Colleagues working together in the office.Aja Koska | E+ | Getty ImagesA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.Family offices are expected to add over $2 trillion in assets by 2030, as an increase in wealth concentration and a revolution in wealth management drive rapid growth in new family offices.The number of single-family offices — the in-house investment and service firms of families typically worth $100 million or more — is expected to rise from 8,000…
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Think September’s market action is bad? Buckle up, then. Goldman Sachs tactical specialist Scott Rubner noted Wednesday that the second half of September has been the worst two-week period of the year for the S & P 500 going back to 1950. During that period, the broad market index tends to lose nearly 0.5% on a median basis. It gets worse. Going back to 1928, the median S & P 500 return is negative in the final 10 of 11 days to end the month, Rubner added. The stock market is already off to a rough start for September. The…
Ryan Flournoy, #18 of the Dallas Cowboys, catches a touchdown pass as Matt Hankins, #23 of the Los Angeles Chargers, defends during the first half of a preseason game at AT&T Stadium in Arlington, Texas, on Aug. 24, 2024.Ron Jenkins | Getty Images Sport | Getty ImagesA National Football League team today is a $6.5 billion business.That is the average value of the NFL’s 32 franchises, according to CNBC’s Official 2024 NFL Team Valuations. Pro football teams have been a lucrative asset for owners in the most popular U.S. sports league: The returns they have seen on their initial investments…
A Verizon telecommunications truck is parked on a street in Washington, DC June 11, 2019.Eva Hambach | AFP | Getty ImagesVerizon said on Thursday it would buy Frontier Communications in an all-cash deal valued at $20 billion, as the U.S. wireless carrier looks to boost its fiber network.Shares of Frontier Communications fell more than 9% in premarket trading. Verizon climbed about 1%.Verizon has offered $38.50 per Frontier share held, a premium of 37.3% to Frontier’s closing price on Sept. 3, before reports of a potential acquisition emerged.The acquisition, which is expected to close in about 18 months, will help Verizon better…
Federal Reserve Chair Jerome Powell announces interest rates will remain unchanged during a news conference at the Federal Reserves’ William McChesney Martin Building in Washington, D.C., on June 12, 2024.Kevin Dietsch | Getty ImagesA deeper interest rate cut from the Federal Reserve this month could spook financial markets and send the wrong message about an imminent risk of recession, according to one economist.It comes as policymakers at the U.S. central bank are widely expected to start lowering interest rates when they meet on Sept. 17-18, with investors closely monitoring economic data for clues on just how big a rate cut…
India’s Prime Minister Narendra Modi speaks prior to a meeting with Brunei Sultan Hassanal Bolkiah at Istana Nurul Iman in Bandar Seri Begawan on September 4, 2024.Dean Kassim | Afp | Getty ImagesSINGAPORE — India and Singapore on Thursday signed memorandums of understanding for cooperation on a number of key areas including semiconductors, digital technologies, skill development and health care.The announcement comes during Indian Prime Minister Narendra Modi’s two-day visit to the Lion City, which began Wednesday following a trip to Brunei.”Singapore and India have built strong foundations for an enduring partnership. The next phase of the Singapore-India partnership is…
An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018.Simon Dawson | Bloomberg | Getty ImagesSaudi Arabia has a superpower. Not only is it the largest exporter of crude oil in the world; its production costs for oil projects are also the lowest in the world, at around just $10 per barrel. When around 75% of your fiscal revenue comes from oil, that’s a big deal.And for a time, its fiscal breakeven oil price — what it needed a barrel of crude to cost…
A ship stranded in the growing salt flats of Lake Urmia in Iran.Hamed | Afp | Getty ImagesThe diminishing availability of water resources across the globe should be considered one of the most pressing environmental security challenges of the century.That’s the view of one military geography and environmental security specialist, who recently published a study examining the relationship between water scarcity, geopolitics and the potential for violent conflict in a warming world.Francis Galgano, an associate professor at the department of geography and the environment at Villanova University in Pennsylvania, said poor governance in acutely vulnerable areas — especially in transboundary…
Anthropic on Wednesday rolled out Claude Enterprise, its biggest new product since its chatbot’s debut, designed for businesses looking to integrate Anthropic’s artificial intelligence.The Amazon-backed AI startup, founded by former OpenAI research executives, is the company behind Claude — one of the chatbots that, like OpenAI’s ChatGPT and Google’s Gemini, has exploded in popularity in recent years.Since Anthropic released the first version of Claude in March 2023, without any consumer access or major fanfare, it’s become one of the hottest AI startups, with backers including Google, Salesforce and Amazon, and a product that directly competes with ChatGPT in both the enterprise and consumer worlds.…
Ryan Reynolds and Hugh Jackman star in Marvel’s “Deadpool & Wolverine.”DisneyBox office analysts and cinema owners braced themselves a few months ago for the possibility that the summer movie season could be the worst showing in a decade.Thanks to some anthropomorphic emotions and a bad-mouthed, fourth-wall breaking antihero, the domestic summer box office scraped together $3.6 billion in ticket sales. While that’s a 10% drop from the same period in 2023, it’s a markedly better outcome than anyone in the industry was expecting.”In the wake of the $4 billion ‘Barbenheimer’-powered summer of 2023, expectations heading into May were tempered as…