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New billionaire heirs overtake self-made ones as $5.2 trillion wealth transfer begins

Published Mon, 23 Dec 2024 13:09:10 GMT

London (CNN) — Billionaires minted in the latest year accumulated more wealth through inheritance than entrepreneurship for the first time since UBS started tracking the fortunes of the world’s richest almost a decade ago.And billionaire heirs are more likely than their parents to focus on the major opportunities and challenges facing the global economy, investing in sectors such as clean energy and artificial intelligence, the Swiss lender said in a report Thursday.“The great wealth transfer is gaining significant momentum as many billionaire entrepreneurs age,” Benjamin Cavalli, who oversees strategic clients in the global wealth management unit at UBS, told reporters.“This is a theme we expect to see more of over the next 20 years as more than 1,000 billionaires pass an estimated $5.2 trillion to their children.”UBS (UBS), which counts half the world’s billionaires as clients, found that $150.8 billion was inherited by 53 heirs over the 12 months to ...

Santos remains defiant as expulsion vote looms

Published Mon, 23 Dec 2024 13:09:10 GMT

 (CNN) — Embattled GOP Rep. George Santos has so far remained defiant in the face of a renewed effort to expel him from Congress after a damning House Ethics Committee investigation into the New York congressman.Santos has said repeatedly that he will not resign and will face an upcoming expulsion vote, which is on track to take place Friday. The congressman has announced plans for what he has billed as a news conference Thursday morning as the vote looms.Santos has survived previous attempts to remove him from the House, but momentum is building for the latest effort after the release of a scathing report from the House Ethics Committee earlier this month, which concluded that he “sought to fraudulently exploit every aspect of his House candidacy for his own personal financial profit.”Santos announced that he would not seek reelection following the release of the ethics report, but he denounced the congressional inve...

Frenetic hurricane season comes to an end and gives experts a glimpse into next year’s potential

Published Mon, 23 Dec 2024 13:09:10 GMT

(CNN) — The 2023 Atlantic hurricane season ends on Thursday as one of the busiest on record, with a twist: Most of its storms veered into the middle of the Atlantic Ocean.But with El Niño expected to end next year and global temperatures on the rise, forecasters say there’s “high potential” for an even more active hurricane season in 2024 and uncertainty around what that could mean for the United States.Record-high ocean temperatures this season ushered in above-average tropical activity and neutralized the effectiveness of a strengthening El Niño, which typically inhibits storm development in the Atlantic by ripping them apart with hostile upper level winds.By season’s end, 20 named storms, including seven hurricanes, came to life. Fortunately, only a fraction of these storms unleashed their fury on land.Three Atlantic storms made landfall in the US: Harold, Idalia and Ophelia. Idalia was the only hurricane to hit the US this year when it sla...

Sebastian Stan to star in new film ‘The Apprentice’ reportedly about Donald Trump

Published Mon, 23 Dec 2024 13:09:10 GMT

(CNN) — Sebastian Stan is… hired.Stan is set to star in an upcoming film titled “The Apprentice,” alongside Maria Bakalova and Jeremy Strong, CNN confirmed Wednesday via representatives for the film.The “Pam & Tommy” star is reportedly set to play a young Donald Trump in “The Apprentice,” according to Variety and IMDb. Variety also reports that Bakalova will appear as the late Ivana Trump, a business woman who partnered with then-husband Donald Trump on some of his most prominent real estate projects. The two divorced in 1992, and Ivana Trump died last year.Strong will portray Roy Cohn, according to the outlet. Cohn is a notorious lawyer and fixer who Trump considered a mentor early in his career.According to a synopsis sent to CNN by “Apprentice” executive producer Amy Baer, the Ali Abbasi-directed film “is an exploration of power and ambition set in a world of corruption and deceit.”“It’s a mentor-protege story that charts the origins of...

Five things we still need to learn about the 2023 Ravens

Published Mon, 23 Dec 2024 13:09:10 GMT

With the best record and scoring margin in the AFC and a 1 1/2-game lead in their division, the Ravens have aced their season to this point. And that’s with three maddening collapses built into their resume.But general manager Eric DeCosta and coach John Harbaugh did not assemble and hone this roster with the goal of looking good on the first weekend of December. The next two months will define them and especially quarterback Lamar Jackson, who has yet to come close to a Super Bowl in six otherwise dazzling seasons.With that in mind, what do we still need to know about the 2023 Ravens, who have already answered many of the questions we posed heading into the season? What flaws could be exploited, what traps set, to keep them from reaching their lofty goals? Here are five pressing questions as they look ahead to a difficult five-game stretch run and the playoffs beyond.Can they count on Ronnie Stanley?Stanley injured his right knee in the season opener and reinjured it in the R...

2023 Integra Type S keeps Acura sporty

Published Mon, 23 Dec 2024 13:09:10 GMT

As Acura, Honda Motor Co.’s upscale brand, continues to deliver exactly what consumers want, the 4-door sedan is no secret to both brands. Originally the Integra, a 2-door sports coupe, was eliminated for vehicles with 3-letter naming conventions such as theRSX,  TSX, TLX and others in larger categories. With the Integra back in the fleet again, this time as a 4-door sedan with a more sportier, yet familiar naming convention, the addition of the Type S. Welcome to Grasso’s Garage the 2023 Acura Integra Type S, wrapped in familiar Apex Blue Pearl, this easily is a standout in the production based sports sedans. With a $50K price tag range, competition exists in both BMW with the 2-series and Audi with the S3.Younger buyers top the charts for Integra consumers as 36% of buyers are under 35, while 70% of the total market was cornered in 2022 by the release of the Integra keeping Audi, MB and BMW at bay with only 19K in sales, while the Itegra did 19K in sales by itself; pretty impressi...

Callahan: The Patriots’ season is now hurry up and wait

Published Mon, 23 Dec 2024 13:09:10 GMT

FOXBORO — For the next five and a half weeks, Bill Belichick will continue standing for press conferences on Wednesday.He’ll stand his ground, defiant and dismissive as his program crumbles around him; a Redwood blowing in a hurricane.Later on Wednesday, the Patriots will practice. Then they will practice again, at least once or twice, to close the week. And soon enough, they’ll shuttle off for game-day travel.Come Sunday, the players will believe, against all odds, hope and sense of reality, they should win. But we all know how enough of those games will end to know how this season ends.The Patriots are fated to slump to a 2-15, 3-14 or 4-13 finish. Once they’re done mud-wrestling the Jets in a regular-season finale only a coach’s mother could love, it’s on to 2024.Until then, what are they playing for?Unofficially, the Pats’ postseason chances were pronounced dead last month. Those odds will receive their last rites Sunday if the Pats lose, and ...

Autoworkers strike cut Ford sales by 100,000 vehicles and cost company $1.7 billion in profits

Published Mon, 23 Dec 2024 13:09:10 GMT

DETROIT (AP) — A six-week United Auto Workers strike at Ford cut sales by about 100,000 vehicles and cost the company $1.7 billion in lost profits this year, the automaker said Thursday.Additional labor costs from the four-year and eight-month agreement will total $8.8 billion by the end of the contract, translating to about $900 per vehicle by 2028, Chief Financial Officer John Lawler said in a company release. Ford will work to offset that cost through higher productivity and reducing expenses, Lawler said.The Dearborn, Michigan, automaker re-issued full-year earnings guidance that was withdrawn during the strike, but it trimmed its expectations. The company now expects to earn $10 billion to $10.5 billion before taxes in 2023. That’s down from $11 billion to $12 billion that it projected last summer.Ford said the strike caused it to lose production of high-profit trucks and SUVs. UAW workers shut down the company’s largest and most profitable factory in Louisville, Ke...

Pressure builds to eliminate fossil fuel use as oil executive takes over climate talks

Published Mon, 23 Dec 2024 13:09:10 GMT

DUBAI, United Arab Emirates (AP) — Pressure to phase out fossil fuels mounted Thursday on the oil company chief who took over fragile international climate negotiations that opened in Dubai amid concerns about what some say is contradictory dual roles.The climate talks newly installed boss began on the hot seat and not just because the planet keeps smashing heat records this year. Days before the United Nations Conference of Parties (COP28) began, reports published meeting preparation notes that linked efforts by the United Arab Emirates national oil company ADNOC to push fossil fuel sales at the same time its CEO and new COP president, Sultan al-Jaber, was meeting to curb climate change. Burning coal, oil and gas is a chief cause of global warming.Even though al-Jaber vehemently denied the revelations from the BBC and others, several climate negotiations experts say it will likely change the tenor and maybe even the outcome of the two weeks of intense negotiations, taking place abo...

Pope says he has acute bronchitis, doctors recommended against travel to avoid change in temperature

Published Mon, 23 Dec 2024 13:09:10 GMT

ROME (AP) — Pope Francis said on Thursday that he is suffering from acute, infectious bronchitis and that doctors recommended he cancel his planned visit to Dubai this weekend to avoid the quick changes in temperature that would be involved.“As you can see, I’m alive,” Francis quipped at the start of an audience with participants of a symposium on health care ethics.It was one of nine audiences Francis had scheduled for Thursday, suggesting he was still managing to carry a heavy workload despite his illness.Francis, who turns 87 in a few weeks and had part of one lung removed as a young man, came down with the flu last week and is on antibiotics. On Tuesday, the Vatican announced he was cancelling his planned participation in the U.N. climate conference on doctors’ orders.“The reason is that it’s very hot there, and you go from heat to air conditioning,” Francis told the health care workers. “Thank God it wasn’t pneumonia. It’s a very acute, infectious bronchitis.”Previously the Vat...