Robinhood's Private Stock Tokens Lure Investors, Draw Scrutiny
The blowback has been swift. Two days after the debut, which was accompanied by a $1 million giveaway of OpenAI tokens, that company warned Robinhood customers off the securities. Shortly after, the Bank of Lithuania, Robinhood's primary regulator in the EU, sent questions to the brokerage.
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Travel Weekly
20 minutes ago
- Travel Weekly
How Regent's Seven Seas Grandeur stacks up
Richard Turen I've recently returned from a 12-day British Isles cruise out of Southampton on the Seven Seas Grandeur, the newest Explorer-class ship in the Regent Seven Seas Cruises fleet. I looked for the Picasso print in a public restroom, and I stood transfixed by the most stylish main dining room on any ship I have ever sailed, a space that features lovely contoured arches and degrees of dining separation that should earn at least one of the architectural firms that worked on this project some sort of industry award. The design features carried over into public spaces and the specialty restaurants to a degree that it might be a good idea for other ship designers to sail the Grandeur before taking pen to paper or fingers to AI design kits. Related story: The little things add up on Regent's Seven Seas Grandeur But this is reading like a PR piece, and that is not what I do. This was our family's second Signature vacation of the year, and we were accompanied by 28 extremely well-traveled clients, many of whom have achieved our Cruise Ship Inspector status. That means they have been trained and are qualified to review all aspects of a ship's operations. They complete the same forms that Angela and I use to take notes so that no aspect of a ship's services is overlooked. I had some excellent research from this group, which, in general, matched my opinions of what we had experienced. Let me summarize just a few of my opinions about our experience aboard Regent's newest ship: • Regent remains among the top five or six cruise lines in the world. Its uniqueness is centered on numerous inclusions like shore excursions and an absence of specialty dining surcharges. • Many of your clients will prefer Regent to the competition simply because their dress rules cater to an American audience. There are no formal nights on any cruise of less than 16 nights. Often, the sale is completed when this fact is mentioned. I laugh when I think about formal nights on Alaska cruises. How many of the wilderness houses one sees along the Inside Passage are owned by people who have a suit hanging in the closet? In a way, Regent just "gets it" in ways many of their competitors do not. They score No. 1 in the They Get It category. • I have mentioned to a number of cruise executives that any rankings I am associated with will never grant five-star status to any line that does not address onboard guests by name. That is a great point of differentiation and one of the reasons I have not previously felt that Regent was a five-star product. That has now changed. Staff is using iPads to write down guest requests, and they are being recorded for future use. • There were many pluses and minuses in the cuisine category. Pacific Rim may be the finest Asian restaurant at sea. Don't leave this surprise hit without sampling the duck rolls and the lobster tempura. But the contemporary French eatery Chartreuse was an ongoing disappointment. I don't quite understand why escargot is served as a kind of colorful fried meatball. My haddock was a hamburger-shaped piece of fried fish atop a small plateau of olives, looking to escape. • Services on the open decks and in several lounges were largely impersonal, with staff often unable to engage in conversation. This was not the case in the restaurants. All in all, the Regent experience was a major plus for our guests. When you are seeking to be the casual, high-end contemporary option competing with more formalized stalwarts, you play the game with some distinct consumer advantages. Next column, some port talk.
Yahoo
an hour ago
- Yahoo
US economy poised to slow as Trump's tariffs hit consumers
The cloud of uncertainty that has hovered over the U.S. economy the first half of 2025 threatens to unleash a thunderstorm that dampens growth in the second half as President Donald Trump's higher tariffs hit consumers and his immigration crackdown rocks the job market. While growth was already poised to slow, Trump on July 10 increased the risks of a more pronounced pullback by announcing plans to raise the tariff rate on many Canadian imports from 25% to 35% and impose a blanket 15% to 20% duty on most other countries, up from 10%. On July 12, the tariff threats ramped up again with Trump announcing 30% tariffs on all imports from Mexico and the European Union. In the spring, Trump announced a 90-day pause on high double-digit reciprocal tariffs for China and many other countries, easing recession fears and reversing a stock market sell-off. This week, White House officials extended the reprieve to August 1 to provide more time for negotiations. But in recent days, Trump again has ratcheted up his trade threats, unveiling plans for a 50% tariff on imported copper, 50% on all shipments from Brazil and high fees for 14 countries that don't reach a deal with the U.S. by August 1. Already in effect: a 50% levy on metals, 25% on cars and 30% on China, in addition to the blanket 10% charge that appears poised to rise sharply. The Dow Jones Industrial Average tumbled nearly 280 points July 11 on Trump's latest tariff threats. 'Risks are intensifying that we may see much higher tariff rates, with consequent effects on inflation and growth,' said Jonathan Millar, senior U.S. economist at Barclays. Just 42% of CEOs of small and midsize companies plan to add to their staffs in the next year, lowest on record dating to 2003, according to a June survey by Vistage, a CEO networking group. Gregory Daco, chief economist at EY-Parthenon, has lowered his odds of a recession this year to 35% from 50% but said the chances of a downturn would climb above 50% if Trump reverts to the tariffs he rolled out in early April. Even without the harsher import fees Trump recently announced, economists have been predicting a notable slowdown in growth the rest the year. 'We're carrying much less economic momentum, with a softening labor market trend, inflation about to reaccelerate and income (growth) more subdued,' Daco said. Forecasters have been surprised that tariffs haven't yet had a significant effect on inflation. Daco said that's partly because manufacturers and retailers stocked up on foreign goods in February and March, before the fees took effect. Also, he said, companies have been routing products through bonded warehouses that delay tariff payments. U.S. businesses and foreign exporters have absorbed much of the costs. And higher prices from tariffs don't immediately show up in inflation reports, such as the consumer price index. But all those tactics can delay the inevitable only so long, Daco said. 'As inventory buffers thin, bonded warehouse timelines expire and cost absorption runs its course, price pressures will start surfacing more clearly into the second half of 2025,' he wrote in a note to clients. Before Trump escalated the trade conflicts, many economists said the levies have pushed the average U.S. tariff rate from about 3% to 15%, a rise that would drive the Federal Reserve's preferred annual inflation measure from 2.7% to about 3.3% by the end of the year. Meanwhile, an immigration surge that has bolstered the U.S. labor supply and job growth the past few years 'is about to go into reverse,' JPMorgan Chase said in a research note last week. The Trump administration is ending provisions that temporarily protected immigrants who lack permanent legal status from deportations for humanitarian reasons. That will likely cause 1.8 million migrants, including about 1.1 million workers, to lose their legal status in the second half of the year, JPMorgan Chase said. Especially affected are industries such as agriculture, construction and hospitality. Already, annual net immigration to the U.S. has slowed from about 3 million the past few years to an annual rate that's set to reach 500,000 by year's end, according to the Congressional Budget Office and economists. That compares to a rate of 900,000 a year before the pandemic. While the slowdown is projected to reduce job growth, forecasters reckoned that would take some time because many immigrants who arrived in recent waves are still settling into jobs. But the spike in deportations could quickly slow America's job engine within months, JPMorgan Chase said. The economy shrank at an annual rate of 0.5% in the first quarter but forecasters said that was mostly because the flood of imports from companies stocking up had to be subtracted from output (since they're made in foreign countries). Private domestic demand, a more telling measure of the economy's underlying health, increased a solid 1.9%. And economists estimate the government later this month will report 2% growth in the second quarter, according to those surveyed by Wolters Kluwer Blue Economic Indicators. But those forecasters expect quarterly growth to average just 0.7% the second half of the year, in line with Millar's estimate. and above the 0.5% gain Daco projects. That's close to stall speed. From the fourth quarter of 2024 to the fourth quarter of 2025, Millar estimates the economy will grow a meager 0.5%, compared to 2.5% the prior year. Here's a breakdown: Resilient households have propped up the economy the past few years but the threat of higher prices from tariffs has led Americans to rein in their spending, Daco and Millar said. Now, the actual pass-through of the fees into prices will likely have a more tangible impact on consumption, Daco said. Consumers especially have been cutting back on discretionary purchases, such as recreational services, travel and dining out. Income also has moderated, with average annual wage growth falling from about 6% in early 2022 to 3.7% in June. After adjusting for inflation, consumer spending fell 0.3% in May and is expected to rise just 0.7% the second half of the year, according to the Wolters Kluwer survey. Consumption makes up 70% of economic activity. Average monthly job growth has slowed to 130,000 so far this year from 168,000 in 2024. Companies have sharply cut back hiring amid tariff-related uncertainty but remain hesitant to lay off workers following severe pandemic-related labor shortages, Millar said. But Daco said more companies are shedding workers through attrition and retirement, as well as targeted layoffs. Tracy Marlowe, CEO of Creative Noggin, a marketing company based in San Antonio, Texas, said sales were flat last year amid election-related uncertainty. After the election, clients began making requests for new campaigns but pulled back again in early 2025 amid Trump's on-again, off-again tariffs. Marlowe had been planning to add a full-time employee to her staff of 20 later this year but has decided to hold off. Clients 'are just trying to figure out how to stay alive,' she said. "I'll hire once I need somebody." Coping with the Great Recession and the COVID-19 downturn was easier, Marlowe said, because she knew the roadmap for recovery. By contrast, the trade war 'has been a constantly changing roller coaster... It makes it very difficult to predict what's next.' The immigration crackdown is set to slow job growth further, Daco said. Business capital spending surged in the first quarter as firms stocked up ahead of tariffs. But the economists surveyed by Wolters Kluwer expect outlays to fall in the second, third and fourth quarters. Companies already leery about ramping up spending amid the uncertainty are likely to hunker down further as the import costs they absorb squeeze profits, Daco said. Housing starts fell 9.8% in May and single-family starts are down 16% since February, according to Oxford Economics. 'Elevated interest rates and higher building material costs due to tariffs will make construction less profitable,' Oxford said in a research note. This article originally appeared on USA TODAY: Economy expected to approach stall speed as tariffs hurt consumers Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Millions may rule football, but strategy still wins
Money talks in modern football - that's no secret. Clubs like Chelsea and PSG sit firmly at the top of the financial food chain, but as the last few years have proven, throwing cash at a problem doesn't always bring silverware. Despite their deep pockets, both clubs have had to go back to the drawing board in recent seasons. Now, with both sides set to clash in the Club World Cup final, there's a sense that their rebuilds are finally bearing fruit. Advertisement PSG: the relentless chase for European glory Back in 2011, PSG underwent a seismic shift when Nasser Al-Khelaïfi took over as president, backed by the might of Qatar Sports Investments. At that point, the Parisian club had 12 Ligue 1 titles to its name - fast-forward to today and they've added another 13, plus a string of domestic cups. Still, their obsession with conquering Europe remained unfulfilled. In pursuit of the elusive Champions League trophy, PSG splashed out in spectacular fashion. Neymar arrived from Barcelona in 2017 for a record-breaking €222 million, and a year later, they secured Kylian Mbappé from Monaco for €180 million. Other big-money signings followed: Hakimi, Di María, Gonçalo Ramos, and Randal Kolo Muani - all brought in to build a team capable of ruling the continent. But year after year, PSG came up short. Advertisement Their closest call came during the Covid-affected 2019/20 season, where they reached the final but lost 1-0 to Bayern Munich, thanks to a Kingsley Coman goal - a former PSG player, just to twist the knife. Enter Luis Enrique: A new era Change finally came in 2023, when Luis Enrique took over from Christophe Galtier. The Spanish coach was tasked with bringing a more balanced, cohesive approach to a club long defined by individual stars. Even after Kylian Mbappé's high-profile exit to Real Madrid in the summer of 2024, PSG didn't crumble. Instead, they regrouped. New faces like João Neves, Willian Pacho, Khvicha Kvaratskhelia, and Désiré Doué were brought in to fit the team-first philosophy. Advertisement After a rocky group stage in the Champions League, PSG roared through the knockout rounds - brushing aside Brest, surviving a dramatic penalty shootout against Liverpool, and powering past Aston Villa and Arsenal to book a spot in the final. In that final, played at the Allianz Arena, they dominated Inter Milan from the first whistle. Goals from Hakimi, Doué (twice), Kvaratskhelia, and Mayulu secured a 5-0 thrashing and PSG's long-awaited European crown. The quadruple was theirs and they weren't finished yet. Chelsea: The Boehly revolution Over in West London, Chelsea were undergoing their own upheaval. Roman Abramovich's reign ended abruptly in 2022 amid sanctions linked to Russia's invasion of Ukraine. In stepped Todd Boehly and Clearlake Capital, taking over a club already in flux. Advertisement What followed was a radical reset. Around 20 players were offloaded, while the club spent over €280 million on fresh, young talent - including Wesley Fofana and Carney Chukwuemeka. But the plan to inject youth and potential didn't deliver instant results. Neither Thomas Tuchel, Graham Potter, nor Frank Lampard managed to steady the ship. Chelsea slumped to a 12th-place finish in the Premier League in 2022/23 - their worst in years - and crashed out early in other competitions. Maresca's new Blueprint: structure and simplicity The tide began to turn in June 2024, when Enzo Maresca was appointed as head coach, replacing Mauricio Pochettino. Fresh from his success with Leicester, Maresca introduced clarity and structure - trimming the squad and focusing on a more balanced approach. Advertisement Slowly but surely, things began to click. Big-money signings like Enzo Fernández and Moisés Caicedo, who had struggled to impress, started showing their true worth. But the real breakout star was Cole Palmer. Signed from Manchester City, the young attacker lit up the 2024/25 campaign with 25 goals and 15 assists - instantly becoming a fan favourite at Stamford Bridge. Chelsea finished the Premier League season in 5th place with 69 points, marking a major step forward. But the real highlight came in Europe. Conference League glory: a new start Chelsea's European journey saw them reach the final of the UEFA Conference League, dispatching FC Copenhagen, Legia Warsaw, and Djurgarden along the way. Advertisement In the final against Real Betis, the Blues went behind early to a goal from Abde Ezzalzouli, but they responded brilliantly. Goals from Enzo Fernández, Nicolas Jackson, Jadon Sancho, and Moisés Caicedo turned the game on its head, and Chelsea lifted the trophy in Poland. It was a much-needed piece of silverware, signalling a shift in mindset: fewer impulsive signings, more focus on building a team and not just a squad of expensive individuals. Club World Cup Final: another title within reach With European glory now under their belts, both PSG and Chelsea turn their attention to the Club World Cup. The final will be played at MetLife Stadium this Sunday - a fitting stage for two teams who've redefined themselves over the past year. Advertisement PSG topped their group with ease, brushing past Inter Miami, Bayern Munich, and Real Madrid in the knockout rounds. Chelsea, meanwhile, recovered from a group-stage slip-up against Flamengo and went on to beat Benfica, Palmeiras, and Fluminense in convincing fashion. Whatever the result in New York, both clubs have proven a vital point this season: success isn't just about spending big - it's about smart planning, a clear identity, and trusting in the project. The final awaits. One more chapter to write.
