Markets Left Worst Case Scenario Behind, Schwab's Jones Says
Kathy Jones, Schwab Center for Financial Research chief fixed income strategist, says the recent progress on trade talks bodes well for financial markets on "Bloomberg The Close." (Source: Bloomberg)
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Bloomberg
13 minutes ago
- Bloomberg
Dollar Ructions Lay Groundwork for a ‘Global Euro Moment'
When the euro was born more than a quarter century ago, it arrived with much fanfare. Even the US Federal Reserve chair of the time, Alan Greenspan, was excited. 'To the extent the euro becomes a far more formidable force in the world economy, it's a benefit to everybody, especially the US,' he said in January 2000. Today, while undoubtedly the second-most important reserve currency in the world, the euro holds a shadow of the dollar's influence. European economic policymakers, with plenty of intra-region challenges and crises to keep them busy, had little reason to imagine the euro's global role might do anything other than fade. Until Donald Trump's White House return, that is.
Forbes
27 minutes ago
- Forbes
The One Luxury These Billionaires Say They Can't Live Without
Billionaires have been known to indulge in just about every luxury imaginable: Picassos. Diamonds. Private concerts by A-list pop stars. Super yachts with cinemas, spas and submarines. Trips to space. Because there's almost nothing a three-comma fortune can't buy, billionaires are often accustomed to owning the best of the best of whatever they want. But Forbes wanted to know what indulgence they view as absolutely essential. So this winter, we surveyed many of the world's billionaires on the one luxury they can't live without, with 40 responding. The most common answer by far was a private jet, which a dozen respondents chose. After that, three listed their phones. A couple shoutouts apiece went to prestige cars, second homes and, yes, air conditioning. And two listed their wives: 'Liz for 57 years!' wrote Charles Koch (estimated net worth: $67.5 billion), chairman of Koch, Inc. Stephen Smith ($6 billion), founder of Canada's First National Financial, said heli-skiing. One anonymous respondent fittingly wrote 'privacy.' Though 12 is a small sample, hundreds of other billionaires own private jets. So why do they put such a high premium on their planes? In most cases, it's about saving time. The process of traveling to a commercial airport, passing through security, boarding and taxiing typically takes several hours, even without delays. A private jet, meanwhile, can be ready in minutes. Not only can those passengers just show up and go, but they also have far more options for where to take off and land. Texas, for example, has 389 public-use airports, according to its transportation department. Only 25 of those—six percent—are commercial airports. 'We have a large number of locations and it would be impossible to get to them without a private plane,' says billionaire David Hoffmann, who invests in dozens of businesses from luxury transportation to real estate. Hoffmann is based in Naples, Florida but has entities across the country in places like San Diego, Minneapolis, Seattle and St. Louis. Samir Mane, a retail and real estate entrepreneur, agrees: 'I bought a jet because we don't have good flight connections to many of the countries where we operate.' Mane, who is Albania's first billionaire, is based in Tirana. Visiting his retail outfits in Sarajevo takes 20 minutes via private jet, he says, but would require a full day if he flew commercially. 'If I were based in London, Frankfurt, or Vienna, I wouldn't need a jet, since the flight connections from those cities are excellent.' 'A lot of these companies would struggle to operate if they didn't have their executives getting in and out of meetings across the country on the same day,' explains Hugh Chatham, VP of sales at plane brokerage CFS Jets. Or, as real estate investor Larry Connor put it in his survey response: 'It's not a luxury, it's a business tool.' Four billionaires wrote that their private plane was the most expensive item they'd ever bought in answer to a separate survey question. Planes tend to depreciate 5% to 10% every year, says Chatham, but most prices in the resale market doubled during the Covid-19 pandemic and have stayed high since. Now, pre-owned jets can cost as little as $1 million for a small, basic craft or as much as $75 million for one in the top tier, like Bombardier's Global 7500; new planes can go up to about $80 million for a business jet, though some billionaires have bought commercial-size airliners that stretch even higher. Bombardier's Global 7500, which was certified in 2018, is the world's largest business jet. The standard Global 7500 is a long-range jet that can handle nonstop flights across the world and includes a four-zone cabin, which means that passengers have separate spaces to work, eat, sleep and lounge. Billionaire brothers Lorenzo and Frank Feritta each own one that they bought in 2020 and that are now worth $55 million apiece, Chatham estimates. Billionaires who've purchased full commercial planes include Russian oligarchs Roman Abramovich and Alisher Usmanov, both of whose aircrafts have been grounded and sanctioned by the U.S. government since the Russian invasion of Ukraine. Abramovich purchased his Boeing 787-8 Dreamliner in 2018. (That's the same kind of plane that crashed in India earlier this week.) Forbes Russia estimated that it cost him at least $350 million, including upgrades for its 50-passenger setup. Usmanov bought his Airbus A340-300 in 2012 for between $350 and $500 million, according to the U.S. Treasury Department. Both are among the largest privately owned jets in Russia. But while some billionaires splurge on ultra-fancy crafts, many choose simpler options. 'There's a little bit of a stigma around owning a private jet, and I think people don't realize that in a lot of cases, it's not as luxurious as you think,' says Chatham. 'For the most part, these guys are packing people into a tiny airplane where they have to sit there uncomfortable for two to two and a half hours. And that's because it saves them time and saves their company money.' There is also the increased concern of tracking: The rise of flight tracking apps like FlightAware has made it possible for anyone on the internet to see where and when a plane is flying, which many billionaires feel infringes on their privacy. Some disguise their ownership through layers of LLCs. If billionaires don't want aircrafts all to themselves—or don't want to shell out the big bucks to store, maintain and staff their own planes—another option is fractional ownership, which means purchasing a share of a plane and access to it for a proportional number of hours per year. Hoffmann says that he and his company use both full and fractional ownership: 'Our demand for flying is that high.' There are also subscription models, whereby customers buy access to a fleet for a month or year at a time. Alternatives like these can work so well that Mane actually turned to them just two weeks ago. He'd originally bought a used Citation XLS+ in 2021 for $10.8 million—his most expensive purchase ever. 'I sold it last week for $11.8 million,' he said last Thursday. But he still can't live without flying private: 'Now, I use Vista and NetJets.'
CNET
40 minutes ago
- CNET
Stuck in the Job Search? Career Experts Share What Works in Today's Market
The job hunt isn't what it used to be. Experts share nine tips that can help you stand out to recruiters. Jeffrey Hazelwood/CNET Since getting laid off from a tech marketing role last November, Stephanie Wandell has applied to hundreds of jobs. She's heard back from only a handful of recruiters, without any offers. "I was a little bit naive going into it, thinking I could do what I always do and depend on applying to as many places as I can," said Wandell. "It became pretty clear that this time is different." Ask anyone who's unemployed and they'll tell you today's job market is more challenging than it used to be. In the past several months, my LinkedIn social feed has been a testament to that. Laid-off professionals share posts about their agonizing battles to find employment, with job searches stretching more than a year. Amid signs of an economic slowdown, companies are pulling back on hiring, leaving job seekers in the lurch. Facing fierce competition for a shrinking pool of open positions, candidates are trying to master new strategies to get past AI screeners into the hands of a human recruiter. Some wait months for a response, only to be ghosted by HR departments. Even if official unemployment figures appear relatively low, millions of Americans are wading through this emotional and financial roller coaster. The health of the job market is measured by people's ability to get a job, said Daniel Zhao, lead economist at the career and job search site Glassdoor. Hearing these experiences, I had a lot of questions. Is the job hunt miserable for everyone? Why are so many qualified and talented workers getting the silent treatment? How are folks using AI in their search? What is HR actually looking for? I spoke with several career specialists to gather the most straightforward advice for helping job seekers on their journey. I also compiled a list of free employment resources and upskilling platforms below. 1. Don't be generic Sending out hundreds of applications with the same resume might feel like the right approach but it's not the best use of your time. "We find many job seekers in the market haphazardly applying to any and/or all jobs instead of targeting relevant ones," said Chad Sowash of the Chad and Cheese Podcast, which covers recruitment technology, talent management and workforce economics. Instead of spending several hours applying to multiple jobs, use that time to tailor each resume toward the role you really want. Companies are becoming increasingly selective in their hiring practices so job seekers also need to be choosier about where they apply. "Not all positions and hiring companies will be a fit so don't try to be all things to all people," Sowash said. To narrow down your search, think about what you're looking for in terms of work environment and responsibilities, said Sam DeMase, career expert at ZipRecruiter. "Don't just throw spaghetti at the wall and see what sticks." Identify the value that makes you an exceptional candidate. "If your resume is very generic and doesn't speak to your specific superpowers, you're not going to get as many hits as you would with a hyper-tailored resume," DeMase said. 2. Optimize for the resume robot When you apply to a job online, your resume likely won't go straight to a recruiter or hiring manager. Nearly all Fortune 500 companies use an applicant tracking system, or ATS, to process applications and dismiss candidates automatically. As my CNET colleague pointed out in a 2023 story on resume robots, the ATS software scans applications for a specific percentage of matching keywords, typically 70% to 80%. If there's not a high match with the posting, your application probably won't make it to the next stage, regardless of your qualifications. To create an ATS-friendly resume, read the job description thoroughly and note particular keywords, phrases or skills. If the requirements accurately align with your qualifications, add them to your resume using the same language. That said, don't go overboard. While keywords are important, stuffing your resume with too many can read as unnatural. Jobscan, Skillsyncer and multiple other online platforms provide free resume scanning tools geared toward optimizing your application for ATS. Zhao said resume keyword optimization isn't about "beating" the computer. It's about making sure recruiters and hiring managers see your skills and experience. Once you have the right balance of keywords, simplify your formatting to make it clean and concise, which helps the ATS and recruiters review your resume. Avoid using fancy headers and footers, graphics or tables, which often get garbled by the computer software. 3. Act fast on job openings Set up multiple job alerts and be ready to act immediately on the openings you like the most. DeMase recommends being one of the first people to apply to the job posting so that your resume doesn't get pushed to a later round. "Unfortunately, these jobs are getting posted and have more than 100 applicants within 48 hours or sooner," said DeMase. If you have multiple versions of your resume ready, you can adapt quickly. Just because a posting is still up after several weeks doesn't mean the company is still reviewing applications or looking for new candidates. 4. Use AI with a personal touch In 2024, more than 50% of job seekers used AI to draft resumes and cover letters. While generative AI tools like ChatGPT can speed up the writing process, they tend to produce generic, impersonal content. "One of the issues I see with job seekers who overly rely on AI is that their application ends up looking like everybody else's who is using AI as well," said Zhao. To avoid the same formulaic responses, provide detailed prompts that emphasize the parts of your application that align with the job description and make your background and experience unique. For example, you can ask the chatbot to review your cover letter and suggest ways to make it more compelling based on your abilities and interests. "It's important for people to think about how their resume distinguishes them, how their skill set, even if it's nontraditional, might give them a different perspective than other people in the candidate pool," Zhao said. 5. Get your outreach going Even in today's digital age, networking remains incredibly powerful for landing a job, especially considering that many roles aren't advertised online but filled through referrals. If you're new to networking, start reaching out to the people around you: family and friends, alumni and former co-workers. Ask them if they know anyone in a career field that interests you or works at a company you're curious about. "Folks can go quiet after a layoff, because there's a deep sense of shame, particularly in our society, where so much of our identity is associated with our work and our productivity," said Lisa Countryman-Quiroz, CEO of JVS Bay Area, a workforce development nonprofit. "It's important to fight through that, tap into your network and let people know you're looking." Instead of just requesting a job or connection, actively engage in conversations, ask thoughtful questions, share your own insights and look for ways to offer value, said DeMase. Sending out a handful of personalized emails will get you farther than dozens of generic copy-and-paste notes. 6. Level up your skillset Showcasing competitive skills like data analysis, digital collaboration and AI tool expertise is crucial in today's job market. Instead of prioritizing traditional credentials like education, 76% of employers put greater value on actual work experience and demonstrated abilities, even if you're self-taught. "You can make yourself stand out by indicating the different things you've learned on your own and how that could apply to that employer," said Countryman-Quiroz. Free online courses, such as LinkedIn Learning or IBM SkillsBuild, can help you learn valuable skills or even obtain official certification. Local colleges and community centers frequently provide low-cost courses on anything from digital marketing to insurance licensing. If you've been unemployed for a long time, you can use courses and training to fill in the gaps on your resume, which shows that you're proactive and self-directed. 7. Prepare for ghosting For many, the toughest part of job hunting is never hearing back. Though being ghosted by an employer or recruiter can feel incredibly personal, it's not a reflection of your skills or qualifications. Research from LinkedIn found that almost 40% of candidates say they're applying to more jobs than ever and hearing back less. There are countless reasons why HR doesn't follow up: budget cuts, hiring freezes, internal shifts or too many applicants. You might never know the real reason. You can send a polite follow-up email to the hiring manager to demonstrate your continued interest, which may prompt them to respond. But try not to blame yourself or spend too much time dissecting why you didn't hear back. After being ghosted following multiple interviews, Wandell started The Job Ghosting Project, a list of anonymous stories from job seekers who've been ignored by companies. Within a week of posting the survey, Wandell received more than 500 submissions, with responses ranging from recent grads to high-level executives. "The goal is really just to document these patterns, validate the job seekers and push for accountability in the hiring process," said Wandell. 8. Practice for interviews Interview prep goes beyond knowing your resume and the role. You'll need to show why you want this specific job with this specific employer. Start with research. Look at the company's recent news, press releases, social media and reviews. Understand their latest projects, challenges and competition. Use the STAR method. Break down each requirement in the job description and connect it to a specific example from your experience. Practice structuring your answers using the STAR method (situation, task, action, result) to demonstrate your impact in a clear and concise way. Practice, practice, practice. Say your interview answers out loud, not just in your head. If possible, do a practice interview with someone you trust and get honest feedback. That can help identify awkward phrasing and make you more confident during the real thing. Prepare questions for the interviewer. Asking thoughtful questions of the hiring team shows your engagement and understanding of the role/company. 9. Balance your job search It's common to feel discouraged, stressed and embarrassed when faced with rejection. "The job search is a slog and you have to make sure that you're doing it in a sustainable manner," said Zhao. "You can't just apply to 100 jobs every day because you'll burn yourself out." Set clear boundaries for your job-hunting hours, schedule regular breaks and set up informal meetings to network. Focus on having a support system in place, especially with other people looking for work. Being in a group with people in the same situation can really "diminish the shame that so many feel around not being employed," said Countryman-Quiroz. After joining a job-seeker support group during a previous layoff, Wandell started her own group this past year. It started with five people and it's now grown to 50 to 100 participants. "It's a space for people to vent but also to ask questions, network and brainstorm," said Wandell. Read more: Layoffs Are Happening. How to Prepare if You Think You Might Lose Your Job Free job search platforms and upskilling resources We compiled a list of resources to help sharpen your skills and streamline your search. General job boards Industry-specific/niche job boards InHerSight: Organization providing career advice and job matching specifically for women. Jobs in Logistics: Job search site for employment in logistics, supply chain, transportation, inventory management and more. The Mom Project: Resource community geared toward working mothers seeking out family-friendly companies. Recruit Military: A military-to-civilian recruiting company connecting military veterans, transitioning military service members and their spouses with employment opportunities. Remote Jobs: Site curated by remote work specialist Rowena Hennigan, providing resources for remote work openings. SchoolSpring: National job board for teachers and others in education. Superpath: Job board for content strategists, writers and freelance bloggers. Working Nomads: Job search site for global remote work tailored specifically toward digital working nomads. VC Job Boards: Curated list of job boards featuring venture capital positions. Workplace development nonprofits STRIVE: Offers tuition-free skills training, job readiness support and personal coaching for those seeking to improve their career prospects. NPower: Provides part-time tech skills training, including IT, cloud computing and cybersecurity, with opportunities for paid internships. Goodwill: Offers job training and employment services, career development and financial literacy programs, as well as job placement assistance. Year Up United: Focuses on helping low-income young adults gain IT and business skills through paid internships and job placement. Upskilling Coursera: Offers courses, certificates, and degrees from top universities and companies, covering subjects like computer science, business and data science. Udemy: A vast online marketplace for courses, with options ranging from health and fitness to IT and software, and more. LinkedIn Learning: Provides courses on business, creative, and technology skills, taught by industry experts. Skillshare: A community-based platform for creative and curious people, with classes in illustration, design, photography and more. edX: Offers university-level courses from various institutions, including MIT and Harvard, covering a range of topics. IBM SkillsBuild: Provides free access to learning materials and certifications in areas like cloud computing and AI. HubSpot Academy: Offers free courses and resources on marketing, sales and customer service. Google Skillshop: Provides free digital skills training through online learning platforms. Microsoft Learn: Offers free online training and certifications on Microsoft products. freeCodeCamp: A platform for learning web development through online courses. MIT OpenCourseWare: Provides access to free MIT course materials.
