Republican National Convention focuses on Trump’s economic plans
==========

The Republican National Convention focused on Trump's economic plans, including tariffs, tax cuts, and no taxes on tips. However, few details were provided. Trump's campaign is betting that voters care more about attitude than policy specifics. Trump wants tariffs on trade partners, no taxes on tips, and a lower corporate tax rate. The platform also promises to defeat inflation, bring down prices, and increase oil, natural gas, and coal production. Democrats and economists argue that Trump's ideas would cause inflation, harm the middle class, and increase the national debt. Trump's campaign declined to answer economic questions and instead directed to video clips of him. In contrast, Biden has an exhaustive 188-page budget proposal. Trump's plans have bipartisan backing on banning taxes on tips and cutting regulations. However, companies generally dislike tariffs as they can raise costs for consumers. Trump's tariff plans could worsen inflation. The Republican National Convention also discussed illegal immigration and scrapping Biden's policies on electric vehicles and renewable energy. Deporting 1.3 million workers could shrink the U.S. economy by 2.1%. Trump's second term would focus on the needs of business to drive economic growth. Trump's tariff policies could make it more expensive to bring in raw materials and raise prices for consumers. The Republican National Convention focused on Trump's economic plans, but offered few details.

#RepublicanNationalConvention #Trump #EconomicPlans #Tariffs #TaxCuts #Tips #Details #Attitude #CorporateTaxRate #Inflation #Oil #NaturalGas #Coal #IllegalImmigration #ElectricVehicles #RenewableEnergy #Deportation #Economists #Biden #BudgetProposal #Regulations #Bipartisan #Tariffs #Inflation #RawMaterials #Prices

https://fortune.com/2024/07/16/rnc-trump-economic-plans-tariffs-tax-cuts-no-taxes-tips-few-details/ 

 Republican National Convention focuses on Trump’s economic plans
==========

The Republican National Convention focused on Trump's economic plans, including tariffs, tax cuts, and no taxes on tips. However, few details were provided. Trump's campaign is betting that voters care more about attitude than policy specifics. Trump wants tariffs on trade partners, no taxes on tips, and a lower corporate tax rate. The platform also promises to defeat inflation, bring down prices, and increase oil, natural gas, and coal production. Democrats and economists argue that Trump's ideas would cause inflation, harm the middle class, and increase the national debt. Trump's campaign declined to answer economic questions and instead directed to video clips of him. In contrast, Biden has an exhaustive 188-page budget proposal. Trump's plans have bipartisan backing on banning taxes on tips and cutting regulations. However, companies generally dislike tariffs as they can raise costs for consumers. Trump's tariff plans could worsen inflation. The Republican National Convention also discussed illegal immigration and scrapping Biden's policies on electric vehicles and renewable energy. Deporting 1.3 million workers could shrink the U.S. economy by 2.1%. Trump's second term would focus on the needs of business to drive economic growth. Trump's tariff policies could make it more expensive to bring in raw materials and raise prices for consumers. The Republican National Convention focused on Trump's economic plans, but offered few details.

#RepublicanNationalConvention #Trump #EconomicPlans #Tariffs #TaxCuts #Tips #Details #Attitude #CorporateTaxRate #Inflation #Oil #NaturalGas #Coal #IllegalImmigration #ElectricVehicles #RenewableEnergy #Deportation #Economists #Biden #BudgetProposal #Regulations #Bipartisan #Tariffs #Inflation #RawMaterials #Prices

https://fortune.com/2024/07/16/rnc-trump-economic-plans-tariffs-tax-cuts-no-taxes-tips-few-details/ 

 Long periods of political violence are 'very bad' for the markets, analyst warns
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Long periods of political violence in democratic societies have historically been detrimental to markets and risk-taking. Analyst Thierry Wizman cites examples of Italy's Years of Lead and the Troubles in Northern Ireland as periods characterized by reduced investment, brain drains, and reductions in tourism. If political violence continues in the US, foreign investors may be deterred from investing and building businesses. The US economy, being the world's largest, would have broader global implications if it faced a hit due to ongoing political violence. The US economy is also facing stubborn inflation, which could be exacerbated by political violence. The market has long expected that a Trump win in the election would be inflationary, reflected in rising Treasury yields. Bond yields tend to go up during periods of political violence as investors flock to them as relatively safe assets. In the aftermath of the assassination attempt on former President Donald Trump, political leaders have stressed national unity. President Joe Biden addressed the nation twice over the weekend, emphasizing the importance of standing together. Analysts warn that while Monday's stock market rally may indicate optimism, the markets are not in the clear and prolonged political violence can have negative consequences.

#PoliticalViolence #Markets #UsEconomy #DonaldTrump #AssassinationAttempt #Investors #Inflation #NationalUnity

https://fortune.com/2024/07/15/donald-trump-assassination-attempt-political-violence-markets-us-economy-joe-biden-inflation/ 

 Economy still expected to be the focus of RNC first day despite Trump assassination attempt
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The first day of the Republican National Convention (RNC) is still expected to focus on the economy, despite the assassination attempt on Donald Trump at a rally in Pennsylvania. The speakers at the convention are likely to argue that Trump's agenda of tariffs and lower taxes would jump-start the economy. Trump's economic plans include tariffs on trade partners, no taxes on tips, a reduction in the corporate tax rate, and a focus on oil, natural gas, and coal. However, Democrats and some economists argue that Trump's ideas would cause inflation, harm the middle class, and increase the national debt. Trump has released few hard numbers or policy details, relying on his record in office to appeal to voters. The RNC's focus on the economy contrasts with Joe Biden's detailed 188-page budget proposal. Some of Trump's plans, such as cutting regulations and lowering the corporate tax rate, have bipartisan support, but his proposed tariffs could raise costs and worsen inflation. Despite the risks, Trump's tariff policies could be politically beneficial, particularly in industrial areas that have lost jobs to China. The first day of the RNC will still emphasize the economy, with Trump's economic record in his first term as a key selling point for his second term.

#RepublicanNationalConvention #DonaldTrump #Economy

https://fortune.com/2024/07/15/donald-trump-assassination-attempt-rnc-first-day/ 

 What investors should look for as Wall Street prices in a new political and financial outlook after the Trump shooting
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Pre-market trading in the U.S. will begin Sunday evening to assess the impact of the assassination attempt on Donald Trump on markets. Ian Bremmer, president of Eurasia Group, believes the shooting makes a Trump win in the presidential election more likely. The shooting has upended the political landscape, affecting control of Congress and majorities. Trump's plans for tariffs, tax cuts, and immigration could be inflationary and impact Fed rate cuts. Crypto investors have reacted positively to Trump, while some of Biden's backers are critical of the SEC. The Supreme Court's decisions could lead to deregulation and more M&A activity. A Trump win would favor fossil fuels over renewable energy. Tech stocks may be affected by Washington's limits, but the economy and stock market have historically performed well regardless of the president.

#Investors #WallStreet #DonaldTrump #AssassinationAttempt #PresidentialElection #Inflation #FedRateCuts #CryptoInvestors #Sec #SupremeCourt #FossilFuels #RenewableEnergy #TechStocks #Economy #StockMarket

https://fortune.com/2024/07/14/donald-trump-assassination-attempt-investors-wall-street-financial-markets-outlook-inflation-bonds-stocks-energy-fed/ 

 U.S. corporate bankruptcies are soaring above the pandemic-era peak, adding to the economic alarms bells piling up
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The number of U.S. companies that filed for bankruptcy last month topped the highs seen during the early stages of the pandemic in 2020. June saw 75 filings, up from 62 in May and above the pandemic-era peak of 74 in July 2020. The year-to-date total of 356 bankruptcy filings also tops the same period in 2020 and is higher than any comparable figure in the last 13 years. High interest rates, supply chain issues, and slowing consumer spending are weighing on struggling companies. The surge in bankruptcy filings comes as more people on Wall Street are sounding alarms about the economy. Citi Research predicts the Fed will trim rates by 25 basis points eight times, starting in September and extending to July 2025. The creator of the 'Sahm Rule' recession indicator warns that the Fed risks sending the economy into a recession by continuing to hold off on rate cuts.

#UsCorporateBankruptcies #PandemiceraPeak #EconomicAlarmBells #FederalReserve #InterestRates #SupplyChainIssues #ConsumerSpending #WallStreet #CitiResearch #SahmRule #RecessionIndicator

https://fortune.com/2024/07/13/economic-outlook-us-corporate-bankruptcies-pandemic-era-high-recession-warning-unemployment/ 

 Tech could have a 'massive consolidation' problem due to AI
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Lawmakers, including U.S. Senator Ron Wyden, are concerned about the 'massive consolidation' happening in the tech industry due to the acquisition of talent and products from innovative AI startups without formal acquisitions. This practice, known as 'reverse acqui-hire' or poaching, allows big tech companies to bypass U.S. laws protecting against monopolies. Wyden has urged U.S. regulators to investigate these practices, specifically mentioning the recent Amazon-Adept deal. The push for stronger oversight of the tech industry by the Biden administration and lawmakers has likely deterred big acquisitions. Tech giants like Microsoft, Amazon, and Google are being conservative in making acquisitions in the AI space. Smaller AI startups face challenges in building AI systems due to the high costs involved. The hiring of Adept employees by Amazon without acquiring the company is seen as an attempt to avoid antitrust problems. However, legal experts argue that this is not a 'reverse acqui-hire' but rather a straightforward poaching. The concern over consolidation in the AI industry arises from the fact that a few companies control a major portion of the market, hindering innovation and competition.

#Ai #TechIndustry #Consolidation #Acquihire #Antitrust #Innovation

https://fortune.com/2024/07/12/ai-massive-consolidation-big-tech-ron-wyden/ 

 The death of the Chevron doctrine complicates U.S. lawmakers’ efforts to regulate AI—but there’s another way
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The U.S. Supreme Court has overturned the Chevron doctrine, which empowered federal regulators to interpret unclear laws, limiting the abilities of rule-making agencies to interpret and administer laws on public concerns. This ruling has implications for the regulation of artificial intelligence (AI). The U.S. needs nimble, forward-thinking policies to protect against AI risks while promoting innovation. Three principles for AI governance are proposed: prioritizing AI incident reporting to identify risks, leveraging existing regulatory authorities, and leveraging America's strengths in innovation and decentralized economy. The ruling presents an opportunity to create a more agile and innovation-friendly governance environment for AI.



https://fortune.com/2024/07/11/death-chevron-doctrine-complicates-us-lawmakers-efforts-regulate-ai-supreme-court-tech-politics/ 

 A record €800 billion will flow into Europe's economy this summer—all thanks to American tourists
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A new report from the United Nations World Tourism Organization confirms that international tourists are projected to spend a record €800 billion in Europe this year, a 37% increase over pre-pandemic levels. Americans are driving this year's European tourism boom, with 72% of the record tourism spend taking place in western European destinations. Southern European and Mediterranean destinations remain firm favorites for travelers in Europe, with Greece seeing increased tourism despite climate impacts. Northern destinations like Denmark, Norway, and Sweden are also gaining market share. Lesser-visited or less-crowded European destinations like Croatia, Malta, and Albania are experiencing a rise in tourist arrivals. Places with favorable currency exchange rates like Bulgaria, Serbia, and Turkey are also popular. Online perceptions of Europe scored higher than other regions, with the Middle East and Asia Pacific in second and third place. Overtourism in popular destinations has led to opportunities for under-the-radar locations. Encouraging tourists to visit these locations is key to spreading the benefits across Europe.

#EuropeanTourism #AmericanTourists #TravelTrends

https://fortune.com/europe/2024/07/11/800-billion-euros-will-flow-into-europes-economy-this-summer-all-thanks-to-american-tourists/ 

 Trump to address ‘future of the American Bitcoin industry’ at crypto gathering this month
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Donald Trump will speak at Bitcoin 2024, an annual conference in Nashville on July 27. He will share his vision for the future of the American Bitcoin industry and its impact on the U.S. economy. Other speakers at the conference include Russell Brand and Robert F. Kennedy Jr. Trump's interest in crypto is driven by his desire to court crypto voters and harvest their dollars. He has been accepting donations in cryptocurrencies and seeking guidance from Elon Musk on his crypto policy. Trump sees crypto as a key priority in his campaign as it could sway the support of voters in swing states. The crypto industry is throwing money at pro-crypto candidates to counter the SEC's hostile stance towards crypto. The political action committees Fairshake and Stand with Crypto have raised millions of dollars to lobby for crypto-friendly candidates.

#DonaldTrump #Bitcoin #CryptoIndustry #Bitcoin2024 #Nashville #CryptoConference #CryptoVoters #ElonMusk #Sec #SwingStates

https://fortune.com/crypto/2024/07/11/trump-to-address-future-of-the-american-bitcoin-industry-at-crypto-gathering-this-month/ 

 Inflation will go up regardless of who the next president is, but under Trump’s tariffs it would be higher for longer, Oxford Economics says
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Inflation is predicted to increase regardless of whether Joe Biden or Donald Trump wins a second term. Oxford Economics predicts that under a Trump presidency, peak inflation would be 0.6 percentage points higher than the current 3.3%, reaching 3.8%. Under Biden, inflation would be just 0.1% higher. The main drivers of inflation under Trump would be his draconian immigration policies, further reduction of corporate tax rates, and an unprecedented tariff on all foreign goods. Biden would temporarily extend the child tax credit, leading to a near-term spike in inflation. In the long run, family support policies would stimulate growth without raising inflation. Both Biden and Trump would not see a decline in inflation or remain at current levels. Trump's proposed tariffs would be especially inflationary, contributing to rising prices. Economists estimate that Trump's proposed tariffs would increase annual expenses for households by $1,700 to $2,350. Biden has implemented tariffs selectively to ensure domestic production in certain areas. His administration is unlikely to ease up on existing tariffs. Taming inflation will be less likely if either party wins both the White House and control of Congress. Federal Reserve chair Jerome Powell is optimistic about inflation coming down but remains circumspect on when it will head toward the Fed's 2% target.

#Inflation #UsPresidentialElection #Trump #Biden #Tariffs #OxfordEconomics

https://fortune.com/2024/07/10/trump-biden-election-inflation-economy-federal-reserve-jerome-powell-united-states/ 

 Why investing in places like Birmingham, Alabama is key to securing U.S. biotech dominance as China tries to close the gap
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China has aggressively gathered personal health data from Americans and other countries to dominate the bioeconomy. Lawmakers have introduced bipartisan legislation to secure American health data and protect intellectual property. Birmingham, Alabama, with the University of Alabama at Birmingham (UAB) and Southern Research, is positioned to lead in biotech innovation. The Birmingham Biotech Hub aims to catalyze innovation, drive economic growth, and improve health outcomes. Federal investment from the U.S. Department of Commerce is crucial to onshore key aspects of the supply chain for personalized medicine. It will stimulate job creation, ensure regional economic competitiveness, and anchor the national bioeconomy. Trusted institutions in the South can address national healthcare challenges and put America at the forefront of innovation. Investing in places like Birmingham is essential for maintaining U.S. biotech leadership.

#Biotech #China #Birmingham #Alabama #PersonalizedMedicine #Innovation #EconomicGrowth

https://fortune.com/2024/07/03/why-investing-in-places-like-birmingham-alabama-is-key-to-securing-u-s-biotech-dominance-as-china-tries-to-close-the-gap/ 

 A shrinking service economy and rising jobless claims send stocks to record highs ahead of July 4 holiday
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Stocks hit records as weak economic data reinforce the case for the Federal Reserve to cut rates. The S&P 500 headed towards a fresh record on bets of policy easing. US services sector contracted at the fastest pace in four years. Private payrolls rose at a moderate pace and continuing jobless claims climbed for a ninth straight week. Economists anticipate a 190,000 gain in nonfarm payrolls. Treasury 10-year yields fell nine basis points to 4.34%. Swap traders are projecting almost two rate cuts in 2024. The S&P 500 rose to around 5,520. Fed Chair Jerome Powell said inflation is getting back on a downward path, but more evidence is needed before lowering interest rates. Fed Bank of New York President John Williams pushed back against recent commentary that the natural rate of interest has risen since the pandemic.

#StockMarket #FederalReserve #UsEconomy #InterestRates #Inflation

https://fortune.com/2024/07/03/stock-market-record-services-jobless-claims/ 

 More workers were laid off in May as job openings increased
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In May, U.S. job openings increased to 8.1 million, despite the impact of higher interest rates. Layoffs rose to 1.65 million, while the number of Americans quitting their jobs remained unchanged. The U.S. economy has been resilient despite the Federal Reserve's campaign to raise interest rates. Job openings have been decreasing since March 2022. The economy grew at a slow pace of 1.4% from January to March 2024. The Labor Department is expected to report that employers added 190,000 jobs in June. High interest rates have helped bring inflation down closer to the Fed's target. Walmart has held talks to sell its shuttered medical clinics. The U.S. government will pay Moderna $176 million to develop a bird flu vaccine. Ken Griffin is skeptical about AI replacing jobs in the next 3 years. Gen Zers are disillusioned with the economy and think it's okay to commit fraud.

#JobOpenings #Layoffs #UsEconomy #InterestRates #Inflation #Walmart #Moderna #Ai #GenZ

https://fortune.com/2024/07/02/jolts-job-openings-layoffs-may/ 

 China knows which Democrat it would like to run if Biden steps down
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Chinese social media users in China have expressed support for Gavin Newsom as a potential replacement for President Joe Biden if he were to step down. Newsom, the governor of California, has been praised for his visit to China last year and his positive attitude towards Beijing. He has been described as a "cool head" and someone who understands the benefits of business ties with China. However, some Chinese citizens have expressed concerns about Newsom's political weak spots, such as his West coast background and the fact that California has never produced a Democratic president. Overall, the idea of a candidate who isn't threatening huge trade tariffs on China and has displayed a positive attitude towards Beijing is appealing to many in China.

#China #UsPolitics #GavinNewsom #JoeBiden

https://fortune.com/asia/2024/07/02/china-democrat-biden-steps-down-gavin-newsom/ 

 The South Bronx is a cross section of everything wrong with America
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The South Bronx, the poorest congressional district in the country, faces challenges such as lack of financial funding for small businesses, unaffordable housing, rampant inflation, and insufficient neighborhood safety. Decades of redlining and disinvestment, combined with a historical legacy of pollution, have created a perfect storm of poverty. However, the community is resilient and many entrepreneurs are working to improve the neighborhood's core issues. Small businesses play a significant role in the South Bronx economy, but they face challenges in accessing financial support and dealing with city regulations. The neighborhood also struggles with pollution, with high levels of asthma-related complications. The South Bronx has a largely Hispanic and Black population and lacks resources like recreational options for youth, funding for schools, and access to healthy food. The community is working to overcome these challenges and create a better future.

#SouthBronx #Poverty #SmallBusinesses #Housing #Pollution #Resilience

https://fortune.com/2024/06/29/south-bronx-poorest-congressional-district-america-poverty-pollution-economy/ 

 Wall Street cheers as Fed's favorite inflation gauge shows price hikes are the slowest in 4 years
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The Commerce Department report shows that consumer prices were flat from April to May, the mildest performance in over four years. Prices rose 2.6% from a year earlier, slightly less than in April. Core inflation, excluding food and energy prices, rose 0.1% from April to May, the smallest increase since spring 2020. Prices for physical goods fell 0.4% from April to May, while prices for services ticked up 0.2%. The Fed's favorite inflation gauge, the personal consumption expenditures price index, showed that inflation eased in May for a second straight month. The latest figures will likely be welcomed by the Fed's policymakers, who have said they need to feel confident that inflation is slowing sustainably toward their 2% target before they'd start cutting interest rates. Stocks rose on Wall Street following the release of the report.

#Inflation #FederalReserve #WallStreet #ConsumerPrices #PersonalConsumptionExpendituresPriceIndex

https://fortune.com/2024/06/28/personal-consumption-expenditures-inflation/ 

 Treasury Secretary Janet Yellen blames Trump’s tax cuts for ‘many of the problems’ with the U.S.’s soaring budget deficit
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Treasury Secretary Janet Yellen blames former President Donald Trump's Tax Cuts and Jobs Act for the U.S.'s soaring budget deficit. Yellen argues that the tax cuts gave tax breaks to wealthy corporations and individuals while increasing the national deficit. The national debt grew $7.8 trillion during Trump's presidency. Extending Trump's tax cuts for the next 10 years would add $4.6 trillion to the deficit, according to the Congressional Budget Office. Proponents of the tax cuts argue that they boosted the economy and increased U.S. corporations' competitiveness. Yellen believes that ending the tax cuts and enacting President Biden's proposed $3 trillion, 10-year budget deficit reduction plan will put the U.S. on a fiscally sustainable course.

#JanetYellen #DonaldTrump #TaxCutsAndJobsAct #BudgetDeficit #NationalDebt #CongressionalBudgetOffice #EconomicGrowth #CorporateTaxRate

https://fortune.com/2024/06/25/janet-yellen-blames-trump-tax-cuts-problems-debt/ 

 A 45-year-old Los Angeles man was charged in a $50 million scheme to launder Mexican cartel money
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Edgar Joel Martinez-Reyes, a 45-year-old Los Angeles man, has been charged in a $50 million scheme to launder Mexican cartel money. The scheme involved rich Chinese nationals who wanted luxury goods. The U.S. Department of Justice announced a multi-count indictment that charged more than a dozen Los Angeles members of the Mexican Sinaloa drug cartel and Chinese currency brokers with conspiring to launder drug money. The investigation has yielded $5 million in cash, cocaine, methamphetamine, Ecstasy, and magic mushrooms. The lead defendant, Martinez-Reyes, and other defendants used various methods to launder the money, including buying crypto, depositing money into bank accounts, buying precious metals and gems, and taking them to Mexico for sale. The scheme also involved Chinese money exchanges that assist rich Chinese nationals in transferring their money to the U.S. The brokers charged a commission fee to disguise the drug money. The defendants face a minimum of 10 years in prison if convicted on all charges. The Sinaloa drug cartel is responsible for the surging infusion of fentanyl in the U.S. in the past eight years. The cartel turned to Chinese money exchanges to get the money to Mexico. The DOJ stated that drug traffickers have partnered with Chinese underground money exchanges to take advantage of the large demand for U.S. dollars from Chinese nationals.



https://fortune.com/2024/06/18/45-year-old-los-angeles-man-charged-cartel-luxury-china/ 

 AI could kill creative jobs that ‘shouldn't have been there in the first place,’ OpenAI’s CTO says
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Mira Murati, the chief technology officer of OpenAI, warns that AI could cause job displacement in the creative industry. She questions whether those jobs really needed to exist. The comment was made amid discussion about the entertainment industry, which has seen backlash from workers. Freelancers have already experienced a drop in job opportunities due to AI. Murati believes that AI tools can be used to enhance creativity and expand intelligence. While job displacement is likely, new work will also be created. OpenAI CEO Sam Altman has also acknowledged job displacement due to AI. Other AI-focused executives have warned about the impact of AI on the job market and the need for reskilling.

#Ai #JobDisplacement #CreativeIndustry #Openai #MiraMurati

https://fortune.com/2024/06/24/ai-creative-industry-jobs-losses-openai-cto-mira-murati-skill-displacement/ 

 The national debt is over $34 trillion. It’s time to tell the truth about the U.S. government’s finances
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The national debt in the U.S. has reached over $34 trillion, exceeding the country's GDP by about $6 trillion. The federal deficit in fiscal year 2023 was $1.7 trillion and is expected to approach $2 trillion by the end of fiscal 2024. The consequences of this debt include crowding out private investment, a decrease in the purchasing power of the U.S. dollar, and a significant amount of interest payments on the national debt. The U.S. government is projected to pay close to $900 billion in interest payments this year alone, and debt service is expected to increase to $5.3 trillion by 2054. The growth of the U.S. government's debt has been a long-term trend since the mid-1970s, with both parties contributing to the increase in federal spending. Without significant spending cuts and fiscal discipline, the current trajectory of federal finances will lead to a dire situation. The author suggests cutting defense, education, justice, and homeland security budgets, as well as privatizing the Social Security program, to address the issue.

#NationalDebt #UsGovernment #Finances #FederalDeficit #DebtService #FiscalDiscipline #SpendingCuts #FederalSpending

https://fortune.com/2024/06/24/national-debt-34-trillion-america-government-finances/ 

 Mothers are back at work. Here’s why we shouldn’t be too quick to celebrate
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Mothers' return to the workforce is good news for the economy, but it doesn't protect their families from precarity. The article tells the story of a mother named Akari who returned to work after her fiancé died suddenly. She had to find a part-time job in retail that paid less than $10 an hour and added two more jobs to make ends meet. Despite working three jobs, she is worse off financially than when she was on welfare because she now makes just a bit too much to qualify for programs like food stamps and subsidized housing and childcare. The article argues that the lack of a sturdy social safety net forces women, especially mothers, into low-wage, no-benefit jobs. It calls for investing in a social safety net that offers universal paid family leave and sick leave, universal childcare and healthcare, decent welfare benefits without punitive work requirements, subsidies for families with dependents, and a robust minimum wage to support mothers in the workforce.

#Mothers #Workforce #Economy #Precarity #SocialSafetyNet #LowwageJobs

https://fortune.com/2024/06/21/mothers-back-work-celebrate-labor-jobs-women-economy/ 

 Nvidia, now the most valuable company on Wall Street, is buoying indexes to record levels despite weaknesses in the economy
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Nvidia has become the most valuable company on Wall Street, surpassing Microsoft, with a total market value of over $3.3 trillion. The chip company's rise has helped keep U.S. indexes at record levels despite weaknesses in the economy. Nvidia's chips are powering the move into artificial intelligence (AI), which is expected to drive explosive growth in productivity and profits. The stock market's frenzy around AI technology has propelled Nvidia's stock up 181.5% this year. Despite some weakness in the U.S. economy, AI stocks like Nvidia have helped prop up the stock market. However, market watchers are concerned that the market is being carried by a handful of companies rather than a large number. The hope on Wall Street is for a slowdown in the U.S. economy's growth to keep inflationary pressures in check and potentially lead to a cut in the Federal Reserve's main interest rate. Nvidia's rise comes as other companies in various sectors, such as Winnebago Industries and Accenture, report weaker-than-expected profit and revenue. Treasury yields ticked higher following mixed reports on the economy, and some traders on Wall Street are expecting two or more interest rate cuts by the Federal Reserve this year. The stock market's performance has been strong despite weaknesses in the U.S. economy, particularly in housing and manufacturing.

#Nvidia #WallStreet #StockMarket #Ai #Economy

https://fortune.com/2024/06/20/nvidia-most-valuable-company-on-wall-street-buoying-indexes-to-record/ 

 ‘Sometimes, the facts don’t matter’: Attacks on DEI are an anti-capitalist war on American prosperity
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Attacks on DEI (diversity, equity, and inclusion) are seen as an anti-capitalist war on American prosperity. DEI is a capitalist tool to increase income and wealth through fairness, resulting in increased employee engagement, innovation, productivity, and profitability. However, DEI has been heavily criticized, with some arguing that non-Black people have benefitted more from DEI programs than Black people. The article highlights the power of words and the emotional meaning they carry. The attackers of DEI have fallen prey to oppression psychology, using tactics to protect superiority and maintain race-based barriers to opportunity. The article argues that race-based barriers have cost the U.S. economy over $50 trillion since 1990 and tearing them down can generate $5 trillion in just a few years. The author calls for a shift from demonizing DEI to fundamental fairness for all of humanity, emphasizing that fairness is a matter of wealth and national security. Corporate America is urged to demonstrate leadership and fiduciary duty by embracing DEI as a framework to improve business engagement, productivity, profitability, and American economic prosperity.

#Dei #Diversity #Equity #Inclusion #Capitalism #AmericanProsperity

https://fortune.com/2024/06/19/facts-matter-attacks-on-dei-anti-capitalist-war-american-prosperity/ 

 OneUnited Bank CEO: Ending slavery is the best economic decision America ever made
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Kevin Cohee, the chairman and CEO of OneUnited Bank, argues that ending slavery was the best economic decision America ever made. He explains that the decision to end slavery had a profound impact on making America the strongest country in the world, both socially and economically. From a social perspective, ending slavery allowed America to uphold its core values of equality and become a role model for democracy. From an economic perspective, emancipation generated economic gains equivalent to up to 35% of the U.S. GDP, making it one of the most important economic events in American history. The economic benefits of emancipation include increased workforce participation, growth of human capital, contributions to the economy through entrepreneurship, and expanding the consumer market. Cohee emphasizes the importance of overcoming economic disadvantages and promoting financial literacy to realize the full economic benefits of ending slavery. He also highlights the significance of Juneteenth as a national holiday, symbolizing the power of information in achieving true freedom. Cohee suggests that technology, particularly artificial intelligence, can empower people to overcome financial illiteracy and unlock the economic potential of emancipation. He calls for massive Juneteenth celebrations to bring Americans together and promote a better America and a better world.

#Slavery #EconomicDecision #Juneteenth #Emancipation #Equality #EconomicGrowth #FinancialLiteracy #ArtificialIntelligence

https://fortune.com/2024/06/19/oneunited-bank-ceo-ending-slavery-economic-decision-america-juneteenth/ 

 Weak yen pushes Japan's exports to grow at fastest rate since Nov. 2022
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Japan's exports grew by 13.5% in May, the fastest rate since November 2022. The trade deficit totaled 1.22 trillion yen ($7.7 billion), down nearly 12% from a year earlier. Imports grew 9.5% to nearly 9.5 trillion yen ($60 billion). Exports totaled 8.3 trillion yen ($53 billion) and grew at the fastest rate since November 2022. Shipments to the United States were up nearly 24% and those to the rest of Asia rose more than 13%. Trade with Europe mostly fell. The value of Japan's imports tends to grow when the Japanese yen loses value against the U.S. dollar and other major currencies. Japan is a resource-poor nation that imports almost all its oil, and higher imports of oil, gas, and other fuels are a big factor behind the deficit in May. Rising prices overall inflated the value of both exports and imports. Trade with China has been reviving, and shipments of machinery, manufacturing components, and vehicles showed strong growth. The weak yen's impact on inflation was debated by the Bank of Japan's decision makers. The fear for Japan is deflation, and the central bank has been trying to set off a gradual rise in prices.

#Japan #Exports #TradeDeficit #Imports #WeakYen #Us #Asia #Europe #China #Inflation #Deflation #BankOfJapan

https://fortune.com/asia/2024/06/19/japan-exports-may-grew-fastest-rate-since-november-2022-weak-yen/ 

 FOMO still ‘ruling the market’ says Wharton’s Jeremy Siegel, as investors hold out for an elusive rate cut to boost prospects
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Jeremy Siegel, Professor of Finance at the Wharton School, remains hopeful that pockets of activity in the U.S. economy will keep it on the path away from recession. While jobless claims hit a 10-month high at 242,000, inflation remained unexpectedly unchanged in May. The market is boosted by fear of missing out (FOMO), particularly in AI-related stocks like NVIDIA. Despite concerns of a bubble, investors remain bullish on AI. Siegel believes a further boost will come when the Fed begins cutting rates. Wall Street could be holding out until the end of the year for a rate cut.

#JeremySiegel #WhartonSchool #WallStreet #Fomo #Ai #Nvidia #FederalReserve #RateCut

https://fortune.com/2024/06/18/fomo-artificial-intelligence-ruling-market-wharton-jeremy-siegel/ 

 U.S. debt could threaten the economic growth that's needed to keep the burden sustainable, former IMF official says
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Former IMF official warns that U.S. debt could threaten economic growth and make the burden unsustainable. Debt held by the public is already at about 100% of GDP and is projected to climb to 116% in 2034, 139% in 2044, and 166% in 2054. While an advanced economy like the U.S. can manage its debt, an institutional breakdown remains a threat. Meeting interest obligations as the debt ratio rises could require the federal government to cut discretionary spending, negatively impacting economic growth. The U.S. must keep up with interest payments and maturing Treasury bonds, with the cost of servicing all that debt expected to exceed defense spending this year. The spike in bond yields has increased interest costs. The U.S. will either borrow more to pay up and add to its debt burden or cut spending on initiatives like the Biden administration's CHIPS Act and the Inflation Reduction Act, which could have substantial negative growth effects. Nobel laureate Paul Krugman downplayed concerns about U.S. debt, suggesting that hiking taxes or reducing spending by 2.1% of GDP could stabilize the debt-to-GDP ratio.

#UsDebt #EconomicGrowth #Sustainability #Imf #CongressionalBudgetOffice #BarryEichengreen #TreasurySecretaryJanetYellen #PaulKrugman #DebttogdpRatio

https://fortune.com/2024/06/15/us-debt-crisis-interest-expense-economic-growth-deficit-sustainability-gdp-ratio/ 

 Donald Trump aims to entice CEOs with lucrative tax cuts while Biden wants to win them over by vowing to maintain stability
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Former President Donald Trump wants to further cut the corporate tax rate, while President Joe Biden's chief of staff emphasized the importance of global alliances to CEOs. Trump expressed his desire to cut the corporate tax rate to 20%, focusing on taxes, inflation, and the need for more oil production. Biden's chief of staff highlighted America's global reputation and independent institutions as fostering trust worldwide. The Business Roundtable, representing over 200 CEOs, is campaigning to preserve the tax breaks for businesses that Trump signed into law in 2017. Biden aims to raise the corporate tax rate to 28% and introduce higher taxes on the wealthy. The 2017 tax cuts are set to expire after 2025, leading to a showdown between Democrats and Republicans on how to rewrite the tax code. Business leaders argue that lower taxes make them more competitive globally and enable them to hire more workers and invest in new technologies. Biden's budget proposal would raise corporate taxes by nearly $2.2 trillion over 10 years, with more than half of the revenue coming from resetting the corporate tax rate at 28%. Trump has argued that higher corporate taxes would lead to the destruction of jobs and the country.



https://fortune.com/2024/06/13/donald-trump-aims-to-entice-ceos-biden-stability/ 

 'The world might become stuck in the slow lane'—World Bank warns of the consequences of sustaining elevated interest rates
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The World Bank has upgraded its outlook for the global economy, estimating that it will expand 2.6% this year, with the United States accounting for 80% of the growth. However, the bank warns that global growth remains sluggish, with the poorest countries struggling under heavy debts and high interest rates. The World Bank cautions against protectionism and increased trade barriers, which endanger prosperity worldwide. The bank also warns that sustaining elevated interest rates for a longer period can lead to slower growth and urges avoiding lower-for-longer economic growth. Many countries, including China, Latin America, and sub-Saharan Africa, are already experiencing economic strain. The World Bank expects emerging market and developing countries to collectively grow 4% this year. The bank also expresses concerns about faltering trade and the need for dialogue and common ground to solve trade problems instead of erecting barriers.

#WorldBank #GlobalEconomy #InterestRates #EconomicGrowth #TradeBarriers

https://fortune.com/2024/06/11/interest-rates-world-bank-global-growth-us-economy-ayhan-kose/ 

 Robinhood buys crypto exchange Bitstamp in surprise $200 million deal
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Robinhood has acquired Bitstamp, one of the world's oldest cryptocurrency exchanges, in an all-cash deal worth around $200 million. The acquisition is expected to close in the first half of 2025 and will expand Robinhood's presence in overseas markets. Bitstamp, launched in Slovenia in 2011 and now based in Luxembourg and the U.K., ranks 16th in trading volume among cryptocurrency exchanges. The acquisition will help Robinhood develop its institutional business and increase its crypto offerings. The deal comes as Robinhood rebounds from a challenging 2023 and the crypto market experiences a significant upswing. The SEC's scrutiny of Robinhood's token offerings may pose a challenge to its plans to expand its crypto offerings in the U.S. Bitstamp's CEO stated that the platform and expertise will be integrated into Robinhood's ecosystem, but it is unclear if Bitstamp will remain a stand-alone brand. Capital served as the financial advisor to Robinhood, and Galaxy Digital Partners advised Bitstamp.

#Robinhood #Bitstamp #CryptoExchange #Acquisition #Cryptocurrency

https://fortune.com/crypto/2024/06/06/robinhood-bitstamp-crypto-deal-200million/ 

 Rite Aid's exit from bankruptcy hinges on CEO's $20 million payout
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Rite Aid's lenders are demanding a reduction in CEO Jeffrey Stein's proposed $20 million payout before funding the company's exit from bankruptcy. The pay package is one of the remaining points of contention in negotiations that began in October 2023 when the company filed for Chapter 11. Rite Aid has faced concerns from creditors about its liquidity and has accumulated significant professional expenses during the bankruptcy process. Talks over Stein's compensation are ongoing. Rite Aid's restructuring plan involves creditors taking over the struggling chain and exiting bankruptcy protection. The company's legal team is working on a rescue deal with banks and a bondholder group. Stein is currently collecting $300,000 in monthly consulting fees. The restructuring plan also includes a $75 million injection of financing from the creditor group to support the chain's cash reserves. Stein previously received a monthly consulting fee of $100,000 and a success bonus of $1.25 million when he served as chief restructuring officer for GWG Holdings Inc. Rite Aid declined to comment on the matter.

#RiteAid #Bankruptcy #Ceo #Payout #Negotiations #Creditors #Liquidity #Restructuring #ConsultingFees #RescueDeal #Financing

https://fortune.com/2024/06/06/rite-aid-bankruptcy-chapter-11-ceo-pay/ 

 Twitter founder Jack Dorsey warns social media is draining people of free will
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Jack Dorsey, the founder of Twitter, expressed concern at the Oslo Freedom Forum that social media algorithms are draining people of their free will. He believes that social media and internet companies that curate content to maximize user engagement are just the first manifestation of this danger. Dorsey argues that AI tools will know us better than we know ourselves and will influence our thinking at a subconscious level, even if their algorithms are transparent. Elon Musk, who purchased Twitter, agrees with Dorsey's warning. Dorsey suggests creating a marketplace of algorithms that give users choice and the ability to switch between algorithms or build their own. He also warns about the risk of becoming dependent on a few corporations that commercialize AI technology, such as OpenAI, Google, Meta, and Anthropic. Dorsey believes that the free speech debate is a distraction and that the real debate should be about free will.

#JackDorsey #ElonMusk #SocialMedia #Algorithms #FreeWill #Ai #Openai #Twitter

https://fortune.com/2024/06/06/elon-musk-jack-dorsey-twitter-x-social-media-algorithms-free-will/ 

 He taught at MIT, worked at Morgan Stanley, and convinced Bill Ackman and Galaxy to back his $200 million crypto fund by his early 30s. His future is now in jeopardy
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Yida Gao, a former MIT graduate and founder of Shima Capital, raised $200 million from investors like Bill Ackman and Galaxy for his crypto fund. However, an investigation revealed that Gao created a secret offshore entity and funneled assets from his venture fund into his own name, violating SEC investor protection rules. Shima Capital has experienced an exodus of top employees and struggles to raise further capital. Gao's firm valued investments based on his own estimations and faced difficulties finding an auditor. The ownership structure of Shima Capital, with an offshore entity owned solely by Gao, raises conflict of interest concerns. Gao's missteps serve as a cautionary tale for investors in the crypto industry.

#YidaGao #ShimaCapital #CryptoFund #BillAckman #Galaxy #Sec #OffshoreEntity #InvestorProtectionRules #ValuationDisparities #ConflictOfInterest #CautionaryTale

https://fortune.com/crypto/2024/06/06/shima-capital-vc-ackman-galaxy-yida-gao/ 

 Whole Foods founder said Jeff Bezos is a ‘genius’ who got rid of the ‘whole paycheck’ stigma
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John Mackey, the founder of Whole Foods, credited Jeff Bezos for getting rid of the 'whole paycheck' stigma associated with the supermarket chain. After Amazon acquired Whole Foods in 2017, the company was able to lower its prices four times, shedding its reputation for high prices. Mackey praised Bezos for his long-term thinking and called him a genius. Whole Foods has also doubled down on sales and discounts, as well as savings options for Amazon Prime members. The company plans to open 30 stores a year. Amazon also gave employees a pay bump and did not try to change Whole Foods' culture.

#WholeFoods #JeffBezos #Supermarket #Amazon #Pricing #Discounts

https://fortune.com/2024/06/05/whole-foods-bezos-amazon-mackey-paycheck-stigma/ 

 Where to book a table this summer—the world's 50 top restaurants
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The best restaurant in the world right now is Barcelona’s Disfrutar, according to the World’s 50 Best organization. Three of the top five spots went to restaurants in Spain. The awards were staged at a live event at the Wynn Las Vegas. Last year’s No. 1, Central in Lima, now moves to the Best of the Best category. The World’s 50 Best List is owned and operated by the UK-based William Reed Business Media. Here are this year’s winning restaurants:



https://fortune.com/europe/2024/06/06/the-worlds-50-best-restaurants-barcelona-disfrutar/ 

 Jamie Dimon reportedly up for a knighthood in the U.K. as part of Rishi Sunak's honors nominations
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Jamie Dimon, CEO of JPMorgan Chase, is reportedly being considered for a knighthood in the U.K. as part of Rishi Sunak's honors nominations. The U.K. honors system consists of three types of awards, and a knighthood is the highest ranking under the Most Excellent Order of the British Empire. Dimon, along with former Google CEO Eric Schmidt, who is also on Sunak's nomination list, are U.S. citizens, so the nominations have been routed through the Foreign, Commonwealth and Development Office. The nominations are still subject to approval by King Charles III. The process began in mid-May and falls under the New Year's honors, the sovereign's birthday honors, and resignation honors from departing prime ministers. Dimon, who is stepping down from his role at JPMorgan in the next five years, could potentially add a 'Sir' to the front of his name if he accepts the knighthood.

#JamieDimon #JpmorganChase #Knighthood #RishiSunak #UkHonorsSystem

https://fortune.com/europe/2024/06/06/jpmorgan-jamie-dimon-knighthood-rishi-sunak/ 

 Singapore carves out a space in the chip supply chain with a new $7.8 billion plant from Europe's NXP and a TSMC-backed manufacturer
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Singapore has attracted a $7.8 billion investment from Vanguard International Semiconductor, backed by Taiwan Semiconductor Manufacturing Company (TSMC), and NXP Semiconductors to build a new chip wafer plant. The plant will produce mature chips for power management functions in cars, industrial products, and consumer goods. Construction is expected to begin later this year, with production starting in 2027. The investment is a testament to Singapore's attractiveness for semiconductor manufacturing and its position as a critical global node for semiconductors. Singapore has a long history in semiconductor manufacturing and offers tax incentives to manufacturers. The country has also received investment pledges from other chipmakers, including GlobalFoundries and UMC. The investment in Singapore is part of a trend among chipmakers to geographically diversify their manufacturing locations. Other Southeast Asian countries, such as Malaysia, are also attracting chipmakers to avoid geopolitical issues. The new chip plant in Singapore is expected to create about 1,500 jobs.

#Singapore #Semiconductor #ChipSupplyChain #Investment #Manufacturing

https://fortune.com/asia/2024/06/06/singapore-carves-out-space-chip-supply-chain-new-plant-nxp-semiconductors-tsmc-vanguard/ 

 Fortune 500 CEOs are upbeat on the economy—and they wish they owned Microsoft and Nvidia stock
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Fortune 500 CEOs in an annual survey are optimistic about the economy, with only 28% predicting a recession in the next 12 months. Almost 70% believe the Federal Reserve will lower interest rates before the end of 2024. Only 22% are concerned about the disruptive impact of AI. The CEO most admired is Satya Nadella of Microsoft, and the stocks they would personally like to own are Microsoft and Nvidia. The survey was conducted from April 18-28, 2024.

#Fortune500 #Economy #Ceos #Survey #Microsoft #Nvidia #Ai

https://fortune.com/2024/06/06/fortune-500-ceo-survey-2024-ai-economy-microsoft-nvidia/ 

 JPMorgan’s Jamie Dimon is bracing for stagflation, but the economy could be headed for a 1950s-style boom instead
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JPMorgan Chase CEO Jamie Dimon has warned of the possibility of stagflation, citing the extraordinary fiscal and monetary stimulus over the past five years. However, macro strategist Henry Allen of Deutsche Bank suggests that the U.S. economy could be heading for a 1950s-style boom instead. Allen points out several similarities between the two eras, including a surge in inflation followed by a decline, historically low unemployment rates, rising stock markets, and geopolitical tensions. He also notes two key differences: the surge in U.S. government debt in the 2020s compared to the deleveraging in the 1950s, and declining birth rates and an aging population today. Allen believes that improving labor market productivity and the potential for emerging technologies like AI could help avoid a period of persistent inflation and stagnation. However, he cautions that no era is exactly alike, and demographic trends and rising national debt could present headwinds to growth in the future.

#JamieDimon #JpmorganChase #Stagflation #Economy #1950sstyleBoom #Inflation #Unemployment #StockMarket #GeopoliticalTensions #Productivity #GovernmentDebt #BirthRates

https://fortune.com/2024/06/04/jpmorgan-jamie-dimon-bracing-stagflation-economy-1950s-style-boom-instead/