Latest News
See the latest news and get GPT analysis of articles
Maui leaders target vacation rentals in proposal to house more locals 2024-06-25 19:36:00+00:00 - Alicia Humiston bought her condo in Lahaina after she visited Maui and fell for its rainforests, lava fields and the whales that gather offshore. She travels there about three times a year and rents out her unit for short periods when she's not in Hawaii. "Maui was my dream place," she said in a phone interview from her home in Coeur d'Alene, Idaho. But now Maui's mayor wants to make it impossible for Humiston and thousands of other condo owners to rent their properties to tourists. Instead, he wants them rented long-term to Maui locals to address a chronic housing shortage that reached a new crisis point after last August's deadly wildfire burned the homes of 12,000 residents. The mayor's proposal faces multiple legislative and bureaucratic hurdles, starting Tuesday with a Maui Planning Commission meeting. Yet it has inflamed an already-heated debate about the future of one of the world's best-known travel destinations: Will Maui continue to cater to tourists, who power the local economy? Or will it curb tourism to address persistent complaints that visitors are overwhelming the island's beaches and roads and making housing unaffordable? About one-third of Maui's visitors use vacation rentals. They tend to cost less than hotels and are easy to reserve on websites like Airbnb and VRBO. Many have kitchens, so families can prepare their own food. They have also become a source of strife, particularly after last year's conflagration in Lahaina — the deadliest wildfire in the U.S. in more than a century. The fire tore through the historic town, killing at least 115 people, and leaving nothing but rubble and ash for blocks. Residents whose homes burned to the ground received solicitations from off-island real estate investors to scoop up their land. Thousands of displaced locals were temporarily housed in hotels usually reserved for tourists, and most survivors still lack stable housing. Even before the fire, University of Hawaii researchers say so many property owners were renting to tourists — and so few new dwellings were being built — that Maui County suffered a net loss of housing since 2019. An analysis of property tax records shows 85% of Maui County's condos are owned by out-of-state residents, said Justin Tyndall, an assistant professor at the University of Hawaii Economic Research Organization. Transitioning them would boost Maui's residential housing stock by 13%, which Tyndall said would almost certainly lead to lower buying prices and rents. Maui Mayor Richard Bissen believes that under his proposal, those lower rents would keep locals on Maui because absentee landlords would be forced to either sell their units or convert them to long-term rentals. There are 7,000 condo units in apartment zones, including 2,200 in West Maui near the Lahaina burn zone, and they account for about half of Maui's legally operated short-term rentals. If enacted, the change would take effect in West Maui no later than July 1, 2025, and Jan. 1, 2026 elsewhere. "My priority is housing our local residents" "We understand that there's going to be a give and take. So the question is, what is most important?" Bissen said at a news conference last month. "My priority is housing our local residents - especially now." Humiston, president of the Hawaii Rental By Owner Awareness Association, which opposes the bill, won't sell her one-bedroom, oceanfront condo that she bought two decades ago if the bill became law. She also doesn't plan to rent it long-term. "It would take my ability to use my property. And I bought it for my use," she said. "I love it there." Some warn that reducing the supply of lodging for visitors will ruin the tourism industry Maui's economy depends on, though backers of the mayor's bill say many vacation rentals will remain and hotels will have empty rooms visitors can stay in. Hawaii economist Paul Brewbaker calculates that changing the rules for the affected units, which account for one-third of Maui's visitor accommodations, would result in 33% fewer tourists and cost Maui 14,000 jobs. He called it a "slow-motion train-wreck" that would lead to an "economic crash and burn." Maui County Chair Alice Lee said that while housing for residents is a real concern, the council must also consider legal challenges from property owners and the potential hit on tax revenue. The county collects $500 million in real property taxes annually and more than 40% comes from short-term rentals, which are taxed at a higher rate than owner-occupied residences, she said. "We are being sued by over 600 people regarding the fire. We have that many lawsuits pending. Do we really want to put ourselves in a position to invite thousands more?" Lee said. "I really don't think so, because my main concern right now, at this very moment, is to pay the bills and keep the lights on." The county has budgeted $300,000 to study the bill's impact on tax revenue and businesses like landscaping and cleaning services. Jeremy Stice, a real estate agent who was born and raised on Maui, and his wife have spent 12 years building a company that today manages more than 40 vacation rental properties, mostly for other owners. About half of them would be affected by the measure, said Stice, who is also president of the Maui Vacation Rental Association. Stice isn't sure local residents would buy — or could afford — short-term rental units even if they do become available for permanent housing. For example, a studio in Papakea, one of the targeted condo complexes, would sell for about $600,000, he said. A 30-year-fixed mortgage at current interest rates, plus the homeowner association fees, would total about $5,000 a month for a small space, he said. If locals don't buy them, and tourists don't rent them, it's possible the units would sit mostly empty as second homes for wealthy absentee owners — an even worse outcome. To prevent that, the county should raise taxes on second homes, create incentives to promote long-term rentals and prioritize new housing construction, said Matt Jachowski, a Maui housing data consultant. "The only way out of this housing crisis is to do everything — to do everything in our power to add more resident housing," he said.
Gossamer Bio's Clean Safety Profile Differentiates It From Merck, Analyst Says - Gossamer Bio (NASDAQ:GOSS) 2024-06-25 19:35:00+00:00 - Loading... Loading... Oppenheimer initiated coverage on Gossamer Bio Inc GOSS, a clinical-stage biopharmaceutical company, with an Outperform rating and a price target of $9. Gossamer Bio is focused on developing and commercializing seralutinib for pulmonary arterial hypertension. It stands out with its clean long-term safety profile, Oppenheimer said. Competitors like Merck & Co Inc’s MRK Winrevair require frequent monitoring for hemoglobin increases, thrombocytopenia, and gastrointestinal bleeding. It may require dose reductions or drug holidays. In May, Gossamer Bio and Italy-based Chiesi Farmaceutici S.p.A entered a global collaboration and license agreement to develop and commercialize seralutinib. Following the readout of the Phase 2 TORREY Study in patients with PAH, Gossamer initiated the Phase 3 PROSERA Study in 2023. Gossamer and Chiesi plan to initiate a global Phase 3 registrational study in pulmonary hypertension associated with interstitial lung disease (PH-ILD) in mid-2025 and to evaluate seralutinib in additional indications. Oppenheimer says including Japanese trial sites could help seralutinib gain approval in Japan, the world’s second-largest PAH market, and attract potential partnerships. Additionally, delays for WInrevair in Europe underscore the importance of opportunities outside the U.S. Seralutinib’s safety and efficacy profile are “a preferred choice among severe PAH patients who are not adequately served by currently available therapies (~65% take 2-3 drugs),” analysts noted. The analyst adds that Gossamer has strategically positioned seralutinib to enter large, underserved markets such as Japan. “We see shares trading below cash as creating an attractive entry point at current levels.” With pro forma cash of $396 million providing sufficient runway into the second quarter of 2026 and shares currently trading below cash, this can be seen as an attractive entry for long-term investors. Price Action: GOSS shares are up 21.1% at $1.00 at last check Tuesday. Now Read: Chipmakers, Cruise Lines, Crypto Rally, Nvidia Reclaims $3 Trillion; Blue Chips, Small Caps Dip: What’s Driving Markets Tuesday?
Donald Trump's Manhattan gag order partially terminated by judge 2024-06-25 19:32:55+00:00 - Donald Trump can now speak out against witnesses and the jury from his New York criminal trial without violating a gag order. With the verdict rendered, Judge Juan Merchan terminated that portion of the order Tuesday. The order is still in place for lawyers and staff (besides District Attorney Alvin Bragg), court staff (besides Merchan himself) and their family members (including Bragg’s and Merchan’s families). That’s because the overall proceeding is ongoing ahead of Trump’s July 11 sentencing. Until then, Merchan wrote, those parties “must continue to perform their lawful duties free from threats, intimidation, harassment, and harm.” Following the guilty verdict, prosecutors didn’t oppose terminating the order as it applied to witnesses but did want to keep protections for jurors. Merchan wrote that he wanted to keep protecting them, too, but could no longer do so via the gag order at this stage. He noted, however, that separate protections regulating disclosure of juror information are still in effect, so Trump remains limited in that regard. Merchan previously found the defendant in contempt 10 times and fined him for violating the order. Last week New York state’s top court rejected Trump’s appeal challenging the order. The narrowing of Merchan’s order is a reminder that it served a limited but important purpose: to protect the integrity of the proceedings. So Trump can now make statements that he couldn’t lawfully have made during the trial; and when the order is finally terminated, Trump can make further statements that could’ve carried legal consequences under the order. That doesn’t mean that he can violate any other laws that might apply (which he was never allowed to do). Ultimately, not every dangerous statement that Trump makes will violate the law or a court order. The court of public opinion, however, is always free to judge the remarks of the presumptive GOP presidential nominee, who’s set to debate President Joe Biden on Thursday. Subscribe to the Deadline: Legal Newsletter for weekly updates on the top legal stories, including news from the Supreme Court, the Donald Trump cases and more.
Trump's VP announcement could come as early as this week 2024-06-25 19:32:00+00:00 - Former President Donald Trump could announce his vice presidential pick as early as this week, possibly ahead of Thursday's debate, according to four people familiar with the situation. Trump has said publicly that he intends to announce his pick shortly before, or at, the Republican convention next month. But there have been high-level discussions in recent days within the Trump campaign about moving that timeline up and making a splash sooner, according to these sources, who requested anonymity to speak frankly. The sources also cautioned that the timing is not yet final, and the decision could still happen closer to the convention. After this story published, Trump campaign senior adviser Chris LaCivita tweeted, "yes ..it could come as soon as today …or …sometime in mid july !!" Trump will be in Atlanta on Thursday for his first 2024 debate against President Joe Biden. He has a rally scheduled Friday in Virginia. The planning comes less than a month before the Republican National Convention, which is set to begin July 15 in Milwaukee. Four days prior, Trump is due to be sentenced for his conviction in New York on 34 counts of falsifying business documents related to hush money payments to cover up a sexual encounter with adult film star Stormy Daniels, an affair he has denied occurred. That gives him a limited window in which to introduce his running mate to the public. NBC News reported Friday that North Dakota Gov. Doug Burgum, Ohio Sen. JD Vance and Florida Sen. Marco Rubio were still high on the list of potential VP picks. Trump said over the weekend that he knows whom he will choose and that his running mate would be present for the debate, which will be hosted by CNN in Atlanta. Rubio, Vance and Burgum are all expected to be in town for the debate. People familiar with discussions about a pre-debate announcement had differing views about Trump's leanings. One said he is eager to fill his ticket before he squares off with Biden. Another source said he would like the opportunity to throw a curveball to distract Biden before they meet but understands that such a move could create logistical and political complications. "Early last week, there was a definitive shift away from an announcement timed with the start of the convention," said a third person familiar with the planning. Trump's official spokespeople have regularly tamped down speculation about the timing of an announcement and the identity of Trump's running mate, and they did so again Tuesday. "As President Trump has said himself, the top criteria in selecting a vice president is a strong leader who will make a great president for eight years after his next four year term concludes," Trump spokesman Brian Hughes said. "But anyone telling you they know who or when President Trump will choose his VP is lying unless that person is named Donald J. Trump." Burgum side-stepped a question from NBC News Tuesday about whether he planned to speak with Trump before the debate. "Looking forward to the debate for sure," he said. "We’ll be in Atlanta." He ignored a follow-up question about whether he has talked with Trump about the VP job this week.
A US military aircraft just returned to a WWII airstrip that was once the site of a bloody battle in the Pacific 2024-06-25 19:25:53+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 US military cargo plane returned to a World War II airstrip on Saturday, a site in the Pacific region that Marines had to reclaim. "The landing of the C-130 on the resurfaced runway after many years hopefully begins a new chapter for a prosperous future of Peleliu island," Peleliu Governor Emais Roberts said in a United States Indo-Pacific Command press release. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The Peleliu airstrip, also known as the Sledge runway, was the scene of the 1944 Battle of Peleliu, in which 8,000 Marines and soldiers were wounded, and about 1,800 service members were killed; the Imperial Japanese forces suffered an estimated 10,900 casualties. Related stories Marine Corps Engineer Detachment Palau 24.1 has made efforts to restore the strip since then. The runway was named for Eugene Sledge, an enlisted Marine veteran whose memoir of the desperate Peleliu battle formed a basis for the HBO miniseries "The Pacific." Advertisement U.S. Marines and Sailors with Marine Corps Engineer Detachment Palau, and locals of Peleliu, observe a U.S. Marine Corps KC-130J Super Hercules aircraft with 1st Marine Air Wing, land on a newly designated airstrip on the island of Peleliu, Republic of Palau, June 22, 2024. Lance Cpl. Hannah Hollerud/DVIDS The aircraft's touchdown on the Peleliu airstrip epitomizes the US military's expanding footprint as it recognizes more bases may be needed to counter China's military build-up. Peleliu, an island of Micronesia that belongs to the nation of Palau, is part of the jurisdictions the US military is trying to gain exclusive access to. The island in the southern Philippine Sea may hold renewed strategic value in the face of China's growing missile arsenal. In March, President Joe Biden renewed compacts and secured $7.1 billion dollars for Palau, Micronesia, and the Marshall Islands. This would allow the US to gain access to resources like air, land, and sea territory. Palau citizens would also be permitted to work, study, join the US military, and receive access to veteran healthcare. Advertisement A U.S. Marine Corps KC-130J Super Hercules aircraft with 1st Marine Air Wing on June 22, 2024. Lance Cpl. Hannah Hollerud/DVIDS The US has been scouring the region for other historic airfields that can be rebuilt. Last year, the US checked up on the island of Tinian, a piece of US territory belonging to Guam, where another airfield was heavily used during WWII. In April of this year, it was announced that an airfield construction project would be completed in Tinian and is expected to be finished within five years. US forces have been trying to compete with China's growing military presence, which is capable of striking American bases using long-range missiles it has developed in recent years.
CDC issues dengue fever alert in the U.S. 2024-06-25 19:04:00+00:00 - The Centers for Disease Control and Prevention issued a health advisory Tuesday alerting authorities, health care providers and the public of the increased risk of dengue fever infections in the United States. The alert comes as an unexpectedly higher number of dengue fever cases have been reported across the nation, according to the CDC. A total of 2,241 cases have been reported so far this year in the U.S., including 1,498 cases in the U.S. territory of Puerto Rico, where a public health emergency was declared in March after cases exceeded historical figures. Most of the cases reported in states are travel related, according to the CDC. The centers reported 3,036 dengue cases last year in the U.S. and its territories. This year, the incidence of dengue fever globally has been the highest on record, especially in Latin American countries, where more than 9.7 million dengue cases have been reported. That's twice as many as in all of 2023 (4.6 million cases), according to the CDC. Dengue fever infections have skyrocketed as many nations have reported increasingly hot temperatures, which create ideal conditions for the mosquitoes that spread dengue to hatch en masse and carry higher amounts of the virus. The most common symptom among those who contract the mosquito-borne disease is fever. Other symptoms include serious headaches, nausea, vomiting, rash and body pain. Symptoms can be mild or severe. Most dengue fever patients recover in a week, but in severe cases the disease can be life-threatening and require hospitalization since it can result in shock, internal bleeding and even death. Those who have had dengue in the past are more likely to develop severe symptoms. A person can get sick with dengue fever up to four times in their lifetime — once for each type of virus that can cause the disease, according to the CDC. The latest CDC alert advises health care providers to have increased suspicion of dengue among people with fever, especially if they have recently been in areas with frequent dengue transmission. They're advised to quickly report any dengue cases to public health authorities and promote mosquito bite prevention measures. The CDC said it's also implementing other measures, such as improving and expanding laboratory testing to diagnose cases more effectively, as well as educating the public on the disease and how to prevent it. Some helpful prevention methods include staying in places with air conditioning when possible, using insect repellent and wearing long sleeves and pants to avoid mosquito bites.
AI saved US Bank months of development time on a new brand campaign, says CMO Michael Lacorazza 2024-06-25 19:01:19+00:00 - Link icon An image of a chain link. It symobilizes a website link url. Link icon An image of a chain link. It symobilizes a website link url. Copy Link Link icon An image of a chain link. It symobilizes a website link url. Copy Link Twitter LinkedIn icon LinkedIn Link icon An image of a chain link. It symobilizes a website link url. Copy Link Share icon An curved arrow pointing right. Share icon An curved arrow pointing right. Twitter LinkedIn icon LinkedIn Link icon An image of a chain link. It symobilizes a website link url. Copy Link Email icon An envelope. It indicates the ability to send an email.
The Guardian view on smoking and public health: the fight against big tobacco continues | Editorial 2024-06-25 18:47:00+00:00 - Seventy years ago, the British government recognised that smoking caused lung cancer, thanks to a breakthrough in medical science. In an interview to mark the anniversary, Sir Richard Peto, a pioneer in this area, highlighted one way in which the discovery was significant. It led, he said, to a boost for public health comparable with 19th-century improvements in sewerage and water quality. The shift in attitudes to smoking did not happen suddenly. The tobacco and vapes bill championed by Rishi Sunak, which fell when he called an election, was the culmination of a decades-long process. If the law is resurrected by the next government – as seems likely given the inclusion of similar measures in Labour’s manifesto – it will become illegal to sell tobacco to anyone born since 2009, and vapes will be more tightly controlled. It seems extraordinary now, but millions of people did not accept that smoking was harmful as late as the 1990s. Sir Richard said that smokers “didn’t emotionally believe it” – so invested were they in their habit, and unwilling to think that the government would allow a dangerous product to be advertised. For decades, the UK government (along with others) opted for voluntary agreements in preference to laws. In one extraordinary episode, Philip Morris, the tobacco company, took out an injunction against Thames TV, because it objected to a documentary using footage of cowboys with lung disease to challenge the “Marlboro man” image. Between 1951 and 1964, about half of doctors in the UK who had been smokers gave up. But a decade later, almost half of all adults still smoked, and as the death toll climbed and evidence emerged of the harm caused by passive smoking, pressure increased. The World Health Organization began referring to a smoking epidemic. Gradually, advertising became more restricted and health warnings were ramped up. The last Labour government ended tobacco sponsorship of sports (though Tony Blair played a role in securing an exemption for Formula One) and, in 2007, banned smoking in indoor public places. In the UK, about 13% of adults (six million people) smoke and tobacco is associated with 80,000 deaths each year. Mr Sunak’s decision to push for tighter controls was out of step with his own party’s instincts. But Chris Whitty, England’s chief medical officer, lent support and drew attention to the hypocrisy of rightwing language around freedom and choice in relation to a harmful addiction. It is 25 years since a Hollywood film, The Insider, dramatised big tobacco’s efforts to muzzle its critics. Since then, awareness has grown of how oil and gas businesses used the same playbook in seeking to create doubt around science that threatened their profits. But in the UK, this year, the tobacco industry lost a crucial argument. The Conservatives’ record on public health is atrocious. Low points have included the delayed cap on stakes at fixed-odds betting terminals, which caused Tracey Crouch to resign in 2018; and Boris Johnson’s rejection of a national food strategy. Rising malnutrition and poor dental health among children track rising poverty and are a grim legacy. The tobacco and vaping industry will continue to lobby politicians, and push new products. But if pre-election promises are kept, people growing up today are likely to gain increased protection from this deadly habit, seven decades after the risks of smoking were established.
Inflation has been higher under Biden, but rising pay more than makes up for it 2024-06-25 18:23:00+00:00 - Still, many consumers appear to be taking little consolation in those strides. While price growth for some common purchases is slowing or even reversing, there are few parts of the economy where prices are outright lower today than pre-pandemic. And while average pay gains have narrowly outpaced inflation, that’s not the case for every household. Inflation remains high — but is slowing Inflation has slipped lately in Americans' rankings of the most important problems facing the country today, according to Gallup. But given the persistence of higher prices, feelings about the economy overall continue to suffer. Gallup's economic confidence index remains in negative territory, despite signs that price growth is slowing. In May, the 12-month change in the Consumer Price Index hit 3.25%. That is down from 3.36% in April and far lower than the 9.1% peak in June 2022. Grocery price growth has dropped to a crawl, climbing just 1% in May since the year before. Gas, too, is now roughly 11 cents cheaper than a year ago. Even excluding volatile food and gas prices, 12-month inflation has slowed every month since October 2022. Wages are growing sustainably Meanwhile, annual wage growth has slowed to 4.1% after hitting a post-pandemic high of 5.9% in March 2022. Still, the latest pace is faster than the roughly 3% seen before the pandemic, reflecting ongoing shortages of workers — particularly those in service roles. In a recent speech, Federal Reserve Governor Adriana Kugler voiced optimism that Americans' pay gains would continue to rise faster than inflation, but not so much that businesses would hike prices up even more to capture more of their spending money. "I want to see Americans experiencing strong wage growth, but for that wage growth to be sustainable, it must be consistent with our inflation target," she said. "Notably, as inflation has come down, real wages have been rising and now exceed pre-pandemic levels, which means that the purchasing power of workers has also been increasing." Causes versus effects But even though pay has broadly outrun inflation, many Americans still don't feel better off than they were a few years ago. One reason is that the tight labor market early in the recovery from the pandemic — where demand for workers exceeded their supply — has pushed wages higher in parts of the economy that quickly feed back to customers. In other words, Americans are encountering the places where price growth has been fastest more frequently. Notably, wages for front-line, in-person sectors — including those hit hardest in the pandemic — like restaurant and retail positions continue to soar. Average pay at “food services and drinking places” has climbed from about $14 an hour to $18 since the start of the pandemic — an increase of nearly 30%, BLS data shows. “There were increased commodity costs. We’ve seen those start to normalize,” Jim Salera, an analyst at the financial firm Stephens, told CNBC in May. “But what continues to be ahead of historical averages is the increase in labor costs that restaurants are seeing.” Last month, McDonald's USA President Joe Erlanger cited higher pay as a factor in the chain's menu price hikes. "The average price of a Big Mac in the U.S. was $4.39 in 2019," he said. "Despite a global pandemic and historic rises in supply chain costs, wages and other inflationary pressures in the years that followed, the average cost is now $5.29. That’s an increase of 21% (not 100%)." Unemployment is rising but still historically low Economists say the labor market will determine the fate of wage growth. At 4%, the unemployment rate as measured in May was at its highest level since January 2022. But that was after 28 straight months of sub-4% unemployment — the longest-such stretch since the late 1960s. Today, the supply and demand for workers is coming back into balance; employers aren't quite as hungry for them, and there are now fewer competing for the available roles. Low-wage workers have been an exception. For months, those earning less than $55,000 have been getting hired at a faster rate than before the pandemic, the financial services firm Vanguard found this spring. As a result, many of the most cost-sensitive consumers have been able to stay afloat, even as budget pressures remain. "Cumulative wage growth since the start of the pandemic has outpaced price growth across the wage distribution, but the most wage growth has been among lower-wage workers," Bank of America economists wrote in a note to clients Tuesday. "This is likely because labor shortages have been the most acute in blue-collar sectors. While recent wage growth has been distributed more evenly across the distribution, the large cumulative wage gains for lower-income consumers since 4Q 2019 have buffered them against the inflation shock."
Summer starts with extreme weather, from record heat to severe flooding 2024-06-25 18:19:00+00:00 - The Summary In the last week alone, extreme weather has wreaked havoc in many parts of the U.S. and around the world. Climate change makes temperature extremes and intense downpours like those seen recently more likely. This year so far is the warmest on record, and ocean temperatures have set new records for more than 15 months. Summer is quickly becoming the season of grim extremes. In the last week alone, record June heat across the Northeast shuttered schools and slowed some trains to a crawl, flooding in the Midwest caused a bridge to collapse and inundated towns across three states, and a tropical storm forced a disaster declaration for 51 Texas counties. The specter of climate change lurks behind many of the recent events. “Last year was, of course, the warmest year on record by a considerable margin. This year, to date, is now again, the warmest on record for this point in June,” Daniel Swain, a climate scientist at the University of California, Los Angeles, and the National Center for Atmospheric Research, said in a briefing Monday. It takes time for climate scientists to understand and calculate the role of global warming in individual weather events, but science shows clearly that the chances of temperature extremes are rising as the world warms. And because a warmer atmosphere can hold — and deliver — more moisture, the risk of intense downpours is more likely, too. Because of that, the thumbprint of climate change is more recognizable in the summertime, Swain said. “It’s not surprising we’re seeing another round of record-breaking heat and record-breaking precipitation. It is exhausting, but I think it’s really important not to put it out of sight and out of mind,” he said. “It usually raises its ugly head in the summer prominently because, of course, the summer in the Northern Hemisphere is the time of year when most people on Earth experience the hottest conditions.” In Iowa, South Dakota and Minnesota over the weekend, extreme rainfall sent floodwaters roaring through communities in at least 80 counties and left the town of Spencer, Iowa — population 11,000 — temporarily cut off from the rest of the state. Nearly 2,000 properties, including hundreds of homes, were damaged in Iowa alone.
International scheme to tax billionaires’ wealth technically feasible, study finds 2024-06-25 18:09:00+00:00 - An international scheme to tax the wealth of the world’s 3,000 billionaires is technically feasible and could net up to $250bn (£197bn) a year in extra revenue, a new report says. A study by the French economist Gabriel Zucman concluded that progress in finding ways to tax multinational corporations meant it was now possible to levy a global tax on individuals – even if not every country agreed to take part. Zucman prepared the report after being invited by Brazil – which now holds the presidency of the G20 group of developed and developing nations – to examine ways of increasing the low levels of tax currently paid by the super-rich. “There is overwhelming public support for this idea,” Zucman said at the report’s launch. “Ten years ago nobody believed 130 countries would support a minimum tax on multinationals. It was thought of as utopian.” The report said billionaires were currently paying an average of 0.3% tax on their wealth – less than the rates paid by workers. Zucman said the average wealth of the top 0.0001% of individuals had grown by 7.1% a year on average between 1987 and 2024, increasing the share of global wealth of billionaires from 3% to 14%. Describing his plan as a top-up to income tax so that billionaires paid an annual tax bill worth at least 2% of their wealth, Zucman said progressive taxation was a “key pillar of modern societies”. International cooperation was needed to prevent a “race to the bottom”, he said, but it was not necessary for every country to sign up for the idea to get off the ground. The US opposes a global tax on wealth, although Zucman said Joe Biden’s budget proposal to tax America’s super-rich was consistent with his plan. Zucman said valuing the wealth of billionaires would be relatively simple because most of it was held in the form of shares. His report said it could be enforced successfully even if all countries did not adopt it, by strengthening current exit taxes (levies on rich people taking their money to a non-participating jurisdiction) and implementing “tax collector of last resort”. This would involve extending to individuals rules that allow participating countries to tax non-participating countries’ undertaxed multinationals. The proposal will be discussed at next month’s G20 meeting of finance ministers in Rio de Janeiro. Oxfam International’s interim executive director Amitabh Behar said: “This is a sensible and serious proposal that is in every government’s strategic economic interest. All G20 countries should support Brazil’s push to secure the first-ever global deal to tax the super-rich.” Phil White, member of Patriotic Millionaires UK, said: “Zucman’s report shows that a coordinated, international approach to taxing the super-rich is the sensible and fair way to address the extreme concentration of wealth. “Addressing billionaire wealth should be viewed as the initial step; if we aim to safeguard democracy from the corrosive effects of extreme wealth, then multimillionaires like me should also be prepared to pay more – and take pride in contributing their fair share.” Extending the plan to those with wealth in excess of $100m (£79m) would raise an additional $100bn-$140bn (£79bn-£110bn) a year, Zucman said.
Why the N.F.L. Put a $7 Billion Antitrust Case in the Hands of an Unpredictable Jury 2024-06-25 17:51:06+00:00 - A pillar of the N.F.L.’s meteoric rise over the past six decades has been its strategy of making nearly all games available mostly free to fans on national networks. The league has stuck to this approach even as Major League Baseball, the N.B.A. and other leagues moved more of their games onto cable and satellite broadcasters and subscription streaming services. The strategy has paid off: Ninety-three of the 100 most-watched programs on television last year were N.F.L. games, according to Nielsen. Yet N.F.L. games are not cheap and ubiquitous enough for all fans. This month, the league has been in federal court in Los Angeles fending off a class-action suit brought by millions of customers who paid for Sunday Ticket, the subscription service on DirecTV that showed all out-of-market games on Sundays. The plaintiffs claim that the N.F.L. colluded with CBS and Fox to artificially inflate the price of the service, which cost roughly $300 a season, because the networks viewed Sunday Ticket as competition. The plaintiffs argue that the N.F.L. dismissed offers to create cheaper services that would have let fans buy games based on teams. They are seeking damages of $7 billion, which could be tripled under antitrust statutes. That could take a significant bite out the league’s annual media rights, which are now worth more than $10 billion a year.
Tesla issues 2 recalls of its Cybertruck, bringing total number to 4 2024-06-25 17:49:00+00:00 - Tesla is recalling the Cybertruck pickup for the fourth time since it was launched late last year to fix problems with windshield wipers that could fail and trim pieces that can come loose. The recall, announced in documents sent to the National Highway Traffic Safety Administration (NHTSA), each affects more than 11,000 trucks. Tesla said its staff first noticed problems with the windshield wipers in February. "On affected vehicles, the front windshield wiper motor controller may stop functioning due to electrical overstress to the gate driver component," the EV maker said in documents to the NHTSA. A wiper that fails can cut visibility, increasing the risk of a crash, the company added. In the other recall, a trim piece along the truck bed can come loose and fly off, creating a hazard for other motorists. Tesla says in documents that the trim piece is installed with adhesive, and that may not have been done properly at the factory. Remedies At no cost to owners, Tesla will replace the wiper motor and replace or rework the trim piece so that it stays on. Owners will be notified of both recalls and respective remedies by letter on August 18. Together, the recalls mark the fourth time Tesla has recalled the stainless steel-clad Cybertruck since it went on sale November 30. In February, Tesla recalled almost 2.2 million vehicles — nearly all of the cars that it had sold in the U.S. — because the font size was too small to read on its instrument panel for its brake, park and antilock brake system warning lights, increasing the risk of a crash. A second recall of nearly 4,000 Cybertrucks was announced in April, due to problems with a faulty accelerator pedal that would potentially dislodge when high force was applied. Continued issues with the Cybertruck are also noteworthy as the vehicle represents Tesla's first and only entry into a lucrative segment within the electric vehicle market: full-sized pickup trucks. Until now, Tesla has made its name by selling sleek sedans, including the Model S and the Model X. Sales and demand for EV pickups have been on the rise since late 2020, according to data from Cox Automotive. The Ram 1500 Rev has garnered the most attention, followed by Ford's F-150 Lightning, the Chevrolet Silverado EV, GMC's Hummer EV and Rivian's R1T, according to Cox. Tesla's long-term growth depends on its ability to offer different types of vehicles as more consumers head down the EV path over the coming years, analysts at Wedbush Securities have said. Tesla's Cybertruck sport utility vehicles, which start at $57,390 and cost up to $96,390, were first delivered to customers in December. — The Associated Press contributed to this report.
Boeing Is Said to Offer Stock to Buy Spirit, Preserving Cash Amid Struggles 2024-06-25 17:28:40+00:00 - In a bid to acquire a key supplier, Boeing has shifted how it plans to pay for the deal, according to two people familiar with the negotiations, a move that could help the plane maker preserve money as it addresses safety and quality problems. Boeing would use stock instead of cash to buy Spirit AeroSystems, said the two people, who were not authorized to speak publicly about the deal. One added that Boeing would pay more than $4 billion for Spirit, which produces aviation parts, including the body of the Boeing 737 Max, the company’s most popular plane. One of the people familiar with the talks said that the decision to shift to stock from cash was not expected to significantly delay a deal, which could be announced as soon as next week. Based on its stock price on Tuesday, Spirit has a market value of more than $3.6 billion. News that Boeing was proposing to use its stock, rather than cash, to buy Spirit was reported earlier by The Wall Street Journal.
NBC Select Travel Awards 2024: The best bags, suitcases and accessories 2024-06-25 17:01:00+00:00 - Over eight weeks, we traveled to Tokyo, Paris and the Caribbean testing bags and luggage — it's a difficult job, but someone's got to do it. As a result of our hard work testing over 150+ travel products, we picked our favorites — introducing our first-ever Best of Travel Awards. We traveled across the globe to Tokyo with hardshell suitcases and packing cubes, commuting to and from our New York City office with weekenders and duffle bags and tried toiletry bags, noise-canceling headphones and more. Below, we rounded up the best suitcases, bags and accessories. SKIP AHEAD Travel Awards suitcases winners | Travel Awards bags winners | Travel Awards accessories winners Best of Travel Awards 2024 suitcase winners Best hardshell suitcases Best overall hardshell suitcase: Away The Bigger Carry-On Away’s The Bigger Carry-On is the best overall hardshell suitcase because it delivered when it came to all of our testing criteria. This Away suitcase, as the name implies, is a subtly larger version of the brand’s standard carry-on suitcase. The bag can fit multiple packing cubes and has ample room for clothing, toiletries and shoes. Additionally, it comes with a TSA-approved lock, which NBC Select associate reporter Bianca Alvarez found useful during her travel testing. “I loved using this carry-on and was able to pack roughly around 10 days worth of clothes with the help of packing cubes,” she says. Best lightweight hardshell suitcase: Quince 21” Carry-On During our testing, we found that the Quince 21” Carry-On balances durability and maneuverability well. NBC Select associate updates editor Zoe Malin tested the bag and loved how well it handled different terrain. “I dragged this bag through the streets of New York, on multiple flights, checked and not checked, and dragged it up flights of stairs and it looks great,” she says. While the bag is prone to some scrapes (the case with many hardshell bags), it comes with a small sponge to help wipe scuffs away. Best budget hardshell suitcase: Bagsmart Carry-On The Bagsmart Carry-On can hold a surprisingly large amount given its size, according to NBC Select managing editor Leah Ginsberg, who tested the bag. “I was really impressed by this carry-on. Its dimensions are smaller than the average carry-on,” she says. “But it held a lot of things and the quality is good for the price.” It also has 360-degree wheels, an adjustable handle with four heights, TSA-approved locks on the zippers, multiple compartments for organizing clothes and an expandable zipper on the side. Best softshell suitcases Thule’s Subterra 2 suitcase is the perfect softshell carry-on for your travel needs, whether you’re using it for a quick trip or taking it on a long-haul vacation. Former NBC Select editorial operations manager Shari Uyehara says that while testing the bag, it “helped make traveling a lot easier” — she loves its sleek, stylish design, and how well it’s held up after multiple trips. It’s made from a polycarbonate shell and a durable nylon/polyester blend that’s designed to be water-resistant and to withstand the impact of travel wear and tear, according to the brand. Malin, who’s never used soft-shell luggage before, says that this suitcase is “ideal to use for a short trip”, because of its spacious yet lightweight design. When testing the suitcase for a weekend trip, Malin says she fit three full day outfits, three pairs of pajamas and three workout outfits inside of the suitcase’s main compartment, plus underwear, bras and socks. It’s made from Calpak’s puffy, polyester Luka material, which the brand says is designed to withstand travel. Best of Travel Awards bags winners The best duffel bags Best overall: Calpak Luka Duffel With its spacious main compartment, exterior and interior pockets, exterior shoe compartment and trolley sleeve, this bag makes for the perfect travel and daily duffel. “I love that I can use this bag for trips as well as in my everyday life as a gym bag. Zoe Malin, NBC Select associate updates editor says, “The size of this bag and how lightweight it is makes it a perfect workout bag for me. I put my sneakers, a change of clothes, weights, a towel, toiletries and a water bottle inside it to go to yoga after work.” Best large capacity: Patagonia Black Hole Duffel Patagonia’s Black Hole Duffel comes in four sizes — 40L, 55L, 70L and 100L — so you can choose the capacity that’s best for your travels. The duffle is made from 100% recycled fabrics, plus it has a durable and weather-resistant exterior. On the inside, this spacious bag has interior pockets that are similar to a carry-on suitcase. It also closes and opens easily since the zippers glide easily, says Mili Godio, NBC Select updates editor. The best backpacks Best overall: Calpak Laptop Backpack This Calpak backpack is great for frequent travelers looking for a large, durable bag to hold essentials of all sizes, as well as a laptop. The backpack has exterior and interior pockets, a water bottle holder and a trolley sleeve so you can slide it onto your luggage. “Calpak’s backpack has completely changed how I travel,” says Bianca Alvarez, an NBC Select associate reporter who’s a super commuter. She travels from Virginia to New York City every week for work. “I tossed my old backpacks after using this one because it makes my travel days easier,” she says. Best for commuting: Dagne Dover Dakota Backpack Dagne Dover’s Dakota Backpack is ideal for commuters, like NBC Select staff who brought it back and forth to the office. “I’ve been using this backpack for two months as my work bag and it’s been a major upgrade from my last situation,” says Rebecca Rodriguez, NBC Select editorial projects manager. The backpack has padded straps, making it comfortable to wear for long periods of time, and it has compartments and pockets to store whatever you’re traveling with. Best outdoors: Orvis Trekkage LT Adventure While the Orvis Trekkage backpack is specifically designed for outdoor adventures like hiking and camping, it has features that allow you to use it in everyday life, including a laptop pocket and a hidden security pocket for valuables. The bag is made from heavy-duty recycled, water-repellent fabric, and its main pocket is lockable making it easier to protect your items while outdoors camping or just traveling. “This bag is big without looking like it belongs on the Amazing Race,” says Rosalie Sparaco, NBC senior social media editor. The best weekenders Best overall: Dagne Dover Landon Carryall The magic behind Dagne Dover’s Landon Carryall lies in its structure, says Malin: “It has shape, so it stays open while I’m packing and never flops over, yet it’s flexible and soft, so I can overstuff it without any issues.” The bag is also expandable. “You can unsnap the sides of the bag to make it bigger, which is such a great option,” says Malin. “I expand it for longer trips, but leave it snapped for overnight trips when I don’t need a ton of space.” They’re designed with a laptop carrier, an exterior phone pocket, interior side pockets, a key leash and an attached zip-top pouch. The larger bags also come with a shoe bag and a detachable adjustable crossbody strap. Best for a long weekend: July Carry All Weekender Plus “I’m very impressed by how incredibly spacious this bag is,” says Ari Night, NBC Select editorial assistant. “Not only does it fit multiple outfits, but it also has segmented pockets that keep everything organized inside.” The bag’s clamshell opening allows it to lie flat making it easier for packing, and there’s a padded pocket in the center to put delicate items like a laptop or tablet. This weekender also has a hidden internal pocket with a magnetic opening for valuables like jewelry, an exterior zip pocket and a luggage sleeve. Best of Travel Awards accessories winners Best over-ear headphones: Bose QuietComfort Headphones A good pair of over-ear headphones can make any plane ride more comfortable, more relaxing and more enjoyable. These over-ear headphones from Bose do just that with their excellent automated noise canceling, light and compact design, good battery life and durable carrying case. “They are my go-to travel headphones, and that’s saying a lot because I test out a lot of different headphones,” says NBC Select reporter Harry Rabinowitz. These are some of the best wireless earbuds for the iPhone in general, not just for travel. What makes them good for travel is their pocketable size, great noise canceling and transparency modes, and easy pairing with all your Apple devices. Multiple NBC Select staff use these headphones for travel. While they don’t deliver as much noise canceling as over-ear headphones, they are much smaller to pack, and when you are tight on space, every inch counts. Best earbuds for Android: Sony WF-1000XM5 If you have an Android phone and want to immerse yourself in your favorite music or podcast, these Sony earbuds do just that. They have excellent audio quality, with clear, detailed instrumentation across all genres. With eight hours of battery life, they can last through most flights — if they run out, you can put them back in their charging case for up to 24 hours more on time. Best iOS Bluetooth tracker: AirTag 4-Pack “I use Apple AirTags for all kinds of travel: everything from international trips to commuting to work,” says Rabinowitz. He has one in his work backpack, his suitcase and his keys. You can use the Apple FindMy app to pinpoint the exact location of your AirTag if it’s within 30 feet. If it’s outside that range, the app will point to the location via maps. AirTags only work with iPhone and Apple devices, Android owners should consider another Bluetooth tracker like the Tile Pro. Best Android Bluetooth tracker: Tile Pro 2-Pack Android owners can attach these Bluetooth trackers to anything they want the exact location of: think keys, luggage or a bike. Using the Tile app, you can pinpoint the location of the tile from up to 400 feet away using the Tile app. You can also ping the tile, it will ring audible to help you locate it. Best portable charger: Anker 523 PowerCore Portable Charger This portable charger has saved Rabinowitz’s phone from dying dozens of times — without it, he would be lost somewhere on the streets of London with a dead phone and no maps app to save him. It can fully recharge a phone or tablet on the go, and has a USB-A and USB-C port, meaning it can connect to all sorts of cables and devices. Best in-flight gadget: Twelve South AirFly SE This little dongle is an essential travel gadget for anyone with Bluetooth earbuds or headphones — it lets you connect to a plane’s seatback TV wirelessly. It’s a must-have for NBC Select editorial projects manager Rebecca Rodriguez, who travels regularly with the wireless Apple AirPods Max. After an initial pairing process, the AirFly will recognize your wireless device whenever it is on and near it, says Rodriguez. Best travel blanket: Rumpl Packable Travel Blanket NBC Select production coordinator Kelsey Fredricks says the Rumpl packable blanket kept her warm during her seven-hour flight to Ireland. “Overall, I am very impressed by the design of this blanket and think it’s a must-have for anyone who gets cold on flights,” she says. You can also store the blanket back inside the carrying pouch, which is about the size of a medium-sized Nalgene bottle, so it takes up less space in your bags or suitcase. Best jewelry case: Dagne Dover Frankie Jewelry Case Jewelry is an essential part of travel for many, but storage has been challenging for our staff in the past. “This little case is the perfect compact size, and it doesn’t take up much room in my backpack or weekender, which is where my jewelry lives when I’m traveling,” says NBC Select associate updates editor Zoe Malin. She loves that each side of the interior has organizational slots and loops for different sized necklaces, rings, earrings and bracelets. The case is made with recycled polyester, microfiber and silicone. Best luggage scale: Etekcity Heavy Duty Luggage Scale We used this Etekcity Heavy Duty portable scale to test the weight of all the suitcases and bags for the Travel Awards. You can easily hook your suitcase onto the scale for a quick reading before you need to check your bag for any international flights. We found it to have an accurate sensor with a weight limit of up to 110 lbs. It’s a must have accessory for frequent travelers, thanks to its affordable price and portable design. Best travel pillow: Ostrichpillow Go Neck Pillow The Ostrichpillow Go was selected as a Travel Awards favorite thanks to its ergonomic design and comfort. During a recent trip, NBC Select senior social media editor Rosalie Sparaco, used the Go travel pillow and liked the memory foam core, which offered great support. “I also discovered that you could use this to double as an eye mask/pillow and lean against the side of the plane if you have a window seat,” she says. Best toiletry bag: Bagsmart Toiletry Bag Multiple NBC Select editors used the Bagsmart Toiletry bag during trips and found it to be useful, thanks to its spaciousness and multiple compartments, making it easier to organize makeup, skincare or any other items. “I use this bag every time I go on longer trips because it’s so spacious,” says NBC Select updates editor Mili Godio. Best packing cubes: Quince Revive Nylon Eco Compression Cubes (6-Pack) Packing cubes can turn into travel life savers. They can help you easily compress and organize all of your items before you start your trip. “I have used a lot of different packing cubes and these were great. Love the expandability, love the material and love that cushioning,” says NBC Select associate updates editor Zoe Malin. We were also able to stuff multiple shirts inside the largest packing cube and compress them down to a more suitable size. Why trust NBC Select? Products underwent an eight-week trial before being selected as our favorite in their respective categories. We utilized our editors as shopping and trying experts. Each editor was given the same criteria during the testing period to ensure each item was held to the same standards and procedures. We looked at spaciousness, durability, comfort, zippers and much more. You can read more about our process here. What our badge means When a product carries the NBC Select badge, you can trust that our team of editors as shopping experts and professionals vetted the item thoroughly. First and foremost, we are journalists, so we will always do our research and reporting. Catch up on NBC Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram, Twitter and TikTok to stay up to date.
Anxious about money? Five financial therapists share their advice 2024-06-25 17:01:00+00:00 - Not many people seem to feel happy about their financial lives right now. In the US, 63% of Americans cited money as a “significant stressor” in their lives, according to the American Psychological Association’s 2023 Stress in America report. Among those aged 18 to 34, that number went up to 82%. In the UK, a November 2023 poll found that a third of adults had felt anxious in the past month because of their personal financial situation, and 9% reported feeling “hopeless”.cdxnmgh There are concrete reasons for this anxiety. In the US, high inflation has given consumers a grim outlook on the economy, and a cost of living crisis has seized the UK. But there is something else at play, too. For how central money is to our lives, many of us were never explicitly taught about it; some of us were expressly forbidden from discussing it. Instead, we learned about finances by watching how our family and friends handled it. We drew conclusions – often incomplete – and then brought those with us into adulthood. Is it any wonder, then, that so many people have a fraught relationship with money? Enter financial therapy. Still a relatively young field, financial therapy was born in 2008 when a small group of therapists and financial experts gathered in Garden Grove, California, to discuss how to bridge their two areas of study. A year later, they formed the Financial Therapy Association (FTA) to help shape and standardize the practice, develop ethical and training requirements, and grow the profession. “Most people don’t initially recognize the connection between their upbringing and beliefs, and what they do with their money,” says Dr Traci Williams, a clinical psychologist and certified financial therapist (CFT). We talked to five CFTs to learn how to build a healthier, happier relationship with money. Know the basics “Many people don’t know how much they make. They don’t know what their actual paycheck is, and what deductions are coming out of it,” Williams says. Take stock of your current financial situation, experts say. At the very least, figure out how much money you bring in each month and how much you spend. And then, be honest about it. Avoiding conversations about money is common, especially with couples, says Lauren Staley, a CFT and marriage and family therapist. If couples don’t discuss financial issues, there’s no route to solving them. There is a sense of “if we don’t talk about it, it will disappear.” Don’t be down on yourself Staley says the financial issue her clients struggle with the most is shame. Many people are aware that there are tools and resources available to help them save more or get out of debt – like budgeting apps – but can’t bring themselves to use them, she says. “That brings a lot of embarrassment and it brings a lot of shame.” Letting go of your shame can help you move forward, she says. In order to do this, though, you have to figure out why you carry so much financial baggage in the first place. “Getting to the root of why you do what you do can help you detach from feelings of ‘I’m not good enough,’” she explains. Figure out your money script … Just as people fall into certain patterns in their romantic relationships, they can fall into financial patterns as well. Traditionally, in the field of financial planning, there are four so-called “money scripts” people tend to follow that shape their financial behavior, says Bill Nelson, a CFT and certified financial planner: money avoidance, money worship, money vigilance and money status. Money avoiders may try to avoid thinking about money at all costs, while money worshippers may believe financial wealth is the key to happiness. Those with money vigilance may obsessively track every penny in and out, while those with money status may feel their self-worth is inextricably linked to how much they make. Nelson argues that, in reality, there are far more than four money scripts, and that people may fall into multiple different buckets. But in most cases, he says, our personal money scripts are “incomplete or partial truths” that are capable of being changed. “Everybody has these underlying principles that we can uncover with some digging and reflecting. Then the question is: which of those money beliefs are problematic, and which are the ones that are driving the financial outcomes we’re looking to change?” … And your partner’s money script When couples fight about money, often it is the result of not understanding each other’s “internal wiring”, says Elana Feinsmith, a CFT and financial coach. “If one person has a very strong money script that says money is supposed to be spent, and the other has a very strong money script that says money is supposed to be saved, then in every conversation that couple has, those scripts are going to be fighting,” she says. Don’t try to do too much too fast Staley says that she has some clients who, when they want to understand and improve their finances, can sometimes take on too much at once. They make spreadsheets, download personal finance apps, read books and listen to podcasts. While that may be helpful for some people, it can be too much for others. “It doesn’t have to be that complicated,” she says. “You can do something simple and take some of the anxiety away and still be very successful.” skip past newsletter promotion Sign up to Well Actually Free weekly newsletter Practical advice, expert insights and answers to your questions about how to live a good life 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 To start, she often encourages her clients to make a Google spreadsheet of their income and expenses, and to spend five to 10 minutes a day recording the money they have coming in and going out. “I find the commitment to a smaller chunk of time helps folks feel like it’s doable,” she says. Make a realistic plan This can be as small as a weekly or monthly budget, or as big as a five-year plan, says Williams. “One of the things that I repeat at least once a week in my work is that if you don’t tell your money where to go, it will go where it chooses,” she says. If you’re struggling to figure out what you want to do with your money, Nelson says it can be helpful to reflect on your goals and values. He says he encourages couples he works with to come up with a family mission statement that defines who they are and what’s important to them. For example, is their goal to stay debt-free, or to invest in a growing business? Is traveling a priority, or is it more important to save for their children’s college education? “When you have that clarity around who you are and where you’re looking to go, it can make some of the more difficult financial decisions – particularly the emotional financial decisions – feel a bit easier,” he says. Stick to it – but be flexible To paraphrase the famous poem, the best laid financial plans often go awry when, say, your car’s engine stops working, or your dog swallows a toy and needs emergency surgery. One of the biggest challenges with a budget is that expenses vary from month to month, says Kelly Reddy-Heffner, a CFT and financial planner. While surprise costs are unavoidable, Reddy-Heffner says it’s important to try to stick to your budget, even if that means making small tweaks. “You might not always be able to follow your plan to the letter, but can you go back to it?” she says. “Can you make a minor adjustment? How can you pivot and also continue the good work that you’re motivated to do?” Figure out what money means to you In addition to identifying their financial scripts, Nelson says it’s helpful for people to reflect on their relationship to money. Ask yourself what your first memory is of money, Nelson says. When did you first realize that money was a thing? Nelson says his favorite question to ask is: Why is money important to you? Often, he says, people will either say “freedom” or “security.” But he encourages people to go deeper. What does freedom or security really mean? What does it look like? Get as detailed as possible, he says. Williams says she also encourages her clients to dream. “Stop and think about what you would like your life to look like in five years,” she says. “If you tie your goals to something you actually care about, you’re more motivated to achieve them.” Think about what a healthy relationship with money looks like While there is no one-size-fits-all approach to money, experts agree that a healthy relationship with money is one where you feel like your money is helping you accomplish your goals, but it’s not taking up too much of your brain space. “It’s using your money as the sail in your sailboat,” says Nelson. It’s not the end destination, nor is it the boat itself, he explains, but it’s a tool to get you where you want to go. “You want to have a plan for how you’re going to use it – are you going to let the sail out or take it in?”
Tesla recalls majority of Cybertrucks for fourth time 2024-06-25 16:35:00+00:00 - Tesla said on Tuesday it was recalling most Cybertrucks in the United States over issues with their windshield wipers and exterior trim. The National Highway Traffic Safety Administration says Tesla has now issued four recalls for its 2024 Cybertruck. Tesla said it is recalling 11,688 Cybertrucks from the 2024 model year because the front windshield wiper motor controller failed due to excessive electrical current. Non-functioning wipers could increase the risk of a crash in wet weather. The wiper recall covers all trucks built through 6 June. The company said it will replace the wiper motor after it identified early wiper motor failures. In February, Tesla recovered 20 wiper motors to inspect as it investigated. Separately, Tesla is also recalling 11,383 Cybertrucks because the trunk bed trim sail applique could have been improperly attached, creating the potential to become loose and create a road hazard. The recalls are the latest setback for the futuristic truck, whose mass production is expected to start next year. Elon Musk’s firm has yet to disclose how many it has handed over to consumers in its quarterly deliveries and production report. Tesla began investigating in December after issues were seen in an undelivered Cybertruck. In May, the company found a second occurrence in a customer vehicle and then discovered additional instances of loose or detached appliques due to improper installation of the applique or adhesive. The company’s service team will apply an adhesion promoter and pressure-sensitive tape or replace the missing trim free of charge for affected vehicles. Tesla recalled nearly 4,000 Cybertrucks in April to fix an accelerator pedal pad that could come loose and get lodged in the interior trim. Tesla began delivering the Blade Runner-inspired truck in November 2023 after years of delay and a difficult production ramp-up that Musk described as Tesla digging its own grave.
Chipotle Mexican Grill Stock Split: Where Does it Go From Here? 2024-06-25 16:33:00+00:00 - Investors wondering where Chipotle Mexican Grill's NYSE: CMG stock price will go from here should be comforted to know this market will likely continue to rise. That is because the meteoric rise in the share price is driven by fundamental factors, including growth, margin, and an outlook for accelerating growth as the international expansion gains momentum. Because a stock split does not affect the underlying business, fundamentals are intact, and the stock price trend should continue. Chipotle Mexican Grill Today CMG Chipotle Mexican Grill $3,283.04 +89.30 (+2.80%) 52-Week Range $1,768.64 ▼ $3,463.07 P/E Ratio 70.06 Price Target $3,201.19 Add to Watchlist What does the stock split mean for Chipotle and its investors? Simply put, it means there will be more shares in the market, but the ownership structure will remain unchanged, and business will continue as it has. Each person holding a share of CMG on 6/18 (yes, that’s right, the record date has passed, so it is too late to get into the name before the split) will hold 50 shares on 6/26. That’s true even if the owner of record on 6/18 sells on 6/19; whoever bought the shares will have 50x as many on June 26th. Get Chipotle Mexican Grill alerts: Sign Up Chipotle Split Its Stock to Increase Ownership and Reduce Market Volatility The purpose of the split is to make the stock more accessible to smaller and retail investors, including the company’s employees. Trading above $1,000 per share, the price tag can be intimidating for smaller investors, although a 50% gain in $1,000 of a $1,000 stock equals a 50% gain in $1,000 of a $20 stock. The takeaway is that CMG’s stock split will open up a new class of investors and widen ownership of the stock, thereby supporting its price action and theoretically reducing the volatility. A broad base of buy-and-hold investors is known to reduce stock volatility because fewer holders are ready to sell at the drop of a headline. And there is precedent to support the claim that this stock will continue to rise. Chipotle isn’t the first company to issue a split, nor the first this year, and those that have come before ended in gains for investors. NVIDIA NASDAQ: NVDA is among the most prominent this year, issuing a 10-for-1 split earlier this month. Its price action surged to a new high and has corrected since, but the pullback is a buying opportunity in light of the analysts. Analysts are leading NVIDIA to new highs, and they are doing the same for Chipotle. Analysts Are Leading Chipotle Higher Chipotle Mexican Grill MarketRank™ Stock Analysis Overall MarketRank™ 3.90 out of 5 Analyst Rating Moderate Buy Upside/Downside 98.0% Downside Short Interest Healthy Dividend Strength N/A Sustainability -1.96 News Sentiment 0.52 Insider Trading Selling Shares Projected Earnings Growth 20.27% See Full Details The consensus estimate for CMG stock assumes the market is fairly valued, trading at nearly $3250. However, the trend in the price target is upward, and the sentiment firm at Moderate Buy suggests upward momentum will continue. The most recent revisions came out within the week, just days before the split, and include reiterated and raised targets that put the market in the range’s high end. The high target of $3880 ($77.75 split-adjusted) assumes only a small 5% to 20% upside but will likely move higher as the year progresses because of business performance. The highlights from the last earnings report include top and bottom line strength in addition to industry-leading performance. The 14% top-line growth is triple the gain from fast-food leader McDonald’s NYSE: MCD, and market-leading performance should continue. The company is leaning hard into store-count growth, building out the network of Chipotlanes, and widening its margin. It is also embarking on its international expansion. The company now has about 65 international locations, about 2% of its footprint, and plans to accelerate international growth in the coming years. That opportunity could more than double the operations from 2024 levels over the next ten years. Chipotle Pulls Back Into a Mouth-Watering Buying Opportunity CMG shares peaked earlier this month and have since corrected to lower prices. The caveat for bears is that the pullback aligns with the uptrend, and the market shows support at a critical level. The critical level coincides with highs set in May and the 30-day moving average, showing short-term traders are still bullish on this market. The stock price may come under pressure immediately after the split is complete due to profit-taking and opportunistic capital raising, but it shouldn’t last long. Before you consider Chipotle Mexican Grill, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Chipotle Mexican Grill wasn't on the list. While Chipotle Mexican Grill currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
All eyes are on Nvidia’s stock, so what’s been going on? 2024-06-25 16:03:12+00:00 - In the past few days, Nvidia’s shares have lost billions in market value and the chipmaker has slipped off its perch as the most valuable stock on Wall Street. But the concerns may be short lived. Nvidia’s stock had been falling since it briefly overtook Microsoft as Wall Street’s most valuable last week, and it was down nearly 13% in just three days, its worst such stretch since 2022. The company’s $2.97 trillion market capitalization puts it behind Microsoft, at $3.34 trillion, and Apple, at $3.22 trillion. Because Nvidia has become so massive in size, the movements for its stock carry extra weight on the S&P 500 and other indexes. It was the heaviest weight by far on the S&P 500 Monday. Market watchers would rather there be more diversification, having concerns seeing just Nvidia and a handful of other companies responsible for much of the S&P 500’s returns recently. They would prefer a market where many stocks are participating in the gains. There’s been nearly insatiable demand for Nvidia’s chips to power artificial intelligence applications and the company has played a big role in the U.S. stock market’s recent record runs even as the economy’s growth slows under the weight of high interest rates. But the AI boom is moving at such a rapid pace that it’s raised worries about a possible bubble in the stock market and too-high expectations among investors. Still, investor concerns may be calming, as Nvidia Corp.'s stock is up more than 5% in trading on Tuesday. The rebound for Nvidia helped the Nasdaq composite rise and head toward its first gain in four days. Derren Nathan, head of equity research at Hargreaves Lansdown, said in a statement that while Nvidia’s stock has declined in recent days, one must also look at the bigger picture. “The shares have still gained 190% on a 12-month view, so it’s no surprise some investors are locking in some profits,” he said. Nathan also isn’t concerned about potential wider spread implications. “Although Nvidia has sneezed, the wider market hasn’t caught a cold with a mixture of less extreme movements in both directions for the rest of the Magnificent 7,” he said. The Magnificent 7, which include Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla, are a small group of stocks that are responsible for a big chunk of the U.S. stock market’s total return. Investors may also be welcoming a better-than-expected consumer confidence reading and a solid job market. America’s employers added a strong 272,000 jobs last month, a sign that companies are still confident enough in the economy to keep hiring despite persistently high interest rates. Long term, the market may remain upbeat on Nvidia’s prospects. Analysts estimate that the company’s revenue for the fiscal year that ends in January 2025 will reach $119.9 billion — about double its revenue for fiscal 2024 and more than four times its receipts the year before that.
Ford recalls more than 550,000 F-150 pickups over faulty transmission 2024-06-25 16:02:00+00:00 - A new study shows California is the most costly state for car ownership A new study shows California is the most costly state for car ownership 03:06 Ford is recalling more than 550,000 pickup trucks in the U.S. because the transmissions can unexpectedly downshift to first gear no matter how fast the trucks are going. The recall covers certain F-150 pickups from the 2014 model year. Ford's F-Series pickups are the top-selling vehicles in the U.S. Ford says in documents posted Tuesday by U.S. safety regulators that the downshifting can cause drivers to lose control of the trucks, increasing the risk of a crash. The recalls come after U.S. auto safety regulators in March began investigating complaints that more than 540,000 Ford pickup trucks from 2014 can abruptly downshift to a lower gear and increase the risk of a crash. Documents say the problem is caused by a lost signal between a transmission speed sensor and the powertrain control computer. There also could be corrosion and problems with connector pins. Dealers will update the powertrain control software at no cost to owners, who will be notified by letters in early July. In a statement Tuesday, Ford said it expects repairs to be available in the third quarter of this year. Owners will be able to use mobile service or pickup and delivery at participating dealers. Ford says in documents posted Tuesday by the National Highway Traffic Safety Administration that it has 396 warranty and field reports and 124 customer complaints about the problem, covering 482 trucks. The Dearborn, Michigan, automaker says it knows of 130 complaints to the government, with 52 alleging that rear wheels locked up or that drivers lost control of the trucks. Two of the complainants reported injuries and one reported a crash that could have been caused by the problem, Ford said. Ford's statement said that before the trucks downshift, drivers could see a malfunction indicator light on the dashboard. In some cases, signals can be restored while the trucks are moving, and they can be driven normally. In other cases drivers may need to stop and restart the engine to get the transmissions to work properly. The company says it expects fewer than 1% of the recalled vehicles to have the problem. NHTSA said it started its investigation in March after getting complaints about sudden downshifts in the trucks' automatic transmissions. The agency is looking into whether those trucks should have been included in previous recalls for the problem. Ford started recalling trucks and other vehicles from the 2011 and 2012 model years in 2016, and added two recalls in 2019 covering pickups from the 2011 to 2013 model years. The recalls covered about 1.5 million vehicles. The company said it's working with NHTSA to support the investigation. Owners can direct any questions to Ford customer service at (866) 436-7332. Ford's number for the recall is "24S37." Owners may also contact NHTSA's safety hotline at (888) 327-4236 (toll-free at 1-800-424-9153) or go to www.nhtsa.gov for further information. Previous F-150 recalls Ford in January, recalled nearly 113,000 F-150 pickup trucks over concerns a rear axle hub could break off, causing the vehicle to lose power or roll away when in park. Before then, in July 2023, the automaker recalled about 870,000 F-150 pickup trucks because of a faulty parking brake that could turn on by itself, causing the driver to lose control.