Latest News
See the latest news and get GPT analysis of articles
Alternative credit cards can help you build credit, but it could be wild ride 2023-07-20 - This article is reprinted by permission from NerdWallet. Getting a first or second chance to build credit with a credit card has been easier in recent years because financial technology companies have created alternative options. These new cards often evaluate applications differently from traditional credit cards, with algorithms and proprietary methods that may put less emphasis on credit scores while looking at factors such as your income or bank account balances. Lower costs tend to be a hallmark, too: Some of these products advertise no security deposit, no annual fee and no APR. “Many fintechs are really focused on offering products to people that otherwise would not qualify for them at a major institution,” says Nick Roberts, chief marketing officer at Grow Credit, a financial technology company based in California. “There is a lot of focus with certain fintechs to expand the market.” But while many of these relative newcomers can indeed help you build credit, it’s worth noting that the journey might sometimes be bumpy as the company behind the card continues to scale. Expect changes All credit card companies, traditional and nontraditional, are allowed to make changes to your account terms, although depending on what exactly is changing, they must follow certain guidelines. “They’ve got to give you a 45 days’ notice of an increase in the annual percentage rate and any significant changes in terms,” says Lauren Saunders, associate director at the National Consumer Law Center. Still, compared with a more established credit card, an alternative card from a fintech is more likely to experience frequent changes to its terms and features. These updates may either be welcome additions or disappointing subtractions. For example, a relatively new credit card company might rebrand, meaning any number of features may change. CreditStacks announced a namesake credit card in 2018, but by 2020, the company and card were going by the name Jasper, sending out redesigned cards and expanding the pool of applicants who might qualify. It later pivoted to being a cash-back card for people with good credit. Since that rebrand, Jasper’s credit card has been discontinued. Grow Credit launched a credit card in some states in 2019, eventually taking it nationwide in 2020. The card lets you build credit by using it to pay select bills, up to a low monthly spending limit. It’s linked to a membership plan with various tiers and prices, including a free option. But at launch, the card had only a single free tier. The company added the other membership levels — which may unlock additional qualifying bills and higher monthly spending limits — over time. These additions created more credit-building options for those without credit, according to Roberts. Also read: A lender can charge you a 305% interest rate — depending on where you live. Here’s what to know about usury laws in the U.S. Keep an eye on your inbox TomoCredit, a fintech based in San Francisco, has also made significant changes to its credit card’s original terms. The card debuted in 2021 with no annual fee but by 2023, the terms included a $2.99 monthly fee and the card went on a waitlist. The fintech Petal has been in the credit card space for several years, advertising low- and no-fee cards for customers looking to build credit, as well as those with good credit. But in May and June 2023, Petal informed select existing cardholders that they would be subject to a new monthly membership fee. Jamie Howard, an e-learning director based in Tennessee, was among those cardholders. He was told that he’d have to pay an $8 monthly charge or opt out and have his account closed. “I was kind of shocked at first because I just don’t like to pay fees,” Howard says. “If I opt out, that’s a component of your credit score.” See: ‘That can actually throw you into a tailspin’: Monthly credit card fees have been a rarity—until now A closed account can hurt credit scores because it can impact credit utilization and shorten the length of your credit history. It was Howard’s primary concern, given that he had applied for the Petal card to build credit. Still, after about three years with the card, he decided the monthly fee wasn’t worth it because he has other credit cards. “I have since dropped out,” he says. Manage expectations With any financial product, do your research before applying. Depending on the fintech company, you might not get the same experience that a traditional bank offers, which can be part of the trade-off. “A chronic problem with fintechs is the lack of human customer service,” Saunders says. “One of the ways they can make things more cheaply is by cutting out brick-and-mortar branches, cutting out live customer service, relying on chat and other automated or electronic channels. That works well until it doesn’t.” Not all fintech companies may operate this way, but it’s important to know what to expect. Online customer reviews can help. A card might still be worth getting if it helps you build credit when other options are too expensive or you’ve been rejected for a traditional credit card. More about credit cards: Banks are raking in billions from overdraft fees, despite stricter regulations. Now for the good news. As you climb toward better credit, adding a new credit card to your wallet from a more established issuer can provide a backup should the terms on your alternative card change. More From NerdWallet Melissa Lambarena writes for NerdWallet. Email: mlambarena@nerdwallet.com. Twitter: @LissaLambarena.
Nasdaq futures slide as Tesla and Netflix results damp earnings optimism 2023-07-20 - Nasdaq futures were underperforming early Thursday, after results from Tesla and Netflix were not very well received by traders. On Wednesday, the Dow Jones Industrial Average DJIA, +0.31% rose 109 points, or 0.31%, to 35061, the S&P 500 SPX, +0.24% increased 11 points, or 0.24%, to 4566, and the Nasdaq Composite COMP, +0.03% gained 4 points, or 0.03%, to 14358. What’s driving markets Investors were being reminded Thursday that when stocks rise swiftly and are afforded rich valuations, earnings results that are good on the surface still may not be good enough. The S&P 500 and the Nasdaq Composite closed the previous session at 15-month highs having jumped 18.9% and 37.2% respectively for the year to date, as cooling inflation revived hopes that the Federal Reserve can soon stop raising borrowing costs. Helping drive those gains were Tesla TSLA, -0.71% , up 136% so far in 2023, to sport a price-to-projected 2023 earnings ratio of 86, and Netflix NFLX, +0.59% , up 62% and a P/E ratio of 42, according to FactSet. But results and comments from both market darlings, released after Wednesday’s close, have been found wanting. Shares in Tesla were off 4% in premarket action and Netflix was sliding 8%, dragging futures for the tech-focused Nasdaq 100 lower. “Netflix missed sales estimates and issued lower-than-expected Q3 guidance, while Tesla’s results showed shrinking profitability with squeeze on margins,” said Henry Allen, strategist at Deutsche Bank. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said that both could be vulnerable to a deterioration in household sentiment. “Concerns are growing that a slowing economy, combined with the erosion of lockdown savings will weigh further on spending on discretionary goods and services, particularly big-ticket items like cars and nice to have but not necessary streaming accounts in the months ahead,” said Streeter. Still, the earnings come thick and fast. America Airlines AAL, -0.43% , Johnson & Johnson JNJ, -0.20% and Blackstone BX, +1.21% are among those delivering figures before the opening bell, while after the close its the turn of Capital One COF, +1.63% , CSX CSX, +0.15% and First Financial Bank FFBC, +4.21% , to name a few. U.S. economic updates set for release on Thursday include the weekly initial jobless claims and the Philadelphia Fed manufacturing survey for June, both at 8:30 a.m. Eastern. The June existing home sales and leading economic indicators will be released at 10 a.m.
Elon Musk says Tesla will spend ‘well over’ $1 billion on Dojo supercomputer 2023-07-20 - Tesla Inc. will spend “well over” $1 billion by the end of 2024 on building an in-house supercomputer known as Project Dojo. In Tesla’s earnings call with analysts late Wednesday, Chief Executive Elon Musk said Dojo would be used to process data and video to improve the EV maker’s autonomous driving capabilities, with the goal of full autonomy.
Global Markets Today While US Was Sleeping - July 20 - iShares MSCI United Kingdom ETF (ARCA:EWU), iShares MSCI Emerging Markets Asia ETF (NASDAQ:EEMA) 2023-07-20 - On Wednesday, July 19, U.S. Markets ended higher, with tech and banking sectors leading the gainers. The Dow Jones Industrial Average closed higher by 0.31% at 35,061.21 on Wednesday; the S&P 500 rose 0.24% to 4,565.72; and the Nasdaq Composite was up by 0.03% at 14,358.02. The Dow Jones recorded gains for the eighth straight session on Wednesday, its longest winning streak since Sept. 2019. Tesla reported second-quarter revenue of $24.93 billion, an increase of 47% year-over-year, beating a Street consensus estimate of $24.48 billion. Also Read: Netflix Shares Rewind From 52-Week Highs: Q2 Revenue Miss, Earnings Beat, Subscriber Growth Asian Markets Today Japan’s Nikkei 225 declined 1.23%, ending the session at 32,490.52. Japan reported weaker than expected trade data for June, with Adjusted Trade Balance -0.55T Vs. -0.90T Est.; Exports (YoY) June +1.5% Vs. +2.2% Est.; and Trade Balance June 43.03B Vs. -46.7B Est. Australia’s S&P/ASX 200 closed Thursday’s session 0.02% higher at 7,325.00. The financials sector was the best performer, and Healthcare the worst. Australia reported strong employment data, with Employment Change at 32.6K, better than expected 15.0K, and Unemployment Rate at 3.5% Vs. 3.6% Expected. Shanghai Composite closed the session at 3,169.52, down 0.92%; Shenzhen CSI 300 closed 0.71% lower at 3,823.69. Hang Seng index in Hong Kong closed lower by 0.24% at 18,906.50, with heavyweight technology firms leading losers. Eurozone at 04:45 AM ET The Pan-European STOXX 600 index is up 0.34%. The DAX index in Germany traded 0.36% higher, and the CAC 40 in France was up 0.47%. The U.K.’s FTSE 100 traded higher by 0.72%. Commodities at 04:45 AM ET Crude Oil WTI was trading higher by 0.24% at $75.48/bbl, and Brent Oil was up by 0.20% at $79.66/bbl. Natural Gas was trading higher by 1.96% at $2.654. Gold was trading higher by 0.23% at $1,985.25, Silver was up 0.26% to $25.453, and Copper was down 1.47% at $3.871. U.S. Futures Today at 04:45 AM ET Dow futures were up 0.14%, S&P 500 futures were down 0.15%, and Nasdaq 100 futures slid 0.84%. U.S. Dollar Index at 04:45 AM ET The U.S. Dollar Index slid 0.09% to 100.19. Photo via Wikimedia Commons
iPhone 15 vs iPhone 14: 6 Changes That Will Make The iPhone 15 A Notable Upgrade - Alphabet (NASDAQ:GOOGL) 2023-07-20 - Apple Inc.'s AAPL iPhone 15 series is shaping up to be a considerable upgrade, scheduled to be launched alongside the Apple Watch Series 9 and Apple Watch Ultra 2. Unsurprisingly, the perennial debate of whether you should upgrade to the upcoming iPhone or buy last year's iPhone is also on the rise. If the iPhone 15 vs iPhone 14 debate is confusing you, read on to find out more. What Happened: Apple is set to launch the iPhone 15 series this September, along with several other devices. However, the prime focus will remain on the iPhone 15, and this year, Apple seems to be all geared up to take on the competition. See Also: Netflix Quietly Removes The Cheapest Ad-free Plan In The US iPhone 15 rumors began early this year, starting in January – nine months before the launch of Apple's next-gen iPhones. From design changes to improvements in core features like camera and battery technology, the iPhone 15 series is shaping up to be a massive upgrade. This should also help you seal the iPhone 15 vs iPhone 14 argument. iPhone 15 vs iPhone 14: Six Most Notable Upgrades 1. Titanium Body vs Steel Frame The iPhone 15 Pro and Pro Max are rumored to borrow from the Apple Watch Ultra in terms of design – the frame that runs around the iPhone 15 Pro will now be made of titanium instead of steel. The titanium frame will have a brushed finish instead of the glossy finish that the iPhone 14 series have. 2. USB Type-C Port To Replace The Lightning Port One of the most significant changes this year will be the USB Type-C port, replacing the lightning port. Apple's switch to the more universal port is, reportedly, in response to European Union regulation, making it easier to find a charger since most other smartphones sold over the last few years have the same port. 3. Stacked Battery Technology The iPhone 15 series is expected to be powered by up to 20% more dense batteries, helping them last longer than their predecessors. Apple is said to use stacked battery technology borrowed from electric vehicles. This will help Apple maintain the same size as the iPhone 14 models while increasing battery capacity by up to 20%. 4. Periscope Camera So You Can Zoom In Deeper The top-tier iPhone 15 Pro Max is expected to receive a major camera upgrade this year – Apple is rumored to include a periscope camera in its flagship, significantly improving its zooming capabilities. Will the iPhone 15 Pro Max be the best camera phone of the year? Time will tell. 5. Programmable Action Button To Replace The Mute Switch The iPhone 15 series will borrow another feature from the Apple Watch Ultra – a programmable Action button. This will replace the iconic mute switch. Users will be able to program the button for different actions like toggling the flashlight, ring/silent or do not disturb modes, low power mode, and more. 6. Dynamic Island On All iPhone 15 Models Dynamic Island was a divisive feature at launch, but Apple and developers have since then demonstrated that it can be useful and look good while doing its job. Now, Apple is rumored to be bringing it to the non-Pro iPhone 15 models, too – the non-Pro iPhone 14 models featured a regular notch. Should You Upgrade To The iPhone 15? Lastly, the conclusion: should you upgrade to the iPhone 15? Unlike in the past, where iPhones usually received iterative upgrades, the iPhone 15 series could pack quite a punch this year. From camera to design to battery life and more, Apple is rumored to focus on improving all the core aspects of a smartphone. On the Android side, the Samsung Galaxy S23 Ultra is a power-packed alternative, complete with a stylus and a huge stunning display. Given its flagship status, the iPhone 15 Pro Max will compete with the Galaxy S23 Ultra and Alphabet Inc.'s GOOGL Google Pixel 8 Pro, which is expected to launch soon after the iPhone 15 series. However, if you want to jump from the iPhone 14 to the iPhone 15, you will want to wait out one more generation if your iPhone 14 still functions without any issues. While the upgrades are notable, the iPhone 14 series is still highly competitive and powerful enough in 2023. Image Credits – Shutterstock Check out more of Benzinga’s Consumer Tech coverage by following this link. Read Next: How To Upgrade To macOS Sonoma Public Beta
Elon Musk Is Spending $1B On Tesla's Dojo Supercomputer – Here's What You Need To Know - Tesla (NASDAQ:TSLA) 2023-07-20 - Tesla Inc. TSLA is set to invest over $1 billion in its project Dojo Supercomputer by the end of 2024, according to CEO Elon Musk. Dojo is Tesla’s proprietary supercomputer platform, specifically designed from scratch for AI machine learning purposes, with a particular focus on video training using data obtained from its fleet of vehicles. The supercomputer is designed to handle vast amounts of data, including video from Tesla cars, to develop autonomous driving software, Bloomberg reports. Despite already possessing one of the world’s most potent supercomputers based on NVIDIA GPUs, Tesla has developed its custom-built Dojo computer, incorporating unique chips and a complete infrastructure crafted entirely by the company. Tesla’s in-house custom-built supercomputer, Dojo, is set to significantly enhance the company’s capability to train neural networks using video data, a crucial aspect of its self-driving technology reliant on advanced computer vision capabilities. See Also: Elon Musk’s Scooby-Doo Meme Boosts Dogecoin Value By $320M: Doges FTW Investment Details: Musk revealed the investment plan during a conference call with analysts. He said that Tesla “will be spending well over $1 billion on Dojo” over the next year. However, this announcement seemed to unsettle investors, contributing to a post-market slide in Tesla’s share price. The Dojo supercomputer is being developed to process a “staggering amount” of video data collected from Tesla’s Autopilot and Full Self-Driving Beta features. The company has already begun production of its “Dojo training computer.” Read Next: Ron DeSantis Dodges Question On Whether He Would Sign Nationwide Abortion Ban Image via Shutterstock
Tensions Escalate As Iranian Protestors Storm Swedish Embassy In Baghdad Over Koran Burning Plans 2023-07-20 - Hundreds of protesters stormed the Swedish embassy in central Baghdad, scaling its walls and setting it ablaze in protest against the expected burning of a Koran in Sweden, Reuters reports. Protesters’ Outrage: The demonstration was organized by supporters of Shi’ite cleric Muqtada Sadr to protest the second planned Koran burning in Sweden in weeks. “Yes, yes to the Koran,” protesters chanted. Videos later showed smoke rising from a building in the embassy complex and protesters standing on its roof. Swedish Response: Swedish Foreign Minister Tobias Billstrom condemned the attacks, stating, “What has happened is completely unacceptable and the government strongly condemns these attacks.” He added that the government is in contact with high-level Iraqi representatives to express their dismay. See Also: China Overtakes US, Achieves 3M 5G Base Stations Before Planned Deadline Aftermath: By dawn on Thursday, security forces were already present within the embassy, and smoke billowed from the building as firefighters worked to put out the remaining embers. Later, Iraqi security forces took action against a small group of protesters who lingered outside the embassy, attempting to disperse them from the vicinity. Read Next: Johnson & Johnson, Tesla, And 3 Stocks To Watch Heading Into Thursday Image by Vincenzo Lullo on Shutterstock
Is Goldman Sachs Bleeding From Apple Card Tieup? What A Closer Look At Q2 Results Reveals - First Republic Bank (OTC:FRCB), Goldman Sachs Gr (NYSE:GS) 2023-07-20 - Wall Street banking giant Goldman Sachs Group, Inc. GS reported a 60% year-over-year drop in second-quarter profits on Wednesday, with the weakness blamed primarily on dwindling deal activity. Tech giant Apple, Inc. AAPL may also have a part to play in Goldman's disappointing earnings show. What Happened: The investment bank said in its quarterly earnings report that second-quarter provisioning for credit losses was $615 million, reflecting net provisions related to credit card and point-of-sale loan portfolios. If not for the reserve reduction related to the repayment of a term deposit with the now-collapsed First Republic Bank FRCB the losses could have been worse. The Platform Solutions business segment of which Apple Card business is part of reported revenue of $659 million, up 17% quarter-over-quarter and 92% year-over-year. The segment, however, recorded a net loss of $672 million, dragged by $544 million in provision for credit losses and $987 million in operating expenses. See Also: Best Financial Services Stocks Right Now Why It's Important: Goldman is trying to wriggle out of its partnership with Apple and is trying to transition the Apple credit card portfolio to American Express, a Wall Street Journal report said in late June. Goldman first struck a consumer lending partnership with Apple in 2019, offering an Apple credit card paired with the iPhone. Earlier this year, the two companies jointly announced a high-yielding savings account for Apple card users. They also collaborate on the tech giant's "Pay Later" service in the U.S., which allows users to split purchases into four installments spread over six weeks with no interest and fees. In 2022 alone, Goldman's Platform Solutions division lost $1.2 billion. Read Next: Apple Now Offering Savings Account With 4.15% Interest, Allowing Card Users To Get Paid On Their Cash Photo by Eui Jong Kim on Shutterstock
Johnson & Johnson, Tesla And 3 Stocks To Watch Heading Into Thursday - Abbott Laboratories (NYSE:ABT), American Airlines Group (NASDAQ:AAL) 2023-07-20 - Wall Street expects Johnson & Johnson JNJ to post quarterly earnings at $2.62 per share on revenue of $24.66 billion before the opening bell. Johnson & Johnson shares gained 0.2% to $159.09 in after-hours trading. to post quarterly earnings at $2.62 per share on revenue of $24.66 billion before the opening bell. Johnson & Johnson shares gained 0.2% to $159.09 in after-hours trading. Tesla Inc TSLA reported better-than-expected earnings and sales results for its second quarter, but said operating margin narrowed to 9.6% from 14.6% in the year-ago period. Tesla shares fell 4.2% to $279.07 in the after-hours trading session. reported better-than-expected earnings and sales results for its second quarter, but said operating margin narrowed to 9.6% from 14.6% in the year-ago period. Tesla shares fell 4.2% to $279.07 in the after-hours trading session. Analysts are expecting American Airlines Group Inc. AAL to have earned $1.58 per share on revenue of $13.74 billion for the latest quarter. The company will release earnings before the markets open. American Airlines shares rose 2.2% to $19.00 in after-hours trading. Netflix, Inc. NFLX reported upbeat earnings for the second quarter, while sales missed expectations. Netflix shares fell 8.1% to $438.70 in the after-hours trading session. reported upbeat earnings for the second quarter, while sales missed expectations. Netflix shares fell 8.1% to $438.70 in the after-hours trading session. Analysts expect Abbott Laboratories ABT to report quarterly earnings at $1.05 per share on revenue of $9.70 billion before the opening bell. Abbott shares rose 0.3% to $107.60 in after-hours trading. Read This Next: Top 5 Risk Off Stocks That May Crash This Month
Google Is Testing AI-Powered 'Genesis' For Journalists That Can Write News Articles - Alphabet (NASDAQ:GOOG), Alphabet (NASDAQ:GOOGL) 2023-07-20 - Alphabet Inc‘s GOOG GOOGL Google is currently testing a product, internally known as “Genesis” that employs artificial intelligence technology to generate news stories. The tool is being pitched to news organizations including The New York Times, The Washington Post, and News Corp, owner of The Wall Street Journal, The New York Times reports. Genesis: The AI News Generator: Genesis is designed to ingest information, such as details of current events, and generate news content. This innovative tool could potentially revolutionize the way news is produced and disseminated. See Also: California Powerball Player Strikes Gold, Wins $1.08B, Third Largest Jackpot Ever Implications for News Organizations: While the potential benefits of such a tool are vast, questions arise about the role of human journalists and the future of journalism. AI in journalism also raises concerns about the credibility of information. "If this technology can deliver factual information reliably, journalists should use the tool. If, on the other hand, it is misused by journalists and news organizations on topics that require nuance and cultural understanding, then it could damage the credibility not only of the tool but of the news organizations that use it,” said Jeff Jarvis, a journalism professor and media commentator. Read Next: Elon Musk’s Scooby-Doo Meme Boosts Dogecoin Value By $320M: DOGEs FTW Image via Shutterstock
China says two policies to support business coming soon 2023-07-20 - A view of high-rise buildings is seen along the Suzhou Creek in Shanghai, China on July 5, 2023. BEIJING — China's economic planner said Thursday that two new policies for supporting non-state-owned businesses will be launched soon. While it did not specify a date, the policy plans come a day after China's top party and government leadership announced lengthy "opinions" on supporting non-state-owned businesses. Business sentiment has generally soured amid lackluster economic growth after China's initial recovery from the pandemic. The last three years have also seen heavy-handed crackdowns on internet platform companies, the education and gaming sectors as well as real estate developers. But even as growth slows, a long-standing debt overhang, among other issues, has made Beijing reluctant to embark on large-scale stimulus. The two forthcoming policies will focus on promoting business investment and their overall development, Li Chunlin, deputy director of the National Development and Reform Commission, said in Mandarin, translated by CNBC. He was speaking at a press briefing Wednesday about developing the non-state-owned part of the economy.
Singapore and Lisbon top ranking of the cities with the biggest surge in prime rents 2023-07-20 - Private apartments are seen against the backdrop of the Marina Bay Sands hotel and the Singapore Flyer observatory wheel in Singapore on March 23, 2022. Rents in prime residential areas increased the most in Singapore, Lisbon and Berlin in the first half of the year, according to a new research report by real estate services company Savills. Data from the British company showed prime rents in Lisbon surged the most by 13.9% from Dec 2022 to June 2023, followed by Singapore at 13.6% and 9.2% for Berlin during the same period. Lisbon and Singapore's rental markets have experienced high levels of price growth over the last 18 months, with rents increasing by more than 40%, Savills said, attributing it to an increase in demand for prime homes from international tenants. The increase in Berlin's prime rents was, however, due to an influx of rich residents, the research said. The significant hike in Singapore's prime rents was due to construction delays during the Covid-19 pandemic. But 18,000 private residential units are set to be completed this year, and a mild correction in prices are expected to be seen, Alan Cheong, executive director at Savills Research and Consultancy, said. However, Cheong highlighted that prime luxury rents in the city-state could still rise about 15% year-on-year with the increase front loaded to the first half of 2023.
TSMC reports first profit drop in 4 years as electronics demand slump continues 2023-07-20 - A woman walks past a Taiwan Semiconductor Manufacturing Company (TSMC) logo at the Hsinchu Science Park in Hsinchu on July 5, 2023. (Photo by Sam Yeh / AFP) (Photo by SAM YEH/AFP via Getty Images) Taiwan Semiconductor Manufacturing Company , the world's largest chipmaker, posted a second-quarter profit plunge Thursday as demand for consumer electronics continues to slump. Here are TSMC's second quarter results versus Refinitiv consensus estimates: Revenue: 480.84 billion New Taiwan dollars ($15.68 billion), vs. NT$478.83 billion expected 480.84 billion New Taiwan dollars ($15.68 billion), vs. NT$478.83 billion expected Net income: NT$181.8 billion, vs. NT$172.55 billion expected TSMC reported revenue slipped 10% from a year ago to NT$480.84 billion, while net income fell 23.3% from a year ago to NT$181.8 billion. The company had previously forecast second-quarter revenue between $15.2 billion and $16 billion. TSMC said business was impacted by macroeconomic headwinds "which dampened the end market demand, and led to customers' ongoing inventory adjustment." This is the company's first quarterly net income decline since the second quarter of 2019. TSMC forecast third-quarter revenue between $16.7 billion and $17.5 billion. "Moving into third quarter 2023, we expect our business to be supported by the strong ramp of our 3-nanomenter technologies, partially offset by customers' continued inventory adjustment," Wendell Huang, CFO of TSMC said. TSMC makes chips for Apple's iPhones. Apple's next processor for its iPhone is rumored to be based on the 3-nanometer process technology. Apple typically releases its latest iPhone in September so it is likely ordering chips from TSMC in the third quarter. The nanometer figure refers to the size of each individual transistor on a chip. The smaller the transistor, the more of them can be packed onto a single semiconductor. Typically, a reduction in nanometer size can yield more powerful and efficient chips. However the company's repeated warning on "inventory adjustment" is likely to continue to weigh on revenue.
Here are the biggest reasons jobs could disappear — and A.I. isn't one of them 2023-07-20 - Fears about artificial intelligence leading to job losses have spread in recent months, but other economic factors may be much bigger risks. Fears about artificial intelligence-powered technologies and tools taking over work currently done by humans have intensified since ChatGPT went viral late last year. As it soared in popularity, the capabilities and potential of AI became increasingly clear and more well known among the public. Alongside this, a debate has erupted over how the tech might impact people's careers. And while experts say that AI will undoubtedly have an impact on jobs and at least partially automate them, they also point out that technological advancements often create new roles. How concerned workers should really be is therefore still unclear. And technological developments like the growth of A.I. might not even be the biggest factor behind jobs disappearing in the future, according to a new HSBC report. Using data from the World Economic Forum's "Report on Jobs 2023," HSBC notes that just four macroeconomic trends are expected to lead to the displacement of jobs. The most common factor companies expect to lead to the loss of jobs is slower economic growth. Indeed, just last month the World Bank said it expected the global economy to grow at a much slower rate than last year with 2.1% expected for 2023 compared to 3.1% last year. "The challenges are clear – weaker economic growth and general shortages in supply or demand mean that many firms expect to operate with fewer workers," analysts at HSBC said in the report. "But it's important to remember that not all changes in the economy are expected to mean fewer workers," it added. Companies expect for example the green transition and use of Environmental, Social and Governance (ESG) standards to lead to more jobs.
A new foldable smartphone is becoming as popular as an Apple iPhone model in China 2023-07-20 - Honor released its Magic V2 foldable on July 12, 2023, starting with the China market. Honor BEIJING — On Chinese e-commerce site JD.com's "hot sales" smartphone rankings this week, the Honor Magic V2 foldable vies with Apple iPhone models for the top three spots. Honor, spun off from Huawei, launched its Magic V2 on July 12 with a starting price of 8,999 yuan ($1,245). related investing news Wall Street is bullish on Big Tech heading into earnings — here's what we think Sales officially began Thursday. But a week of pre-sale demand has pushed delivery times for new orders to mid-September, according to JD.com's app, a commonly used platform for buying electronics in China. The Magic V2's 9,999-yuan model ranked second in popularity among JD.com smartphone sales as of Thursday morning, while a 7,799-yuan Apple iPhone 14 Pro ranked first. The iPhone 13 held third place. Honor's new device folds up to be nearly as thin as an iPhone — 9.9 millimeters versus the 14's 7.85 millimeters, without a case. That means the Magic V2 is about three-eighths of an inch thick when folded. watch now Importantly, the foldable phone was able to balance thinness with "reasonable battery life," said Ethan Qi, associate director at Counterpoint Research. "From my perspective, the biggest highlights [for the phone] are the industry's thinnest body (9.9mm) and lowest weight (231g)." Honor claims the Magic V2's battery is just 2.72 millimeters thick and can support about 14 hours of video watching on the phone's unfolded large screen. The iPhone 14 claims about 20-30 hours of video watching on a single battery charge, depending on the bar phone model. "The Magic V2's pre-sales figures in China are a positive indicator and shows the resilience of the premium segment, which bodes well for foldables growth in the country," Qi said. "The premium segment is not very big, but it's the segment everyone wants to win." watch now Competition is growing. Samsung is set to release "slimmer and lighter" foldables at a July 26 event, according to a blog post tease. The company is also promoting that "Join the Flip Side" launch event livestream in China. Samsung's Galaxy Z Fold4 sells for 10,999 yuan on JD.com, while its Galaxy Z Flip3, which opens up like a flip phone, lists a price of 4,699 yuan. Huawei, Xiaomi and Vivo also sell foldables in China in a premium price range. Pocket of growth in smartphone slump
One winning ticket sold for $1.08 billion Powerball jackpot - in Los Angeles 2023-07-20 - $1 billion up for grabs as Powerball and Mega Millions jackpots climb There was one winning ticket sold for Wednesday night's estimated $1.08 billion Powerball jackpot, lottery officials said. It was purchased at the Las Palmitas Mini Market in downtown Los Angeles, CBS News Los Angeles reports. The winning numbers were 7, 10, 11, 13 and 24, with a Powerball of 24. The ticket holder or holders will get to pick either a lump sum payment of $558.1 million or an annuity for the $1.08 billion. Both figures are before taxes. Late ticket sales propelled the jackpot past its earlier estimate of $1 billion. The drawing had more than 4.8 million winning tickets overall and lower-tier cash prizes worth $85.1 million. It was the second time in eight months that a $1 billion Powerball ticket was sold in Los Angeles County, CBS News Los Angeles points out. In November, a lucky man at Joe's Service Center in Altadena correctly guessed the numbers accompanying the world-record Powerball jackpot of $2.04 billion. The jackpot had been swelling since April 19, when a ticket bought in Ohio won a $252.6 million jackpot. Before Wednesday night's drawing, no one had matched the five white balls and red Powerball in the past 38 chances to win. The $1.08 billion grand prize is the third largest in the game's history since it started in 1992. Last year, a single ticket sold in California won the $2.04 billion world record jackpot, and the game's second-largest grand prize of $1.586 billion was split among winners in California, Florida and Tennessee. Earlier this year, a ticket sold in Washington state won a $754.6 million jackpot, the game's sixth largest. Wednesday night's pot of gold was the sixth largest in U.S lottery history. The odds of winning the Powerball jackpot are 1 in 292.2 million. In Mega Millions, an estimated $720 million jackpot is up for grabs Friday night after no one matched all six numbers in Tuesday night's drawing. Those winning numbers were 19, 22, 31, 37, 54 with a Mega Ball of 18. If someone wins Friday night, the cash option would be an estimated $369.6 million. The odds of winning the Mega Millions jackpot are 1 in 302,575,350. The two jumbo-sized jackpots spurred some people to pool their money and buy tickets by the dozen in the hopes of winning big. In Southern California, a woman bought 50 lottery tickets on Tuesday at a 7-Eleven for her and her co-workers, CBS News Los Angeles reported. "I already told them today: If I win tonight, I'm not even coming in, for sure, they know," the woman told the station. "My boss is in on this with me." Powerball tickets cost $2 each and are sold in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Powerball drawings are held every Monday, Wednesday and Saturday at 10:59 p.m. ET. -- Brian Dakss contributed to this report
Why are Hollywood actors on strike? 2023-07-20 - Some 65,000 Hollywood actors have taken up picket signs as of last week, bringing productions to a halt as they fight for higher pay amid inflation and a rapidly evolving entertainment industry. Performers say the annual pay they've come to rely on, which is based on residuals from movie and television appearances, has plummeted in the age of streaming, making it impossible for the vast majority of actors to earn a living. According to the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA), the studios — a group that includes Apple; Amazon; Netflix; NBCUniversal; Sony and Paramount, the parent company of CBS News — have refused to negotiate pay raises for performers and the sharing of streaming revenue. "Most of my members don't even meet the threshold to get health insurance, which is $26,000 a year, and in most jobs that would be considered a part-time job," SAG-AFTRA President Fran Drescher told "CBS Mornings." "All they're interested in is showing their shareholders how much money they're making and not losing," Drescher said of the studios. "It's very strange. I don't understand why people don't just do the right thing, why their whole culture doesn't shift at having character." The Alliance of Motion Picture and Television Producers, which represents the studios, says the union has "mischaracterized" their position. "The deal that SAG-AFTRA walked away from on July 12 is worth more than $1 billion in wage increases, pension & health contributions and residual increases and includes first-of-their-kind protections over its three-year term, including expressly with respect to A.I.," AMPTPT said in a statement. Here's what to know about the issues at the center of the strike. What is the actors strike about? There are two main points of disagreement, according to SAG-AFTRA. The actors are asking studios for higher pay and to tighten regulation on the use of artificial intelligence in creative projects. In terms of pay, actors want an 11% raise to baseline rates this year and an 8% raise over the next two years — to make up for the blistering inflation of the last two years, according to a document shared by SAG-AFTRA. The studios have countered with an offer of 5% this year and 7.5% in the next two years, according to the document. The AMPTP said its offer to the unions included "the highest percentage increase in minimums in 35 years." What does streaming have to do with the actors strike? Actors also want to make up for what the union has called an erosion in residuals payments — pay that performers get when a movie or TV episode they appear on re-airs, which in previous decades has supplied steady incomes to actors who aren't big stars. The advent of streaming services has upended those payments, endangering what was once a stable career. Streaming services don't pay actors each time an episode of a show or a movie they appear in is viewed. Instead performers are paid a smaller amount to have shows or movies available on the platform. Consequently, actors earn far less for streaming work, even when starring in prominent roles on hit series. "The current model devalues our members and affects their ability to make ends meet," said Duncan Crabtree-Ireland, SAG-AFTRA's chief negotiator, in a press conference last week. Brandee Evans, who appeared on 17 episodes of the Starz series "P-Valley," recently shared a TikTok video showing three residuals checks that together totaled $8.67. Actor Mark Proksch recently told The Wrap that he makes more in residuals from his guest-star role in 19 episodes of "The Office," which ended in 2013, than he does after four seasons as a leading cast member of FX's "What We Do In the Shadows." Mandy Moore, who starred in the hit NBC show "This Is Us," said she's received streaming residuals checks for as low as 1 penny. SAG has proposed that its members should have a share in revenue from streaming platforms, which the studios rejected, according to the document. What's the role of A.I. in the actors strike? Artificial intelligence is another sticking point in the talks. The actors want strong protections against their likenesses being used to train artificial intelligence, and reassurance that they won't be replaced by A.I. — something SAG-AFTRA's head called "an existential threat." The prospect of being replaced with a digital copy is especially frightening for background actors, for many of whom a small role amid a large cast can provide a career break. Crabtree-Ireland called A.I. an "existential threat" to the acting profession. "They proposed that our background performers should be able to be scanned, get paid for one day's pay, and the company should be able to own that scan, that likeness, for the rest of eternity, on any project they want, with no consent and no compensation," he said of the studios' proposal. However, an AMPTP spokesperson denied that characterization. The studios' latest proposal "only permits a company to use the digital replica of a background actor in the motion picture for which the background actor is employed. Any other use requires the background actor's consent and bargaining for the use, subject to a minimum payment," the spokesperson told CBS MoneyWatch. How much do actors make? While a small number of big stars can make eye-popping paydays in the tens of millions of dollars for a film, most working actors, who aren't household names, earn far less. Roughly 87% of SAG-AFTRA members earn less than $26,000 a year from acting, according to figures widely cited by members, making them ineligible for health coverage through the union. Nationally, actors' median pay last year was nearly $18 an hour, according to the Bureau of Labor Statistics — meaning half of all actors earn less and half earn more. In California, average hourly pay for actors is $27.73, while in New York, it's $63.39. Such hourly rates could translate into a lucrative payday if applied to full-time work. However, as acting work is usually intermittent and not year-round, most actors earn very little, and many hold other jobs in addition to acting. Actors who manage to reach the very highest pay levels do make bank, with the top 10% making an hourly rate of $109, according to the BLS. Some CBS News staff are SAG-AFTRA members. But they work under a different contract than the actors and are not affected by the strike.
"Am I crossing picket lines if I see a movie?" and other Hollywood strike questions 2023-07-20 - You watch movies and television. And now you're wondering what role you play as a consumer of entertainment amid the dual Hollywood strikes — a pitched battle with actors and writers on one side, and studios and streaming services on the other. We have answers to how they affect you. Movies slated for release this summer will still hit theaters as planned. Many premieres promoting the films, however, have been cancelled, for one because striking writing actors are banned from advertising their work, which includes attending events like screenings. No boycotts yet But fans can still support the industry by purchasing tickets to highly anticipated summer releases, as the unions have not called for any boycotts of theaters or streaming services. Instead, the guilds have asked supporters who aren't members to advocate for them on social media and donate to community funds. Some guild members have explicitly said that watching their programs on the streaming services where they are available actually helps their case. While late-night shows remain on the air, no new episodes have been produced since the writers strike began. Other series have banks of unaired episodes to tide them over until striking writers and actors reach agreements with the Alliance of Motion Picture and Television Producers (AMPTP). When will the pipeline dry up? It's unclear how much new content there is left to air. So far, the writers' strike has most seriously affected TV production. Now, the actors' strike has halted the bulk of film production. Broadcast shows like "Abbott Elementary" will not return with new episodes by early fall, regardless of whether the strikes are settled by then. The same goes for streaming hits including "Stranger Things." Movies that have wrapped — meaning their scripts were already written and actors already delivered performances — are often released months or even years later, so expect a steady stream of content. On the live theater front, stage actors in plays and musicals are governed by the Actors' Equity Association, a different union that is not currently on strike. It has, however, expressed solidarity with Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) and some actors are members of both unions. Will I be able to watch the Emmys? The Emmys are still set for Monday, Sept. 18. But history shows that award shows that proceed during strikes turn out to be bleak affairs. And Emmy award campaigning will certainly be affected — SAG-AFTRA and WGA members aren't allowed to take part in "for your consideration" events under their strike notices and they wouldn't be able to accept awards for projects produced by struck companies. Actors and writers can use social media to boost the visibility of their cause. Guild members are actively posting content using strike-related hashtags to amplify their messages, but cannot promote titles like "Barbie" and "Oppenheimer." "Yes! Promote yourself as an artist, a fashion icon, a union activist, a commercial actor, and a proud SAG-AFTRA member. You can also promote brands using our groundbreaking Influencer Agreement or start a podcast," the SAG-AFTRA strike website advised members wondering if self-promotion is permitted.
Here's how much money a grocery rewards credit card can save you 2023-07-20 - Store-brand and bank-issued credit cards can offer consumers robust perks and savings on everything from gas to groceries to travel. But when it comes to groceries — a staple of every household's budget — when is a special credit card worth it, and how do you a pick the card that will save you the most money? The basic premise of grocery rewards credit cards is that when you purchase food from a qualifying retailer, you earn extra points or cash back on that spending, which translates into meaningful savings over the course of a year. A family that spends roughly $100 a week on groceries can earn more than $300 cash back in a year depending on where they shop and what kind of card they use, according to a new LendingTree report. But both where you shop and what you buy factor into how much you can save. For example, grocery purchases at some of the largest retailers in the U.S. won't count toward rewards with some types of cards. Store-brand or bank-issued card? If you concentrate your grocery purchases at one retailer, such as Target or Walmart, a store-brand credit card likely makes sense. If you spread your grocery shopping out over multiple retailers, a bank issued card is likely the way to go. "You can have cards from favorite brands that you're loyal to, or you can have cards that get you points anywhere," said Matt Schulz, chief credit analyst at LendingTree. "For some folks, because people tend to be super loyal to their grocery stores, it can be worth getting a store card as opposed to a broader grocery rewards credit card. It all depends on the particulars of the card and your spending habits as well." Picking the right card Consumers can choose from more than 90 credit cards that offer rewards for grocery shopping, according to LendingTree's analysis of more than 200 credit cards. First off, most cards will limit what kinds of groceries earn rewards, as well as the types of retailers where consumers can make their purchases. For example, if you shop with an American Express Blue Cash Preferred card, groceries purchased at "superstores, convenience stores, warehouse clubs and meal-kit delivery services" aren't eligible for rewards. Shoppers must frequent genuine "supermarkets" to earn cash back, which leaves out popular warehouse stores like Costco or Walmart. A number of credit providers exclude these kinds of retailers from rewards programs because of the sheer breadth of goods they sell. For example, at Costco, you can buy both perishable groceries and personal electronics. Store brand cards If you exclusively make grocery purchases at a single store, such as Kroger or Target, opting for a store card is likely to maximize savings. For example, someone who does the bulk of their grocery shopping at Target can get 5% off a variety of goods — including groceries — with the Target REDcard credit card. If you're not loyal to a particular retailer, the cards offering the biggest earnings — 6% cash back — according to LendingTree's analysis, are: American Express Blue Cash Preferred card. Shoppers can earn 6% on up to $6,000 in purchases at U.S. supermarkets, followed by 1% on additional spending. After year one, there is a $95 annual fee. Shoppers can earn 6% on up to $6,000 in purchases at U.S. supermarkets, followed by 1% on additional spending. After year one, there is a $95 annual fee. American Express Surpass Hilton Honors card. This card earns shoppers 6X bonus points on each dollar spent on eligible purchases at grocery stores. It has a $95 annual fee. What you buy and how you pay for it matters Even when shopping at a qualifying retailer, card issuers can deem some purchases ineligible for rewards. "Even with specific stores there are still some nuances and some little details that you need to know because some of them may give you more rewards if you buy your groceries online, or buy store brand goods," Schulz said. For example, the Chase Sapphire Preferred Card gives shoppers 3X points on online grocery purchases only. If you make them in-store, they don't qualify for rewards. Products such as alcohol and tobacco, even when purchased at the supermarket, don't earn rewards either. And in some cases, shoppers can't use digital payment systems, like Apple Pay, to rack up savings. "it's important to know yourself before you apply for one of these cards because the best card for you depends on your spending habits," Schulz said. "Do a little homework, read the details of the card — otherwise you can end of up finding yourself disappointed and not getting the rewards bang for your buck you were hoping for."
Americans snap up AC units, fans as summer temperatures soar higher than ever 2023-07-20 - Americans are scrambling to buy AC units, fans, cooling mats and other products to help beat the heat, as temperatures soar to record highs across the country. Amazon sales for air conditioners shot up 248% over the past 30 days, compared with the same period last year, with portable AC unit sales rising 208%, according to data analytics platform Jungle Scout. Sales for cooling gel patches and cooling pads for pets rose 226% and 365%, respectively. Consumers are searching for ways to stay cool as a dangerous heat wave sweeps across the U.S. On Saturday, temperatures in the Southwest reached triple digits. The blistering temperatures have prompted officials to place more than a third of Americans under extreme heat advisories. It's getting hotter every year The heat wave comes as global temperatures continue to rise due to climate change, scientists say. In North America, the temperature has increased at an average rate of 0.49°F each year since 1981, data from the National Oceanic and Atmospheric Administration shows. The rising temperatures have prompted people to use their air conditioners and fans more often, which is straining the U.S. power grid. Use of air conditioning units is likely to grow as temperatures continue to climb. The U.S. air-conditioning market was estimated to be worth $188 billion in 2023, a number that could increase to about $252 billion by 2028, according to market research firm Mordor Intelligence.