Kamala Harris to attend Ukraine peace summit after Biden opts out

Standard DigitalWeekend Print + Standard Digital

wasnow $85 per month

Billed Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.

What’s included

Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital

‘Roaring Kitty’ post seems to show trader held onto giant GameStop stake after Monday’s rally

Keith Gill still owned 5 million shares of GameStop and 120,000 call options with a strike price of $20 that expire on June 21, according to a screenshot he showed. The meme stock leader known as ‘Roaring Kitty’ is behind GameStop’s recent roller-coaster ride. E-Trade, the Morgan Stanley-owned brokerage Gill uses, is holding internal talks about whether to ban him from the platform, according to a Wall Street Journal report. Keith Gill, known on Reddit under the pseudonym DeepF——-Value and as Roaring Kitty, is seen on a fragment of a youtube video displayed on a smartphone screen in front of GameStop logo. Pavlo Gonchar | Lightrocket | Getty Images

Meme stock leader Keith Gill, who’s behind GameStop‘s recent roller-coaster ride, appeared to hold onto his big position in the video game retailer even after Monday’s big rally.

Gill, whose handle is “DeepF——Value” on Reddit and “Roaring Kitty” on YouTube and X, posted another screenshot of his portfolio showing the same common stock and call option holdings Monday after the stock market closed as those he shared Sunday evening. He still owned 5 million shares of GameStop and 120,000 call options with a strike price of $20 that expire on June 21, the screenshot showed.

The post on Reddit’s r/SuperStonk forum could not be independently verified by CNBC. 

Shares of GameStop climbed about 4% in extended trading following his latest Reddit post.

Arrows pointing outwards

GameStop closed Monday’s volatile session up 21%, after soaring as much as 70% at one point intraday. The stock was hit by a Wall Street Journal report in afternoon trading saying E-Trade, the Morgan Stanley-owned brokerage Gill uses, is holding internal talks about whether to ban him from the platform over concerns regarding potential market manipulation.

Gill’s latest post came shortly after the WSJ report. It appeared to show the trader did not sell even as the value of his common stock stake alone jumped to $140 million from $115.7 million in a single day.

CNBC

E-Trade is debating whether to ban meme stock star Keith Gill from its platform, the WSJ reports

Pavlo Gonchar | SOPA Images | Lightrocket | Getty Images

E-Trade is having internal discussions about whether to ban Keith Gill — the meme stock trader who just disclosed a big position in GameStop — from the trading platform over concerns regarding potential market manipulation, the Wall Street Journal reported Monday.

The brokerage, owned by Morgan Stanley, hasn’t reached a decision yet, the Journal said, citing people familiar with deliberations inside the firm.

GameStop shares shot up early Monday after Gill, who goes by “DeepF——Value” on Reddit, posted a screenshot of what could be his portfolio holding a significant amount of GameStop common shares and call options. The meme stock leader holds 5 million shares of GameStop and a position of 120,000 call options with a strike price of $20 that expire on June 21, purchased for about $5.68 each, the screenshot showed.

E-Trade declined comment to CNBC, noting “we don’t publicly discuss the individual activity of our clients.”

Morgan Stanley’s global financial-crimes unit and external counsel began debating if it should cancel Gill’s account as the firm monitored his account activity, the Journal said.

The brokerage found that in May Gill had bought call options before he posted on social media platform X, the Journal said, adding that some of those contracts expired that week, meaning he likely made a profit.

The meme stock mania in 2021 led to a series of congressional hearings, including testimony by Gill, around brokers’ practices and gamifying retail stock trading. Gill also faced several class action lawsuits, including one alleging that he pretended to be a novice trader despite being a licensed professional.

Gill worked as a marketing and financial education employee at MassMutual in 2019 and 2020.

— Click here to read the WSJ story.

CNBC

5 ways to maximize your vacation days

Workers tend to leave paid time off, like vacation days, on the table each year. Those unused days may not roll over to next year; you may also not get a financial benefit by forgoing them. There are ways to take vacation time more efficiently and maximize the quality of the days off, experts said. D3sign | Moment | Getty Images

Americans aren’t good at taking vacation.

About 62% of workers say having a job with paid time off — for vacations or illness — is “extremely important” to them, more so than benefits like health insurance, a 401(k) plan or paid parental leave, according to a Pew Research Center report from 2023. However, 46% don’t use all the time off made available to them, Pew found.

“If you never take vacation or have time off, you’re not honoring how humans were created and what we need to stay refreshed,” said Elizabeth Grace Saunders, a time management coach. “We’re biological human beings. We’re not machines.”

The number of vacation days workers typically get depends on a variety of factors, like company tenure, income and industry.

More from Personal Finance:
Flying is cheaper in 2024. But not for some destinations
Why skiplagging carries a ‘super big risk’
Some vacationers expect to carry summer travel debt

For example, on average, private sector employers offer 11 vacation days after one year of service; 15 days after five years; 18 days after 10 years; and 20 days after 20 years, according to 2023 data from the U.S. Bureau of Labor Statistics.

However, 32% of employees say their unused vacation days don’t roll over to the next year, while 28% don’t get paid for unused days, according to a 2022 poll by Qualtrics.

What’s more, the U.S. is the only developed nation that doesn’t require that workers get paid vacation, according to a 2019 report from the Center for Economic and Policy Research.

About 21% of Americans who work in the private sector don’t get paid vacation, and 20% do not get paid holidays, according to the BLS.

Those who work in service jobs, earn lower wages, have part-time or non-union roles or work at smaller companies are much less likely to get them, agency data shows.

Here’s how you can maximize

CNBC

Charted: Declining Birth Rates in the Most Populous Countries (1950-Today)

Published

26 seconds ago

on

June 3, 2024 Article/Editing:

See this visualization first on the Voronoi app.

Charted: Declining Birth Rates in 6 Major Countries

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Birth rates are falling in the six most populated countries in the world, though at different speeds.

This graphic shows the annual births per 1,000 people in the world’s six largest countries by population. The data is from the UN World Population Prospects (2022) and has been compiled by Our World in Data.

The Global Decline in Fertility Rates

Fertility rates are declining in most places. According to the UN, in 1990, the average number of births per woman globally was 3.2. By 2019, this had fallen to 2.5 births per woman; by 2050, it is expected to decline further to 2.2 births.

Notably, a fertility level of 2.1 births per woman is necessary to avoid a national population decline over the long run (not including net immigration).

China’s birth rate has fallen the fastest in recent years among the countries highlighted here. The country registered 7.6 annual births per 1,000 people in 2021, compared to 24.4 in 1990 and 41.0 in 1950.

YearChinaIndiaIndonesiaNigeriaPakistanU.S. 195041.043.840.645.643.722.8 196029.842.544.546.145.722.7 197038.339.539.946.743.518.2 198022.336.233.647.543.515.9 199024.431.825.543.843.116.7 200013.827.021.943.535.814.5 201013.321.420.242.132.113.0 20208.616.616.637.528.010.9 20217.616.416.437.127.511.1

This trend suggests that China could face challenges similar to those faced by Japan, which has a vast senior population and significant economic and social implications.

The U.S. registered 11.1 annual births per 1,000 people in 2021, compared to 16.7 in 1990 and 22.8 in 1950. It’s worth noting, however, that the U.S. also adds people to its population through net immigration each year, unlike some other countries in the above dataset.

Nigeria, with the highest birth rate on our list, registered 37.1 annual births per 1,000 people in 2021, compared to 43.8 in 1990 and 45.6 in 1950.

If you enjoyed this post, check out When Will the Global Population Reach Its Peak? This visualization reveals the projected population growth over the next seven decades.

Stocks making the biggest moves midday: GameStop, Paramount, Spotify, Krispy Kreme and more

Nick Kirrage takes sole leadership of Schroders global value team as Kevin Murphy joins Whitmore’s boutique

Murphy will join former Jupiter manager Ben Whitmore’s value equity boutique Brickwood Asset Management, joining his brother Dermot Murphy, Investment Week understands. He started his career at Schroders as a fund manager in 2000. Schroders pan-European equity research head moves to Cazenove Capital A spokesperson for Schroders told Investment Week: “After 24 years at Schroders, Kevin Murphy will leave Schroders and we wish him the very best of luck in his future endeavours. He has been a highly regarded colleague and friend to the firm. “Change is a natural part of evolution wi…

Four Decades of U.S. Wildfires (1983–2024)

Published

12 seconds ago

on

June 3, 2024 Graphics/Design:

See this visualization first on the Voronoi app.

Charted: Four Decades of U.S. Wildfires (1983–2024)

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

A complex interplay of factors are leading to North America’s long wildfire season: increasing summer temperatures, erratic precipitation patterns, changing land use, and ironically, fire suppression practices.

But what does the data say? We visualize the millions of acres burned by U.S. wildfires from 1983 to May 2024, per statistics from the National Interagency Fire Center.

2010 and 2015 Saw Record Land Burned by Wildfires

From glancing at the chart, it’s apparent that U.S. wildfires are burning significantly more acres on average in the 2010s than they did in the 1980s. Interestingly, the World Economic Forum points out that while the number of fires itself has fallen since 2005, the land burned has increased, indicating wildfire intensity has grown.

YearMillion Acres Burned 19831.3 19841.1 19852.9 19862.7 19872.4 19885.0 19891.8 19904.6 19913.0 19922.1 19931.8 19944.1 19951.8 19966.1 19972.9 19981.3 19995.7 20007.4 20013.6 20027.2 20034.0 2004*8.1 20058.7 20069.9 20079.3 20085.3 20095.9 20103.4 20118.7 20129.3 20134.3 20143.6 201510.1 20165.5 201710.0 20188.8 20194.7 202010.1 20217.1 20227.6 20232.7 2024**1.9
*Doesn’t include North Carolina data. **As of May 27, 2024.

In 2015, wildfires burned more than 10 million acres in the country, a first since these records began. Five years later saw a repeat, thanks to four Californian fires that together burned more than 2.3 million acres in the state.

For comparison, U.S. wildfires burned approximately 2.7 million acres in total in 2023, the lowest amount recorded since 1998. An unusually wet Californian summer helped

Investors Urged to Intervene in EU Meat Lobby 

Meat and dairy companies are mimicking fossil fuel sector tactics to stall Europe’s climate policy, putting its emissions targets at risk, InfluenceMap finds.

Climate-conscious asset owners should ramp up their engagement with Europe’s food producers, after new research revealed the meat and dairy sector had lobbied successfully against a raft of EU climate policies, according to the think tank behind the study. InfluenceMap, a non-profit that monitors climate lobbying activities, found meat and dairy industry…

Subscribe

Subscribe to ESG Investor to gain access to the leading platform for news, analysis, and interviews across sustainable investing. Select subscribe below to view our subscription packages or you can email us at subscriptions@esginvestor.net to discuss your options.

Subscribe

Request a Trial

Get in touch today to discuss a trial giving you unrestricted and unlimited access to ESG Investor for you and/or your team(s) for a limited period. Email us at subscriptions@esginvestor.net

Recommended for you

ECB Set to Cut Rates Despite Inflation Uptick

The European Central Bank is expected to announce its first interest rate cut in eight years on Thursday.

The eurozone’s key interest rate is forecast to fall by 0.25 percentage points to 4.25%, a cut that follows the Swiss National Bank and the Swedish Riksbank in March and May, respectively. If the ECB cuts interest rates, the central bank will have moved ahead of the Bank of England and Federal Reserve, which both hold meetings in June.

In total, markets currently price in less than 0.60 percentage points in cuts in 2024, meaning two moves with the possibility of a third. This is down from April, when markets anticipated three rate cuts, and from January, when at least five cuts were on the table, according to Reuters.  

The cut on June 6 seems a done deal but any other outcome will shock the markets on Thursday, says Michael Field, European market strategist at Morningstar.   

Eurozone Inflation Ticks Up

The anticipated cut comes despite the recent flare-up in eurozone consumer prices. Inflation had fallen close to the bank’s 2% target, but both headline and core inflation numbers for May came in above expectations, marking the first month-on-month acceleration of 2024.  

Eurozone inflation rose to 2.6% year on year, from 2.4% in April, Eurostat said on May 31. Core inflation, which shows prices without energy and food costs, also accelerated to 2.9%, from 2.7% in April. 

Will the ECB Cut Rates Again in July?

Thursday’s rate announcement will be closely watched for any signs of what happens beyond June, with markets now looking ahead to the July 18 meeting.  

“It is understandable that the bank does not want to rush into mass rate cuts and potentially have to reverse course if inflation rises much further,” says Field.

“Whether more rate cuts follow this year, or early next year, will likely not move the needle either way. The ECB has indicated its desire to reduce rates, so while the timing of rate cuts is not yet 100% clear, the direction of travel is at least.”  

Konstantin Veit, portfolio manager at Pimco, doubts the ECB will give much guidance on Thursday, and expects that the council to reaffirm its meeting-by-meeting approach and reliance on the data.

“We therefore believe it is unlikely that the ECB will commit to a specific interest rate path”, he says. However, Pimco expects a cautious approach, with 0.25 percentage point moves.

Marco Wagner of Commerzbank Economic Research said in a May 31 note: “There is certainly a risk that