baby boomers, who as they age are approaching their "peak burden" years in regard to their drag on the economy and the resources of younger generations. Boomers have already gotten tons of flak from younger people over the economy they've left Gen Zers, millennials, and Generation X to inherit. By the end of this year, all boomers — defined by the US Census Bureau as being born from 1946 to 1964 — will be 60 or older. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. This means the youngest boomers are rapidly approaching retirement, and a bigger retirement population means more of a drag on the US economy, a burden that Barclays senior economist Jonathan Millar expects to stretch on for the next 20 years. Advertisement "The peak burden," Millar told Business Insider, is when essentially all living baby boomers have hit retirement. "And we're getting there." The date could fall sometime around 2029, when the youngest boomers will be 65, according to a Census Bureau report. A population time bomb It isn't the boomers' fault they were born. They didn't choose to be a mammoth-size generation that's left the US with a big and probably expensive retirement-age population. And it isn't the case that baby boomers will derail economic growth nearly as much as, say, a full-blown recession, according to Dean Baker, an economist who described the baby boomers as a "time bomb" in a 1998 paper. Advertisement "Yes, it does create strains, but the idea was just some horrible catastrophe that loomed on the horizon," he said of the public dialogue on aging boomers. "It was really just craziness." Still, the consequences of an aging population are real — and it's expected to weigh on the US over the coming decades. Older people are just one of the many factors weighing on Japan's economy, for instance, with people over 65 making up more than 25% of the overall population. Related stories Baby boomers have already weighed on the US economy, and the cohort risks being a bigger drag in the coming years, Millar said. Boomers are taking up the housing supply Boomers are taking up a disproportionately large share of the housing supply compared with previous generations. That has been a pain for other homebuyers, as lower housing inventory has helped push up home prices. Advertisement The housing market saw its worst year of sales since 1995 in 2023, according to the National Association of Realtors. Existing homeowners have had little incentive to downsize their homes, many of which are fully paid off or financed at ultralow rates. "It probably means we're headed for five or six years where baby boomers contribute to very strong housing demand, and we're going to have high house prices as a result," Millar warned. Boomers also appear to be hogging the larger homes that millennials would otherwise be flocking to as they start families. In 2022, empty-nester baby boomers owned 28% of large homes in the US, a Redfin analysis found, double the share of millennial families. Boomers are contributing to the labor shortage The US has more open jobs than available workers. That gap is likely to widen as more boomers leave the workforce. Advertisement As of January, the Chamber of Commerce estimated that the economy was still down about 1.7 million workers compared with before the coronavirus pandemic. The labor market, meanwhile, is staring at 9.5 million job openings. The labor shortage could eventually spell trouble for the economy, as a low supply of workers pushes up wages, which can stoke inflation. Boomer retirees are also still demanding goods and services in the economy. If they aren't contributing anything in labor, that demand is also inherently inflationary, Millar added. Boomers are a risk to the stock market Retirees, who are less tolerant of stock-market volatility, also pose a downside risk to stocks. Boomers are more likely to sell if the US economy tips into a recession. That's a problem, considering that analysis by Rosenberg Research found people 55 and older account for 80% of stock-market ownership in the US. Advertisement "Retirees don't have the luxury to buy and hold through a market downturn," the economist David Rosenberg said in a recent note. "If a downturn does materialize, demographically induced selling is a force that could exacerbate the spiral powerfully, with the effects ricocheting into consumer spending." Boomers will drain Social Security Finally, boomers are set to collect a large amount in Social Security payments. The Old-Age and Survivors Insurance Trust Fund is expected to be depleted in 2033, a year earlier than previously expected, the Social Security Administration said in a new report. Politicians are averse to raising taxes or slashing spending on social programs, Millar noted, and are unlikely to let payments lapse. Instead, they'll most likely pay for the program by taking on more debt to keep funding retirees through old age. "Any way you slice it, this is a burden on current and future generations of taxpayers," Millar added. Advertisement The silver lining is that there doesn't appear to be a baby-boomer redux in the making, Baker said. Millennials are a large generation, but after that, Gen Z and Alpha look to be much smaller, meaning there won't be a similar time bomb ticking for the economy. "I think it's very unlikely that we're going to see another population boom like we had in the post-World War II years," Baker said. "If there's some set of events that lead to that, it's nothing I can see on the horizon." Correction: February 5, 2024 — An earlier version of this story incorrectly described data from the National Association of Realtors. It found the housing market to have had its worst sales in 2023 since 1995, not ever. This story was originally published in February 2024.

Goldman Sachs pay pot for bankers surges by more than 20% 2024-05-26 17:48:00+00:00 - London bankers at Goldman Sachs have seen their pay pot jump by more than 20% so far this year, as the bank’s surging share price added to the prospect of bumper payouts after bonus caps were lifted in the UK. Filings covering Goldman Sachs International’s (GSI) first-quarter earnings show that it built up a $735m (£580m) pay pool in the three months to March, averaging out at about $218,000 (£170,000) each for its 3,359 staff, the bulk of whom are based in London. That is a 23% jump on the $598m pay pot accumulated during the same period last year, as the value of share-based bonuses – which are paid in Goldman stock – soared. Goldman’s New York-listed shares jumped to 417 cents by the end of March, compared with 327 cents a year earlier. They have since climbed to about 461 cents per share, after a strong period for its trading business pushed profits up 28% in the first quarter. That was despite a 13% drop in first-quarter profits at GSI, which said inflation and geopolitical tensions had been a drag on economic and market activity. Performance over the remaining nine months of the year will determine the final payouts for GSI’s workforce, who are also to benefit from the eradication of a bonus cap that could allow its star performers to earn up to 25 times their annual salary. GSI’s chief executive, Richard Gnodde, announced that the bank would be changing its pay structure in March, months after UK regulators confirmed that they were formally scrapping EU rules that limited bonuses to twice an individual’s base salary. The cap was introduced as part of changes introduced after the 2007-08 banking crash, aimed to stamp out a bonus culture blamed for encouraging short-term profits over longer-term stability. Critics have argued that the decision to scrap the cap could incentivise risky behaviour, given that more of an individual’s pay is riding on performance. But Goldman, which was one of the banks pushing for the reforms, said it would give banks more flexibility to weigh payouts more heavily towards bonuses, rather than fixed salaries. This makes it easier to control the size of total pay packets, depending on performance, as well as defer pay, and also potentially claw back bonuses from bankers when things go wrong, supporters have said. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion The changes will apply to hundreds of Goldman’s UK staff, known as material risk takers. However, they will not apply to Goldman’s EU-based bankers. Goldman said in a statement in March that “this approach gives us greater flexibility to manage fixed costs through the cycle and pay for performance. It brings the UK closer to the practice in other global financial centres, to support the UK as an attractive venue for talent.” Commenting on the jump in the GSI pay pot, a Goldman Sachs spokesperson said that “it is highly ambitious to speculate on year-end compensation based on first-quarter results”.

Donald Trump Is A Slight Favorite To Beat Joe Biden, But These Five Factors Could Significantly Reduce His Chances Of Winning The Election 2024-05-26 17:47:00+00:00 - Loading... Loading... Ahead of the 2024 presidential election, former President Donald Trump is navigating a complex landscape of political hurdles and controversies that could impact his chances of winning. What Happened: Despite several significant obstacles, Trump is the slight favorite to win the November election. Trump's lead in battleground states such as Arizona, Georgia, and Michigan has been crucial, while voter dissatisfaction with the economy and internal party conflicts have weighed on President Joe Biden. Trump's controversies, including his impeachments and ongoing criminal trials, have not significantly impacted his poll ratings. The former president's base has remained steadfast in its support for him, and Trump's main GOP rival, former United Nations Ambassador Nikki Haley, has even endorsed him, adding to his momentum, reported The Hill. Also Read: Trump In Hot Seat In Hush-Money Case, Prosecutors Seek Deep Dive Into Ex-President's Alleged Misconduct And Manipulation Though things appear relatively favorable for Trump, major obstacles could still emerge, the outlet noted. Here are a few of them. Criminal Verdict A recent ABC News/Ipsos poll indicated potential felony convictions could sway some of Trump's supporters. However, most of these supporters are likely to remain loyal because they see the prosecutions as politically motivated. However, a conviction would give Democrats a powerful campaign argument and could influence some centrist voters. The outlet reported that a faction of the GOP remains uneasy with Trump, as evidenced by Haley maintaining around 20 percent of support in recent primaries despite suspending her campaign. Conversely, an acquittal in the hush-money case in New York would boost Trump's image and undermine other cases against him. A verdict in New York is expected, with closing arguments beginning on Tuesday. Loading... Loading... Presidential Debate Debates between Trump and Biden are scheduled for June 27 and September 10. Trump's performance in these debates will be closely scrutinized, especially given his absence from GOP primary debates. Trump has taken an unconventional approach to setting expectations by calling Biden “the worst debater I have ever faced” and claiming “he can’t put two sentences together.” Such boasts lower the bar for Biden to clear, according to The Hill. Trump skipped all GOP primary debates, citing his poll lead, which could leave him rusty by June. The risk isn't just about committing a possible debate gaffe — with the GOP nomination in sight, Trump will face increased scrutiny on his plans for a second term. Abortion And The Election Abortion remains a critical issue leading up to the election, with recent measures like Florida's six-week ban potentially affecting Trump's support among suburban female voters. This gives Democrats a key advantage, The Hill pointed out. Since the Supreme Court overturned Roe v. Wade in 2022, the GOP has struggled to grapple with the ensuing fallout. Liberals have won every statewide ballot on abortion, even in red states, and Trump blamed the issue for the GOP's poor 2022 midterm results. A year later, an NBC News poll showed 61% of voters disapproved of the high court's decision. Trump has tried to avoid the issue, stating he doesn't support a federal ban. Unknown Variables Additionally, Trump's choice of running mate and unforeseen crises could influence the election outcome. Although the former president will most likely overshadow whomever he picks as his second-in-command, the choice is important and could possibly backfire. For instance, South Dakota Gov. Kristi Noem (R), once a serious contender, faltered after including a bizarre account of killing her dog in her new book, resulting in a disastrous media tour. Ultimately, whoever Trump selects will need to withstand intense scrutiny. Battleground States In six key battleground states, Trump leads by 3 to 6 points in Arizona, Georgia, and Nevada but by less than 2 points in Michigan, Pennsylvania, and Wisconsin. If Biden can win the "blue wall" states and Trump takes the southern battlegrounds, Biden would secure reelection by a narrow margin of 270 to 268 electoral votes, according to The Hill. Why It Matters: Trump's potential conviction is a significant concern. Jury deliberations are set to begin next week, and a conviction could have profound implications for his campaign. A recent poll revealed if Trump were found guilty in the hush-money case, 53% indicated the verdict would not affect their stance, while 23% said they would be more likely to vote for him, and 25% said they would be less likely to vote for him. Now Read: Donald Trump Outmaneuvered Manhattan DA By Gaining Access To Michael Cohen's Emails. Here's What Will Happen Next. This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Photo: Shutterstock

Trump just spotlighted Ross Ulbricht, founder of the online illegal drug marketplace Silk Road. Why he is a hero to some. 2024-05-26 17:43:37+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Donald Trump made an address at the Libertarian National Convention on Saturday, promising to commute the sentence of Ross Ulbricht, the jailed founder of the infamous online drug marketplace Silk Road. "If you vote for me, on Day One, I will commute the sentence of Ross Ulbricht," Trump declared to enthusiastic applause from the crowd in Washington, DC. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The move to highlight Ulbricht was strategically catered to Libertarian voters. Ulbricht, now 40, who was imprisoned for life in 2015, is an unjustly imprisoned hero of the US libertarian movement. Advertisement The Libertarian Party, with its long-standing advocacy for drug legalization and criminal justice reform, has consistently lobbied for Ulbricht's release, viewing his life sentence as a symbol of government overreach. Ulbricht became interested in libertarian values at university, according to a Wired report, where he discovered the ideas of Austrian economist Ludwig von Mises, an advocate of the moral purpose of free-market capitalism and staunch opponent of interventionism. Ulbricht embraced these ideas of uncompromised freedom, per Wired. Related stories "When I created Silk Road, I wasn't seeking financial gain," Ulbricht's wrote in a heartfelt letter to his trial judge in 2015. "I created Silk Road because I believed at the time that people should have the right to buy and sell whatever they wanted so long as they weren't hurting anyone else," he wrote. Advertisement In 2015, he was given life in prison without the possibility of parole. He was also fined $183,961,921. Ulbricht is being held at the United States Penitentiary in Tucson. The majority of goods sold on Silk Road were illegal hardcore drugs, said the United States Attorney's Office for the Southern District of New York at his trial. "Silk Road was supposed to be about giving people the freedom to make their own choices, to pursue their own happiness," wrote Ulbricht. "While I still don't think people should be denied this right, I never sought to create a site that would provide another avenue for people to feed their addictions." Advertisement Members of the Libertarian Party stand in chairs while chanting and demanding the release of Ross Ulbricht during the party's national convention at the Washington Hilton on May 25, 2024 in Washington, DC. Chip Somodevilla/Getty Images Trump, who was loudly booed and heckled during much of his speech at the Libertarian National Convention, did manage to partially win the audience around by committing to free Ulbricht. Katherine Yeniscavich, a Libertarian Party national committee member, told Politico, "It's one of the things we wanted from his first term." In addition to the Ulbricht pledge, Trump made further pledges, promising to include a Libertarian in his cabinet and others in senior administrative positions if elected.

‘Furiosa’ Is a Box Office Dud, Adding to Hollywood Woes 2024-05-26 17:20:01+00:00 - Hollywood expected “Furiosa: A Mad Max Saga” to scorch the box office over the holiday weekend. Instead, the big-budget Warner Bros. prequel iced it over. “Furiosa,” which cost $168 million to make, not including tens of millions of dollars in marketing costs, collected an estimated $25.6 million in the United States and Canada from Thursday night to Sunday. Box office analysts expected the film to take in about $5.4 million on Monday, for a holiday-weekend total of $31 million. That would be the worst Memorial Day weekend result in 43 years after adjusting for inflation — ever since “Bustin’ Loose,” a comedic drama starring Richard Pryor, collected $24 million in 1981. (Box office records exclude 2020, when most theaters were closed because of the coronavirus pandemic.) The franchise’s previous chapter, “Mad Max: Fury Road,” took in $45.4 million in 2015, or roughly $61 million in today’s dollars — and that was without the benefit of a holiday weekend.

The Post Office Horizon IT scandal is rooted in class prejudice 2024-05-26 17:07:00+00:00 - Re your editorial on Paula Vennells (24 May), one of the main themes of the Post Office Horizon IT inquiry has been the complete lack of evidence of competence, curiosity or compassion in the leadership team; it is a theme that has often been seen in public inquiries in recent years. It is clear that the UK is infected with leadership teams staffed by people who are there not due to any sort of competence or merit, but because that’s just what their sort of people do. The overriding characteristics of these privately educated, overpaid and arrogant groups of people are their indifference to the real-life consequences of their actions for ordinary hard-working people, their intrinsic belief that their sort are trustworthy and credible, unlike the little people, and their bewilderment at the idea that they should be held accountable. Whether in politics or business, we see this played out time and again. The only way to prevent it is to ensure that it is impossible to live completely separate lives removed the realities of ordinary folk, so that this them-and-us mentality can begin to be eroded. It starts with the dismantling of private schools. David Youngs Rattlesden, Suffolk Marina Hyde rightly concludes of the Post Office scandal that there seems to be a class of people who are sent to jail and, by contrast, a class of people who get directorships (Into Britain’s angry pulpit steps Rev Vennells, who ran the Post Office – to explain why it sent honest people to jail, 17 May). Her indictment could be taken further. The class prejudices involved are such that one class assumes, without thinking, that hundreds of its employees – the little people – are dishonest. Without these prejudices, it should have been apparent to the meanest intelligence that the extraordinarily high incidence of alleged theft was statistically improbable. Margaret Pelling Oxford Marina Hyde seems surprised to discover that there is one class of people who go to jail and another who get directorships. If this wasn’t so, the prison population would be representative of the country as a whole. Instead, it is heavily weighted towards people from broken homes, with poor education and with mental health problems. And we seem content to stoke this disparity by sending record numbers to grossly overcrowded prisons. Meanwhile, those who do real damage to society, notably two recent prime ministers, continue to cream it in. Peter Coltman Leeds I am becoming concerned about the failing memories being frequently exposed in the current large crop of public inquiries. I am hearing a constant repetition of “I don’t recall”, “I was unaware”, “I cannot remember”, “I may have”, adding to the widespread failure to remember the instruction not to wipe WhatsApp messages. Has the time arrived for annual cognitive impairment testing of senior members of government and the civil service, and senior executives of corporations such as the Post Office? Perhaps the former Department for Work and Pensions favourite Atos could be persuaded to bid and, by its rigorous winnowing, improve the quality of governance in these bodies. Dr Alan Legge Canterbury Marina Hyde (Rev Vennells wept but couldn’t remember much about sending innocent subpostmasters to jail. All so long ago, 22 May) rightly points out how the word “sorry” was debased by Paula Vennells. There was a time when it seemed to be the hardest word to say because of the potential loss of face. Now it is deployed all too readily and has ceased to have any impact or meaning. Perhaps it should be banned at public inquiries and replaced with “guilty”. Rod Price Mollington, Oxfordshire Paula Vennells claiming “I was too trusting” has echoes of Prince Andrew saying he continued to associate with Jeffrey Epstein because he was “too honourable”. I would treat both claims with the same scepticism as any assertion by an applicant for a job that their main fault was excessive diligence. Bill Bradbury Bolton One might expect an ordained priest to be familiar with the Ten Commandments. In which case, whatever happened to “Thou shalt not bear false witness…”? Sue Barnard Hale, Greater Manchester What was even more astonishing than Paula Vennells’ blaming others even when she was in charge of the Post Office and her insincere apologies was the fact that she had worked only on this inquiry for three years, and that it had been a full-time job for her for the past year. And after all that, this was, apparently, the best she could do at giving her evidence. With that level of competence, no wonder the scandal was perpetrated. Dr Richard Carter Putney, London

Eight taken to hospital after turbulence on flight from Doha to Dublin 2024-05-26 16:58:00+00:00 - Eight people have been taken to hospital after a flight from Doha to Dublin experienced turbulence. Dublin airport said six passengers and six crew members had reported injuries during the incident on the flight while it was airborne over Turkey. The incident occurred five days after a British man died of a suspected heart attack and dozens of people were injured when a Singapore Airlines flight from London encountered severe turbulence. In a statement on the latest incident, Dublin airport said the Qatar Airways flight landed safely as scheduled shortly before 1pm on Sunday. Emergency services, including ambulances, were seen on the ground around the plane after it landed in the Irish capital. In an updated statement at 3pm, Dublin airport said all passengers had been assessed for injury before disembarking the plane, and eight were taken to hospital. “Qatar Airways flight QR017 from Doha landed safely as scheduled at Dublin airport shortly before 13.00 on Sunday,” they said. “Upon landing, the aircraft was met by emergency services, including airport police and our fire and rescue department, due to six passengers and six crew (12 total) on board reporting injuries after the aircraft experienced turbulence while airborne over Turkey. “All passengers were assessed for injury prior to disembarking the aircraft. Eight passengers were subsequently taken to hospital. “The return flight to Doha [flight QR018] is scheduled to operate as normal this afternoon, albeit with a delay. Flight operations at Dublin airport were unaffected and continue as normal this afternoon.” One of the passengers on the flight, Paul Mocc, told the Irish broadcaster RTÉ that he saw people “hitting the roof” and food and drink going everywhere. He said he saw crew members limping around dressed in bandages afterwards, but he said they did a good job of continuing the flight service. In a statement, Qatar Airways said that a “small number of passengers and crew sustained minor injuries in flight and are now receiving medical attention”, adding: “The matter is now subject to an internal investigation.” On Monday night, Geoffrey Kitchen, from Thornbury, Gloucestershire, died after his flight to Singapore saw a “dramatic drop” that launched those not wearing a seatbelt into the cabin ceiling. The 73-year-old retired insurance professional and his wife were on their way to a holiday in Australia via Singapore. According to Thai authorities, he had a heart condition and probably suffered a heart attack.

At least 15 dead, nearly 400,000 without power in Missouri, Arkansas, Kentucky as storms batter central U.S. 2024-05-26 16:57:00+00:00 - At least 15 fatalities have been reported as a series of severe storms and tornadoes battered the South and Great Plains over Memorial Day weekend, leaving hundreds of thousands of homes and businesses without power. Residents in Texas, Arkansas, Kentucky, Missouri and Tennessee were hit with twisters, heavy winds and flooding in terrible conditions that began Saturday and moved into Sunday. A tornado watch was issued for multiple states to last until at least 11 p.m. CT on Sunday. Nearly 400,000 customers in Missouri, Arkansas and Kentucky were without power. More than 46,000 are without power in Texas amid sweltering heat, as well as more than 22,000 in Tennessee. Nearly 16,000 customers have outages in Kansas and nearly 14,000 in Indiana, according to poweroutage.us. Concerns about severe weather also forced a four-hour delay for the 108th running of the Indianapolis 500 at Indianapolis Motor Speedway. Spectators were asked to evacuate and take shelter, but were allowed back in after lightning cleared the area around 2 p.m. ET. Seven storm-related deaths were reported out of Cooke County, Texas; two deaths in Mayes County, Oklahoma; five deaths in different counties in Arkansas; and one in Louisville, Kentucky. The dead in Texas included two children, ages 2 and 5, and three family members who were found together in a home near the small community of Valley View, Cooke County Sheriff Ray Sappington said. Additionally, multiple people in Denton County, Texas, were transported to hospitals by ambulance and helicopter for storm-related injuries, officials said, but the full extent of those injuries was not immediately clear. Of the five deaths in Arkansas, one was a 26-year-old woman who was found dead outside of a destroyed home in Olvey, a small community in Boone County, said Daniel Bolen of the county’s Office of Emergency Management. The National Weather Service confirmed one tornado in Boone County on Sunday. An additional death in Arkansas was reported in Benton County, one other was reported in Baxter County, and two more were reported in Marion County. Storm damage in Oklahoma City on May 20, 2024. Bryan TerrT / USA TODAY NETWORK One person died in Louisville, Kentucky, Mayor Craig Greenberg said on X on Sunday following "the severe weather that just moved through the area and some structural damage reported," he said. The man was believed to have been hit by a tree when he was found dead, WAVE reported. Kentucky Gov. Andy Beshear said in an update on X Sunday afternoon that though conditions had calmed some, another wave of storms were expected later in the evening. He also noted at least five counties had declared a state of emergency, and an estimated 213,000 reported power outages. The governor warned people to avoid flooded roads and reminded them to steer clear of downed power lines. “We have gotten through at least the first part of this event and we want to make sure we don’t lose anybody else,” Beshear said. “So everybody out there stay safe, be very weather aware as we go into tonight and late tonight.” Details on the two deaths in Oklahoma were not immediately available. Violent storms overtook the region Saturday evening and overnight, overturning 18-wheelers, destroying homes, toppling power lines and crushing a Shell station in Cooke County where dozens were trapped for a period of time Saturday night, Sappington told NBC News. No serious injuries or fatalities were reported at the truck stop, and those taking shelter appeared to have been evacuated by Sunday morning. One of the Saturday-night tornadoes barreled through a rural area near a mobile home park in Texas, officials said. And in Oklahoma, guests at an outdoor wedding were injured from storm damage. “It’s just a trail of debris left. The devastation is pretty severe,” Sappington told The Associated Press. Multiple tornadoes and hail 2 inches in diameter were reported in Tulsa, Oklahoma, according to the weather service, and six people were injured and taken for treatment in Mayes County, said Michael Dunham, deputy director of emergency management for Mayes County. In Benton County, Arkansas, “multiple” people were injured as a result of the storms, and emergency response teams were on search and rescue throughout the night, Benton County Sheriff Shawn Holloway said. And in Baxter County, "close to two dozen" people were taken to the hospital for injuries, including six children. “We are still on search and rescue right now,” Melody Kwok, a county communications director, said. “This is a very active situation.” The final day of Bentonville’s annual Bike Fest, which draws in an estimated 15,000 attendees to the world’s “Mountain Bike Capital,” was canceled Sunday due to the severe weather. “It’s important that all of our attendees, partners, and staff remain safe and continue to shelter as directed, and continue to monitor local weather and public safety directives,” the event’s website said. Arkansas Gov. Sarah Huckabee Sanders signed an executive order declaring a state of emergency in the state Sunday afternoon, earmarking $250,000 from the governor's disaster relief fund for the state's Division of Emergency Management. The severe weather will push east on Sunday into the Midwest and Ohio Valley, including Chicago, Indianapolis, Nashville, St. Louis and Cincinnati. Storms are expected to affect 42 million people in the region. A tornado watch is in effect in the mid-Mississippi Valley, including Kentucky and Tennessee, through the afternoon. Damaging wind gusts are considered the most likely hazard in the majority of the region, but tornadoes and large hail are also possible as the storms move east. Flash flooding is a risk as the storms creep across the country, especially in the mid-Mississippi Valley, where 3 million are under flood alerts, including in Memphis, Tennessee, and Tupelo, Mississippi. The storms will continue to move east and finish off Monday on the East Coast, where a slight risk of severe weather was issued to the mid-Atlantic, including Baltimore; Washington, D.C.; and Charlotte and Raleigh, North Carolina. In this region, 27 million are at risk of experiencing strong to severe thunderstorms. Severe wind will be the main hazard to watch out for, but storms could have the capability of producing large hail or a tornado. Throughout the weekend, rainfall totals are expected to range from 1-2.5 inches, with 3-plus inches possible in areas where training storms develop.

The April Inflation Report Is a Double-Edged Sword for Social Security's 2025 Cost-of-Living Adjustment (COLA) 2024-05-26 16:44:00+00:00 - For most current retirees, Social Security provides income they simply couldn't do without. A 2023 survey from national pollster Gallup found that 88% of retirees lean on their Social Security benefit as a "major" or "minor" source of income. Considering how important Social Security income has been to the financial well-being of seniors for decades, it should come as no surprise that the annual cost-of-living adjustment (COLA) reveal during the second week of October is one of the most awaited announcements each year. But if the April inflation report from the Bureau of Labor Statistics (BLS) is indicative of what's to come, a double-edged sword awaits Social Security's nearly 51 million retired-worker beneficiaries in 2025. Image source: Getty Images. What's the purpose of Social Security's cost-of-living adjustment (COLA) and how is it calculated? Social Security's cost-of-living adjustment is the mechanism used by the Social Security Administration (SSA) to adjust benefits for inflation. In simple terms, if the cost of the goods and services that seniors buy rises, Social Security benefits should, in a perfect world, increase by the same percentage to ensure there's no loss of purchasing power. The program's COLA is tasked with keeping benefits on par with the inflation recipients are contending with. From when the first Social Security check was mailed out in January 1940 through 1974, COLAs were entirely arbitrary and determined by special sessions of Congress. Only 11 benefit increases were passed along during this span, with zero adjustments made during the entirety of the 1940s. Beginning in 1975, the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) was installed as Social Security's annual measure of inflation. It contains more than a half-dozen major spending categories and many subcategories, each of which have their own respective weightings. These weightings allow for the CPI-W to be chiseled down to a single figure each month, which makes for lightning-quick month-to-month and year-over-year comparisons to decipher which direction prices are headed. The interesting quirk with calculating Social Security's COLA is that only CPI-W readings from the third quarter (July-September) matter. The other nine months of the year can help identify trends, but won't be used in the calculation that determines whether or not beneficiaries will receive a larger benefit check in the upcoming year. If the average CPI-W reading from the third quarter of the current year is higher than the average CPI-W reading from the comparable quarter of the previous year, inflation has occurred and Social Security beneficiaries are due for a "raise." The amount of the increase is based on the year-over-year percentage change in these average third-quarter CPI-W readings, rounded to the nearest tenth of a percent. Story continues US Inflation Rate Chart The forecast for Social Security's 2025 COLA continues to inch higher Although we haven't yet reached the months that matter for Social Security's COLA calculation, monthly inflation reports from the BLS are providing invaluable clues as to what to expect when the SSA announces the 2025 COLA during the second week of October. Over the last three years, the 5.9% (2022), 8.7% (2023), and 3.2% (2024) cost-of-living adjustments have come in above the two-decade average of 2.6%. Beneficiaries are crossing their fingers and hoping this pattern will continue for a fourth consecutive year. While this looked highly unlikely just a few months ago, the April inflation report from the BLS suggests the 2025 COLA is climbing. Thanks to stubbornly high core inflation, which excludes changes in food and energy costs, the April CPI-W rose 3.4% over the last 12 months. That's well above the Federal Reserve's long-term inflation target of 2%. In mid-January, nonpartisan senior advocacy group The Senior Citizens League (TSCL) issued a long-term COLA forecast for 2025 of just 1.4%. But following BLS inflation reports for the months of January, March, and April, TSCL's long-term 2025 COLA forecast has increased to 1.75%, 2.6%, and 2.66% (which would round to 2.7%), respectively. Based on TSCL's projections, the expected 2025 COLA has nearly doubled in four months, and is currently on track to be slightly above the two-decade average. If TSCL's prognostication proves accurate, a 2.7% COLA in 2025 would increase benefit checks for the average retired worker by about $52 per month. As for the average worker with disabilities and average survivor beneficiary, monthly payouts would be expected to rise by $42 and $41, respectively. Image source: Getty Images. Social Security's 2025 COLA is shaping up to be a double-edged sword for retirees On paper, the prospect of Social Security benefits increasing by more than the two-decade average for a fourth consecutive year probably sounds great. The problem lies in how the program may achieve this feat. As noted, the prevailing inflation rate remains above the central bank's long-term target of 2% because of consistently high core inflation. More specifically, shelter inflation -- "shelter" accounts for rental costs (including utilities), as well as the estimated cost to rent an owned home, sans utilities (i.e., owners' equivalent rent) -- came in at 5.5% on an unadjusted 12-month basis for the Consumer Price Index for All Urban Consumers (CPI-U). The CPI-U is a similar inflationary measure to the CPI-W. Meanwhile, medical care services inflation has been steadily moving higher and is now at 2.7% over the trailing 12-month period for the CPI-U. Why bring up shelter and medical care services when there are a number of other prominent spending categories? The answer is that a higher percentage of seniors' budgets is devoted to shelter expenses and medical care services than it is for the average working-age American. Although Social Security beneficiaries may be in line for another above-average COLA in 2025, the categories driving this increase are experiencing inflationary pressures at, or well above, the expected "raise" retirees could be receiving. In other words, there's a very high probability that seniors will experience a loss of purchasing power, as the categories that matter most to them endure price increases at an even faster rate than the expected 2025 cost-of-living adjustment. Retired-worker beneficiaries losing purchasing power is nothing new. A May 2023 report from TSCL notes that the purchasing power of a Social Security dollar declined by 36% between January 2000 and February 2023. Based on data from the April inflation report, the unfortunate continuation of this pattern looks to be in order. What stocks should you add to your retirement portfolio? The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now. The 10 stocks that made the cut could produce monster returns in the coming years, potentially setting you up for a more prosperous retirement. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $652,342!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » The Motley Fool has a disclosure policy. The April Inflation Report Is a Double-Edged Sword for Social Security's 2025 Cost-of-Living Adjustment (COLA) was originally published by The Motley Fool

Grindr accused of treating gay man’s medical data like ‘piece of meat’ 2024-05-26 16:36:00+00:00 - A gay man who claims his HIV positive status was misused by the dating app Grindr has accused the tech platform of treating his personal medical data like “a piece of meat”. The man is one of nearly 1,300 people who have joined a civil lawsuit against the US-owned company in the UK high court that alleges the misuse of private information of Grindr users, including details about their HIV status and when they took their last test. The class action claim seeking compensation and damages accuses Grindr of a breach of UK data protection laws for sharing sensitive data to third parties for commercial purposes without the users’ consent. Grindr denies it sold or shared user-reported health information, including HIV status, for advertising purposes. The man, who must remain anonymous for legal reasons, claims he was targeted with adverts for HIV therapies on the platform and other social media outlets after confiding his status. “I was really upset,” he said. “Grindr is a gay institution.” The claim is being coordinated by the City of London law firm Austen Hays, which says information about Grindr users’ ethnicity and data relating to their sex life and sexual orientation may have also been shared. In 2021, the Norwegian data protection authority fined Grindr E6.5m for disclosing user data to third parties for marketing purposes without a legal basis. The lawyer leading the UK claim, Chaya Hanoomanjee, said the claimants had experienced “significant distress” and suffered “fear, embarrassment and anxiety as a result”. The user told the Guardian he met his husband on Grindr. He had considered the launch of the app in 2009 “a big thing for the gay community”. “We used to have to put adverts in the papers, but when Grindr came out, it was just immediate,” he said. “It was amazing for young gay boys at that time. I didn’t have to go to the pubs and bars any more, because I always felt out of place there … nursing a pint and putting yourself on the market.” He said it was important to be honest on the platform about HIV status so that other users could take precautions to avoid infection, but was “upset” when he started to see adverts on his online feeds tailored to HIV treatments. “I thought, ‘I guess your phone just listens to you,’” he said. “I didn’t think it was from the company itself. You wouldn’t expect that. I’m not ashamed of my status, but I didn’t expect Grindr to go and sell it on like a piece of meat. It’s not their business. It’s my life. “I feel really upset for a lot of people who haven’t been able to be as free [with their sexuality] as I have. There are a lot of men who have got wives and they’ve got kids.” A spokesperson for Grindr said: “Grindr has never sold or shared user-reported health information, including HIV status, for advertising purposes, as is inaccurately suggested in this legal claim. “As we will demonstrate in our response, this claim is based on a fundamental mischaracterisation of practices from more than four years ago, prior to early 2020. Users in this case appear to have been misled by this mischaracterisation, which is a matter of regret, and we remain committed to protecting our users’ data and complying with all applicable data privacy regulations.” Hanoomanje said: “The core of our clients’ claim is that sensitive information that they trusted Grindr with was shared without their consent. Whilst Grindr says the data was not shared for advertising purposes, our clients want to understand why it was shared at all. Our clients have to be compensated even if that was only a historic practice as it has affected them and their lives massively.”