MBA Demand is on Fire—But That Might Be Bad News for the U.S. Economy
==========

Student demand for MBA programs surged by 11% from 2023 to 2024; this increase follows two years of declining applications; full-time MBA programs saw the largest growth, with 80% of two-year programs worldwide experiencing application increases; two-thirds of flexible and online MBA programs also reported upticks; economic uncertainty is driving more unemployed individuals to apply for MBAs; Scott Edinburgh notes a 'vicious cycle' where increased applications lead to more competition; Joy Jones credits global business schools for innovating to meet student needs; Harvard Business School saw an 8% increase in applications but reduced class size by eight students; applications from first-generation students and women increased, with Northwestern University achieving gender parity; students are increasingly interested in AI, data analytics, and sustainability topics; the national unemployment rate is at 4.1%, complicating job searches for young adults.

#Mba #Education #Economy #Applications #BusinessSchools #JobMarket #Ai #DataAnalytics #Sustainability #GenderParity

https://fortune.com/education/articles/mba-application-rise-gmac-trends/ 

 Yellen says world was 'worse off' under Trump-era isolationism
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Treasury Secretary Janet Yellen criticized former President Trump's isolationist policies during a speech at the IMF and World Bank annual meetings on October 22, 2024; she stated that the Biden administration's rejection of isolationism has strengthened the U.S. economy; Yellen noted a historic labor market recovery and U.S. economic growth nearly twice as fast as other advanced economies; the IMF upgraded its U.S. economic outlook to 2.8% growth for 2024; Republicans blame the Biden administration for inflation, while voters are divided on Trump vs. Harris for economic issues; Trump proposes heavy tariffs if elected, while Harris favors international cooperation; Yellen praised Biden-Harris initiatives on climate and infrastructure.

#JanetYellen #Trump #Biden #Imf #WorldBank #Economy #Inflation #Tariffs #InternationalRelations #2024Election

https://fortune.com/2024/10/22/yellen-trump-isolationism-worse-off-imf-world-bank/ 

 The relentless stock market rally could pull off another shocker
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The S&P 500 jumped 24% in 2023; 2024 sees a 23% increase so far; Goldman Sachs predicts S&P 500 to hit 6,000 by end of 2024; Jay Hatfield and Sandra Cho also forecast S&P 500 at 6,000; Nassim Nicholas Taleb warns of market complacency and potential collapse; mixed economic signals raise concerns; Fed's rate-cutting cycle began later than expected.

#StockMarket #S&p500 #Economy #FederalReserve #Predictions #Finance #Investing #WallStreet #Recession #AiBoom

https://fortune.com/2024/10/19/stock-market-outlook-sp500-6000-year-end-targets-economy-fed-rate-cuts/ 

 BofA CEO says U.S. economy is the envy of the world—but could lose its power due to national debt
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Brian Moynihan, CEO of Bank of America, warns that the U.S. economy, currently at $35.7 trillion in national debt, could lose its global economic status; each American's share of the debt exceeds $105,000; he urges politicians to prioritize debt-to-GDP plans; under Trump, debt increased by $8.4 trillion, while Biden added $4.3 trillion; a CBO report predicts public debt could reach 166% of GDP by 2054; Moynihan emphasizes the need for spending discipline and growth to manage debt; experts have mixed views on the implications of high national debt.

#NationalDebt #Economy #BankOfAmerica #BrianMoynihan #UsPolitics #Debttogdp #FinancialWarning #EconomicGrowth #PublicSpending #FiscalPolicy

https://fortune.com/2024/10/16/bank-of-america-brian-moynihan-national-debt-warning/ 

 Degree requirements are holding back company profits and a roaring economy, experts say
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A job listing requiring a bachelor’s degree eliminates 62% of American adults; 70% of Black Americans and 80% of Hispanic Americans are also excluded. Carrie Varoquiers (Workday), LaFawn Davis (Indeed), and Lisa Gevelber (Google) discussed skills-based hiring at the Fortune Most Powerful Women Summit on October 15, 2024. They argue that hiring should focus on skills rather than degrees, as many jobs can be performed by non-degree holders after basic training. The Google Career Certificate program, launched in 2017, aims to provide pathways to high-demand jobs for those without degrees. Experts like Joseph Fuller (Harvard) and Philip Cohen (University of Maryland) suggest that the necessity of degrees in white-collar jobs is diminishing.

#DegreeRequirements #SkillsbasedHiring #Diversity #Economy #FortuneSummit #Google #Workday #Indeed #Employment #Education

https://fortune.com/2024/10/16/degree-requirements-skills-based-hiring-economy-carrie-varoquiers-lisa-gevelber-lafawn-davis-mpw/ 

 The number of super-rich people is exploding—and it’s raising the bar for what’s considered ‘wealthy’
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The number of ultra-high-net-worth individuals (UHNWIs) with over $30 million in assets grew from 157,000 in 2016 to 220,000 in 2023, a 28% increase; Elias Ghanem from Capgemini notes UHNWIs focus on wealth growth, while other high-net-worth individuals prioritize wealth preservation; North America saw a 7.3% increase in UHNWIs last year due to economic resilience and government spending initiatives like the CHIPS Act and Inflation Reduction Act; Knight Frank's 2024 Wealth Report indicates a global total of over 626,600 UHNWIs, with predictions of a 28% rise in the next four years; $30 million is now seen as a starting point for wealth, with some suggesting $100 million as the new standard; 91% of UHNWIs are interested in passion investments such as luxury real estate and collectibles.

#Wealth #Uhnwis #Capgemini #KnightFrank #Economy #Investment #RealEstate #Entrepreneurship #Inflation #Luxury

https://fortune.com/2024/10/15/ultra-high-net-worth-individuals-capgemini/ 

 Here’s why the gap between Americans’ perception of U.S. economic performance and reality has doubled since 2019, according to economists
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Under Trump, U.S. economy grew 7.4% from Q4 2016 to Q4 2020; under Biden-Harris, it grew 10.6% through Q2 2024, reaching $22.9 trillion; GDP per capita reached $68,088 under Biden-Harris, up from $63,257 under Trump; jobs fell by 2.7 million under Trump, grew by 16.2 million under Biden-Harris; inflation was 7.7% under Trump, 20.3% under Biden-Harris; wages increased by 26.1% under Biden-Harris; 72% of Americans reported doing fine financially, but only 22% thought the national economy was doing well; perception gap has nearly doubled since 2019; cognitive biases like framing effect, confirmation bias, and negativity bias contribute to misperceptions.

#Economy #Perception #Inflation #Jobs #Biden #Trump #CognitiveBias #Statistics #Gdp #Healthcare

https://fortune.com/2024/10/15/gap-american-perception-us-economy-performance-reality-doubled-trump-harris-politics/ 

 No one can agree on what the American dream is anymore—or if it's even realistic
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Donald Trump promises to restore the American dream if elected in November 2024; the definition of the American dream is increasingly debated and seen as unattainable; Gonzalo Schwartz from Archbridge Institute reports rising pessimism about achieving the dream, with 2024 showing the highest skepticism yet; Jamie Dimon warns of a fading hope for the workforce; economic conditions, including stagnant wages and unaffordable housing, contribute to disillusionment; Professor Henrietta Moore emphasizes the importance of engagement in the economy; Pew Research indicates older, wealthier, white individuals are more likely to believe in the dream's existence; 68% of those aged 65+ think the dream is possible, while only 39% of 18-29 year-olds agree; Boomers and Millennials share similar goals for the dream but differ in relevance and values; a CBO report highlights wealth inequality, with the bottom 50% holding just 6% of assets; societal transformation is necessary to address climate change and inequality.

#AmericanDream #DonaldTrump #PewResearch #Economy #WealthInequality #HousingMarket #GenerationalDifferences #Engagement #SocietalTransformation #Disillusionment

https://fortune.com/2024/10/12/american-dream-trump-values/ 

 Jamie Dimon says global politics are 'treacherous and getting worse'—so he's preparing for anything
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Jamie Dimon, CEO of JPMorgan Chase, warns that geopolitical tensions are worsening, citing conflicts in Ukraine and the Middle East as major threats to the economy; he estimates one million casualties from Russia's invasion of Ukraine since February 2022, with over 19,000 children displaced; Dimon labels Russia, Iran, and North Korea as an 'evil axis'; JPMorgan reported $42.7 billion in revenue for Q3 2024, a 7% increase, but faced a 31% decline in net income in consumer banking; he emphasizes the need to address America's $35.7 trillion national debt to maintain economic and military power; Dimon advocates for preparedness in uncertain times, referencing the military strategy 'OODA loop' for decision-making.

#JamieDimon #Jpmorgan #Geopolitics #Economy #Ukraine #Iran #NorthKorea #NationalDebt #OodaLoop #FinancialResults

https://fortune.com/2024/10/11/jamie-dimon-global-politics-worsening-preparing-economics/ 

 Jamie Dimon says global politics are 'treacherous and getting worse'—so he's preparing for anything
==========

Jamie Dimon, CEO of JPMorgan Chase, warns that geopolitical tensions are worsening, citing conflicts in Ukraine and the Middle East as major threats to the economy; he estimates one million casualties from Russia's invasion of Ukraine since February 2022, with over 19,000 children displaced; Dimon labels Russia, Iran, and North Korea as an 'evil axis'; JPMorgan reported $42.7 billion in revenue for Q3 2024, a 7% increase, but faced a 31% decline in net income in consumer banking; he emphasizes the need to address America's $35.7 trillion national debt to maintain economic and military power; Dimon advocates for preparedness in uncertain times, referencing the military strategy 'OODA loop' for decision-making.

#JamieDimon #Jpmorgan #Geopolitics #Economy #Ukraine #Iran #NorthKorea #NationalDebt #OodaLoop #FinancialResults

https://fortune.com/2024/10/11/jamie-dimon-global-politics-worsening-preparing-economics/ 

 Gen X was supposed to be the economy's safety net—now they're the 'struggling middle child' balancing retirement and paying for adult children
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Gen X, once seen as the economy's dependable consumers, are now struggling to balance retirement savings and supporting adult children; Bank of America Institute research shows Gen X spending is down 2% year-on-year as of August 2024; Joe Wadford, economist, notes Gen X households made up 27% of U.S. households but contributed 33% of consumer spending in 2022; Gen X is investing 40% more than other generations for retirement; Phil LeClare, a 53-year-old PR agency owner, exemplifies this shift in financial priorities, focusing on savings and mindful spending; the trend marks a significant change from their previous spending habits.

#GenX #PersonalFinance #Retirement #ConsumerSpending #BankOfAmerica #Economy #Investing #FinancialPriorities #AdultChildren #Savings

https://fortune.com/2024/10/05/gen-x-struggling-middle-child-parenting-retirement-savings/ 

 Trump advisor proposes a shadow Fed chair, but Wall Street veteran Ed Yardeni thinks it’s a recipe for disaster
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Scott Bessent, Trump economic advisor, suggests Congress approve a Fed chair-designate over a year before Jerome Powell's term ends in May 2026; this would create a shadow Fed chair, sidelining Powell; Bessent is on the shortlist for Treasury Secretary; Trump had a contentious relationship with Powell, often criticizing him publicly; Ed Yardeni calls the shadow chair idea 'terrible,' warning it would create market confusion; compares potential U.S. policy to Turkey under Erdogan, where central bank independence was undermined; Fed's credibility has suffered after misjudging inflation as transitory; Powell has recently been praised for reducing inflation from over 9% to closer to 2%.

#Trump #FederalReserve #JeromePowell #ScottBessent #EdYardeni #Economy #Inflation #MonetaryPolicy #Politics #TreasurySecretary

https://fortune.com/2024/10/10/donald-trump-federal-reserve-jerome-powell-central-bank-independence/ 

 TikTok’s parent launched a web scraper that's gobbling up the world’s online data 25-times faster than OpenAI
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ByteDance, TikTok's parent company, launched a web scraper named Bytespider in April 2023; Bytespider scrapes data 25 times faster than OpenAI's GPTbot and 3,000 times faster than Anthropic's ClaudeBot; aggressive scraping activity has increased over the last six weeks; ByteDance is under pressure to sell TikTok or shut it down due to U.S. national security concerns; Bytespider does not respect robots.txt, raising copyright infringement issues; ByteDance aims to improve TikTok's search function with a new LLM; TikTok recently updated its search function to allow real-time keyword searches for advertisers.

#Bytedance #Tiktok #WebScraping #Ai #Bytespider #Gptbot #Claudebot #NationalSecurity #Copyright #SearchFunction

https://fortune.com/2024/10/03/bytedance-tiktok-bytespider-scraper-bot/ 

 Bitcoin jumps over $62,000 on sparkling jobs report
==========

Bitcoin rose 3% on October 4, 2024, surpassing $62,000 due to a better-than-expected jobs report; U.S. created 254,000 jobs in September, exceeding the predicted 140,000; unemployment rate fell to 4.1% in August; Bitcoin had previously dropped to around $60,000 earlier in the week; analysts express mixed views on long-term price impact; Omid Malekan from Columbia Business School highlights uncertainty due to macroeconomic factors and upcoming elections; Bitcoin increased 124% over the past year, hitting an all-time high of $72,000 in March.

#Bitcoin #JobsReport #Cryptocurrency #Economy #OmidMalekan #UsJobs #Unemployment #MarketAnalysis #CryptoPrices #Fortune

https://fortune.com/crypto/2024/10/04/bitcoin-jumps-over-62000-on-sparkling-jobs-repor/ 

 Here’s what’s impacted as the dockworker strike halts US ports
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Dockworkers at 14 major ports on the East Coast and Gulf region have gone on strike after the International Longshoremen’s Association (ILA) failed to reach a contract agreement with port ownership; approximately 45,000 ILA members are involved; the strike could cost the U.S. economy $4.5 billion per day according to JP Morgan; the shutdown affects 75% of the U.S. banana imports and over half of coffee, tea, beverages, and medical equipment supplies; ILA demands a 77% pay raise and protections against automation; the last strike by ILA was in 1977; USMX claims their offer includes a nearly 50% wage increase; analysts predict President Biden may eventually invoke the Taft-Hartley act to end the strike; the strike began on October 3, 2024.

#Dockworkers #Strike #Ila #Usmx #Economy #Shipping #SupplyChain #LaborDispute #Biden #Ports

https://fortune.com/2024/10/03/dockworkers-strike-ila-usmx-shipping/ 

 Port strike hits billions in trade for importers like Walmart
==========

Nearly 50,000 union longshoremen went on strike at midnight on October 1, 2024, affecting 14 major ports from Maine to Texas, including the Port of New York and New Jersey. The strike could cost the U.S. economy billions daily, with significant impacts on food and automobile industries. Walmart, Ikea, and Samsung are among the hardest hit, with these companies accounting for 125,000 shipping containers in the past year. The ports handle $3 trillion in international trade annually. The International Longshoremen's Association is demanding a 77% pay increase, while the Maritime Alliance offered a 50% wage increase over six years. A one-week strike could cost $2.1 billion for longshoremen and the U.S. Maritime Alliance. Experts warn that if the strike lasts over a month, it could lead to a recession.

#PortStrike #Walmart #Economy #Trade #Longshoremen #LaborDispute #Shipping #Imports #Recession #FoodIndustry

https://fortune.com/2024/10/01/port-strike-walmart-lg-samsung/ 

 We keep celebrating low unemployment—but data shows jobs and economic activity have been shifting to big business
==========

The U.S. labor market has cooled down since November 2023; small business employment growth has declined for 11 of the last 18 months; small businesses lost jobs for six consecutive months in 2024, with slight increases in July and flat growth in August; small businesses account for 77% of all U.S. employers; at peak employment in Q4 2022, small businesses employed over 13.08 million people; from Q1 2023 to Q4 2023, there were two quarters of decline and two quarters of flat growth; total decline of small business jobs from Q1 2024 to Q3 2024 was 47,200 jobs (-0.36%); economic activity is shifting from small to large businesses; small businesses face unprecedented challenges compared to past entrepreneurs; average revenues for small businesses increased despite employment contraction; policymakers are urged to develop targeted policies to support small businesses.

#Economy #SmallBusiness #Employment #Policy #Innovation #Covid19 #LaborMarket #BusinessGrowth #EconomicActivity #Fortune500

https://fortune.com/2024/09/25/low-unemployment-data-jobs-economy-shift-big-business/ 

 Trump threatens tractor maker John Deere with 200% import tariff if it moves manufacturing to Mexico
==========

Donald Trump, during a campaign event on September 23, 2024, in Smithton, Pennsylvania, threatened John Deere with a 200% import tariff if the company moves manufacturing to Mexico. John Deere announced in June 2024 plans to relocate skid steer and track loader manufacturing to Mexico. Trump criticized Vice President Kamala Harris for her energy policies and emphasized the need for tariffs to protect American jobs. He expressed concerns about the loss of family farms and the influence of China on U.S. agriculture. Trump also made light-hearted comments during the event, contrasting with his usual combative style at rallies. He urged supporters to vote and dismissed early voting as a potential for fraud. The event was part of his strategy to appeal to working-class voters, while Harris' campaign criticized Trump's past policies as harmful to family farmers.

#Trump #JohnDeere #Tariffs #Manufacturing #Politics #Harris #Pennsylvania #China #Farmers #2024Election

https://fortune.com/2024/09/24/trump-tractor-maker-john-deere-200-import-tariff-manufacturing-mexico/ 

 Baltimore bridge collapse 'entirely avoidable': DOJ lawsuit
==========

The DOJ filed a lawsuit seeking over $100 million against Grace Ocean Private Ltd. and Synergy Marine Group for the March 26 Baltimore bridge collapse caused by the cargo ship Dali. The lawsuit alleges reckless negligence, citing jury-rigged mechanical systems and known electrical issues that led to a power outage before the ship struck the Francis Scott Key Bridge, killing six construction workers. The ship's steering failed due to power loss, and prior blackouts occurred while docked. The DOJ claims the companies ignored safety protocols, leading to excessive vibrations and equipment failures. Attorney General Merrick Garland emphasized that the companies should bear the costs of the disaster, not taxpayers. The case follows the victims' families' intent to file claims against the companies for negligence.

#Baltimore #BridgeCollapse #Doj #Lawsuit #Negligence #Dali #GraceOcean #SynergyMarine #Construction #Safety

https://fortune.com/2024/09/18/baltimore-bridge-collapse-justice-department-doj-lawsuit-dali/ 

 Baltimore bridge collapse 'entirely avoidable': DOJ lawsuit
==========

The DOJ filed a lawsuit seeking over $100 million against Grace Ocean Private Ltd. and Synergy Marine Group for the March 26 Baltimore bridge collapse caused by the cargo ship Dali. The lawsuit alleges reckless negligence, citing jury-rigged mechanical systems and known electrical issues that led to a power outage before the ship struck the Francis Scott Key Bridge, killing six construction workers. The ship's steering failed due to power loss, and prior blackouts occurred while docked. The DOJ claims the companies ignored safety protocols, leading to excessive vibrations and equipment failures. Attorney General Merrick Garland emphasized that the companies should bear the costs of the disaster, not taxpayers. The case follows the victims' families' intent to file claims against the companies for negligence.

#Baltimore #BridgeCollapse #Doj #Lawsuit #Negligence #Dali #GraceOcean #SynergyMarine #Construction #Safety

https://fortune.com/2024/09/18/baltimore-bridge-collapse-justice-department-doj-lawsuit-dali/ 

 Top market strategist sees ‘nirvana’ after Fed rate cut, new economic data
==========

The Federal Reserve cut interest rates by 50 basis points on September 18, 2024, the first cut since March 2020; initial jobless claims fell to 219,000 for the week ending September 14, the lowest since May; unemployment rolls decreased to 1,829,000 for the week ending September 7; manufacturing surveys show resilience, with the Philadelphia Fed Manufacturing Business Outlook Survey turning positive; wage growth stabilized at 3.3% in August, indicating a robust economy; Eric Wallerstein from Yardeni Research describes the situation as 'nirvana' for the economy.

#FederalReserve #InterestRates #Economy #JoblessClaims #Manufacturing #Wages #YardeniResearch #MarketStrategy #EconomicData #Resilience

https://fortune.com/2024/09/19/nirvana-markets-fed-rate-cut-jobless-claims-wages-manufacturing/ 

 Citi Wealth chief investment strategist shares tips and predictions ahead of Fed rate cuts
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Jerome Powell, chairman of the US Federal Reserve, is expected to announce interest rate cuts after the FOMC meeting on September 18, 2024; Steven Wieting, chief investment strategist at Citi Wealth, predicts a 25 basis point cut is most likely, but a 50 basis point cut is possible; Wieting expects 200 basis points of cuts by mid-2025; he emphasizes that the Fed's decision won't change the market's long-term outlook; Wieting recommends investing in 'quality' stocks and dividend aristocrats for stability; he forecasts 9% year-over-year earnings growth for the S&P 500 in 2024; he believes the economy is not in a recession despite some sectors contracting; Wieting warns against timing the market and suggests maintaining a balanced portfolio.

#FederalReserve #InterestRates #InvestmentStrategy #CitiWealth #Economy #Stocks #Dividends #MarketPredictions #FinancialAdvice #EarningsGrowth

https://fortune.com/2024/09/17/citi-wealth-chief-investment-strategist-shares-predictions-ahead-of-fed-rate-cuts/ 

 America’s national debt is ballooning—and any real solutions can only be bipartisan
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America's national debt is exceeding defense spending; interest payments on the national debt surpass defense spending; Democratic platform proposes raising taxes on corporations and high earners; top 10% pay over 75% of income taxes; Republicans suggest cutting discretionary spending but not Medicare, Medicaid, or Social Security; real solutions require bipartisan efforts; need to define the problem and propose real solutions; reforms needed in Social Security, healthcare, and antitrust policies; a value-added tax could ensure fair contributions; a National Commission on Fiscal Responsibility and Reform is necessary; public discussion and engagement on national debt are crucial.

#NationalDebt #Bipartisan #Economy #TaxReform #Healthcare #SocialSecurity #FiscalResponsibility #GovernmentSpending #EconomicGrowth #PolicyReform

https://fortune.com/2024/09/16/america-national-debt-ballooning-real-solutions-bipartisan-economy-finance-politics/ 

 Women of color win big at the 2024 Emmys
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Liza Colón-Zayas became the first Latina to win Outstanding Supporting Actress in a Comedy Series for The Bear; Anna Sawai won Best Actress in a Drama for Shogun, the first actress of Asian descent to win in that category; John Leguizamo advocated for better roles for Latinos at the Emmys; the event highlighted progress in diversity despite corporate America retreating from DEI initiatives; the 2024 election was a recurring theme during the awards; Candice Bergen reflected on societal changes since her role in Murphy Brown.

#Emmys #WomenOfColor #Diversity #Awards #Hollywood #Inclusion #Television #Progress #Latina #Asian

https://fortune.com/2024/09/16/emmys-2024-winners-women-of-color/ 

 Kamala Harris’s endorsements show Republicans may be paying the price for their newfound anti-business rhetoric
==========

Eighty-eight American business leaders endorsed Kamala Harris for president; this includes 40 former CEOs, indicating caution among current leaders; signers include Larry Summers; Republicans traditionally favored by business face challenges due to recent anti-business rhetoric; historical ties between business and politics show complexity; tech and entertainment industries lean Democratic; personal relationships between executives and Democrats influence endorsements; Republicans need to reassess their business relationships to regain support.

#KamalaHarris #Republicans #BusinessEndorsements #Politics #Fortune500 #LarrySummers #AntibusinessRhetoric #Technology #Entertainment #CorporateRelationships

https://fortune.com/2024/09/12/kamala-harriss-endorsements-republicans-price-anti-business-rhetoric-politics/ 

 The Harris and Trump debate showdown focused on these key economic policies
==========

The first presidential debate between Vice President Kamala Harris and former President Donald Trump occurred on September 11, 2024. The debate centered on economic issues, with both candidates defending their records. Harris emphasized her middle-class upbringing and proposed an 'opportunity economy' with tax cuts for families and small businesses. Trump promised tax cuts and tariffs on other countries, particularly China, denying claims of a 'Trump sales tax.' Harris criticized Trump's presidency for trade deficits and inflation, while Trump blamed the Biden-Harris administration for high inflation. Harris proposed increasing the child tax credit from $2,000 to $6,000 and a $50,000 tax deduction for small businesses. The debate also included personal attacks, with Trump labeling Harris a Marxist and Harris referencing Trump's wealthy background. Voters will soon weigh in on the debate performance as early ballots are distributed.

#Harris #Trump #Debate #Economy #Taxes #Inflation #2024Election #Politics #Tariffs #ChildTaxCredit

https://fortune.com/2024/09/10/trump-harris-debate-economy/ 

 Mario Draghi says the EU needs €800 billion to rival the U.S. and China
==========

Mario Draghi, former ECB President, calls for €800 billion ($884 billion) annual investment in the EU; emphasizes need for common bonds to enhance competitiveness against the U.S. and China; warns EU growth is slower than U.S.; suggests investment should increase by 5% of GDP; identifies energy dependency and lack of raw materials as key issues; proposes reforms in competition policy and telecom sector consolidation; highlights need for €500 billion for decarbonization and €100 billion annually for transport from 2031-2050; urges a unified EU response to existential challenges; warns of pushback from Germany and Netherlands on fiscal integration; report delivered on September 10, 2024.

#MarioDraghi #Eu #Investment #Competitiveness #CommonBonds #Decarbonization #Germany #Netherlands #Telecom #Defense

https://fortune.com/europe/2024/09/10/mario-draghi-economy-us-china/ 

 Get ready for a massive stock market rally, if history is any guide
==========

October has historically been the month for significant stock market rallies; Bespoke Investment Group reports 19 out of 61 rallies of 10% or more since WWII began in October; September 2024 saw the S&P 500 experience its worst week in 18 months; Jay Hatfield predicts S&P 500 could reach 6,000, implying 11% upside; contrasting views from Andrew Hollenhorst of Citi Research suggest a recession is imminent due to cooling job market; October through December is typically a strong period for the market; the latest jobs report indicates a growing economy.

#StockMarket #Rally #October #Economy #Recession #S&p500 #BespokeInvestmentGroup #JayHatfield #AndrewHollenhorst #FinancialAnalysis

https://fortune.com/2024/09/08/stock-market-outlook-massive-rally-october-history-rebound-selloff/ 

 China laments 'garbage time of history' as economy comes off peak and growth model hits dead end, expert says
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Chinese citizens express discouragement about the economy, coining the term 'garbage time of history'; Bank of America lowers 2024 growth forecast to 4.8% from 5%; China's global GDP share peaked at 18.3% in 2021, now at 16.9% in 2023; U.S. GDP share is approximately 25%; Logan Wright from Rhodium Group states China's growth model is at a dead end due to credit and investment reliance; Financial system constrains growth; Shift towards advanced manufacturing and consumption needed; Xi Jinping's leadership may not fully grasp economic severity; PDD Holdings reports weak results, losing $50 billion in market value; Overproduction risks lead to potential economic doom loop.

#China #Economy #Growth #XiJinping #BankOfAmerica #RhodiumGroup #PddHoldings #Gdp #FinancialSystem #Overproduction

https://fortune.com/2024/09/08/china-economy-peak-growth-model-dead-end-garbage-time-of-history-xi-jinping/ 

 Russia’s strategy to rely more China’s yuan is backfiring
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After sanctions in 2022, Russia shifted to using China's yuan for international transactions; by June 2024, yuan made up 99.6% of Russia's foreign exchange market. However, top Russian banks are running out of yuan, with Sberbank's CEO, German Gref, stating they cannot lend in yuan due to insufficient coverage. The U.S. expanded sanctions, causing Chinese banks to hesitate in transferring yuan to Russia, leading to liquidity issues. In September 2024, Russian banks raised a record 35 billion yuan from the central bank through swaps, but the central bank advised against relying on yuan loans for long-term funding. A quarter of Russian exporters faced payment issues, and inflation is rising due to military spending prioritization, as noted by Yale's Jeffrey Sonnenfeld.

#Russia #China #Yuan #Sanctions #Economy #Inflation #Putin #Zelensky #Sberbank #Trade

https://fortune.com/2024/09/07/russia-economy-china-yuan-liquidity-shortage-us-sanctions-ukraine-invasion/ 

 Harris must awaken the nation from the 'sleeper effect' at the debate with Trump—and dispel the oft-repeated falsehood that the booming U.S. economy isn’t doing so well
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Vice President Kamala Harris is preparing for a debate with former President Donald Trump on September 6, 2024; Trump is expected to challenge her on economic issues, claiming the Biden administration has caused inflation and economic decline; Yale researchers Carl Hovland and Walter Weiss coined the term 'sleeper effect' in 1951, highlighting how misinformation can persist; Trump falsely claims that under his presidency, the U.S. had the safest border and best economy; Annual encounters at the U.S.-Mexico border averaged 488,164 under Trump, compared to 408,493 under Obama; Inflation peaked at 9.1% under Biden but has since decreased to 2.9%; Trump’s gross new borrowing was $8.8 trillion, while Biden-Harris' was $6.2 trillion; Trump oversaw the largest spending deficit since WWII, while Biden-Harris have reduced deficits; Biden-Harris have created 15.8 million jobs compared to Trump's 4.4 million; Manufacturing jobs increased by 765,000 under Biden-Harris, while 172,000 were lost under Trump; Biden-Harris' Bipartisan Infrastructure Law and Inflation Reduction Act allocated over $700 billion for infrastructure; The U.S. is producing record amounts of oil and natural gas under Biden-Harris; The World Bank has revised its growth outlook positively due to U.S. economic strength; Pew Research shows international confidence in Biden-Harris leadership has increased; Goldman Sachs projects GDP growth under Harris, not Trump.

#Harris #Trump #Economy #Debate #Inflation #Jobs #Manufacturing #Infrastructure #Biden #Politics

https://fortune.com/2024/09/06/harris-must-awaken-the-nation-from-the-sleeper-effect-at-the-debate-with-trump-and-dispel-the-oft-repeated-falsehood-that-the-booming-u-s-economy-isnt-doing-so-well/ 

 Trump calls for regulatory bloodbath—asks Musk to lead task force on 'drastic cuts'
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Donald Trump proposed cutting the corporate tax rate to 15% from 21% during a speech at the Economic Club of New York on September 5, 2024; he aims to contrast his economic policies with those of Kamala Harris, who wants to raise the corporate tax rate to 28%; Trump plans to establish a federal audit task force led by Elon Musk to review government expenditures; he pledged to eliminate 10 regulations for every new one; Trump also suggested a 10% tariff on all imports and 60% on Chinese goods; he emphasized the need for domestic energy production and support for emerging industries like AI; a Bloomberg News/Morning Consult poll indicated that 50% of likely voters trust Trump on the economy compared to 44% for Harris.

#DonaldTrump #ElonMusk #CorporateTax #Regulations #Economy #2024Election #KamalaHarris #FederalAudit #Tariffs #EnergyProduction

https://fortune.com/2024/09/05/trump-calls-for-regulatory-bloodbath-asks-musk-to-lead-task-force-on-drastic-cuts/ 

 Asian chip stocks like TSMC and SK Hynix plunge after Nvidia's record drop in market value
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Asian semiconductor stocks fell sharply, with TSMC down 5.5%, SK Hynix down 9.2%, and Advantest down 10% on September 4, 2024; the MSCI Asia Pacific Index dropped 2.2%, marking the worst decline since August 5; Nvidia lost a record $278.9 billion in market value on September 3, 2024, raising concerns about AI stock valuations; analysts suggest AI stocks may have overshot profit expectations; despite volatility, some investors recommend buying dips, citing strong AI spending; Jung In Yun of Fibonacci Asset Management believes demand for AI will remain robust through mid-2025.

#Semiconductors #Nvidia #Tsmc #SkHynix #StockMarket #Ai #Investments #Asia #Economy #Volatility

https://fortune.com/asia/2024/09/04/asia-chip-stocks-tsmc-sk-hynix-record-nvidia-share-value-drop/ 

 Interest rate cut expectations just keep getting deeper as Powell's 'risk bias' changes
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Jerome Powell, Chair of the Federal Reserve, indicates a shift in interest rate policy; current rate is 5.25%, a two-decade high; analysts expect a potential cut of 0.25% to 0.5% in September; JPMorgan forecasts a total cut of 100 bps by year-end; rising unemployment and softening labor demand complicate the Fed's dual mandate of controlling inflation and maximizing employment; Powell's Jackson Hole speech suggests a need for policy adjustment; Wharton Professor Jeremy Siegel advocates for immediate cuts to 4% or less; concerns arise that failure to cut rates could lead to recession.

#FederalReserve #InterestRates #JeromePowell #Economy #Recession #Employment #Inflation #Jpmorgan #BankOfAmerica #LaborMarket

https://fortune.com/2024/08/29/fed-interest-rate-cut-expectations/ 

 Economy gets a jolt of good news as GDP rises and inflation falls
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The U.S. economy grew at a 3% annual pace in Q3 2024, up from a previous estimate of 2.8%; consumer spending rose by 2.9%, while business investment expanded by 7.5%; inflation eased to 2.5% from 3.4% in Q1; corporate profits reached a record $3.425 trillion; the Fed raised interest rates 11 times in 2022 and 2023, reducing inflation from a peak of 9.1% to 2.9%; unemployment rose to 4.3% over four months; Jerome Powell indicates a potential interest rate cut in mid-September.

#Gdp #Inflation #Economy #ConsumerSpending #BusinessInvestment #FederalReserve #InterestRates #Unemployment #CorporateProfits #EconomicGrowth

https://fortune.com/2024/08/29/economy-gdp-growth-profit/ 

 Kamala Harris's housing plan is most aggressive since post-World War II boom, experts say
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Kamala Harris's housing plan aims to boost U.S. housing supply significantly; experts Jim Parrott and Mark Zandi claim it is the most aggressive since post-WWII; U.S. needs 3 million more homes, primarily affordable; plan includes $25,000 down payment assistance for first-time buyers; expands Low-Income Housing Tax Credit to increase affordable rentals; tax breaks for builders selling to first-time buyers; new tax credit for renovating unsellable homes; plan costs $125 billion, requiring funding through tax revenue or spending cuts; warns of long-term economic harm from worsening housing crisis; Donald Trump proposes easing regulations to lower housing costs; Republican platform blames high costs on illegal immigration and includes demand- and supply-side measures.

#KamalaHarris #HousingPlan #AffordableHousing #UsPolitics #2024Election #DonaldTrump #HousingCrisis #Economy #TaxPolicy #Construction

https://fortune.com/2024/08/24/kamala-harris-housing-plan-affordable-construction-postwar-supply-boom-donald-trump/