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    Universal’s Epic Universe theme park set to open in May 2025

    Universal’s Epic Universe theme park will open its gates on May 22, 2025.
    The park spans 750 acres and features five themed worlds: The Wizarding World of Harry Potter – The Ministry of Magic, Super Nintendo World, How to Train Your Dragon – The Isle of Berk, Celestial Park and Dark Universe.
    Epic Universe is the company’s fourth theme park.

    Concept rendering of Universal Orlando Resort’s newest theme park: Epic Universe.
    NBC Universal

    Universal’s Epic Universe theme park will open its gates on May 22, 2025, in Orlando, Florida.
    Epic Universe is the company’s fourth theme park, part of a 750 acre development, and is the largest of all its properties, with five themed worlds: The Wizarding World of Harry Potter – The Ministry of Magic, Super Nintendo World, How to Train Your Dragon – The Isle of Berk, Celestial Park and Dark Universe.

    First announced in 2019, Epic Universe represents the single-largest investment Comcast’s NBCUniversal has ever made in its theme parks business and in Florida overall, CEO Brian Roberts said at the time.
    Construction was halted in July 2020 due to the Covid-19 pandemic, but began to ramp up again in March 2021.
    Adding Epic Universe to its catalog of Orlando-based amusements allows Universal to turn its resort into a weeklong travel destination, and not just a two- or three-day trip for families. The company also operates Volcano Bay, a water park about a mile down the road from the Universal Studios parks.
    “This is such a pivotal moment for our destination, and we’re thrilled to welcome guests to Epic Universe next year,” said Karen Irwin, president and chief operating officer of Universal Orlando Resort, in a statement Thursday. “With the addition of this spectacular new theme park, our guests will embark on an unforgettable vacation experience with a week’s worth of thrills that will be nothing short of epic.”
    Epic Universe will be anchored around the Loews Hotels’ Universal Helios Grand Hotel, a 500-room property that will have a dedicated entrance to the park for hotel guests.

    Universal will begin offering some multiday tickets and packages starting Oct. 22. This first phase of tickets will allow guests to purchase three-, four- or five-day admission to Universal’s Orlando Resort, with one-day admission to Epic Universe.
    Additionally, annual passholders will have the chance to buy single-day tickets to Epic Universe on Oct. 24 before they go on sale to the general public. Other ticketing options will be available at a later date.
    Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

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    Why 401(k) plans are the ‘final frontier’ for exchange-traded funds

    ETF Strategist

    Exchange-traded funds have become popular with investors, but haven’t gained much ground in workplace retirement plans.
    Some of the key benefits of ETFs are irrelevant in a 401(k) context, experts said.
    There are also some structural roadblocks, such as technology infrastructure and third-party fees, they said.

    Momo Productions | Digitalvision | Getty Images

    While many investors have flocked to exchange-traded funds, they haven’t gained much ground with 401(k) plan participants.
    Exchange-traded funds, or ETFs, debuted in the early 1990s and have since captured about $10 trillion.

    Mutual funds hold about $20 trillion, but ETFs have chipped away at their dominance: ETFs hold a 32% market share versus mutual fund assets, up from 14% a decade ago, according to Morningstar Direct data.
    “ETFs are becoming the novel structure to be used in wealth-management-type accounts,” said David Blanchett, head of retirement research at PGIM, Prudential’s investment management arm.
    However, that same zeal hasn’t been true for investors in workplace retirement plans, a huge pot of largely untapped potential for the ETF industry.

    At the end of 2023, 401(k) plans held $7.4 trillion, according to the Investment Company Institute, or ICI, and had more than 70 million participants. Other 401(k)-type plans, such as those for workers in universities and local government, held an additional $3 trillion, ICI data shows.
    But hardly any of those assets are in ETFs, experts said.

    “There’s a lot of money [in workplace plans], and there’s going to be more,” said Philip Chao, a certified financial planner who consults with companies about their retirement plans.
    “It’s the final frontier [for ETFs], in the sense of trying to capture the next big pool of money,” said Chao, the founder of Experiential Wealth, based in Cabin John, Maryland.
    More from ETF Strategist:Warren Buffett’s S&P 500 bet paid offHow a tax increase may affect your brokerage accountWhat to do with RMDs when you don’t need the money
    About 65% of 401(k) assets were invested in mutual funds at the end of 2023, according to ICI data. The group doesn’t report a corresponding statistic for ETFs.
    A separate report from the Plan Sponsor Council of America, a trade group representing employers, suggests ETFs hold just a tiny fraction of the remaining share of 401(k) assets.
    The PSCA report examines the relative popularity of investment structures, such as mutual funds and ETFs, across about 20 types of investment classes, from stock funds to bond and real estate funds, in 2022. The report found that 401(k) plans used ETFs most readily for sector and commodity funds — but even then, they did so just 3% of the time.

    Key benefits are ‘irrelevant’

    Mutual funds, collective investment trust funds and separately managed accounts held the lion’s share of the 401(k) assets across all investment categories, PSCA data shows.
    Such investment vehicles perform the same basic function: They’re legal structures that pool investor money together.
    However, there are some differences.
    For example, ETFs have certain perks for investors relative to mutual funds, such as tax benefits and the ability to do intraday trading, experts said.
    However, those benefits are “irrelevant” in 401(k) plans, Blanchett said.
    The tax code already gives 401(k) accounts a preferential tax treatment, making an ETF advantage relative to capital gains tax a moot point, he said.
    Blanchett said 401(k) plans are also long-term accounts in which frequent trading is generally not encouraged. Just 11% of 401(k) investors made a trade or exchange in their account in 2023, according to Vanguard data.

    Additionally, in workplace retirement plans, there’s a decision-making layer between funds and investors: the employer.
    Company officials choose what investment funds to offer their 401(k) participants — meaning investors who want ETFs may not have them available.
    There may also be technological roadblocks to change, experts said.
    The traditional infrastructure that underpins workplace retirement plans wasn’t designed to handle intraday trading, meaning it wasn’t built for ETFs, Mariah Marquardt, capital markets strategy and operations manager at Betterment for Work, wrote in a 2023 analysis. Orders by investors for mutual funds are only priced once a day, when the market closes.
    There are also entrenched payment and distribution arrangements in mutual funds that ETFs can’t accommodate, experts said.
    Mutual funds have many different share classes. Depending on the class, the total mutual fund fee an investor pays may include charges for many different players in the 401(k) ecosystem: the investment manager, plan administrator, financial advisor and other third parties, for example.
    That net mutual fund fee gets divvied up and distributed to those various parties, but investors largely don’t see those line items on their account statements, Chao said.
    Conversely, ETFs have just one share class. They don’t have the ability the bundle together those distribution fees, meaning investors’ expenses appear as multiple line items, Chao said.
    “A lot of people like to have just one item,” Chao said. “You feel like you’re not paying any more fees.”
    “It’s almost like ignorance is bliss,” he said. More

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    Robinhood launches platform to go after bigger, more active traders

    Robinhood Legend includes advanced charting tools for users.
    The brokerage firm also said it will soon add futures trading and index options to its mobile platform.
    The new additions for Robinhood are another example of the firm looking to expand beyond its roots as a convenient platform for small-dollar traders.

    In this photo illustration, the Robinhood Markets, Inc. logo is displayed on a smartphone screen.
    Rafael Henrique | Sopa Images | Lightrocket | Getty Images

    Retail brokerage firm Robinhood is launching a new tool for more sophisticated traders as it looks for additional avenues for growth.
    The firm introduced Robinhood Legend, a desktop-based platform for active traders. The offering includes advanced charting tools for users who want to do detailed analysis of stocks.

    “In looking at the landscape of trading tools and by talking with active traders, we realized there is frustration with legacy offerings,” Steve Quirk, chief brokerage officer at Robinhood, said in a press release.
    “Specifically, moving back and forth between apps or charting platforms can be cumbersome and time consuming. So we set out to reimagine what a modern, intuitively designed active trading platform should look like, and built Robinhood Legend from the ground up so traders can do what they need in one place,” Quirk said.
    Beyond the launch of Legend, Robinhood also said it will soon add futures trading and index options to its mobile platform. Customers must be granted approval to trade futures contracts, according to the press release, and futures and index options will eventually be added to Legend as well.
    The new additions for Robinhood are another example of the firm looking to expand beyond its roots as a convenient platform for small-dollar traders. The firm’s rise coincided with the “meme stock” phenomenon in early 2021 as retail trading boomed in the aftermath of the Covid-19 pandemic.

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    Robinhood shares, all-time

    Since then, Robinhood has been steadily adding new offerings, including a credit card for Robinhood Gold subscribers and a digital wallet to hold cryptocurrencies.

    “We’ve done very well on mobile historically among younger people and folks that primarily invest and trade on mobile. But about half of the market is on desktop web, where you have more real estate on the screen, you can do more sophisticated things like have charts and data in the same interface. And so we weren’t really a player in that space,” Robinhood CEO and co-founder Vlad Tenev said on CNBC’s “Squawk Box.”
    Robinhood said that it had $139.7 billion in assets under custody at the end of the second quarter, along with 11.8 million monthly active users. For the comparable quarter in 2021, near the height of the GameStop mania, Robinhood reported $102 billion in assets but 21.3 million monthly active users. The firm’s next earnings report is scheduled for Oct. 30.
    Shares of Robinhood are up more than 100% so far this year.
    The announcements on Thursday were part of HOOD Summit, a conference for Robinhood’s customers. More

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    Latino audience is key for NFL growth in the U.S. and abroad

    The NFL is looking for further growth and it’s turning to Latino viewers as a potential new audience.
    It’s ramping up its games that are broadcast in Spanish and has expanded its reach to non-Spanish-speaking Latino audiences by hosting a game in Brazil for the first time.
    “It’s mathematically impossible for the league to grow without Latinos,” said Marissa Solis, the senior vice president of brand and consumer marketing at the NFL.

    Isiah Pacheco #10 of the Kansas City Chiefs runs for a one yard touchdown during the third quarter against the Philadelphia Eagles in Super Bowl LVII at State Farm Stadium on February 12, 2023 in Glendale, Arizona.
    Rob Carr | Getty Images Sport | Getty Images

    Earlier this month a well-known musician showed up at a Kansas City Chiefs game as the National Football League continues its bid to reach a new audience.
    But this time it wasn’t Taylor Swift cheering on Travis Kelce — as the pop star has done at Kansas City games, leading to a boost in viewership.

    It was Puerto Rican rapper Daddy Yankee, known for hits like “Gasolina” and “Rompe.” He attended a Monday Night Football game in Arrowhead Stadium and spent time with running back Isiah Pacheco of the Chiefs. Pacheco, who is of Puerto Rican descent, earlier let Daddy Yankee try on his two Super Bowl rings. 
    The moment came as part of the NFL’s “Por La Cultura” campaign, which is in its fourth year and is a key element of the the league’s effort to grow its Latino and Spanish-speaking audiences. 
    The NFL is known for its explosive ratings and is one of the most dominant sports when it comes to viewership on both traditional TV and streaming. A report from Nielsen earlier this week showed football drove ratings in September.
    However, the league is still itching for further growth, both globally and within the U.S. A key aspect to that expansion is Hispanic viewership, league and media officials told CNBC.

    Read more CNBC media news

    “I think when you have a successful product you’re a little bit bound to your success, right? I mean, there’s very little growth that [the NFL] can actually achieve within the regular American U.S. [English]-speaking population,” said Olek Loewenstein, global president of sports at TelevisaUnivision.

    He noted that the Hispanic population “is one of the largest, if not the largest demographic, that’s growing and younger in the U.S.”

    Critical audience

    Marissa Solis, senior vice president of global brand and consumer marketing at the NFL, said she joined the league three years ago to “get momentum behind our growth audiences.” For the NFL, she said this means three groups: viewers 35 and younger, of which Solis notes a majority are Latino; women; and Latinos.
    “It’s mathematically impossible for the league to grow without Latinos,” Solis said. “This audience is critical for our growth. And it’s critical for global growth, because there’s so much cross-border connection and pride, and the fandom crosses borders.”
    When it comes to sports in the U.S., Hispanic audiences favor soccer, followed by baseball and boxing, said Loewenstein. The NFL is still working to build its brand in the global market, which is dominated by soccer and other sports.
    “I do think the NFL is one of the sports that’s prime to grow and explode among Hispanics,” Loewenstein said.

    Jaire Alexander #23 of the Green Bay Packers runs onto the field with the Brazilian flag prior to a game against the Philadelphia Eagles at Arena Corinthians on September 06, 2024 in Sao Paulo, Brazil. 
    Wagner Meier | Getty Images Sport | Getty Images

    At the start of the season, the NFL expanded its reach to non-Spanish-speaking Latino audiences, hosting a game in Brazil for the first time as it brings more matchups to international locations. The game was streamed exclusively on Comcast’s Peacock and was the second-most watched live event for the streaming platform after a NFL postseason game earlier this year.
    Solis said about 31 million Latinos in the U.S. considered themselves NFL fans four years ago, when the Por La Cultura effort began, and that has since increased to 40 million.

    TV en Español

    While the campaign has honed in on themes such as how the Latino community expresses their fandom and the stories of players like Pacheco and New England Patriots cornerback Christian Gonzalez, Solis said expanding broadcasts into Spanish language has been a big help.
    The NFL has more than 75 broadcasts in Spanish language available this season, the league said.
    “All of those efforts have been leading to a massive growth in fandom,” she said.

    Guard Landon Dickerson #69 of the Philadelphia Eagles and quarterback Tanner McKee #16 enter the field during player introductions prior to an NFL football game against the Green Bay Packers, at Arena Corinthians on September 6, 2024 in Sao Paulo, Brazil. 
    Brooke Sutton | Getty Images Sport | Getty Images

    Paramount Global’s CBS aired this year’s Super Bowl between the San Francisco 49ers and Kansas City Chiefs, but since the network doesn’t have a Spanish counterpart, it licensed those rights in the U.S. and Mexico to TelevisaUnivision.
    The Super Bowl on TelevisaUnivision’s over-the-air broadcast network broke records, the company said, averaging 2.3 million viewers across all of its platforms, the largest audience for the Spanish language broadcast of a Super Bowl.
    Still, it was a small contribution to the total 123.4 million viewers of the 2024 Super Bowl.
    “Seventy percent of the people that had watched the Super Bowl had not watched any other playoff games that year,” TelevisaUnivision’s Lowenstein said.
    The first Super Bowl that aired in Spanish was in 2015 on cable TV network Fox Deportes. In 2022, NBCUniversal’s Telemundo aired the Super Bowl for the first time on an over-the-air broadcast network in Spanish.
    While having a Super Bowl broadcast in Spanish isn’t a component of the NFL’s media rights deals, it has become a significant priority as the NFL looks to expand availability, according to the league.

    Fans arrive prior to a game between the Green Bay Packers and the Philadelphia Eagles at Arena Corinthians on September 06, 2024 in Sao Paulo, Brazil. 
    Pedro Vilela | Getty Images Sport | Getty Images

    That was underscored earlier this week when Fox Deportes and Telemundo announced both networks would air the Super Bowl in February. The two networks will “provide the broadest Spanish-language distribution” of the Super Bowl in the U.S. in history, and the networks will produce separate broadcasts.
    Since the 2022 Super Bowl broadcast, Telemundo has experienced “significant growth in our viewership” of the NFL, said Joaquin Duro, executive vice president of sports at NBCUniversal Telemundo Enterprises.
    Telemundo broadcasts each “Sunday Night Football” game in Spanish on both TV and Peacock. He noted that while the core audience still watches on traditional TV, streaming is becoming increasingly important. “This is helping us attract younger, more tech-savvy viewers,” Duro said.
    Like the NFL, Telemundo Deportes highlights the stories of Hispanic players. It has also expanded its coverage around NFL events with an on-site presence at the games and a bigger lineup of interviews, Duro added.
    “I love the change, the evolution, the expansion of the NFL,” said Rolando Cantú, a former NFL player and analyst on “TNF en Espanol” and Telemundo Deportes’ broadcast of “Sunday Night Football.”
    Disclosure: Comcast owns NBCUniversal, the parent company of CNBC. More

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    Trump’s trillion-dollar tax cuts are spiralling out of control

    For American policy wonks, the final stretch of the presidential election has given rise to a new parlour game. What is the next tax that Donald Trump will promise to cut? The Republican candidate has trotted out a range of pledges, from no taxes on overtime work to no taxes on retirement benefits. Last week alone he proposed three new exemptions, including making interest on car loans tax-deductible. It is easy to figure out what Mr Trump hopes to gain. Yet the economic implications are dispiriting: not just a bigger fiscal deficit but a much messier tax code. More

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    Inside the secret oil trade that funds Iran’s wars

    In a war with Israel, Iran would need money. Not just to buy weapons and keep its economy afloat, but to re-arm militias such as Hamas and Hizbullah. Many assume that, after years of sanctions, it would struggle. They are wrong. Every year Iran funnels tens of billions of dollars from illicit oil sales to bank accounts all over the world. This huge, secret treasure was used to fund Hamas’s attack on Israel a year ago, swarms of Russian drones in Ukraine and Iran’s own nuclear programme. It has already seeded many crises—and could soon fuel the mother of them all. More

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    Chevrolet aims to defend highly profitable SUV market position with updated Tahoe, Suburban

    General Motors has updated its highly profitable large SUVs for Chevrolet to defend the brand’s long-standing segment leadership.
    The Chevrolet Tahoe and Suburban have led the mainstream full-size SUV segment for more than 45 years, according to GM.

    2025 Chevrolet Tahoe.

    DETROIT — General Motors has updated its highly profitable large SUVs for Chevrolet for the 2025 model year to defend the brand’s long-standing segment leadership.
    The Detroit automaker’s Chevrolet Tahoe and Suburban have led the mainstream full-size SUV segment for more than 45 years, according to GM. But increased competition from automakers such as Ford Motor, Jeep and Nissan Motor has slowly eaten away at the automaker’s market share.

    “We’re playing a little offense here with what we’re doing today,” Chevrolet Vice President Scott Bell said Tuesday during a media event in suburban Detroit. “We certainly have a response for our competitors from multiple segments.”

    2025 GMC Yukon AT4 Ultimate.

    Chevrolet’s retail market share of full-size SUVs is about 34.2%. Adding in its GMC sibling Yukon and Yukon XL SUVs, GM’s share is at 64% of the industry, according to the automaker. That is down from more than 70% when the vehicles were last fully redesigned for the 2020 model year.
    The large SUVs for GMC have also been updated for the 2025 model year. Both Ford and Nissan have updated their large three-row SUVs that are on sale this year.
    Updates to the vehicles in general include new styling, larger interior screens, enhanced performance and, in some cases, the addition of new high-end models to boost profits.

    For Chevrolet, the 2025 Chevrolet Tahoe and Suburban check many of those boxes and include the addition of GM’s hands-free Super Cruise advanced driver-assistance system.
    “Overall, they’re critical in our portfolio,” Bell told CNBC. “They’re very important to us from a profitability perspective, and they have been for four years.”
    Starting pricing for the 2025 Tahoe will range from about $60,000 for a Tahoe LS to more than $83,000 for the top-end High Country. 2025 Suburban pricing will start between about $63,000 and more than $86,000. Prices include mandatory $1,995 destination charges.
    The updated SUVs are expected to begin arriving in U.S. dealerships in the coming weeks, the company said.
    Edmunds.com, a wholly owned subsidiary of CarMax, reports the mainstream full-size SUV segment has grown to represent 2.7% of the U.S. market this year, up from 2% in 2017. Segment sales totaled roughly 312,500 units through September of this year.

    2025 Chevrolet Tahoe.

    GM said sales of the Chevrolet Tahoe and Suburban are significantly lower this year due to the model-year changeover and reduction in fleet sales, but the brand continues to easily lead the segment.
    Combined sales of the Chevy SUVs, which are essentially the same vehicle but in different sizes, were off 19.3% through September compared to a year earlier to 102,292 units.
    Sales of the Ford Expedition — the closest competitor to Chevy’s SUVs — totaled 73,396 units in 2023. Sales of that vehicle were up 3% through September of this year to more than 58,000 units.

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    GM to invest $625 million in joint venture to mine EV battery raw materials in U.S.

    GM has agreed to establish a joint venture with Lithium Americas Corp. that includes the automaker supplying $625 million in cash and credit to the company.
    The deal is centered on the development, construction and operation of a lithium carbonate mining operation called Thacker Pass in Humboldt County, Nevada.

    The clay mixture from which lithium will be extracted is held by Tim Crowley, spokesman for Lithium Americas Corp. 
    Carolyn Cole | Los Angeles Times | Getty Images

    DETROIT — General Motors has agreed to establish a joint venture with Lithium Americas Corp. that includes the automaker supplying $625 million in cash and credit to the Canadian mining business, the companies announced Wednesday.
    The deal is centered on the development, construction and operation of a lithium carbonate mining operation called Thacker Pass in Humboldt County, Nevada. Lithium is a key component for batteries that power electric vehicles.

    The joint venture agreement replaces a previously announced, planned equity investment by GM into the Vancouver, Canada-based company.
    Securing raw materials such as lithium from the U.S. is crucial to GM’s plans to profitably grow its all-electric vehicle business and meet tightening federal requirements for incentives to produce and sell the vehicles and the large batteries needed to power them.
    “We’re pleased with the significant progress Lithium Americas is making to help GM achieve our goal to develop a resilient EV material supply chain,” Jeff Morrison, GM senior vice president of global purchasing and supply chain, said in a release. “Sourcing critical EV raw materials, like lithium, from suppliers in the U.S., is expected to help us manage battery cell costs, deliver value to our customers and investors, and create jobs.”

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    GM and Lithia Americas stocks

    The announcement sent shares of Lithium Americas higher by 23% in trading Wednesday to close at $3.29. The company’s market cap is $532.9 million.

    In windswept, remote Thacker Pass in the far northern reaches of Nevada permits approved for a massive lithium mine, proposed by Lithium Americas Corp., are drawing impassioned protest from the local indigenous population, ranchers, and environmentalists. 
    Carolyn Cole | Los Angeles Times | Getty Images

    GM will have a 38% interest in Thacker Pass, according to the release. The joint venture investment is expected to include $330 million cash to be contributed on the date of its closing; $100 million cash to be contributed at a “final investment decision” for a phase of the project; and a $195 million letter of credit facility prior to first draw on the $2.3 billion Department of Energy Loan.

    “Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass,” Lithium Americas CEO Jonathan Evans said in a release.

    June 7, 2021Jonathan Evans is President and CEO of Lithium Americas Corp. He holds the clay mixture from which lithium will be extracted. 
    Carolyn Cole | Los Angeles Times | Getty Images

    The joint venture is in addition to GM’s $320 million investment into Lithium Americas in February 2023. The investment included GM acquiring approximately 15 million common shares of Lithium Americas.
    In August, GM and Lithium Americas agreed to delay a second tranche investment worth $330 million in the miner to explore alternative structures for the investment.

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