Inflation could see a resurgence in 2025, BlackRock strategists warned.
Jonathan Kitchen/Getty Images
Israel's strike on Iran caused oil prices to spike, sparking fears of rising inflation.
But US inflation is more impacted by strong domestic demand than by oil prices, an economist told Bloomberg TV.
Job growth and rising retail sales point to a robust US economy, driving demand-based inflation.
The strike on Iran on Friday that US officials attributed to Israel sent oil prices jumping, stoking fears of broader inflation should the Middle East conflict escalate.
Oil prices gained as much as 4% following reports of the attack before later subsiding. But oil is less important for US inflation than robust domestic demand is, an economist said on Friday.
The US consumer price index, or CPI, rose at a higher-than-expected rate of 3.5% for the 12 months ending in March — which is still above the Fed's inflation goal of 2%.
"I think what's difficult for the Fed currently is actually the part of CPI that is being driven by demand, rather than the supply issues or the energy issues, which are perhaps easier to deal with," Samy Chaar, the chief economist of Lombard Odier, told Bloomberg TV. The Swiss private bank managed 193 billion Swiss francs, or $212.8 billion, in assets at the end of December.
A key inflation metric for the Fed, the Personal Consumption Expenditures Price Index, was little changed in March over its 2.8% reading in February. Federal Reserve chair Jerome Powell highlighted the index earlier this week as he signaled that interest rate cuts may come later, rather than sooner.
The US economy has been strong, with job growth and retail sales also rising more than expected for the month of March.
"The problem with the US is the sticky part that comes from services. Services is demand, and that demand needs to come from somewhere — and that's a robust economy," Chaar told Bloomberg. A gauge from the Institute for Supply Management showed the US service sector expanded moderately in March.
"Consumers are consuming because they have jobs, because they have rising incomes," Chaar said.
This means inflation is fueled by demand rather than oil supply, even if a rise in energy prices complicates the Fed's job, he said.
The Fed is now trying to engineer a soft landing for the hot US economy without causing it to tip into a recession.
"I would say the biggest challenge here for the Fed is to manage the demand of the US economy," Chaar said. "It comes from domestic America, not from the Middle East."
The historic flood brought much of Dubai to a standstill.
GIUSEPPE CACACE/Getty
A historic flood brought the most rain in 75 years to the United Arab Emirates.
Over 800 flights have been canceled at Dubai International Airport since Tuesday.
Despite a stay-at-home warning, Emirates has reportedly encouraged cabin crew to report for duty.
Emirates flight attendants in Dubai were told to still report for duty while a flood left much of the city's airport underwater.
A memo sent to the airline's cabin crew was obtained by the "A Fly Guy's Cabin Crew Lounge," a Facebook page where aviation industry staff share gossip and stories.
It encouraged staff to make their way to the airport despite the government telling people to stay at home.
"We are operating our flights safely, and it's important our operations carry on for the sake of our customers," the email reportedly read.
It added: "If you are rostered for duty, please continue to make your way safely to work."
Emirates did not respond to a request for comment from Business Insider.
Videos and pictures shared by the Facebook page, which has over one million followers, appear to show Emirates cabin crew struggling through the flood waters.
Other clips showed cabin crew covering themselves with plastic bags to protect their uniforms from the rain.
A group of Emirates cabin crew saving themselves and their uniform during historic Dubai rain/flood.
The media office for the Emirati government said the country witnessed the largest amount of rainfall in 75 years.
Schools in the United Arab Emirates were closed until the end of the week, while federal government employees were told to work remotely.
At Dubai International Airport, some planes tried to battle through the flood. Its terminals began to reopen early Thursday morning local time, although the airport said on X: "Flights continue to be delayed and disrupted."
54% of flights leaving Dubai International on Tuesday were canceled, according to data from FlightAware. More than 800 flights have been canceled over the past three days.
Emma Sandke started to take budgeting seriously after starting her first job after college.
Courtesy of Emma Sandke
Emma Sandke, 24, is a data analyst living in Boston.
She budgets every dollar she spends, including on non-essential, fun activities.
She says it's harder for people in their 20s now to afford fun, compared to older generations.
This as-told-to essay is based on a transcribed conversation with Emma Sandke, 24, from Boston, about how she's budgeting her finances in her 20s. The following has been edited for length and clarity.
In July 2023, I started my first job after graduation. I was lucky that my parents paid for the majority of my college tuition and rent. I knew that covering living expenses would be my responsibility once I started working.
I'm a data analyst at a large retail company. I've been making $80,000 a year pre-tax and recently got a raise to $87,200 — a salary I'm very happy with and feel privileged to receive.
When I first started making adult money, I didn't have a good grasp on what I was spending. I tended to impulse shop and then have buyer's remorse. Moving into my first apartment after graduation in September 2023 came with more costs, such as apartment fees and furniture. I looked back on the month and thought, "Where did all of my savings go?"
That's when I began to budget every dollar I spent. It's not necessarily that I'm spending less money, but I'm way more intentional about how I spend it.
Every generation has unique challenges. Covid-19 and the increased cost of living have impacted my generation. Activities like concerts and going to the movies have become luxuries in a way that I don't think they were for previous generations.
Older generations could support themselves — and sometimes even a family — and enjoy life simultaneously. But my generation has to choose between these things; having fun in your 20s is harder now. I want to own a home, travel more frequently, and build a strong retirement savings fund. But I also think I deserve to have fun in my 20s.
I keep track of my monthly expenses so I can afford to enjoy my 20s
I use a spreadsheet to keep track of my spending. My take-home salary is roughly $4,500 a month. I budget monthly rather than weekly because my weeks were too varied. At the end of each month, I spend around 30 minutes working out how much I will spend on specific things over the next month.
Boston is an expensive city to live in. If I lived elsewhere, my money would go much further — but I think it's a great place to spend your 20s. There are young people; it's super walkable and has great restaurants.
My rent and utility budget is $1,650. I share a three-bedroom apartment with two roommates, who also have similar budgeting habits.
I budget $400 a month for groceries and another $400 for food and drink — going out to bars and restaurants and ordering takeout. It depends on the month, but I typically spend this amount on both categories.
Sandke said she wants to enjoy her 20s and she builds fun activities into her budget.
Courtesy of Emma Sandke
I set aside money to spend on enjoyable activities every month. In addition to eating out, I budget $50 a month for entertainment, like going to the cinema. My budget for each category can change. For example, if I plan on buying concert tickets, I'll up my entertainment budget. This month, I set aside $300 for shopping — things like buying books and thrifting.
My parents taught me about the importance of savings accounts. I contribute $800 a month to my Roth IRA. I aim to max it out every year while I'm under the income threshold for contributions.
I also have a high-yield savings account where I keep my emergency fund of money I made while working during college. Additionally, I have a 401(k) and Health Savings Account, but those payments are made pre-tax.
I'm 'loud budgeting' in 2024
In December 2023, I came across "loud budgeting" on TikTok. The concept refers to being comfortable and open about saving money.
For example, if your friend said, "Do you want to get dinner tonight?" you could respond with, "I don't have that in my budget right now." My friends and I are all very honest with each other when bowing out of something because of the cost.
The phrase gave a name to what I felt I was already doing — trying to limit spending and sharing my budget on my TikTok account. In January, I posted my ownvideos about how I'd be loud budgeting in 2024.
I wouldn't call myself frugal. I want to enjoy my 20s. That means being intentional about purchases and building fun into my budget rather than cutting it out.
My savings also go toward fun things I'm looking forward to in the near future. I have a few upcoming trips this year and keep a travel fund in my high-yield savings account.
Budgeting is a way to have fun and be responsible
There's a misconception that budgeting is only for people paying off debt or living paycheck to paycheck. For me, budgeting is about having guidelines to ensure I'm living within my means and hitting my savings goals.
I'm lucky to be in a situation where money doesn't have to control my life. I'd love to own a home someday, but I don't have home-ownership tunnel vision. There are certain things I don't want to sacrifice right now — like traveling and going out to eat. I want to look back on my 20s and feel I was responsible with my money and had fun.
But no matter how well it does, it won't be the way Swift earns most of her money this year.
In fact, the remaining leg of her Eras tour will add much more to Swift's billion-dollar fortune.
Taylor Swift released her new album "The Tortured Poets Department" at midnight, and, in what should be no surprise to anyone on this planet in the year 2024, it caused a scene.
Her songs were set to garner millions of streams from the moment it dropped, accompanied — no doubt — by a LOT of social media takes. Like the 13 Swift albums before it, there is also almost no doubt it will top the Billboard chart.
But no matter how many platinum certifications it collects or streams it racks up on Spotify, "The Tortured Poets Department" won't be Swift's biggest money-maker this year.
The remaining leg of her Eras tour — set to kick off in Paris next month and run through December — will instead be what contributes most to her fortune, which Bloomberg estimated last year at $1.1 billion.
"Live music is the engine of the global music business," Clayton Durant, the founder of CAD Management and an adjunct professor at NYU Steinhardt's Music Business Program, told Business Insider. "Her tour is probably going to earn 10 to 15 times more than her streaming."
Swift's Eras Tour brought in more than $1 billion in ticket sales last year over its 66 dates. By the end of this year, she will have played another 86. Swift's cut is unknown, but based on industry standards, she will surely earn nine figures in 2024 from ticket sales.
Concerts don't only bring in money from ticket sales.
Pollstar estimates that Swifties spend an average of $40 per head at her concert on merch — that adds up to about $175 million in gross merch sales last year. Swift's camp keeps the majority of that.
Bloomberg estimated that between box office and merchandise, Swift pocketed $225 million, pre-tax, from her first 57 Eras tour dates. Career earnings from ticket sales and merchandise account for 34% of her total net worth, while earnings from music streaming and sales account for 18%, Bloomberg estimates.
Swift isn't alone in making money on the road.
In 2021, the last year Billboard made a list of music's top earners, seven out of the 10 top money makers earned more than half of their income from touring.
But the music industry didn't always function this way. Before the advent of streaming, musicians made most of their fortune selling CDs, cassette tapes, and vinyl records.
"Physical music sales made up the bulk of artists' revenue pre-streaming, and that revenue was what enabled artists to tour. These days, the equation has flipped," Tatiana Cirisano, senior music industry analyst at MIDiA, told BI over email.
Streaming made listening to recorded music much cheaper. For less than the price of one CD — or for free, illegally, or with ads — people could get all the songs they wanted.
"The moment Napster hit, it changed the paradigm, and it really honestly diluted the value of music," Durant said.
To be sure, Swift is still making tens of millions, if not more, on streaming and record sales each year — more than almost any other artist on the planet.
Streaming services like Spotify pay out artists on a pro-rata model: There is a pot, made up of subscription and ad revenue, paid out to artists each year. Those with the biggest share of the platform's total streams get the biggest piece of it.
But "if you're an individual artist, you have to have a pretty massive audience to be able to earn a meaningful share of that revenue — which is paid out to you after your label gets its cut," Cirisano said.
Last year, Swift was the most-streamed artist on both Apple and Spotify. One of every 78 songs streamed in the US last year was a Swift song, according to music data firm Luminate. She will likely rank at or near the top again, between "The Tortured Poets Department" and a streaming lift from the second leg of her Eras tour.
Swift will also earn more than most artists from physical music sales. Last year, she was responsible for one out of every 15 vinyl records sold, according to Luminate. Her rabid followers see physical records as "a symbol of fandom," Cirisano said, and a way to support Swift.
That said, without Eras, Swift would just be a poor centimillionaire.
Mukul Lalchandani, a real estate agent, discusses the impact of new commission rules.
The new rules mean that sellers no longer have to pay the buyer's agent commission.
These changes may most affect low-income buyers, but Lalchandani says his clients won't be affected.
This as-told-to essay is based on a conversation with Mukul Lalchandani, a 44-year-old real-estate agent from New York. It's been edited for length and clarity.
My parents wanted to buy a house in the US before immigrating here from Hong Kong, but they didn't know how real estate worked in this country.
They were working with the seller's broker and didn't realize they could work with a buyer's broker who would help them find the best deal. The seller's broker deceived them. They ended up spending a lot of money and had no house to move into when they arrived in the US. I decided to become a real-estate agent so I could prevent other immigrant families from going through the same situation.
I've lived in New York for 23 years and have been a real-estate agent for over 15 years. I established my own agency, Undivided, in 2023.
Most realtors in NY are not under the National Association of Realtors like the rest of the country. We have our own association called REBNY. The NAR and real-estate agents all around the country are preparing for new rules to pass.
One of the rules is that the seller no longer has to pay a commission to the buyer's agent. REBNY already implemented these rules starting January 1; the new rules were a shock for all of us. While the rest of the country is preparing for the rule changes, we're already seeing the results.
My agency has had to implement new policies to address the changes brought on by these rules.
Here's what the new commission rules mean
There is a lot of confusion around the commission rule and what it means, especially for buyers. The rules were made as part of a settlement for a nationwide lawsuit. When someone sells a property, they must pay their broker and the buyer's broker a commission. It's not fair to the seller.
The new rules will mean that the buyer will have to either pay for their own broker or not use a broker at all.
I've implemented two major policies in my agency to help with the confusion
First, I make sure to sit down with each buyer and explain to them how the new rules affect them. At first, my clients are confused. Then, when it clicks, they're shocked. They realize they have to pay for the broker themselves. They have an extra cost for buying the property which they didn't consider before.
My agency has also begun requiring all new buyers to sign an "exclusive buyers agreement." In this agreement, we outline everything we will do to help the buyer through the buying process in their best interest. It also states how much they'll pay us for our services. This contract helps clarify the terms and payment and prevents any confusion related to the new rules.
We have to implement this contract and charge our clients a fee because we no longer get a commission from the seller.
All buyers are shocked, but this will affect low-income buyers the most
My agency is a boutique agency in NY, and my clients tend to be high-networth individuals. The buyers who come to me are shocked when they learn about the new fees but can afford them.
Real-estate investors want a broker to find the best property for them, so they'll also be willing to pay the commission fees. Buying in NY is especially complicated, so buyers really need a broker. The new commission rule will not hurt people looking to buy expensive homes or investment properties. It will hurt the lower-income buyers the most.
Buying a property without a broker is possible, but the buyer is taking a risk. Higher-income buyers such as foreigners and out-of-towners who buy real estate in NY will avoid the risk and pay the broker fees to make sure they get a good deal. However, lower-income buyers around the country may not be able to afford a broker anymore. That means they'll be more vulnerable to getting into a bad real-estate deal.
For example, if someone is buying a million-dollar home, they would need about $15,000 to pay the broker now. That can't come out of pocket for most buyers.
Many Brokers will leave the industry, and some jobs will disappear
This also means that many brokers who sell only a couple of properties a year will leave the industry. Only brokers who work in real estate as their main source of income will be able to survive the new rules. Buyers will only pay for the brokers who have the most experience and get the best deals. In the future, we could also see bonuses for the buyer's brokers in a slow market that may not be offered in a hot market.
We might even see the job of a buyer's broker disappear in a few years. There used to be tenant agents who helped people find places to rent. That job disappeared when people looking to rent began talking directly with companies that own the properties. This could happen to the buyer's agent too.
If you're confused about the new rules, it's because they're confusing. Sellers were not happy with the previous rules where they had to represent the buyer's best interest by paying a commission to the buyer's broker. They'll no longer have to do that.
The new rules will have big ramifications as buyers start experiencing the changing real estate market.
John Vincent, an automotive editor, bought a 2023 Jeep Grand Cherokee 4xe plug-in hybrid in 2022.
He loves the SUV's versatility as both an electric car for short trips and a gas car for long drives.
Despite some sound complaints, he's happy with his hybrid and wouldn't buy an EV just yet.
This as-told-to essay is based on a conversation with John Vincent, a 58-year-old automotive editor in Portland, Oregon. It has been edited for length and clarity.
My wife and I bought a 2023 Jeep Grand Cherokee 4xe plug-in hybrid in December 2022 for $75,000. As an automotive journalist and the senior editor of vehicle testing at US News and World Report, I test-drive dozens of vehicles every year. I still love the choice we made to purchase this full-size hybrid SUV.
When I was first shopping around, I was looking at the Kia Sorento hybrid, the Hyundai Santa Fe, the Mercedes GLC, and quite a few others.
This Jeep made the most sense for us because it's basically an electric car for short trips and a gas car for long trips. It's really inexpensive to operate, drives fantastic, and is very capable. It just does everything we were looking for.
The plug-in hybrid Jeep Grand Cherokee 4xe
The interior of the Jeep.
John Vincent
While shopping, I considered the tax credits that were available at the time. There was a full $7,500 credit, and it made a lot of sense because of how we use the vehicle. The credit is not available anymore, but you can get some state, local, and utility credits for operating it.
My wife drives the car about half the time and can drive it to work and back daily on electricity alone. I think I only put four gas tanks in it last year — and the only reason I had to put gas in it was to protect the engine and the fuel delivery system.
We also have a Honda Odyssey, which is better for our dog. The Jeep is pretty high, and the dog weighs 50 pounds, so lifting the dog up and down in the SUV is difficult. With the minivan, the dog can just hop up inside.
I drive a high-trim model, the Summit, so it is basically a luxury SUV. The luxury model package, which costs around $13,000 more than the base model, has massaging seats and a great navigation system, as well as night vision for when we're on rural country roads, so it's pretty well-loaded. The only thing I wish it had that it doesn't is a lower price tag.
This Jeep can off-road, but I haven't done it yet. The number of miles we put on it is limited because I test other cars, but most of the miles I put on this Jeep are electric.
Driving electric with the hybrid
The charge rate.
John Vincent
When we drive outside commuting and exceed its electric-only range, it operates like a normal hybrid and still gets great mileage, but we don't have to be reliant on an EV charger all the time, like with a pure EV.
The Grand Cherokee is a great vehicle, but with gas-only power the mileage is terrible, so the 4xe gets good mileage for a midsize SUV because it's a hybrid.
In a perfect world, you never notice the transitions between running on gas, running as a hybrid, or running as electric. In reality, you do feel those transitions in the Jeep more than you do in some other vehicles, but it's not obtrusive, and I learned to deal with it.
The biggest thing I've noticed is when it switches over to electric, it gets silent. All you hear is tire noise, which is just kind of weird to be gliding along silently.
Jeep and the EV market
People buy Jeeps not just because they want to go off-road, but because they want to know they can go off-road. People who buy EVs want to know they can go 300 miles between charges — not because they typically do, but because they want to have the option.
The public charging infrastructure is not quite ready to support that option for everyone. It's good enough in some parts of the country like California, Washington, and Oregon, where I live, but I would say in 40 of the 50 states, EV infrastructure is not good enough for me to buy one — yet.
We don't rely on it, though, because when the electric charge runs out, the Jeep switches over and acts like a normal hybrid. We never have and never would charge it at a public station.
A fire at an oil depot following a Russian drone strike on February 10, 2024, in Kharkiv, Ukraine.
Global Images Ukraine via Getty Images
Ukraine is on the ropes amid a $60 billion US aid block.
Its leaders are issuing increasingly stark warnings that it faces defeat.
Defeat could take many forms, including the loss of key territories.
With a $60 billion US aid bill blocked, Ukraine's battle against the Russian invasion is becoming increasingly desperate.
Its military is running critically short of artillery and ammunition, and it is being outgunned 10 to one is some places as it struggles to hold off intensifying Russian attacks.
There is a glimmer of hope for Ukraine, with a congressional vote that could release the aid package expected this weekend.
Experts at US think tank The Institute for the Study of War, believe that Russia's President Vladimir Putin is pursuing "maximalist" objectives in Ukraine that amount to a "full Ukrainian and Western capitulation."
This might entail eventually seeking to seize control of the whole of the country.
Putin has repeatedly denied Ukraine's existence in speeches. Last year, he cited a 17th-century map of Europe to back his discredited thesis that Ukraine isn't a real country, despite the document clearly marking part of the territory as being "Ukraine."
In a blog post for the Royal United Services Institute, Oleksandr Danylyuk, a former chief advisor to Ukraine's Minister of Defense, noted that total destruction of Ukraine is Russia's main goal.
"Putin does not hide his genocidal intentions to destroy Ukraine as an independent state and Ukrainians as a separate people," he said.
"It is obvious that if Ukraine loses support from the West, Putin may well achieve his goal of destroying Ukrainians as a people and erasing the largest country from the map of Europe," he continued.
"Despite the obvious tragedy of this situation for Ukraine, the consequences of its defeat for the West and especially for the US as the leader of the free world would be no less catastrophic."
The loss of territories
Others believe that Russia's ambitions are more limited, and it has its sights set on launching a massive attack this summer to break through Ukraine's defensive lines and seize a key city or region.
A problem for Ukraine, Bryden Spurling, an analyst at the RAND Corporation, told Business Insider, is that it's unclear where the attack could come from.
"The difficulty with Ukraine being short of supplies and personnel is that it gives Russia more of an opportunity to pick the time and place of its offensive along a long battlefront," he said.
While it was apparent that Ukraine would focus its counteroffensive last year in the south, allowing Russia to build extensive fortifications to defend its positions, Russia's attack could come at any point along the 620-mile-long front line.
Russia could seek to seize control of Kharkiv, Ukraine's second biggest city, which is only around 18 miles from the Russian border, the city of Zaporizhzhia in south Ukraine, or secure control of the Donetsk region in east Ukraine, which has been the site of some of the war's bloodiest battles.
George Beebe, a former director of Russian analysis at the CIA, recently told BI that Russia was seeking to add to and consolidate its territorial gains.
"Russian 'victory' over Ukraine would probably consist of seizing territory east of the Dnieper River that Moscow regards as culturally and historically Russian, creating a strip of 'no man's land' separating Russian-controlled territory from the rest of Ukraine, and building extensively defensive fortifications to ensure that the division of Ukraine will be difficult to reverse through new Ukrainian assaults," he said.
But the question of when and on what terms negotiations to end the war might take place remains unclear.
Spurling, the RAND analyst, said that a Russian victory would most likely take the form of Ukraine ceding large amounts of conquered territory to Russia. But there is no sign that Ukraine would agree to such a deal.
"Despite the challenges they are currently facing, Ukraine shows little appetite for such a settlement – and many of Ukraine's supporters acknowledge that Russia can't be trusted to keep its side of any settlement anyway," he said.
A campaign against NATO
Some analysts, such as those at the ISW, have warned that Russia would likely use a settlement with a weakened and defeated Ukraine to rebuild and launch a renewed attack on Ukraine and then its allies in the West.
Other analysts are skeptical and believe that Russia's military has suffered such damage in the conflict that it would be in no position to launch a massive new campaign after the war against a strengthened NATO alliance.
But for Beebe, even if US aid is released, there won't be enough of it to turn the tide in the war and enable Ukraine to drive Russian forces out.
This implies that Ukraine, in any scenario, will have to cede territory, either formally or informally.
The closing party for theJefferies Private Internet Conference 2024 was held at Nobu
Ben Bergman/BI
Jefferies hosted a conference to bring together late-stage tech founders, investors and bankers.
At the conference, there was talk of IPOs and M&A being back.
Jefferies has significantly bulked up its tech investing division in recent years.
As bankers and venture capitalists nibbled on caviar sushi and sipped champagne and sake this week at Nobu Malibu, there was a gleeful mood at the beachside closing dinner of the Jefferies Private Internet Conference.
IPOs and M&As are finally back, and on top of that, there is an exciting new catalyst for rising tech valuations — generative AI.
"We surveyed a lot of the 140 entrepreneurs that are coming here and found 'IPO' is not a dirty word anymore," said Cameron Jefferies, Co-Head of Technology, Media and Telecom Investment Banking at Jefferies. "People are thinking maybe they will go public."
After a Covid pause, Jefferies resumed this conference in 2022 to bring together late-stage tech founders, investors, and bankers. But there was not much to talk about in the way of actual deals. Now the logjam is finally breaking.
"We're as busy today as we were in 2021," said Jason Greenberg, Co-Head of Global Technology, Media, and Telecom Investment Banking at Jefferies.
"We ultimately succeed and get paid on the success of deals happening and closing. I don't think as many deals we're on today will turn into announced deals in 2024 or early 2025 compared to 2021. But even if they don't close at the same rate, you're going to see a market that was down 60% peak to trough recover a lot."
AI is driving many of those deals, according to Greenberg; The theme of this year's conference was "In the Age of AI."
"Beyond typical deal considerations, AI has emerged as the single biggest new influence today in tech M&A," according to Greenberg.
Reports that Salesforce is in talks to buy the $10 billion data management software firm Informatica is another sign dealmaking is back (though some people at the conference were skeptical the deal would ultimately go through).
This week, there was also promising news that Goldman Sachs reported its investment banking division saw fees rise 32% in the first quarter thanks to strong underwriting and advisory work growth.
"It's clear that we're in the early stages of a reopening of the capital markets," said David Solomon, the bank's chairman and CEO, told investors.
Venture capitalist Marc Andreessen (right) with Jefferies CEO Rich Handler at the Jefferies Private Internet Conference 2024
Jefferies
Aside from the lavish Nobu dinner, attendees at Jefferies also heard from Andreessen Horowitz cofounder Marc Andreessen and Anthropic's head of business development, Neerav Kingsland.
Jefferies has significantly bulked up its tech investing division to better compete against more established players like Goldman and JP Morgan Chase.
"In the last 18 months, we've increased the number of MDs [managing directors] in our investment bank by 70%, which is kind of crazy given what's happened to our industry in terms of the decline over the past couple of years," Lester said.
Now that deals are finally happening again, Lester is hoping the investment pays off.
"People don't typically choose a banker in a 30-day period," Lester said. "They choose it based on relationships built over a couple of years."
Doha Hamad International Airport in Qatar tops Stytrax's world's best airports list for 2024.
Only European and Asian airports made the top 10, with none in the US even breaking the top 20.
Skytrax named Newark Liberty International Airport's Terminal A the best new terminal of 2024.
In its 25th year of judging airports based on passenger surveys, the aviation ranking website Stytrax revealed on Thursday the world's best airports for 2024.
The results are based on customer surveys collected between August 2023 and March 2024 that ask about the airport experience from curb to gate.
Of 570 airports worldwide, Doha Hamad International Airport in Qatar beat out Singapore Changi Airport in what has been a back-and-forth battle for years. Doha won in both 2021 and 2022 but took second to Changi last year.
Among the top 10 were only European and Asian airports — none in the US made the cut. In fact, the only North American airport to break the top 20 was Vancouver International Airport in Canada at number 17.
Seattle-Tacoma International Airport was the highest-ranking US airport on Skytrax's 2024 list but came in at only number 24, according to Skytrax. It made the top 20 last year at number 18.
New York City metro airports, including LaGuardia Airport and John F. Kennedy International Airport, made the top 100 at numbers 33 and 93, respectively. Both have seen multibillion-dollar improvement projects in recent years.
Newark Liberty International Airport in New Jersey, meanwhile, notched an award for the best new terminal of 2024. The Houston airport system also won an award for having the world's best airport art.
Here's a closer look at Skytrax's top 10 airports in the world for 2024.
10. Istanbul Airport
Istanbul Airport.
Ozan Kose/AFP via Getty Images
Country: Turkey
2023 Ranking: 6
Skytrax Awards: Best Airport in Southern Europe, Best Airport Dining Experience
9. Zurich Airport
Zurich Airport.
Ko Aun Lee/Shutterstock.com
Country: Switzerland
2023 Ranking: 8
Skytrax Awards: Best Airport: 20-30 million passengers, The Cleanest Airport in Europe
8. Munich International Airport
Munich Airport.
Mikhail Markovskiy/Shutterstock
Country: Germany
2023 Ranking: 7
Skytrax Awards: Best Airport Staff in Europe, Best Airport in Central Europe, Best Airport Hotel in Europe (Hilton Munich Airport)
7. Dubai International Airport
Dubai International Airport.
Paul Souders/Getty Images
Country: UAE
2023 Ranking: 17
Skytrax Awards: None
6. Paris Charles de Gaulle Airport
Charles de Gaulle Airport.
Barry Winiker/Getty Images
Country: France
2023 Ranking: 5
Skytrax Awards: Best Airport in Europe, Best Airport in Western Europe, Best Airport: 60-70 million passengers, Best Low-Cost Airline Terminal (CDG Terminal 3)
5. Tokyo Narita International Airport
Narita International Airport.
Kazzure Gonzalez/Shutterstock.com
Country: Japan
2023 Ranking: 9
Skytrax Awards: World's Best Airport Staff, Best Airport Staff in Asia, Best Airport: 30-40 million passengers
4. Tokyo Haneda Airport
Tokyo Haneda Airport.
Sean Pavone / iStock
Country: Japan
2023 Ranking: 3
Skytrax Awards: World's Cleanest Airport, World's Best Domestic Airport, Best PRM and Accessible Facilities, Best Airport: 70+ million passengers, The Cleanest Airport in Asia
3. Seoul Incheon International Airport
Seoul Incheon International Airport.
narvikk/Getty Images
Country: South Korea
2023 Ranking: 4
Skytrax Awards: World's Most Family-Friendly Airport
2. Singapore ChangiAirport
The Jewel is attached to Singapore Changi Airport.
Taylor Rains/Business Insider
Country: Singapore
2023 Ranking: 1
Skytrax Awards: Best Airport in Asia, Best Airport Immigration Service, Best Airport: 50-60 million passengers, Best Airport Hotel in the World and Asia (Crowne Plaza Changi Airport)
1. Doha Hamad International Airport
Doha, Qatar's Hamad International Airport.
Thomas Pallini/Business Insider
Country: Qatar
2023 Ranking: 2
Skytrax Awards: World's Best Airport, Best Airport in the Middle East, World's Best Airport Shopping, Best Airport: 40-50 million passengers, The Cleanest Airport in the Middle East
Mark Zuckerberg has been leaning into his own version of mob chic lately. The Meta founder has been wearing chain necklaces like a rapper straight out of the 2000s.
@zuck via Instagram; Cooper Neill/Zuffa LLC via Getty Images
Mark Zuckerberg must really love his chain necklaces.
The Meta chief wore a rapper-style outfit to a Saturday UFC event.
He then wore a similar outfit on Thursday when announcing Meta's new AI products.
But while Zuckerberg may have been hoping to hype up Meta's new offerings, people on social media found themselves drawn to something else — what appeared to be the billionaire's newfound love for rapper swag and "mob chic."
"Zuck looks like the type of guy that would steal your girl, deeply regret it, then try to help you win her back," one person wrote on X, formerly Twitter, on Thursday.
Some, on the other hand, felt that Zuckerberg could take his new look to the next level if he grew out his facial hair. This was after a doctored image of him went viral on social media.
"Zuck with a beard would become World Emperor in months, if not weeks," another person wrote on X.
Zuckerberg debuted his new look on Saturday when he attended the UFC 300 event with his wife, Priscilla Chan. At the UFC event, Chan leaned into the "mob wife" aesthetic, pairing her all-black outfit with a gold necklace.
To be sure, Zuckerberg isn't the only billionaire who has been reinventing their style.
Amazon founder Jeff Bezos got a major glow-up after stepping down as CEO of the e-commerce giant.
The stark shift in clothing choices by tech titans Bezos and Zuckerberg reflects a growing preference for the trappings of loud luxury.
In the past year, Zuckerberg has ditched his stale uniform of gray t-shirts and hoodies for more adventurous choices like a shearling brown jacket. And it looks like he's eager to trade fashion tips with his billionaire brethren.
"Jersey swap," he wrote in an Instagram post last month, along with a photo of him trading jackets with Nvidia CEO Jensen Huang.
Representatives for Zuckerberg at Meta did not immediately respond to a request for comment from Business Insider sent outside regular business hours.