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Investors expect policy errors as major central banks reiterate ‘wait and see’ approach
People wearing face masks walk in front of a big Euro sign in Frankfurt am Main, western Germany, as the European Central Bank (ECB) headquarters can be seen in the background on April, 24, 2020. LONDON — A substantial portion of investors expect the U.S. Federal Reserve and the European Central Bank to keep monetary policy slightly too loose for too long, according to a Deutsche Bank survey. By contrast, 45% see a bigger risk of the Bank of England making a hawkish policy error, compared to 20% for "about right" and 20% for dovish. Central bank policymakers have been striking a cautious tone in recent weeks, seemingly adopting a "wait and see" approach to inflation and the prospect of hiking rates. He noted that along with "deteriorating asset quality," banks' "excessive search for yield" was feeding growing demand for leverage, increasing market risk.
Chinese and HK shares slide as China Q3 GDP misses estimates
A man watches an electric board showing Nikkei index outside a brokerage at a business district in Tokyo, Japan, June 21, 2021. Oil prices extended a recent rally amid a global energy shortage to hit multi-year peaks, with U.S. crude touching a seven-year high and Brent a three-year peak. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was last down 0.34%, while Japan's Nikkei (.N225) lost 0.15%. Against a stronger dollar, sterling fell 0.2% despite hawkish comments from Bank of England Governor Andrew Bailey over the weekend. read moreReporting by Alun John; editing by Richard Pullin and Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.
What's at stake as Biden decides whether to stick with Jerome Powell as Fed chief
What's at stake as Biden decides whether to stick with Jerome Powell as Fed chiefEnlarge this image toggle caption Sarah Silbiger/UPI/Bloomberg via Getty Images Sarah Silbiger/UPI/Bloomberg via Getty ImagesThe chair of the Federal Reserve has one of the most powerful economic jobs in the world, with the ability move markets with a single phrase. Enlarge this image toggle caption Nicholas Kamm/AFP via Getty Images Nicholas Kamm/AFP via Getty ImagesWhat has Powell's tenure been like? But once the pandemic struck, the Fed quickly slashed rates to near zero in order to support the economy. Enlarge this image toggle caption Mario Tama/Getty Images Mario Tama/Getty ImagesWhat do Powell's critics say? Enlarge this image toggle caption Kevin Dietsch/Bloomberg via Getty Images Kevin Dietsch/Bloomberg via Getty ImagesMost recently, critics have also faulted Powell over allegations of unethical trading activity by other top Fed officials.
What a Bitcoin ETF Offers Investors
The Bitcoin Strategy ETF (ticker: BITO) sponsored by ProShares will invest in futures contracts that allow people to bet on the price of Bitcoin at a later date. “The performance of Bitcoin futures contracts and therefore the performance of the Fund may differ significantly from the performance of Bitcoin,” it says. In recent days, as the likelihood of approval has risen, the price of CME Bitcoin futures has exceeded the cash price of Bitcoin on spot exchanges. The SPDR Gold Trust (GLD) holds gold itself, while the Invesco DB Gold Fund (DGL) holds gold futures. For now, the models for how Bitcoin futures will trade in an ETF are just theoretical.
New car loans are easier to get now than cars
Finding a car may be harder than in recent memory, but shoppers who do line up a new vehicle are more likely to qualify for a loan. Cox Automotive found access to loans in September was 5.5% easier than during the same period a year earlier. Generally speaking, credit access from banks, credit unions, and captive finance arms at automakers is nearly back to pre-pandemic levels.
China’s Energy, Property Problems Start Hitting Growth
GDP increased by 4.9% in the three months ended in September compared with the same period of 2020, China’s National Bureau of Statistics said Monday. The economy was faced with a “complicated and severe environment both at home and abroad,” the NBS acknowledged. Power cuts ordered by the government throughout the country to deal with energy shortages have also hit business. Meanwhile, sporadic Covid-19 outbursts have hit activity in a country striving for zero tolerance toward the coronavirus that causes the disease, with strict local restrictions hampering activity. Companies that export to China might feel reassured by the fact that the Chinese consumer seems to be proving resilient.
Here’s a buying opportunity for smart used-car shoppers
Americans bought more than 225,000 Certified Pre-Owned (CPO) cars in September. That creates a unique buying opportunity for smart shoppers (more on that in a moment). Dealers check CPO cars more thoroughly than they do the other used cars on their lots. They may soon do the same to used car shoppers. See: Used car buyers: How to spot flood damageBefore you put your money down, consider asking the dealer to certify the car.
China’s Energy, Property Problems Start Hitting Growth
GDP increased by 4.9% in the three months ended in September compared with the same period of 2020, China’s National Bureau of Statistics said Monday. The economy was faced with a “complicated and severe environment both at home and abroad,” the NBS acknowledged. Power cuts ordered by the government throughout the country to deal with energy shortages have also hit business. Meanwhile, sporadic Covid-19 outbursts have hit activity in a country striving for zero tolerance toward the coronavirus that causes the disease, with strict local restrictions hampering activity. Companies that export to China might feel reassured by the fact that the Chinese consumer seems to be proving resilient.
New car loans are easier to get now than cars
Finding a car may be harder than in recent memory, but shoppers who do line up a new vehicle are more likely to qualify for a loan. Cox Automotive found access to loans in September was 5.5% easier than during the same period a year earlier. Generally speaking, credit access from banks, credit unions, and captive finance arms at automakers is nearly back to pre-pandemic levels.
Wall Street set for weaker start after China data
U.S. stock futures edged lower Monday as slower-than-forecast growth in China set off a cautious tone ahead of huge slate of earnings. What’s driving marketsChina reported 4.9% year-over-year growth in the third quarter, a big slowdown from the 7.9% recorded in the second quarter as construction output slowed. U.K. bond yields TMBMKGB-02Y, 0.719% spiked after the governor of the Bank of England said the central bank would have to act because of concerns that rising prices will lift medium-term inflation expectations. U.S. central bank officials have not been as alarmed by the rise in prices. There’s also U.S. data on the way in the form of industrial production and home builder sentiment figures.
China’s Energy, Property Problems Start Hitting Growth
GDP increased by 4.9% in the three months ended in September compared with the same period of 2020, China’s National Bureau of Statistics said Monday. The economy was faced with a “complicated and severe environment both at home and abroad,” the NBS acknowledged. Power cuts ordered by the government throughout the country to deal with energy shortages have also hit business. Meanwhile, sporadic Covid-19 outbursts have hit activity in a country striving for zero tolerance toward the coronavirus that causes the disease, with strict local restrictions hampering activity. Companies that export to China might feel reassured by the fact that the Chinese consumer seems to be proving resilient.
Zillow Stock Slides. A Report Says Zillow Has Halted Home Purchases.
Zillow Offers launched in 2018 to allow customers to request instant offers and sell directly to Zillow, which then buys the property, makes necessary light repairs, and then re-lists the home for sale. The company’s iBuyer business has slowed because it has been difficult to find workers to make those repairs during the current labor shortage. Zillow Homes, the iBuyer segment, reported fiscal second-quarter revenue of $777 million, up 71% from a year earlier, while mortgage revenue of $57 million rose 68%. Zillow said it expected fiscal third-quarter revenue of $1.93 billion to $2.05 billion, which was well ahead of the Wall Street consensus of $1.45 billion at that time. The company back in August projected revenue from Zillow Homes of $1.4 billion to $1.5 billion.
Founders Factory and Nesta to launch startups tackling UK's social and environmental problems
UK startup studio Founders Factory and UK innovation agency Nesta are joining forces to create startups to tackle social and environmental problems in the country. The partnership, dubbed ‘Mission Studio’, will tackle such problems a halving obesity rates, loneliness, and aim to slash household carbon emissions by 28%. The venture builder will support Nesta’s broader 10 year mission objective to help people live healthier lives and create more sustainable futures. It will also aim for 50% women founders, 35% founders from minoritised ethnic backgrounds, 15% from lower socio-economic backgrounds. Claire Morris, Chief Studio Officer at Founders Factory, said: “Central to this is our ‘Diversity by Design’ strategy and we’re proud the Mission Studio is uniquely placed to empower more diverse founding teams.
Visco Says ECB Should Keep Flexibility in Post-Crisis Era
Most Read from BloombergThe European Central Bank should keep a high degree of flexibility in its post-crisis stimulus measures, and one way it may do so is by buying more European-Union issued debt, Governing Council member Ignazio Visco said. “I think flexibility should remain -- we certainly have to discuss how to adjust our purchase programs,” the Bank of Italy governor said in an interview with Bloomberg Television. Visco’s comments add to an intensifying debate on the design of the ECB’s post-crisis policies. “For time being perhaps the market has been a bit too hectic and I think they should look at our forward guidance in a more proper way,” Visco said. (Updates with Vasle in fifth paragraph, further Visco comments starting in eighth)Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Australia fights court ruling of a climate duty of care
The coal would be sold to Japan, South Korea and Taiwan, each of which had committed to limit their emissions under the 2015 Paris Agreement. Government lawyer Stephen Donaghue told the three judges that Australia had no control over the greenhouse gases released by those three locations that were burning the coal, which were described in court as Scope 3 emissions. The children’s lawyers had failed to prove that if the Australian coal wasn’t mined, the customers wouldn’t buy inferior coal from somewhere else which would produce worse emissions, Donaghue said. The government’s appeal is scheduled to take three days. One of the plaintiffs, Anjali Sharma, 17, accused the government of continuing to deflect responsibility for the worsening climate risks.
Smartphone producer Foxconn announces electric car venture
TAIPEI, Taiwan (AP) — The Taiwanese company that manufactures smartphones for Apple Inc. and other global brands announced plans Monday to produce electric cars for auto brands under a similar contract model. Foxconn Technology Group will produce cars and buses for brands in China, North America, Europe and other markets, said its chairman, Young Liu. The flagship Model E sedan, developed with Italian design house Pininfarina, is due to be launched in 2023, the company said. It said the Model E will seat five and have a range of 750 kilometers (470 miles) on one charge. Foxconn said its first electric bus, the Model T, will have a range of less than 400 kilometers (250 miles) on one charge.
World shares mostly lower as Chinese growth data disappoints
Investors remain uneasy that price increases in many countries could lead to “stagflation,” or a stagnating economy coupled with high inflation. The S&P/ASX 200 in Sydney rose 0.3% to 7,381.10. India's benchmark rose 0.9% to 61,879.24. On Friday, Wall Street added to its recent gains, with the benchmark S&P 500 posting its best week since July. The S&P 500 rose 0.7%, while the Dow Jones Industrial Average rose 1.1% and the Nasdaq composite gained 0.5%.
For Britain's chicken farmers, Brexit and COVID brew a perfect storm
“We’re being hit from all sides,” Upson told Reuters in front of four vast, spotless sheds that house 33,000 chickens apiece. Following the departure of European workers who often did the jobs that British workers didn’t want, retailers may have to import more. Already a driver shortage has led to a lack of fuel at gas stations and gaps on supermarket shelves, while chicken restaurant chain Nandos ran out of chicken. “We’ve just had to say to our customers, sorry, the price is going up,” Upson said, shaking his head. TOOCHEAPAccording to “Chicken King” Ranjit Singh Boparan, founder of the UK’s biggest producer, 2 Sisters, food prices must now rise.
China's GDP growth hits 1-year low as power crunch, bottlenecks choke output
Data released on Monday showed gross domestic product (GDP) grew 4.9% in July-September from a earlier, the weakest pace since the third quarter of 2020 and slowing from 7.9% in the second quarter. On a quarterly basis, growth eased to 0.2% in July-September from a downwardly revised 1.2% in the second quarter, the data showed. The world’s second-largest economy has rebounded from the pandemic but the recovery is losing steam, weighed by faltering factory activity, persistently soft consumption and a slowing property sector as policy curbs bite. September industrial output rose 3.1% from a year earlier, missing expectations, down from August’s 5.3%, and marking the slowest growth since March 2020, during the first wave of the pandemic. But consumption showed signs of an improvement, with retail sales growing 4.4% in September, faster than the 2.5% in August.
Succession series 3: Reviews from critics and fans say it's a hit
Pictured, Logan in Succession series 3THE GOOD REVIEWSTHE TIMESRating:Carol Midgely writes: 'Once the foundations are laid... “Do you want me to ride with you, Dad?” Roman asks his father. ENTERTAINMENT DAILY Rating: 'Succession season 3 is one of those shows that has no right to be as good as it is. When a desperate executive asks if they can stop moving long enough to eat, Logan asks quietly: 'Food?' Kendall tells Lisa that his dad has gone to Sarajevo, with Kendall saying his dad runs a crime ring, but Lisa isn't sure.
Kakao Bank, Dell heads discuss future finance platform
Kakao Bank CEO Yoon Ho-young (left) and Dell Technologies Founder and CEO Michael Dell (Kakao Bank)Kakao Bank CEO Yoon Ho-young and Michael Dell, founder and CEO of Dell Technology, discussed further cooperation between the two companies and ways to improve competitiveness in the midst of the digital transformation, officials in Seoul said Monday. Dell provides server, network and data storage services to Korea’s largest internet-only bank. The online meeting between the two was held last month to seek cooperation in cloud and big data solutions, Kakao said, without elaborating on why it was releasing the information three weeks after the event. “It was a meaningful occasion to share the direction of future financial platforms and strengthen mutual partnerships,” Yoon said. “Kakao Bank will continue its financial innovation by expanding cooperation with the world’s top technology companies.”(gypark@heraldcorp.com)
Instacart 'shoppers' baffled by shrinking paycheques
All six "shoppers," as the company calls them, who spoke with Go Public say earnings have fallen. More than 20,000 Instacart shoppers gather orders from various retailers across Canada, including Walmart, Loblaws, Costco and Shoppers Drug Mart. WATCH | Instacart shoppers say they're earning less money: Instacart shoppers see pay rates drop below minimum wage | Go Public 1:59 Instacart workers say they have been earning significantly less money — often below minimum wage rates — than earlier in the pandemic, while doing the same amount of work. Instacart shopper Willy Solis says, with an algorithm determining shoppers' earnings, Instacart is able to shroud those calculations in mystery. Lead organizer and shopper Willy Solis says, with an algorithm determining shoppers' earnings, Instacart is able to shroud those calculations in mystery.
Cop26 corporate sponsors condemn climate summit as ‘mismanaged’
Companies that stumped up millions of pounds to sponsor the Cop26 climate summit have condemned it as “mismanaged” and “very last minute” in a volley of complaints as next month’s event in Glasgow draws near. Other sources have described the “shifting goal posts” and “inertia” plaguing the Cop26 planning as “deeply frustrating”. Many of the event’s corporate backers regularly take part in high-profile sponsorship deals for big events, and have been left bewildered by the slow progress of the Cop26 events, another source explained. “It’s clear that many of them have very little experience managing relationships in the private sector, or even experience attending a Cop event,” the source said. A Cop26 spokesperson said the organisers were “working closely” with sponsors which would increase the value-for-money for taxpayers, and reduce the overall financial cost of Cop26.
The Stock Market’s Gains Could Be Spread More Fairly - The New York Times
The technology and internet boom spurred a wave of day-traders and investment mania that now seems quaint. And even in those heady days, forecasting a near-quadrupling of the index appeared naïve at best and ridiculous at worst. While the trend has been up and up, the past two decades have been anything but smooth for stocks. Through the financial crisis and recessions of the past 20 years, along with periodic selling bouts, prices have oscillated wildly. Proof that financial markets exist in an alternate universe of capitalism, ever-expanding as the prospects for so many millions continue shrinking?
Biden’s Plans Raise Questions About What U.S. Can Afford Not to Do
Many Democrats fear the United States cannot afford to wait to curb climate change, help more women enter the work force and invest in feeding and educating its most vulnerable children. In their view, failing to invest in those issues means the country risks incurring painful costs that will slow economic growth. “We can’t afford not to do these kinds of investments,” David Kamin, a deputy director of the White House National Economic Council, said in an interview. Mr. Manchin says he fears too much additional spending would feed rising inflation, which could push up borrowing costs and make it harder for the country to manage its budget deficit. Mr. Biden says his proposals would help fight inflation by reducing the cost of child care, housing, education and more.
Self-driving Waymo cars clog up dead-end San Francisco street
Added: 17.10.2021 0:18 | 20 views | 0 commentsWaymo says its automated vehicles are following traffic orders when they enter the dead-end street.
Netflix: The 54 best TV shows to watch tonight
Added: 17.10.2021 23:22 | 38 views | 0 commentsIt's all about You this week. The TV show. Not... well, you get it.
Getting more spam text messages? How to avoid and report the latest schemes
Getting more spam text messages? How to avoid and report the latest schemesAdded: 17.10.2021 22:00 | 39 views | 0 commentsSpammers are sending fake messages on behalf of companies to steal your information. Here's what you should know.
Bitcoin price nears $63k all-time high: Here's why
Added: 18.10.2021 6:18 | 28 views | 0 commentsIt's the first time the cryptocurrency has hit $60,000 since April.
1,200-foot ship dragged California oil pipeline, Coast Guard says
Added: 17.10.2021 23:17 | 17 views | 0 commentsIt's unclear if the incident caused an oil spill earlier this month in Southern California.
China's growth slowdown suggests recovery is losing steam
Added: 18.10.2021 8:05 | 31 views | 0 commentsThe world's second largest economy expanded by less than expected in the third quarter.
Ford to make electric car parts at Halewood plant
Ford to make electric car parts at Halewood plantAdded: 18.10.2021 7:02 | 27 views | 0 commentsThe carmaking giant is investing £230m in its Halewood plant, safeguarding 500 jobs.
Scams: Cost of impact on well-being calculated as £9bn a year
Scams: Cost of impact on well-being calculated as £9bn a yearAdded: 18.10.2021 0:00 | 35 views | 0 commentsConsumer group Which? says costs to victims' well-being are greater than the amount stolen by fraudsters.
Buy now, pay later firm Klarna to offer 'pay now' option
Buy now, pay later firm Klarna to offer 'pay now' optionAdded: 18.10.2021 0:01 | 43 views | 0 commentsKlarna's boss says people should mostly "pay with the money they have", rather than take out credit.
Klarna to offer pay now option ahead of review
Added: 18.10.2021 9:29 | 12 views | 0 commentsThe firm says people should mostly "pay with the money they have", rather than take out credit.
Bank of England says it will act on inflation
Bank of England says it will act on inflationAdded: 18.10.2021 8:46 | 21 views | 0 commentsGovernor Andrew Bailey's warning is seen as his clearest hint yet that interest rates will rise.
Marriott signs to take Westin brand into Brazil
Marriott signs to take Westin brand into BrazilAdded: 18.10.2021 10:16 | 9 views | 0 commentsMarriott International has signed a franchise agreement with Hotéis Deville to introduce the first Westin Hotels & Resorts in São Paulo, Brazil.
Democrats Are Holding a Winning Hand
Added: 18.10.2021 3:51 | 18 views | 0 commentsDemocrats need to frame this mammoth bill in a way that can explain and build support for it.
Democrats Are Now Party of the Rich
Democrats Are Now Party of the RichAdded: 18.10.2021 3:51 | 21 views | 0 commentsPresident Joe Biden's Chief of Staff, Ron Klain, stepped on a landmine when he endorsed a Harvard economist's tweet which suggested the rising cost of goods across the country is a
Dr. Anthony Fauci urges police to get vaccinated: Live COVID-19 updates
Added: 18.10.2021 10:02 | 9 views | 0 commentsPolice officers and other public safety workers have a responsibility to get vaccinated, according to Dr. Anthony Fauci. Latest COVID updates.
China's growth slowdown suggests recovery is losing steam
Added: 18.10.2021 8:05 | 13 views | 0 commentsThe world's second largest economy expanded by less than expected in the third quarter.
Myanmar to release 5,000 prisoners held over coup
Added: 18.10.2021 9:52 | 8 views | 0 commentsThe leader of the military junta says they are being freed for humanitarian reasons.
MLB to pay for housing for minor leaguers in 2022
League owners have unanimously approved a plan that would have teams provide housing for all minor league players across all levels, according to ESPN's Jeff Passan. "This is a historic victory for minor league baseball players," Harry Marino, the executive director of Advocates of Minor Leaguers, told ESPN. Minor league players saw weekly minimum salary increases at each level this year. "Most Minor Leaguers make less than $15,000 per year and won't receive their next paycheck until April," Marino said. MLB cut 42 minor league affiliates last year with the goal of improving conditions for minor leaguers and increase pay.
Succession Season 3 Episode 1 Recap: ‘Secession’
Succession Secession Season 3 Episode 1 Editor’s Rating 4 stars * * * * « Previous Next Photo: HBOThe worst chess players tend to be the most aggressive, especially when they’re up against a much better player — which, of course, they invariably are. Eventually, the initial satisfaction of mauling a few of their opponents’ key pieces gives way to a quick and embarrassing loss. And it is hilariously, tragically clear from the beginning that Kendall has not thought any of this through. For the time being, Kendall does his best to act the part, which he understands mostly as seeing if his social media is fresh and spouting a bunch of colorful, buzzword-filled nonsense. Sad Sack Wasp Traps• More great Kendall-isms from the episode: “I can’t have weevils in the fucking flour sack.” “Just feed me the metadata.
F1’s US Growth Spurs Gaming Startup GridRival’s $3M Seed Round
Benefiting from Formula One’s ascent in the U.S., GridRival recently raised a $3 million seed round to build a gaming destination exclusively for motorsports fans. GridRival hopes to attract fans of NASCAR, IndyCar and MotoGP, but its focus on F1 has given the startup a new angle into the American market. GridRival co-founder Ross Fruin doesn’t believe that those fans—new and old—are being fully served by the existing fantasy and gaming products on the market. “Most motorsports fans, if you start to dissect their interests … are usually not traditional sports fans,” Fruin said in an interview. “It was really difficult for us to raise money two, three years ago when there wasn’t as much attention on motorsports,” Fruin said.
China's economy could slow down further in the fourth quarter, says economist
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy could slow down further in the fourth quarter, says economistDan Wang of Hang Seng Bank (China) says China's GDP growth is expected to be "very weak" in 2022 as the economy gets weighed down by the property market and further power shortage.
If we don't invest in renewables in the next 5-10 years, it will be too late: ReNew Power
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIf we don't invest in renewables in the next 5-10 years, it will be too late: ReNew PowerSumant Sinha of ReNew Power explains how the merits of renewable energy and the need for energy independence have become more apparent amid the energy crisis, which was enabled by long supply chains linking countries together.
Markets are fearing a bumpy transition in China's economy, expert says
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets are fearing a bumpy transition in China's economy, expert saysICBC Standard Chief China Economist Jinny Jan discusses Chinese third-quarter GDP and the impact of power shortages and supply bottlenecks on growth.
10-year Treasury yield back above 1.6% to start the week
The yield on the benchmark 10-year Treasury note rose by 3 basis points to 1.609% at 4:30 a.m. The yield on the 30-year Treasury bond climbed less than a basis point to 2.058%. Yields move inversely to prices and 1 basis point is equal to 0.01%. The 10-year U.S. Treasury yield climbed back above the 1.6% mark to start the trading week. Auctions are scheduled to be held on Monday for $48 billion of 13-week bills and $45 billion of 26-week bills.
Financial engineering to come in German coalition deal, OMFIF says
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancial engineering to come in German coalition deal, OMFIF saysOMFIF Chairman David Marsh discusses his expectations for the German coalition talks between the SPD, Greens and FDP, with budget discipline as a key sticking point.
Global allocation to China's markets is still at a 'very early stage,' says HKEX
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal allocation to China's markets is still at a 'very early stage,' says HKEXWilfred Yiu of Hong Kong Exchanges and Clearing expresses confidence that the MSCI China A 50 Connect Index futures contract that launched Monday will "draw on a lot of liquidity and interest" from investors globally.
Mongolia has concerns about Rio Tinto's management of a major copper mine, official says
Mongolia is concerned about Rio Tinto's management of the Oyu Tolgoi copper and gold mine in the Gobi desert in the southern part of the country, a government official told CNBC. Once the underground expansions are completed, Oyu Tolgoi is expected produce more than 500,000 tonnes of copper per year. However, last December, Rio Tinto pushed the timeline back and said "sustainable production" was expected to commence in October 2022. On Friday, Rio Tinto again delayed that forecast and said sustainable production will happen "no earlier than January 2023." While Rio Tinto blamed the delays and rising costs on challenging ground conditions, an independent review this year contradicted that explanation.
Gas crisis, labor shortages and supply chain chaos: Post-Brexit Britain faces a difficult winter
A perfect storm of labor shortages, skyrocketing natural gas prices and global supply chain constraints have put the country in prime position for a difficult winter. Britain has an estimated shortage of 100,000 truck drivers, which haulage organizations have largely attributed to a post-Brexit exodus of EU nationals. Other sectors have also warned of deepening labor shortages that are expected to damage the availability and price of goods in the runup to Christmas. "In the meantime, the reality is we're going to have labor shortages unless the visa rules change." Charalambos Pissouros, head of research at JFD Group, said he believed panic buying and supply shortages in the U.K. might also impact spending power by damaging sterling's value.
China's economic growth slows amid power and property troubles
"The domestic economic recovery is still unstable and uneven," National Bureau of Statistics spokesperson Fu Linghui said at a briefing in Beijing on Monday. But the recovery has lost steam from the blistering 18.3 percent growth clocked in the first quarter of this year. The weak numbers sent the yuan and most Asian stock markets lower amid broader investor concerns about the world economic recovery. "At present, China's fiscal strength is continuously increasing, and there is still relatively big room for monetary policy," said the NBS's Fu. Still, the central bank is expected to remain cautious about monetary easing because of worries about high debt and property risks.
Pod Point to Hold GBP120 Mln IPO in London
By Joe HoppeU.K. electric-vehicle-charger provider Pod Point said Monday that it intends to hold an initial public offering on the London Stock Exchange next month, in which it expects to raise 120 million pounds ($165.0 million). The company, which is majority owned by Electricite de France SA, said there will also be a targeted offering to institutional investors by Legal & General Capital Investments Ltd. and certain employees.
German Reinsurers Eye Higher Prices After Flood-Hit Year
German reinsurers said Monday that they expect higher prices in Europe in January renewals as the industry handles major natural-catastrophe losses and higher inflation. Muenchener Rueckversicherungs-Gesellschaft AG and Hannover Rueck SE's local subsidiary E+S Rueckversicherung AG said disastrous flooding in Germany, alongside losses due to the pandemic and rising inflation, will result in higher prices for primary insurance and reinsurance. "Rising prices for various assets and the latest major losses make considerably higher reinsurance rates in Europe likely," Doris Hoepke, member of Munich Re's management board, told the Baden-Baden Reinsurance Meeting. Higher inflation, which topped 3% in the eurozone in September, and increased incidents of cyberattacks will also lead to higher claims costs, the companies said. Hannover Re also cited low interest rates and price rises in the construction industry that will lead to rises in reinsurance prices.
Bioventix FY 2021 Pretax Profit Fell Slightly
By Xavier FontdegloriaBioventix PLC on Monday reported a fall in pretax profit for fiscal 2021 on currency woes, but said the business should revert to an established trajectory once the Covid-19 pandemic ebbs. The U.K. supplier of antibodies for clinical diagnostics posted a pretax profit of 8.1 million pounds ($11.1 million) for the year ended June 30, down slightly from GBP8.2 million a year earlier. The bottomline took a hit from foreign-exchange movements and an increase charge in respect of share options issued in previous years, the company said. Revenue rose to GBP10.9 million from GBP10.3 million in fiscal 2020. The board has declared a dividend of 105 pence a share for the year, and a special dividend of 38 pence a share.
Valneva Shares Jump On Positive Results for Covid-19 Vaccine Candidate
Valneva SE shares jumped on Monday after the French biotech company reported positive Phase 3 results for its inactivated, adjuvanted Covid-19 vaccine candidate. VLA2001 is currently the only whole-virus, inactivated, adjuvanted vaccine candidate against Covid-19 in clinical trials in Europe. "We are committed to bringing our differentiated vaccine candidate to licensure as quickly as possible and continue to believe that we will be able to make an important contribution to the global fight against the Covid-19 pandemic," said Chief Executive Officer Thomas Lingelbach. Valneva said it started rolling submissions for initial approval with the U.K.'s Medicines and Healthcare Products Regulatory Agency and is preparing to start rolling submissions for conditional approval with the European Medicines Agency. Last month, the U.K. government terminated its Covid-19 vaccine contract with the company due to an alleged breach in obligations.
Philips 3Q Sales Missed Market Views, Lowers FY Guidance -- 2nd Update
By Sabela OjeaKoninklijke Philips NV reported on Monday a rise in net profit for the third quarter but sales declined and it lowered its full-year growth and margin guidance. The Dutch medical-technology group said its results were hit by supply-chain issues, which led to longer lead times to convert its strong order book to revenue during the period. It expects the problems to continue in the fourth quarter.
Future Metals to Float in London on Thursday
By Jaime Llinares TaboadaFuture Metals NL said Monday that it expects to float in London on Thursday. The platinum group metals miner, which has a market capitalization of 68 million Australian dollars ($50.5 million) on the ASX, doesn't intend to raise any capital at the initial public offering.
'Squid Game' documents may show how Netflix rates the success of its content
Netflix has always closely guarded the exact streaming metrics that may reveal why programs are considered a success... or cancelled. That black box cracked open a bit with documents obtained by Bloomberg detailing the company's scores for "impact value" and "efficiency." An example of that is Squid Game, which generated $891.1 million in impact value on a budget of just $21.4 million for an efficiency of 41.7X, according to Bloomberg's latest report. Other figures showed that around 132 million people watched at least two minutes of Squid Game in the first 23 days, beating a record set by Bridgerton. An attorney representing Netflix told Bloomberg that it would not be appropriate to disclose confidential data contained in documents it reviewed.
Valneva shares jump 30% after saying vaccine candidate outperformed AstraZeneca's
Valneva VLA, +32.25% shares jumped 30% in Paris trading after saying its coronavirus vaccine candidate outperformed AstraZeneca's AZN, -0.58% in a Phase 3 study, which met both its co-primary endpoints. Valneva said its vaccine had a neutralizing antibody seroconversion rate above 95% and that it had a better tolerability profile.
Apple’s iPhone Partner Foxconn Unveils First Electric Vehicles
(Bloomberg) -- Foxconn Technology Group unveiled its first electric vehicles, a milestone that could boost the Taiwanese electronics manufacturer’s credentials as a serious bidder for Apple Inc.’s secretive automotive project. Foxconn is the largest assembler of iPhones, giving it an edge as a potential carmaker partner for Apple as the U.S. company weighs expanding into vehicles. Yulon’s electric sedan built by Foxconn is set to retail for less than NT$1 million ($35,700,) Liu said. Foxconn also displayed its electric bus, which will be delivered to a local transportation provider next year. Story continuesThe Apple car would be the ultimate prize for every aspiring EV manufacturer.
UK emerges as Europe's top crypto hub with $170bn of deals
Global cryptocurrency adoption rose around the world, growing by over 2300% since the third quarter of 2019 and over 881% in the last year. Photo: Jakub Porzycki/NurPhoto via Getty ImagesThe UK has become the leading country in Europe for cryptocurrency transactions, with $170bn (£123bn) worth of deals. The region also became the biggest crypto trading partner for every other area, sending at least 25% of all value received by other regions, including 34% of value received by North America. The three metrics are on-chain cryptocurrency value received, on-chain retail value received, and peer-to-peer exchange trade volume. The United Kingdom ranked first in Europe's cryptocurrency value received by country.
European stocks head lower following China GDP miss
Photo: Kin Cheung/APEuropean markets headed lower on Monday morning in London, compounding jitters following GDP data in China that missed expectations. US stock futures traded lower following the bump. Dow futures (YM=F) were also 0.2% lower and the Nasdaq (NQ=F) was on course to open 0.4% lower. Eyes are on key data coming out of China, including GDP, fixed asset investment for September, retail sales, industrial production and jobs. "The National Bureau of Statistics press conference after will be worth following for signals on the path forward for China’s economy for the rest for the year and into 2022."
Stock futures edge down to start the week
U.S. stock futures slipped ahead of industrial production figures and another volley of corporate earnings reports. S&P 500 futures fell 0.3% and Dow Jones Industrial Average futures slipped 0.2%. In Europe, the Stoxx Europe 600 lost 0.3% in morning trade. Other stock indexes in Europe were mixed as the U.K.’s FTSE 250 was broadly flat, whereas France’s CAC 40 was lower 0.7% and Germany’s DAX shed 0.3%. TESLA EARNINGS, HOUSING DATA AND APPLE'S EVENT TOP WEEK AHEADGerman 10-year bund yields gained to minus 0.142% and the yield on U.K. 10-year gilts strengthened to 1.129%.
China's economy stumbles on power crunch, property woes
China's economy had staged an impressive rebound from last year's pandemic slump thanks to effective virus containment and hot overseas demand for the country's manufactured goods. Global worries about a possible spillover of credit risk from China's property sector into the wider economy have also intensified as major developer China Evergrande Group (3333.HK) wrestles with more than $300 billion of debt. Aluminum output declined for the fifth consecutive month and daily crude steel output hit the lowest level since 2018. On Sunday, People's Bank of China governor Yi Gang said the economy is expected to grow 8% this year. Still, the central bank is expected to remain cautious about monetary easing due to worries about high debt and property risks.
Asian shares slide as Chinese growth data disappoints
All but one of the 19 companies in the S&P 500 that reported quarterly results last week topped analysts’ profit forecasts. Such strength is crucial after climbing interest rates heightened worries that stock prices had grown too expensive relative to profits. The price of benchmark U.S. oil rose 93 cents to $83.21 per barrel in electronic trading on the New York Mercantile Exchange. The U.S. dollar rose to 114.34 Japanese yen from 114.22 yen late Friday. ———AP Business Writer Joe McDonald in Beijing and Associated Press writer Nick Perry in Wellington contributed.
After nearly three years, dissatisfaction over Ohio's medical marijuana prices is widespread
Nearly three years after the first medical marijuana dispensary opened in Ohio, slightly over half of the state’s marijuana card holders say they are dissatisfied with the program. The length of time before the most recent changes result in lower dispensary prices is an open question. “The paper also notes that medical marijuana prices in Ohio are significantly lower than in Pennsylvania, another medical-only state in the region,” a commerce department spokesperson said in a statement. The state’s medical marijuana law, which passed in 2016, lets state officials loosen square footage restrictions when the feel it is appropriate. Industry officials like to cite basic economics when asked about dispensary prices.
Asian shares slide as Chinese growth data disappoints
All but one of the 19 companies in the S&P 500 that reported quarterly results last week topped analysts’ profit forecasts. Such strength is crucial after climbing interest rates heightened worries that stock prices had grown too expensive relative to profits. The price of benchmark U.S. oil rose 93 cents to $83.21 per barrel in electronic trading on the New York Mercantile Exchange. The U.S. dollar rose to 114.34 Japanese yen from 114.22 yen late Friday. ———AP Business Writer Joe McDonald in Beijing and Associated Press writer Nick Perry in Wellington contributed.
Autumn Budget 2021: what will be announced and how much will it cost you?
Any tax changes would come on top of the £20bn freeze in the income tax allowances announced in the spring and the £36bn raid on incomes to fund the NHS announced last month. The Autumn Budget will be the second financial statement made by the Chancellor this year, following the Spring Budget on March 3. Raising the cost of alcohol – 7/10The price of a pint could change in a shake-up to alcohol duty, following a review announced at the 2020 Budget. Changes could include standardising the different tax rates across alcohol types or raising alcohol duty each year in line with inflation. However, such changes would prove wildly unpopular and are unlikely to follow recently announced increases to National Insurance contributions and dividend tax rates.
China’s power crisis will affect industries worldwide
A villain is emerging in China’s efforts to rein in its energy prices: inefficient, power-hungry industry. Cheap power has been an essential tool of development, and the government has traditionally encouraged major users with electricity tariffs that get cheaper the more you consume. At the same time that price curbs are being removed from dual-high industries, so capacity curbs are being lifted from zero-carbon power generation. With zero-carbon electricity already cheaper than most existing operating coal power plants, those changes may be just the spur to wean China from its addiction to solid fuel. All that’s needed to make this system work more efficiently is for Beijing to unleash the formidable investment appetites of its provincial governments on the banquet of cheap zero-carbon power now available.
Apple supplier Foxconn unveils electric vehicles
Advertising Read moreTaipei (AFP)Taiwanese tech giant Foxconn unveiled three electric vehicles on Monday, boosting its bid to be a major player in the rapidly expanding EV market as it seeks companies to partner with. But it has been moving fast to diversify beyond electronics assembly and has ploughed money into electric vehicles, including a joint venture with local automaker Yulon Motor and purchasing a struggling auto plant in Ohio. The models unveiled on Monday -- a sedan, an SUV and a bus -- are concept vehicles that Foxconn hopes it could build with other manufacturers. Foxconn has funnelled about Tw$10 billion ($355 million) into electric car development in 2020 and the company says its investment will rise over the next two years. Liu said the company "has gradually built an electric vehicle supply chain and distribution network", with one new partnership announced almost every month this year.
Paris Baguette franchise to launch in Indonesia
BUSINESSThe logos of SPC Group and its Indonesian partner, Erajaya Group. (SPC Group)SPC Group’s bakery chain Paris Baguette will enter Indonesia, opening its first franchise store in Jakarta next month, it said Monday.According to the South Korean food and bakery maker, it has has set up a joint venture with Indonesia’s Erajaya Group for the purpose.The joint entity will operate Paris Baguette bakeries in Indonesia. Following the November opening of the first store in the capital, more Paris Baguette stores will be added in major cities like Bali and Medan, SPC Group said.Erajaya is Indonesia’s leading distributor and retailer of mobile phones. The Southeast Asian conglomerate also operates other consumer retail businesses such as discount stores, restaurants and stores of Korean cosmetics brand The Face Shop.Indonesia is SPC’s seventh market. The company will build a local factory in Malaysia soon to expedite our global business,” an official from SPC said.By Kang Jae-eun ( kang.jaeeun@heraldcorp.com
247,000 self-employed people lost job in past year: report
BUSINESSAn empty store displays a “for lease” sign. (Yonhap)Some 247,000 sole proprietors have lost jobs amid prolonged social distancing regulations in the wake of the COVID-19 pandemic, data showed Monday.According to Yonhap News Agency’s analysis, 247,000 people who were self-employed in mid-September last year lost their jobs and fell into the category of the unemployed and economically inactive within the past 12 months.The report defines unemployed as those who are able and willing to work and who have been in search of a job but unable to find one. The economically inactive population, on the other hand, includes those who do not have the ability or do not look for a job.Among the total of 3.16 million who lost their job in the period, the self-employed accounted for 7.8 percent, up 0.6 percentage point from a year earlier, according to the data.The total figure of the unemployed also included 1.23 million who worked as temporary laborers and 1.03 million who were full-time workers.Food service and lodging industries had the most number of the people of 449,000 who became jobless in the past year. Wholesale and retail industries came second with 398,000 people, while the manufacturing and construction industries followed with 391,000 and 295,000 people, respectively.Among the sole proprietors who shut down their businesses, 41,000 had hired employees, while 206,000 worked alone, showing their job losses would have had a negative impact in the temporary job market.“The decrease in the number of proprietors cannot only be blamed on the coronavirus situation. Non-face-to-face transactions and digital transition have been settling as new trends, so the difficulties of small businesses are likely to continue,” a researcher from a policy institute said.By Jo He-rim ( herim@heraldcorp.com
Weaker won, rising fuel price knock airlines’ confidence in recovery
BUSINESSIncheon International Airport’s fuel storage tanks are seen Monday, with a Korean Air plane in the background. (Yonhap)Rising fuel prices and a weak local currency are dampening the mood for South Korea’s aviation industry, which has pinned hopes for recovery on travel bubbles and the easing of social distancing rules.The jet fuel price stood at $94.60 per barrel, as of Oct. 8, up 5.8 percent compared to the previous week, according to the latest data from the International Air Transport Association.Averaging $73.90 per barrel this year, the price as of early this month was also up 17.5 percent compared to the previous month and marked a whopping 111.2 percent year-on-year increase.Against this backdrop, fuel surcharges -- the fee carriers charge to protect themselves from the volatility of fuel prices -- had also been on a rise until this month.A fuel surcharge for a Korean Air flight between Incheon and New York is 34,800 won this month, down by nearly 30 percent compared to last month. There was no fuel surcharge in March.Signs of a weakening Korean won are also growing. The local currency declined to a 14-month low earlier this month, hovering around 1,200 won per dollar at one point, as investors flock to safe haven assets amid escalating inflation concerns.For both airlines and passengers, rising fuel prices and the strong dollar are bad news.Rising ticket prices could hurt travel confidence at a time as the country seeks to open up borders.With fuel accounting for nearly 20 percent of airlines’ operating costs, professor Hurr Hee-young at Korea Aerospace University said fuel surcharges alone will not cover losses caused by growing fuel prices for airlines.“Tickets sold in the US might yield more profit, but profit from most tickets which are sold at home will take a hit,” Hurr said of the impact of the strong dollar on South Korean airlines.Earlier this month, South Korea and Singapore agreed to lift quarantine requirements for fully vaccinated travel
European shares dip on inflation worries, weak China data
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 8, 2021. REUTERS/StaffOct 18 (Reuters) - European shares opened lower on Monday, as surging commodity prices added to fears around a burgeoning energy crisis, while weak data from China kept concerns around slowing economic growth alive. The pan-European STOXX 600 (.STOXX) fell 0.4% by 0707 GMT after an upbeat start to the U.S. and European quarterly earnings season helped the benchmark mark its strongest weekly performance since March on Friday. read moreChina-exposed luxury stocks including LVMH (LVMH.PA) and Kering (PRTP.PA) fell about 2% each after Chinese President Xi Jinping's call to expand a consumption tax. read moreReporting by Anisha Sircar in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.
China's power woes may worsen as demand surges amid coal supply lag
Shortages of domestic coal have driven fuel prices for Chinese power generators higher, causing the unprofitable companies to ration power to industrial users. "Despite efforts to increase coal supply, output fell in September due to weather, safety and logistics challenges. The supply and demand mismatch helped push Chinese coal futures to another record on Monday. Coal for January delivery, the most actively traded contract, climbed by the upper trading limit of 11% on Monday to 1,829 yuan ($284.15) a tonne, signalling a belief in a persistent coal supply crunch. read more"Recent price liberalization for coal power utilities and industrial end-users is a signal that the government is not confident that it can control coal prices in the near future," said Whitworth.
Ford to invest around $300 million to build electric car parts at UK plant
Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. REUTERS/Wolfgang Rattay/File PhotoLONDON, Oct 18 (Reuters) - Ford (F.N) said on Monday it would invest up to 230 million pounds ($316 million) to build electric car components at its Halewood factory in northern England. The plant will produce around 250,000 power units a year from mid-2024, the first European in-house location to make electric vehicle parts for Ford, which has pledged that its car line-up for the continent will be all-electric by 2030. The British government has tended to provide around 10% of the total investment value for automotive firms. "In this highly competitive, global race to secure electric vehicle manufacturing, our priority is to ensure the UK reaps the benefits," said business minister Kwasi Kwarteng.
Gusbourne to Raise up to GBP4.5 Mln in Placing, Subscription and Open Offer
By Joe HoppeGusbourne PLC said Monday it plans to raise up to 4.5 million pounds ($6.2 million) before expenses through a placing and subscription, and an open offer. The U.K. winemaker said that it will issue around 3.3 million shares in a placing and subscription at an issue price of 75 pence a share, raising GBP2.5 million. An open offer has also been made at the same issue price, raising a further GBP2.0 million.
Benchmark Holdings' FY Earnings Seen Significantly Ahead of Market Views
By Sabela OjeaBenchmark Holdings PLC said Monday that its full-year results are expected to be significantly ahead of market expectations thanks to continued growth across its businesses. The company's adjusted earnings before interest, taxes, depreciation and amortization for fiscal 2021 are anticipated to be significantly ahead of current market views of 15.9 million pounds ($21.9 million).
Distil Swung to 1H Loss on Lower Revenue, Supply-Chain Issues Continue
By Xavier FontdegloriaDistil PLC on Monday reported a swing to a pretax loss in the first half of the year as revenue fell, and said that its production costs are likely to continue to increase due to global supply-chain strains. Distil said that widespread staff shortages and costs increases are the main challenge to the business, and that it anticipated further cost of goods and energy price increases. This will impede margins to return to pre-pandemic levels, it said. The company didn't provide any guidance for the second half of the year given the uncertainty stemming from the supply chain-related challenges. Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com-0-
Ixico Says FY 2021 Revenue, Ebitda Beat Market Views; FY 2022 Profitability to Fall
By Sabela OjeaIxico PLC said Monday that revenue and earnings before interest, taxes, depreciation and amortization for its fiscal 2021 are expected to be ahead of market expectations, but that it also expects to have lower profitability in 2022 due to high levels of investment. The AI data-analytics company said revenue for the year ended Sept. 30 is expected to reach 9.2 million pounds ($12.6 million), ahead of market views of GBP8.7 millionand revenue of GBP9.5 million for the same period a year earlier. The London-listed company's Ebitda is expected to materially surpass market views of GBP1.2 million and the year-earlier performance of GBP1.3 million. "Key contributors include strong trading in the final quarter, careful management of discretionary costs and several positive one-time impacts," Ixico said. Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
Cloudcoco Group Expects to Beat FY 2020 Revenue, Trading Ebitda
By Ian WalkerCloudcoco Group PLC said Monday that it expects fiscal 2021 revenue and trading Ebitda to beat the previous year's figures, with a further strong progress in fiscal 2022. The U.K. provider of information-technology and communications services said it expects revenue for the year ended Sept. 30 to marginally exceed the 8.0 million pounds ($11 million) recorded in fiscal 2020. Trading earnings before interest, taxes, depreciation and amortization is expected to be more than GBP700,000 compared with GBP261,000 for the year ended Sept. 30, 2020, in line with market expectations. "We have delivered a robust performance in spite of the challenges posed by Covid-19 with a substantial increase in trading Ebitda," Chief Executive Mark Halpin said. Write to Ian Walker at ian.walker@wsj.com
Thungela Cuts Guidance Blaming South Africa Rail Infrastructure
By Jaime Llinares TaboadaThungela Resources Ltd. cut its guidance for 2021 on Monday, saying that the condition of the rail infrastructure in South Africa is impairing its ability to export the coal it produces in the country. The miner, a spin-off of Anglo American PLC, said that rail performance continued to deteriorate in the second half of the year following instances of cable theft and related interruptions.
Centralnic Sees Nine-Month Revenue, Adjusted Ebitda Rising
By Joe HoppeCentralnic Group PLC said Monday that its nine-month organic growth accelerated, and that it expects significantly increased revenue and adjusted earnings as a result. The internet-platform company said its organic growth accelerated 29% against the same period in the first nine months of the year following significant investment.
Metals Exploration Says 3Q Mining Came in Below Forecasts
By Jaime Llinares TaboadaMetals Exploration PLC said Monday that its ore and waste mined were below forecasts in the third quarter. The Philippine gold producer reported gold sales of $34.2 million for the third quarter, up from $29.7 million in the second quarter.
Bradda Head to Seek OTC Markets Listing to Access US Investors
By Joe HoppeBradda Head Lithium Ltd. said Monday that it has started the process to list on the U.S. OTC Markets platform, in addition to its listing on London's alternative investment market. The lithium mining company said applying to the New York stock exchange will provide it efficient access to U.S. investors, enhance liquidity and facilitate a fair value for the company going forward. Bradda's 100%-owned lithium assets are located in Arizona and Nevada.
Severstal Declares Dividend of RUB85.93
By Joe HoppeSeverstal PAO said Monday that its net profit and revenue for the third quarter of 2021 rose significantly on the back of higher sales and prices. The Russian steelmaker made a net profit of $1.24 billion for the quarter to Sept. 30, compared with $167 million for the year-earlier period. Net profit rose 9% on-quarter.
Etalon 3Q New Sales Fell
By Jaime Llinares TaboadaEtalon Group PLC on Monday reported lower sales for the third quarter of the year. The Russian construction company achieved new contract sales of 18.39 billion rubles ($259.1 million) in the period, down 23% from a year earlier. This was despite a 20% increase in the average price per square meter, as sales fell 36% to 96,470 square meters.
Bitcoin could trigger financial meltdown, warns Bank of England deputy
A senior Bank of England policymaker has warned that digital currencies such as bitcoin could trigger a financial meltdown unless governments step forward with tough regulations. But as the financial crisis showed us, you don’t have to account for a large proportion of the financial sector to trigger financial stability problems – sub-prime was valued at about $1.2tn in 2008,” he said. Speculation in sub-prime mortgages in the US was driven by low-income households using mortgages with ultra-low interest rates. But there was evidence traders were increasingly speculating on the future value of digital currencies. “Financial stability risks currently are relatively limited but they could grow very rapidly if, as I expect, this area continues to develop and expand at pace.
Interest rate rises are coming – here's how to protect yourself
Anyone on the standard variable rate should switch to a fixed rate deal now to lock in a low interest rate for several years, according to Annabelle Williams of Nutmeg, an investment firm. Those who do switch to a fixed rate mortgage should remember that shorter-term deals such as two-year fixes tend to have the lowest rates while 10-year fixed rates tend to be higher. Banks will not wait for interest rates to rise before new mortgages start getting more expensive and will price it in early. It can be tempting to wait for a rate rise to get a better deal if you are planning to put money into a fixed rate account but this could prove costly. Yes, higher interest rates also mean that payments due on credit cards and loans can be expensive.
5 ways to spot a ghost broker offering fake car insurance policies
Young adults, including many cash-strapped students, are often targeted by these fraudsters, who sell car insurance policies which appear temptingly cheap. People aged 17-29 are the most likely age group to report falling victim to fake car insurance scams, according to figures from Action Fraud. Ghost brokers sell policies which may be forged, or the details may have been falsified to artificially make the policy appear cheaper. Young people tend to pay higher insurance premiums for car insurance due to higher accident rates among this age group. The police suggest checking the Financial Conduct Authority or the British Insurance Brokers’ Association websites for authorised insurance brokers – register.fca.org.uk and biba.org.uk.
Man who kept breaking in to his old house is shot dead by new homeowners
A 28-year-old man was shot dead in a house in Sacramento, California, after he trespassed on to a private property he believed belonged to his father. The accused, identified as Lennin Elizalde, returned to the residence hours after he was arrested for breaking in at the same property. Two men waiting in the front yard of the residence informed the deputies that Elizalde had “kicked the front door open to gain entry” to their residence. “He began physically assaulting them” before the owners shot him in self-defense, said the police in their official press statement . The occupants of the residence were not arrested and the detectives in their initial probe found that Elizalde had “no legal right to occupy or return” to the property.
Nuclear analysts say watch China after gaming out Iran talks
That’s the conclusion reached by top security analysts using game theory to forecast the next moves in the star-crossed talks. Nuclear talks have been frozen since the election of conservative cleric Ebrahim Raisi to the Iranian presidency in June but efforts resumed this week to find a way back to the negotiating table. Iran and China have also entered into a 25-year trade deal potentially worth billions of dollars, though the details haven’t been disclosed. While China has repeatedly said that reviving the Iran deal is essential to maintaining nonproliferation norms, the lure of Iranian oil could outweigh concerns that Tehran may secretly develop a nuclear weapon. Meanwhile, Malley announced Friday he was departing on a tour of the Middle East to discuss the nuclear deal among regional players.
[Newsmaker] Prosecutors detain key figure in land development scandal, raid Seongnam City Hall
NATIONALNam Wook, a key figure in a land development scandal, is taken into custody by the prosecution and transported to the Seoul Central District Prosecutors Office upon his arrival at the Incheon International Airport. Nam reaped the second-largest profits from the project, following Kim Man-bae, the owner of Hwacheon Daeyu.Nam is one of four key figures in the land development project. Another is Kim Man-bae, who is believed to be the founder and major stakeholder of Hwacheon Daeyu.Yoo Dong-gyu, who served as acting president of the Seongnam Development Corporation in charge of the land development project, and accountant Chung Young-hak, who is the real owner of Cheonhwa Dongin No. Lee Jae-myung, who was the mayor of Seongnam between 2014 and 2018. As such, he had the authority to approve or refuse construction permits for the project.But Lee on Monday denied corruption and bribery allegations and his responsibility for engineering the profit-sharing structure in favor of Hwacheon Daeyu, attending the National Assembly’s audit in his capacity as governor.By Ji Da-gyum ( dagyumji@heraldcorp.comRelated Stories
Seoul stocks snap 3-day winning streak on profit taking
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Monday. (Yonhap)South Korean stocks retreated Monday as investors attempted to cash in gains from the key stock index's three-day advance. Foreigners bought a net 38 billion won, while institutions sold 480 billion won. Retail investors purchased a net 417 billion won. The local currency closed at 1,187.6 won against the US dollar, down 5.2 won from the previous session's close.
S. Korea unveils 2 upgraded road maps for 2050 carbon neutrality goal
President Moon Jae-in and other officials attend a carbon neutrality committee meeting in Seoul on Monday. (Yonhap)The presidential committee on carbon neutrality on Monday unveiled two upgraded policy road maps, including scrapping coal-fired power generation, to achieve South Korea's net-zero emissions goal by 2050. In August, the committee announced a draft for three scenarios for the country's 2050 net-zero emissions goal. But two of the scenarios were criticized by environmental groups claiming they do not guarantee net-zero emissions by 2050. "In a step toward carbon neutrality, we will be able to secure future growth engines and create new jobs."
Gas prices in S. Korea continue to rise on strong crude rally
Gas prices in South Korea have continued to rise as oil prices hit a seven-year high amid the global economic recovery, data showed Monday.The average gasoline price nationwide stood at 1,724.7 won ($1.45) per liter Monday, marking the highest since December 2014, according to the data compiled by the state-run Korea National Oil Corp. (KNOC).The gas price in Seoul topped the 1,800 won-level per liter in the day, the data showed.Market watchers said the gas prices may climb further as global oil prices are on the rise due to revived demand amid the global recovery from the pandemic. The Korean currency's weakness against the US dollar also raised import bills of oil products.Prices of Dubai crude, South Korea's benchmark, reached a near three-year high of $82.28 a barrel last week, up from an average of $72.63 in September. "Oil prices could stay at higher levels for a while as the global economic recovery is expected to further boost demand, though any drastic surge would be unlikely," analyst Shim Soo-bin of Kiwoom Securities said.There is a growing call for the government to lower fuel taxes to ease the burden of businesses and ordinary citizens.In November 2018, the government decided to temporarily cut fuel taxes, when gas prices advanced to as high as 1,690.3 won.
Full Interview: President Vladimir Putin - Russian Energy Week | CNBC International
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFull Interview: President Vladimir Putin - Russian Energy Week | CNBC InternationalRussian President Vladimir Putin thinks cryptocurrencies have value — but he's not convinced they can replace the U.S. dollar in settling oil trades. "I believe that it has value," he told CNBC's Hadley Gamble at the Russian Energy Week event in Moscow. "But I don't believe it can be used in the oil trade."
Oil prices could possibly hit $150 per barrel in 2023 or 2024, says Bernstein
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil prices could possibly hit $150 per barrel in 2023 or 2024, says BernsteinNeil Beveridge of Bernstein says $150 per barrel oil is a possibility in 2023 or 2024. He says an increase in oil demand as the world reopens after Covid, coupled with very lackluster supply could trigger exceptional prices.
Nord Stream 2: The Russian pipeline that everybody’s talking about
GP - View of the Pipeline Inspection Gauge receiving station, the Nord Stream 2 part of the landfall area in Lubmin on Germanys Baltic Sea coast. Nord Stream 2 stretches for 1,200 kilometres from Vyborg in Russia through the Baltic Sea to Lubmin in Germany, bypassing Ukraine and Poland. Nord Stream 2 brings up different geopolitical aspects. For Putin, and many lawmakers in Germany, Nord Stream 2 is nothing more than a business deal. Overall costs for Nord Stream 2 are estimated at about 9.5 billion euros ($11 billion), according to the same paper.
We expect to return to growth and profit expansion in 2022: Philips CEO
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe expect to return to growth and profit expansion in 2022: Philips CEOPhilips CEO Frans van Houten discusses the medical equipment maker's third-quarter earnings and the impact of the supply chain shortage on profits.
THG's Moulding gives up 'golden share' after shares plummet
LONDON, Oct 18 (Reuters) - The Hut Group (THG.L), a rapidly growing British online retailer and tech group that is backed by SoftBank, said on Monday it would remove its founder's "golden share" and seek a premium listing after its shares plummeted last week. THG, which went public in a bumper initial public offering last September, was rocked last week by a 35% collapse in its share price following an investor presentation, forcing it to address corporate governance concerns around the group. A seller of beauty and nutrition products that also runs an ecommerce and logistics arm for partners, THG said its founder and chief executive Matthew Moulding would cancel his Special Share rights that had given him control over acquisitions. It said it would also carry out a further review of its corporate governance arrangements amid suggestions in the media that the group needs to find an experienced non-executive chairman as Moulding is currently both CEO and executive chairman. Reporting by Kate Holton; editing by Michael HoldenOur Standards: The Thomson Reuters Trust Principles.
Potential militants spent more time online during COVID lockdowns, UK deputy PM says
United Kingdom · October 17, 2021 · 11:15 PM UTCAsking prices for UK homes rise in unison for 1st time in 14 yearsAsking prices across all regions and segments of Britain's housing market rose in unison for the first time since 2007 as buyer demand once again outstripped homes coming onto the market, a survey showed on Monday.
Fire erupts at Kuwait oil refinery; no casualties reported
DUBAI, United Arab Emirates (AP) — A fire erupted on Monday at a major oil refinery in Kuwait, the state-owned oil company said, reporting no immediate casualties. The blaze at the key Mina al-Ahmadi oil refinery along Kuwait’s Persian Gulf coastline north of its border with Saudi Arabia did not impact electrical supply or oil exports, according to Kuwait’s National Petroleum Company. The refinery handles 25,000 barrels of oil a day to supply Kuwait’s domestic market primarily with gasoline and diesel. Firefighters were working to extinguish the blaze in the refinery’s treatment unit, which removes sulfur from the oil products. The nation has the world’s sixth-largest known oil reserves.
Polymetal International Achieves First Production at Nezhda Gold-Silver Mine
By Jaime Llinares TaboadaPolymetal International PLC said Monday that it has achieved first production at its Nezhda gold-silver mine in Russia. The London-listed precious-metals miner said first concentrate production was achieved two weeks ahead of target, and that it expects the concentrator to reach nameplate capacity and full design recovery by April 2022.
Schroders 3Q Assets Under Management Rose
By Sabela OjeaSchroders PLC said Monday that its assets under management for the third quarter of the year rose when compared with the previous quarter. The FTSE 100 asset manager said assets under management rose to 716.9 billion pounds ($985.5 billion) compared with GBP700.4 billion for the second quarter of 2021.
Atlantia Signs Settlement Deal to Close Dispute Over Genoa Bridge Collapse
By Giulia PetroniAtlantia SpA said late on Friday that toll-road operator Autostrade per L'Italia, or ASPI, and the Italian transport ministry have reached a deal to end a dispute over the fatal collapse of a bridge in Genoa. The Italian infrastructure operator confirmed that it will have to pay 3.4 billion euros ($3.94 billion) to settle the dispute. Its subsidiary ASPI was the operator of the Morandi bridge that collapsed in August 2018, killing 43 people. Earlier this year, Atlantia signed an agreement to sell its 88% stake in ASPI to a consortium led by CDP Equity SpA, the holding company of Italian state lender Cassa Depositi e Prestiti SpA. Atlantia also said it has been informed by the consortium acquiring the stake in ASPI that it wouldn't have to launch a bid for Autostrade Meridionali as a result of the settlement.
Ford to Invest GBP230 Mln in UK Site to Produce Electric-Vehicle Components
By Adam ClarkFord Motor Co. said Monday that it would invest 230 million pounds ($316.2 million) at its Halewood site in the U.K. to build its first electric-vehicle components in Europe. The car company said Halewood would build power units for its future all-electric vehicles sold in Europe, with production expected to begin in mid-2024 and estimated at around 250,000 units a year.
Global Ports Investments 3Q Container Throughput Grew 8.4% On-Year
By Jaime Llinares TaboadaGlobal Ports Investments PLC said Monday that its container throughput increased in the third quarter, as growth across the wider Russian market remained strong. The Russian operator of container terminals said throughput rose 8.4% year-on-year in the third quarter, to 401,000 twenty-foot equivalent units, or TEUs.
AstraZeneca Recommends Shareholders Reject TRC Capital Mini-Tender Bid
By Joe HoppeAstraZeneca PLC said Monday that it has recommended shareholders reject a mini-tender offer from TRC Capital Investment Corporation for up to two million American Depositary Shares, due to its low bidding price of up to $115.8 million. The pharmaceutical company said that the offer was equivalent to around 0.06% of its issued share capital, at a price of $57.88 per share in cash.
THG PLC CEO Cancels Special Share Rights, Looks to Premium Listing After Stock Fall
By Joe HoppeTHG PLC said Monday that Chief Executive Office Matthew Moulding intends to cancel his special share rights, facilitating a move to a premium listing as the company seeks to reassure investors following a sharp share-price fall. The company said it didn't know of any reason for the fall in its share price, which came after a presentation to investors and Mr. Moulding claiming the company was under attack from short sellers. The U.K. e-commerce company said Monday that a premium listing would allow for it to gain U.K. FTSE indexation, allow shareholders an opportunity to vote on any future material acquisitions, and require it to announce and in some cases allow shareholders to approve related party transactions. The company said that while it is in-line with many aspects of the U.K. Corporate Governance Code, as published by the Financial Reporting Council, it intends to further review its corporate governance arrangements in connection with its premium listing application. Write to Joe Hoppe at joseph.hoppe@wsj.com
Supreme PLC 1H Performance Was Strong, Expects to Meet Full-Year Views
By Sabela OjeaSupreme PLC said Monday that its performance in the first half of fiscal 2022, which ended Sept. 30, was robust and that it is confident in achieving full-year expectations. The wholesale distributor of consumer goods, including batteries, lighting, vaping and wellness products, said its margins have been particularly strong, with significant year-on-year growth in profitability.
China's Property Market Cools Amid Beijing Crackdown
BEIJING--China's new construction starts measured by floor area contracted in the first nine months of the year, as Beijing's crackdown on the property sector cooled demand and deterred developers from starting new projects. New construction starts dropped 4.5% in January to September, widening the 3.2% decline in the first eight months of the year, according to data released Monday by the National Bureau of Statistics. Real-estate...
A Big Fund Slashed Its Stake in GameStop Stock. It Bought Moderna and Palantir.
ReutersBEIJING (Reuters) -China's economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply chain bottlenecks and major wobbles in the property market and raising pressure on policymakers to do more to prop up the faltering recovery. The world's second-largest economy is facing several major challenges, including the China Evergrande Group debt crisis, ongoing supply chain delays and a critical electricity crunch, which sent factory output to its weakest since early 2020, when heavy COVID-19 curbs were in place. "The domestic economic recovery is still unstable and uneven," said National Bureau of Statistics (NBS) spokesperson Fu Linghui at a briefing in Beijing on Monday.
Two decades on, Waigel and Prodi still differ on euro pact
With the European Union embarking on major reform of its Stability and Growth Pact of fiscal governance, Reuters conducted interviews with Theo Waigel and Romano Prodi, both crucial players in the 1999 birth of the euro. The Stability Pact was the answer to the fact that sustainability is not only necessary in climate and environmental policy, but also in fiscal policy. Prodi: "It's called the stability and growth pact, so in future it mustn't only put the accent on stability but also on growth ... The Stability Pact has sufficient flexibility, it does not need to be relaxed ... Prodi: "Reaching net zero by 2050 is an ambitious target that will need huge investments to modernise our industries.
THG's Moulding gives up 'golden share' after shares plummet
LONDON (Reuters) - The Hut Group, a rapidly growing British online retailer and tech group that is backed by SoftBank, said on Monday it would remove its founder's "golden share" and seek a premium listing after its shares plummeted last week. THG, which went public in a bumper initial public offering last September, was rocked last week by a 35% collapse in its share price following an investor presentation, forcing it to address corporate governance concerns around the group. A seller of beauty and nutrition products that also runs an ecommerce and logistics arm for partners, THG said its founder and chief executive Matthew Moulding would cancel his Special Share rights that had given him control over acquisitions. It said it would also carry out a further review of its corporate governance arrangements amid suggestions in the media that the group needs to find an experienced non-executive chairman as Moulding is currently both CEO and executive chairman. (Reporting by Kate Holton; editing by Michael Holden)
Police departments face a shortage as unions enable officers to refuse vaccines
While the penalties for officers who decline to get the vaccine differ from city to city, there is a common resistance among police unions to various restrictions. And policing experts warn that even if officers’ resistance to the vaccination is misguided, issuing mandates could further deplete departments that are already understaffed and thus hurt public safety. Officers are aware that you can still contract and spread the virus even after you have received the vaccine. Photograph: Martha Asencio-Rhine/APIn Chicago, the city instituted a requirement for officers to report their vaccination status by Friday. By 14 October, 171 officers had not submitted proof of vaccination, representing a 41% decrease from a week earlier.
China growth slows on energy crunch and property woes
China's economy hit its slowest pace of growth in a year in the third quarter as power shortages, supply chain bottlenecks and major wobbles in the property market all took their toll. Data released on Monday showed gross domestic product (GDP) grew 4.9pc in the three months to the end of September from a year earlier, the weakest rate since the third quarter of 2020 and behind forecasts. The world's second-largest economy is facing several major challenges, including the Evergrande debt crisis, ongoing supply chain delays and a critical electricity crunch, which sent factory output to its weakest since early 2020, when heavy Covid-19 curbs were in place. A spokesman for China's National Bureau of Statistics said: "The domestic economic recovery is still unstable and uneven."
Fear The Walking Dead: Victor Strand tosses Will off a tower during shocking season premiere on AMC
Victor Strand threw survivor Will off a building killing and turning him into a zombie during the shocking season premiere Sunday of Fear The Walking Dead on AMC. Victor told him again that he had everything he needed in the Tower complex. The leader: He let people stay, Victor told Will, 'if they are of value'Howard told Will they were laying the foundations of a new civilization. Victor asked him if he could take him to where he found it and Will said 'maybe.' Victor grabbed him and threw him in the van as zombies approached, grabbed and started eating Victor's guards.
China's economy stumbles on power crunch and property woes
China’s economy had staged an impressive rebound from last year’s pandemic slump thanks to effective virus containment and hot overseas demand for the country’s manufactured goods. Global worries about a possible spillover of credit risk from China’s property sector into the wider economy have also intensified as major developer China Evergrande Group wrestles with more than $300 billion of debt. Aluminum output declined for the fifth consecutive month and daily crude steel output hit the lowest level since 2018. “At present, China’s fiscal strength is continuously increasing, and there is still relatively big room for monetary policy,” said the NBS’s Fu. Still, the central bank is expected to remain cautious about monetary easing due to worries about high debt and property risks.
247,000 self-employed people lost job in past year: report
Some 247,000 sole proprietors have lost jobs amid prolonged social distancing regulations in the wake of the COVID-19 pandemic, data showed Monday.According to Yonhap News Agency’s analysis, 247,000 people who were self-employed in mid-September last year lost their jobs and fell into the category of the unemployed and economically inactive within the past 12 months.The report defines unemployed as those who are able and willing to work and who have been in search of a job but unable to find one. The economically inactive population, on the other hand, includes those who do not have the ability or do not look for a job.Among the total of 3.16 million who lost their job in the period, the self-employed accounted for 7.8 percent, up 0.6 percentage point from a year earlier, according to the data.The total figure of the unemployed also included 1.23 million who worked as temporary laborers and 1.03 million who were full-time workers.Food service and lodging industries had the most number of the people of 449,000 who became jobless in the past year. Wholesale and retail industries came second with 398,000 people, while the manufacturing and construction industries followed with 391,000 and 295,000 people, respectively.Among the sole proprietors who shut down their businesses, 41,000 had hired employees, while 206,000 worked alone, showing their job losses would have had a negative impact in the temporary job market.“The decrease in the number of proprietors cannot only be blamed on the coronavirus situation. Non-face-to-face transactions and digital transition have been settling as new trends, so the difficulties of small businesses are likely to continue,” a researcher from a policy institute said.By Jo He-rim ( herim@heraldcorp.com
China's Evergrande bondholders in limbo as debt deadline passes
A man rides a vehicle past the construction site of Evergrande Cultural Tourism City, a project developed by China Evergrande Group, in Suzhou's Taicang, Jiangsu province, China September 23, 2021. Last week Evergrande appointed financial advisers and warned of default and world markets fell heavily on Monday, though they have since stabilised. Evergrande has promised to prioritise them and also resolved one coupon payment on a domestic bond this week. If mismanaged, then the loss of confidence could have contagion effects to other financial markets." Global markets have begun a recovery following a sharp selloff, trading on the basis that Evergrande's troubles can be contained.
Senior Living: Is early retirement in the cards?
Share this Story: Senior Living: Is early retirement in the cards? Senior Living: Is early retirement in the cards? Try refreshing your browser, or Senior Living: Is early retirement in the cards? * You have no other retirement savings. — Christine Ibbotson has written four finance books, including the bestseller How to Retire Debt Free & Wealthy.
[Newsmaker] Prosecutors detain key figure in land development scandal, raid Seongnam City Hall
A key figure in a high-profile land development corruption scandal was detained upon his arrival from the US on Monday morning for questioning on bribery and misconduct allegations.Attorney Nam Wook was taken into custody by the prosecution on suspicion of promising to pay a bribe and breach of trust, and transported to the Seoul Central District Prosecutors Office immediately after he arrived at Incheon Airport from Los Angeles.Nam has been accused of playing a key role in the land development project in Seongnam, Gyeonggi Province, as the owner of Cheonhwa Dongin No. Nam reaped the second-largest profits from the project, following Kim Man-bae, the owner of Hwacheon Daeyu.Nam is one of four key figures in the land development project. Another is Kim Man-bae, who is believed to be the founder and major stakeholder of Hwacheon Daeyu.Yoo Dong-gyu, who served as acting president of the Seongnam Development Corporation in charge of the land development project, and accountant Chung Young-hak, who is the real owner of Cheonhwa Dongin No. Lee Jae-myung, who was the mayor of Seongnam between 2014 and 2018. As such, he had the authority to approve or refuse construction permits for the project.But Lee on Monday denied corruption and bribery allegations and his responsibility for engineering the profit-sharing structure in favor of Hwacheon Daeyu, attending the National Assembly’s audit in his capacity as governor.By Ji Da-gyum ( dagyumji@heraldcorp.com
China economy slows; officials say recovery ‘unstable and uneven’
Officials say GDP grew at its slowest place in a year in the third quarter, amid power cuts, property woes and COVID-19 concerns. Data released on Monday showed gross domestic product (GDP) grew 4.9 percent in the third quarter, compared with a year earlier, the slowest since the third quarter of 2020. “We must note that current international environment uncertainties are mounting and the domestic economic recovery is still unstable and uneven,” National Bureau of Statistics (NBS) spokesman Fu Linghui said on Monday. “That would make China one of, if not the, best performers among the larger economies in the world,” he said. Premier Li Keqiang said on Thursday that China has ample tools to cope with economic challenges despite the slowing growth, and the government is confident of achieving full-year development goals.
Philips lowers outlook as recall, parts shortages bite
Dutch health technology company Philips on Monday lowered its outlook for sales and profit growth in 2021, as a massive recall of respiratory devices and global shortage of electronic components hit its third-quarter earnings. Comparable sales in the July-September fell 7.6% from last year, while adjusted earnings before interest, taxes and amortization (EBITA) dropped by a quarter to 512 million euros ($592.7 million).
ASML sits atop the chipmaking food chain. Here's what to watch in its earnings
Analysts have been making bullish calls on ASML — which builds the machines used to make the world's most advanced chips— ahead of its third-quarter earnings release on Wednesday.
Defaults loom over more property developers as China reassures investors on Evergrande
These developments come as China's central bank said Friday that the risks posed by Evergrande are "controllable," and that most real estate businesses in the country are stable. He said authorities will try to prevent Evergrande's problems from spreading to other real estate firms, according to Reuters. China's property developers have grown rapidly following years of excessive debt, prompting authorities to roll out the "three red lines" policy last year. More ratings downgradesThere was a new round of downgrades at other Chinese real estate firms last week. Greenland HoldingPreceding Friday's downgrades, S&P on Thursday downgraded Greenland Holding — one of the bigger real estate developers which has prestigious properties in cities such as New York, London and Sydney.
For Britain's chicken farmers, Brexit and COVID brew a perfect storm
"We're being hit from all sides," Upson told Reuters in front of four vast, spotless sheds that house 33,000 chickens apiece. Following the departure of European workers who often did the jobs that British workers didn't want, retailers may have to import more. Already a driver shortage has led to a lack of fuel at gas stations and gaps on supermarket shelves, while chicken restaurant chain Nandos ran out of chicken. TOO CHEAPAccording to "Chicken King" Ranjit Singh Boparan, founder of the UK's biggest producer, 2 Sisters, food prices must now rise. Upson says he can get a higher price selling bones for pet food than he can for a leg of chicken.
Energy and commods hedge funds post big gains as prices skyrocket
REUTERS/Darren StaplesTORONTO/LONDON Oct 18 (Reuters) - Hedge funds that bet on a big comeback for commodities enjoyed soaring returns in the first nine months of 2021 as the world faced an energy crunch. The average global macro commodities hedge fund is up 23.2% for the first nine months of the year, according to data provider PivotalPath, a period that saw the average equity energy hedge fund rise 12.3%. Natural gas and power prices have soared, particularly in Europe, where earlier this month benchmark wholesale gas futures at the Dutch TTF hub were up 400% from the start of the year. read moreThose markets have been volatile, particularly natural gas, where volatility measures hit a record this month. Trend-following hedge funds enjoyed strong gains in September from natural gas, according to UBS.
China refinery throughput hits 16-month low as quota, power crunch bites
A crude oil terminal under construction is pictured off Ningbo Zhoushan port in Zhejiang province, China January 6, 2018. September throughput was also lower than 13.74 million bpd in August, which was a 15-month low. Throughput in the first nine months of the year was 526.87 million tonnes, or 14.09 million bpd, up 6.2% on year, the data showed. read moreData on Monday also showed that China's crude oil output in September was at 16.61 million tonnes, or about 4.04 million bpd, 3.2% higher than the year-earlier level. Output over the first nine months this year gained 2.5% to 149.84 million tonnes, or 4.01 million bpd.
Playtech Agrees to GBP2.1 Bln Aristocrat Leisure Takeover
By Ian WalkerPlaytech PLC said late Sunday that it has agreed to a 2.1 billion-pound ($2.89 billion) takeover from Australian-listed gaming content and technology company Aristocrat Leisure Ltd. through its subsidiary Aristocrat (UK) Holdings Ltd. Under the offer, accepting shareholders of the FTSE 250-listed gambling-technology company will get 680 pence in cash for each share owned. The offer price is a 58% premium to Playtech's closing price of 429.20 pence on Friday. The offer puts an enterprise value on Playtech of GBP2.7 billion. Whilst the business has made significant progress, most notably in the Americas, Aristocrat's proposal provides an attractive opportunity for shareholders to accelerate Playtech's longer-term value," Playtech Chairman Brian Mattingley said.
Sabadell Unions Agree to Reduced Redundancy Plan
By Joshua KirbyBanco de Sabadell SA has reached an agreement with labor unions to cut fewer jobs than initially planned, the Spanish bank confirmed late Friday. The redundancies will affect a maximum 1,605 employees and have been agreed by all sections of the unions on the negotiation committee, Sabadell said. Labor representatives the day before had put the lowered number at 1,440. The lender had initially wanted closer to 1,900 cuts, according to media reports in September.
Glynn's Take: Australian Immigration Push Might Meet Solid Opposition
Australia closed its borders to immigration in 2020 to curb coronavirus infections, turning net migration negative for the last two years. However, some economists argue that mass immigration would only wallpaper over deeper issues with the Australian economy related to flagging per capita economic growth and stubbornly weak wages growth. One of the reasons there is a push to return to large-scale immigration in Australia is to fill what is seen as a skills shortage. Higher targeted immigration allows businesses to tap the global labor market for workers, rather than relying on employing Australians, said Stephen Koukoulas, a Canberra-based economist for Market Economics. Instead of tapping the international labor market, Mr. Koukoulas said there is a critical policy need is for better targeted training, skills and education.
Australia Inquiry Into Destruction of Caves by Rio Tinto Calls for Federal Protections
Australia should devise new federal legislation to protect cultural heritage sites, an inquiry into the destruction of two ancient rock shelters by miner Rio Tinto PLC found, while calling for more funding for indigenous groups, including from miners, to help cover administrative burdens. It should also include buffer zones for cultural heritage sites and a process for development decisions to be reviewed should significant new information about cultural heritage come to light, according to a final report. The report also recommended Australia ratify Unesco's Convention for the Safeguarding of Intangible Cultural Heritage. It found most agreements contained clauses that prevented traditional landowners from taking legal action or raising concerns to prevent the destruction of heritage sites. In an interim report last year, lawmakers recommended Rio Tinto negotiate a restitution package with the PKKP, while urging miners to end the use of so-called gag clauses.
China's economic growth weakens amid construction slowdown
China's economic growth weakens amid construction slowdownEnlarge this image toggle caption Andy Wong/AP Andy Wong/APBEIJING — China's economic growth is sinking under pressure from a construction slowdown and power shortages, prompting warnings about a possible shock to its trading partners and global financial markets. Factory output, retail sales and investment in construction and other fixed assets all weakened. "Even developed markets, including the U.S., would not be immune to a significant tightening in global financial conditions as a result of a negative China growth shock accompanied by financial stress." That has fueled fears about other developers, though economists say the threat to global financial markets is small. Output grew by a record 18.3% in the first quarter of 2021, but forecasters said the rebound already was leveling off.
Asian shares under pressure after China growth falls short of expectations
Asian shares were mostly lower on Monday after China reported its economy grew at a meager 4.9% annual pace in July-September. Chinese growth is under pressure from government controls meant to curb energy use and reduce financial risks from reliance on debt-fueled property developments. On Friday, Wall Street added to its recent gains, with the benchmark S&P 500 posting its best week since July. The S&P 500 SPX, +0.75% rose 0.7%, while the Dow Jones Industrial Average DJIA, +1.09% rose 1.1% and the Nasdaq Composite COMP, +0.50% gained 0.5%. All but one of the 19 companies in the S&P 500 that reported quarterly results last week topped analysts’ profit forecasts.
Asian shares under pressure after China growth falls short of expectations
Asian shares were mostly lower on Monday after China reported its economy grew at a meager 4.9% annual pace in July-September. Chinese growth is under pressure from government controls meant to curb energy use and reduce financial risks from reliance on debt-fueled property developments. On Friday, Wall Street added to its recent gains, with the benchmark S&P 500 posting its best week since July. The S&P 500 SPX, +0.75% rose 0.7%, while the Dow Jones Industrial Average DJIA, +1.09% rose 1.1% and the Nasdaq Composite COMP, +0.50% gained 0.5%. All but one of the 19 companies in the S&P 500 that reported quarterly results last week topped analysts’ profit forecasts.
Asian shares under pressure after China growth falls short of expectations
Asian shares were mostly lower on Monday after China reported its economy grew at a meager 4.9% annual pace in July-September. Chinese growth is under pressure from government controls meant to curb energy use and reduce financial risks from reliance on debt-fueled property developments. On Friday, Wall Street added to its recent gains, with the benchmark S&P 500 posting its best week since July. The S&P 500 SPX, +0.75% rose 0.7%, while the Dow Jones Industrial Average DJIA, +1.09% rose 1.1% and the Nasdaq Composite COMP, +0.50% gained 0.5%. All but one of the 19 companies in the S&P 500 that reported quarterly results last week topped analysts’ profit forecasts.
These Are The Best EV Stocks To Buy And Watch Now
TheStreet.comUsing technical analysis of the charts of those stocks, and, when appropriate, recent actions and grades from TheStreet's Quant Ratings, we zero in on five names. While we will not be weighing in with fundamental analysis, we hope this piece will give investors interested in stocks on the way down a good starting point to do further homework on the names. Nu Skin Enterprises Inc. recently was downgraded to Hold with a C+ rating by TheStreet's Quant Ratings.
China's economic growth weakens amid construction slowdown
The slowdown adds to pressure on Beijing to prop up activity by easing borrowing controls and spending more on building public works. But forecasters said even if that happens, activity will weaken before policy changes take effect. Chinese leaders are trying to steer the economy to more sustainable growth based on domestic consumption instead of exports and investment and to reduce financial risk. Construction and housing sales, an important source of demand for steel, copper and other industrial imports, have slowed since regulators ordered developers to reduce their debt levels. That has fueled fears about other developers, though economists say the threat to global financial markets is small.
Asian shares slide as Chinese growth data disappoints
Asian shares were mostly lower on Monday after China reported its economy grew at a meager 4.9% annual pace in July-September. The Shanghai Composite index lost 0.4% to 3,559.96 while the Hang Seng in Hong Kong declined 0.4% to 25,246.38. Chinese growth is under pressure from government controls meant to curb energy use and reduce financial risks from reliance on debt-fueled property developments. The 4.9% annual pace of growth was slighly below forecasts and compared with a 7.9% expansion in the April-June quarter, which was exaggerated by the downturn in 2020. “The growth outlook has weakened due to the various headwinds," Tommy Wu and Louis Kuijs of Oxford Economics said in a report.
University lecturers threaten ‘enormous disruption’ with strikes that could last until new year
Lecturers at more than 150 universities are planning “enormous disruption” by launching strike action over workload, pensions and pay. Members of the University and College Union (UCU) are to vote on whether to launch a campaign of industrial action, which could stretch into the new year. Thousands of lecturers, researchers and other academic staff are being balloted on strikes over pay, pensions and working conditions, threatening disruption at universities across the nation. The UCU added that employer body Universities UK had voted to cut thousands of pounds from the retirement benefits of university staff, based on a “flawed valuation” of the scheme. The union also claimed there was a 16 per cent gender pay gap in universities, rising to 19 per cent in some.
Money Makeover: 'Should I use £450k to invest, become a landlord or pay off my mortgage?'
Coming into a large amount of money can be exciting, but deciding how to spend it is always daunting. But she and her husband are unsure whether to invest it in shares, pay off their mortgage or invest in buy-to-lets. Mrs Abbott does not work and has a small pension worth £50,000. “They will have to get on with it themselves,” Mrs Abbott said. Would the couple be better off putting the money into pensions or Isas, covering their existing mortgage or investing in a new buy-to-let?
Demand delivers 'full house' of record property prices
The average price tag on a home has hit a new high in all nations and regions of Britain and in all market sectors for the first time since 2007, according to a property website. Across Britain, the average asking price jumped by 1.8 per cent or £5,983 in October, Rightmove said, to reach £344,445. Looking at the three different property types, the average price tag on a first-time buyer home hit £210,672, the average price being asked for a property typically bought by someone taking their second step on the property ladder reached £315,486, and the typical price tag on a larger family-sized home typically bought at the top of the property ladder was £630,819. Tim Bannister, Rightmove's director of property data, said: "Competition for property for sale remains hot this autumn, with average prices jumping by almost £6,000 in the month. A continuing imbalance, with demand outstripping supply and leading to record prices, presents an opportunity for owners looking to sell and cash out if they are downsizing or not needing to buy another property, it added.
Bank of Japan's extra goals help it play down inflation, ex-official says
The Bank of Japan will continue to diversify its goals so it can place less emphasis on achieving its price target, according to a former BOJ executive director. Hayakawa’s comments reflect both the continued failure of the central bank to achieve its inflation goal and the greater priority the BOJ has placed on stabilizing markets and keeping struggling firms in business during the pandemic. The remarks underscore the bank’s lack of appetite to go beyond its current measures to hit its inflation target. The central bank is expected to keep policy on hold at a meeting ending Oct. 28, ahead of a general election. While Kuroda has insisted that the bank remains completely committed to achieving 2% inflation target with aggressive stimulus, Hayakawa said it’s better to watch the bank’s actions rather than its words.
Japan to urge oil producers to boost output amid price surge
Prime Minister Fumio Kishida said Monday that Japan is keeping an eye on the recent surge in oil prices and will urge major producers to boost output to quell concerns of a supply deficit. If crude oil prices remain high, it may lead to a jump in prices of a broad range of products and services, such as electricity and plastic goods. On top of the energy price surge, soaring prices of cooking oil and other items are also a major burden on households. Concerns about rising energy prices are also prevalent in the business world, with an official of a major parcel delivery firm complaining of ballooning fuel costs. Demand for crude oil and liquefied natural gas is expected to soar globally as countries and regions around the world recover from the novel coronavirus crisis.
Wounds still raw ahead of Trudeau visit to indigenous children's graves
"Old wounds have been opened" in the past few months, the community's Chief Rosanne Casimir told AFP. The revelation of the graves was a gut-wrenching confirmation for the indigenous communities, who have testified for years about the thousands of children who disappeared while staying at the boarding schools. Kamloops Indian Residential School survivor Evelyn Camille, 82, told AFP there were "a lot of abuses and hunger" at the school Cole Burston AFP"There were a lot of abuses and hunger" at the Kamloops school, the largest in the country, Evelyn Camille, a school survivor, told AFP. The ground-penetrating radar used to confirm the location of the graves doesn't provide details on age or time of burial. There are 65 hectares at the Kamloops school, which closed in 1978, that still need to be analyzed.
China economy slows; officials say recovery ‘unstable and uneven’
Officials say GDP grew at its slowest place in a year in the third quarter, amid power cuts, property woes and COVID-19 concerns. Data released on Monday showed gross domestic product (GDP) grew 4.9 percent in the third quarter, compared with a year earlier, the slowest since the third quarter of 2020. “We must note that current international environment uncertainties are mounting and the domestic economic recovery is still unstable and uneven,” National Bureau of Statistics (NBS) spokesman Fu Linghui said on Monday. China’s economy, the world’s second-largest, expanded 7.9 percent in the second quarter, and 18.3 percent in the first quarter, which benefitted from comparison with the COVID-19-induced slump of early 2020. Premier Li Keqiang said on Thursday that China has ample tools to cope with economic challenges despite the slowing growth, and the government is confident of achieving full-year development goals.
China GDP disappoints, third-quarter growth slows to 4.9%
Wang Jianmin | Visual China Group | Getty ImagesBEIJING — China's third-quarter GDP grew a disappointing 4.9% as industrial activity rose less than expected in September. The National Bureau of Statistics said Monday that gross domestic product grew 4.9% in the third quarter from a year ago. Real estate worriesFixed asset investment for the first three quarters of the year came in weaker than expected, data from the National Bureau of Statistics showed. Zhu estimated that fixed asset investment declined by 2.5% in September from a year ago, primarily dragged down by a 3.5% drop in real estate investment. Real estate and related industries account for about a quarter of China's GDP, according to Moody's estimates.
Clubs face bouncer shortage as UK staffing squeeze hits nightlife
Nightclubs are suffering from a growing shortage of bouncers, in the latest staffing squeeze to hit the UK’s economic recovery, with some estimates suggesting venues are having to pay security staff as much as 25% more. Sacha Lord, the night-time economy adviser for Greater Manchester, said “security staffing was the biggest issue” at this year’s Parklife festival, which he co-founded. “We have always taken it for granted that you can send an email to three or four security providers and get our 900-1,000 security staff,” Lord said. Security staff at venues are fundamental to protecting the public, the NTIA said, calling for government action. The latest staffing squeeze comes as hospitality venues are being hit by soaring costs, including higher energy bills, which have already led to an estimated 10% increase in costs, according to Lord.
China's economic growth slows to 4.9% in the third quarter
Hong Kong (CNN Business) China's economy grew just 4.9% in the third quarter of 2021, the weakest rate of expansion in a year as the country contends with a major energy crunch, supply chain disruptions, and deepening debt woes in its outsized property sector. The rate of growth from a year ago in the July-to-September period was much slower than the 7.9% year-on-year increase China registered in the second quarter. It's also the weakest rate of growth since the third quarter of 2020, when GDP also grew 4.9% year-on-year. The data from China's National Bureau of Statistics suggests that China's economy is hurting from a slew of challenges over the last few months. The country is in the middle of an energy crunch that is denting factory output and leading to power cuts in some areas.
the day the world economy came to the brink
In January of 2019, World Bank President, Jim Yong Kim threw the global financial development sector into a state of disarray by quitting his job as head of the World Bank to take a real job with some Wall Street financial institution or other. I’m a cat remember, the salient details are all I listen to, so I don’t know to which company Kim fled. “Daddy please, please, let me do it,” Ivanka begged, “I took Econ 100 in college - I can do it. You’re always saying that.”Spanky shook his head almost imperceptibly and whispered, “But pussycat, what about your clothing line? And yes, I know we’re not popular.”“No honey, cancer is not popular - you two have taken it to a whole new level.”
Kitchen Table Kibitzing October 17, 2021
At that time, I cited, “You might be surprised to find that last year’s inflation was only 0.7%.” The 2015 Social Security Cost-Of-Living adjustment was 0.0! As you might have seen, the government has acknowledged inflation, in that the Social Security COLA next year is 5.9 %. I’ve been experiencing inflation, as have many folks, in terms of food prices. Are you experiencing inflation in your daily life? There are economists that say some inflation is good, but we live on a finite planet.
Seems I have to write throw-away posts so that my other posts have merit
Ecologically, politically, economically, the seeds of destruction are sown, and itz just a matter of time before the whole world falls apart. Universities are charging students more and more, while bringing on more and more adjuncts, whom they dont hafta pay anything. And in between, more and more money is going to the Administration, and the football programs. And there are 4 -- count them *4* -- majors which have any prayer of recouping money spent: law, medicine applied sciences, and finance. Im going to keep posting stuff like this so that, when itz actually important, people wont just dismiss my concerns out of hand.
Increases in COVID-19 are unrelated to levels of vaccination across 68 countries and 2947 counties in the United States
Congress Switchboard: 202-224-3121"Rob Kall's book Bottom-Up: Tapping the Power of the Connection Revolution is both a welcomed manifesto and a guide for rethinking the power of human agency, understanding the connections that both make us human and legitimate human planetary relations. Moreover it is a powerful call for providing the ideas, social practices, and relations that make human connections possible, enable them to work together from the bottom up, and to transform such connections into a powerful movement in which people take control of their lives and create a better future for everyone." Henry Giroux, Director of the McMaster Centre for Research in the Public Interest, author of Zombie Politics and Culture in the Age of Casino Capitalism, America?s Education Deficit and The War on Youth, and dozens more.
Lebanon is in crisis, and the world isn't paying much attention.
Lebanon In CrisisLebanon Crisis(Image by Images-1235822378) Details DMCAThe Lebanon's problems are getting out of hand. They can not get oil from Iran so there is a bad shortage of gas and long lines of cars because of it. The electricity has just a periodic presence . The wages are low and the food prices are high. A families weekly income barely pays for a families food and there is no hope for real help on the horizon, as if the world has forgotten there was a country called Lebanon.
Hidden In The Reconciliation Bill: A Retirement Plan Mandate That Will Take Most People by Surprise: Elizabeth Bauer
"Readers, I am embarrassed to admit that a radical change to our retirement system, tucked into the “Build Back Better” Budget Reconciliation bill, wholly escaped my notice until just recently. As explained by Ashlea Ebeling, also at Forbes, “Under the proposal, starting in 2023, employers with 5 or more employees would have to offer a retirement plan & automatically enroll employees, diverting 6% of their pay to a retirement account. An automatic escalation clause would increase the automatic contribution to 10% of pay by year 5. The default plan would be a Roth IRA invested in a target-date fund, a mix of investments based on your expected retirement year.“For employers, it’s a mandate. Employees would be able to opt out.”
Quarterly earnings put major banks on path for record yearly profits
The world’s largest banks posted record third quarter earnings this past week, putting 2021 on track to be the most lucrative year in history for the financial world. (AP Photo/Richard Drew, File)Leading the banks is JPMorgan Chase, which, during this time, made an estimated $131 million per day . The surge in bank profits is fundamentally bound up with the unprecedented pumping of money into the stock markets by all the major central banks. Much of the record profits that are being made by these banks comes from precisely this type of speculative activity. As the banks make record profits, the bottom half of the US have, collectively, negative wealth.
Evidence of money laundering at the collapsed Surfside, Florida condo complex
Evidence has emerged that money laundering was involved during the initial construction and sale of condo units at Champlain Tower South, the Surfside, Florida building that catastrophically collapsed on June 24 and killed 98 people. The architect’s license had been suspended in Florida after sign structures he designed collapsed during Hurricane Betsy in 1965.”None of this slowed down the development of the project as the drug money flowed in. “That’s why concealed buyer identities, all-cash sales, hidden sources of private loan money, overpaying for condos and rapid repayment of loans are all considered red flags for money laundering,” the report says. At Champlain South and North Towers, “Buyers purchased units through shell companies located in countries such as Panama and the Netherlands Antilles, both notorious for laundering drug money through anonymous corporations. It should be pointed out that just as the real estate parasites were laundering drug money in Miami-Dade County real estate deals, the CIA and the Reagan White House were using drug money from Colombian-based crack cocaine sold on the streets of Los Angeles to finance an illegal and secret war against the government of Nicaragua.
Volkswagen: 30,000 jobs under imminent threat
Diess declared that up to 30,000 jobs would become redundant at VW, i.e., one quarter of the company’s core workforce. Now the core brand VW and especially its main plant in Wolfsburg are under pressure. The main VW plant in Wolfsburg employs about 60,000 people, including 25,000 in production, and expects to produce less than 500,000 autos this year. For the second year in a row, the Wolfsburg plant is threatened with a historic decline in its postwar production. At Audi, IG Metall already agreed to cut 9,500 jobs in 2019, with more than half of these jobs already lost.
European markets set for lackluster start to the trading week
LONDON — European stocks are expected to open around the flatline on Monday as global markets gear up for more big earnings reports. The U.K.'s FTSE index is seen opening 1 point lower at 7,232, Germany's DAX 3 points lower at 15,581, France's CAC 40 up 4 points at 6,733 and Italy's FTSE MIB 21 points higher at 26,209, according to data from IG. Global markets are gearing up for more earnings this week, following a stronger-than-expected start to the earnings season in the U.S. last week. U.S. stock index futures were mostly unchanged during overnight trading on Sunday, after the major averages posted their best week in months last week, amid a positive start to earnings season. In addition to better-than-expected earnings from Goldman Sachs on Friday, positive economic data also boosted stocks.
Walmart+ members get first dibs on Black Friday deals, which will start in early November
The retail giant said Monday that the program's members will be first in line for Black Friday deals this holiday season. Those customers can start shopping online sales four hours earlier than other shoppers throughout the month of November. Deutsche Bank estimated last month that Walmart+ membership has grown to 32 million U.S. households, based on its monthly surveys of consumers. Along with the Walmart+ perk, Walmart said it will stretch out its Black Friday deals throughout November — like it did last holiday season. Amazon, Target and Best Buy have announced plans to start holiday deals even earlier.
Atlanta mayor hits campaign trail for Terry McAuliffe in Virginia governor's race
Motley FoolIf you looked at your brokerage account in late September, you may not have liked what you saw. While we don't know whether the stock market will experience a full-fledged crash this year, it's always a good idea to be prepared for one. The more diverse your portfolio is, the better equipped you'll be to ride out a stock market crash.
Bitcoin hovers near 6-month high on ETF hopes, inflation worries
Representation of the Bitcoin virtual currency standing on the PC motherboard is seen in this illustration pictureTOKYO (Reuters) - Bitcoin hovered near a six-month high early on Monday on hopes that U.S. regulators would soon allow cryptocurrency exchange-traded funds (ETF) to trade, while global inflation worries also provided some support. Bitcoin last stood at $62,359, near Friday's six-month high of $62,944 and not far from its all-time high of $64,895 hit in April. Cryptocurrency players expect the approval of the first U.S. bitcoin ETF to trigger an influx of money from institutional players who cannot invest in digital coins at the moment. But some analysts noted that, after the recent rally, investors may sell bitcoin on the ETF news. "We’ve been excited by a spot ETF before, and this may need more work on the regulation front."
Impending Futures-Based Bitcoin ETFs May Boost Cash and Carry Yields
Several bitcoin futures-based exchange-traded funds (ETF) may debut in the U.S. in the coming weeks. (Futures price converges with the spot price on expiry). In the week gone by, crypto lender BlockFi and Cathie Wood’s Ark Investment Management lent their names on applications for futures-backed Bitcoin ETFs. Per Bloomberg Intelligence, the regulators were considering nine bitcoin futures ETF applications at the beginning of the month. Also read: Dying for a Bitcoin Futures ETF?
Only a couple of child tax credit payments to go. Is this really the end?
Only a couple of child tax credit payments to go. Millions of families are rejoicing as the IRS sends out the fourth round of souped-up child tax credit payments. The boosted child tax credit (CTC) gives families up to $3,000 per child aged 6 to 17 and $3,600 per kid under 6. For the moment, President Biden is aiming to extend the current tax credit through 2024 or 2025 as part of his “Build Back Better” agenda. If you haven’t refinanced into one of today’s historically low mortgage rates, time could be running out.
Exxon tells Texas refinery workers lockout will end if contract approved or union removed
By Erwin SebaHOUSTON (Reuters) - Exxon Mobil Corp on Sunday told workers at its Beaumont, Texas, refinery their six-month lockout will end if they ratify the company's contract offer or remove the United Steelworkers union (USW) as their representative. "As we have told the Union, the conditions which would end the lockout remain the same: the company will end the lockout when we have a signed, ratified agreement," Exxon said in a message posted on-line. Decertification is the process to remove a union from representing employees at a given location. The USW has urged workers at the refinery to reject the contract offer in Tuesday's vote. The union filled a complaint with the NLRB in June alleging the purpose of the lockout was to remove the union.
No fourth stimulus check? Billions in other COVID aid is still available to you
Billions in other COVID aid is still available to youStill hoping for a fourth stimulus check? But if you could use more COVID relief to meet expenses and keep your debt under control, billions in aid money is still available, outside of another direct payment. Various stimulus relief is still up for grabsRicardo Reitmeyer / ShutterstockThough Washington has turned its attention away from stimulus checks, other government support is still available from the various pandemic rescue packages already approved by Congress. Tame your student loan debt. But interest rates on student loan refinances are close to all-time lows.
Stellantis, LG announce joint venture to produce EV batteries in North America
The joint venture between Stellantis NV and the Korean battery maker intends to break ground on a U.S. battery plant in the second quarter of 2022. It expects to have two battery plants on the continent by then, with the second built with a major battery supplier or its European battery joint venture. “Establishing a joint venture with Stellantis will be a monumental milestone in our long-standing partnership,” said Jong-hyun Kim, CEO of LG Energy Solution, in a statement. In Europe, Stellantis has partnered with French oil and gas company TotalEnergies SE and Daimler AG's Mercedes-Benz for its Automotive Cells Co. joint venture. A total of three battery plants are planned in France by 2023, Germany by 2025 and Italy by 2030.
Oppler: Industry expert rebuts – Realtors put consumers first
The editorial board piece titled “Realtors must embrace fair rules of competition” is replete with inaccuracies and mischaracterizations about local broker organizations, Realtors and the American real estate industry. In fact, local broker organizations ensure equity, superior customer service and greater options for buyers and sellers. The National Association of Realtors regularly reviews guidelines to maintain practices that increase transparency and improve the consumer experience. In this scenario, transaction costs would increase for buyers, particularly first-time and low-income homebuyers. The whole point of American local broker organizations is that everyone has equal access to the same set of listings, which levels the playing field for brokerages of all sizes.
Dacia Duster 4x4 review: back-to-basics SUV is a great, utilitarian workhorse
Safety firstOne thing still missing from every Duster, however, is automatic emergency braking (AEB). By contrast, the diesel in the Duster promises better fuel efficiency and more low-down grunt. That’s the theory, anyway, but in practice the Duster’s diesel feels a little wheezy. The first three gears are remarkably short, which makes the Duster feel like it’s in a low-range setting when you first pull away. As should its weight – it might be portly for a Duster, but by the standards of bigger, pricier 4x4s, it’s relatively sylph-like.
[Graphic News] Hyundai ranks 6th place in global EV market in H1: data
South Korean automaker Hyundai Motor’s electric vehicle sales increased in the first half of the year compared with a year ago, but its global market share fell in the face of toughening competitions with Chinese rivals, industry data showed.Hyundai Motor was in sixth place in terms of global EV sales in the January-June period, one notch down from the fifth position a year ago, according to the data by industry tracker SNE Research.The automaker’s global EV sales jumped 75.6 percent on-year to 51,300 units in the first six months of the year, but its market share fell to 2.9 percent from 4.5 percent over the period, data showed.Tesla topped the global EV market with a 22.2 percent share in the first half. (Yonhap)By Nam Kyung-don ( don@heraldcorp.com
The best financial advice for women from Fidelity
I don’t have any debt, and as long as I keep saving and I won’t buy anything I can’t afford then there is no reason for me not to be able to set goals. And I think I’m well on my way. And as I get older, I’m going to invest more money. I just want to set myself up for retirement, children, living. I don’t ever want to be stuck in a place where I can’t provide for myself.”
Asking prices for UK homes rise in unison for 1st time in 14 years
REUTERS/Hannah McKayLONDON, Oct 18 (Reuters) - Asking prices across all regions and segments of Britain's housing market rose in unison for the first time since 2007 as buyer demand once again outstripped homes coming onto the market, a survey showed on Monday. Average asking prices rose by 1.8% from a month earlier, the biggest jump at this time of year since 2015, to reach a record high of 344,445 pounds ($473,922). The survey chimed with other signs that the housing market has remained strong despite the gradual withdrawal of a temporary tax break on property purchases. Another driver of the housing market has been demand for more space for increased working from home, a factor which has led to big price rises in other countries too. Asking prices rose in monthly terms by the most in Wales and the north west of England, up by 2.3%, and by the least in the east of England, rising by 0.1%.
UK finance chiefs fear supply chain drag for at least another year
REUTERS/Gonzalo Fuentes/File PhotoLONDON, Oct 18 (Reuters) - Supply chain problems that are dragging on the economy's post-lockdown recovery will persist for at least a year, according to a survey of chief financial officers at top British companies published on Monday. In August, the BoE forecast inflation would be only slightly above 2% in two years' time after hitting 4% in the coming months. Deloitte said CFOs expected operating costs to rise by the most in the survey's 14-year history over the next 12 months. The survey of 92 CFOs, 18 of them from FTSE 100 member companies and 32 from FTSE 250 companies, was conducted between Sept. 20 and Oct. 4. Separately, the head of manufacturers' body Make UK called on Prime Minister Boris Johnson's government to stop treating business as "the enemy within" after tensions over Brexit.
China's new construction starts plunge as chill spreads across sector
A man rides a bicycle next to a construction site near residential buildings in Beijing, China, January 13, 2021. REUTERS/Tingshu WangBEIJING, Oct 18 (Reuters) - China's September new construction starts slumped for a sixth straight month, the longest spate of monthly declines since 2015, as cash-strapped developers reined in investment and put a pause on projects following tighter regulations on borrowing. New construction starts in September fell 13.54% from a year earlier, according to Reuters calculations based on January-September data released by the National Bureau of Statistics on Monday. In the first nine months, property investment rose 8.8% from a year earlier, slowing from 10.9% growth seen in January-August. Funds raised by China's property developers grew 11.1%, slower than the 14.8% rise seen in the first eight months.
China property shares firm after PBOC says Evergrande woes manageable
The China Evergrande Centre is seen in Hong Kong, China. REUTERS/Tyrone SiuHONG KONG, Oct 18 (Reuters) - Shares of Chinese property developers climbed on Monday after China's central bank calmed markets by saying spillover effects from Evergrande's debt woes were controllable and the country's economy is "doing well". Top developers Country Garden (2007.HK) and Sunac China (1918.HK) jumped over 4% and 8%, respectively, in early trading but China Vanke (000002.SZ) declined 2.6%. read moreOn Friday, another PBOC official said the spillover effect of China Evergrande Group's (3333.HK) debt problems on the banking system were controllable and individual financial institutions' risk exposures were not big. read moreGlobal financial markets have been rocked by contagion fear over a liquidity crisis at China Evergrande Group which has over $300 billion in liabilities.
China faces challenges from 'mismanagement' at certain firms, says PBOC head
Governor of People's Bank of China (PBOC) Yi Gang attends a news conference on China's economic development ahead of the 70th anniversary of its founding, in Beijing, China September 24, 2019. As the company wrestles with its debt, worries about a possible spillover of credit risk from China's property sector into the broader economy have intensified. read moreYi Gang said default risks for some firms and operational difficulties of small and mid-sized banks are among the challenges for China's economy, and that authorities are keeping a close eye "so they do not become systematic risks". Authorities will first try to prevent problems at Evergrande from spreading to other real estate companies to avoid a broader systematic risk, he added. The PBOC was taking various steps to fend off financial risks, such as replenishing capital for small and midsize banks, Yi Gang said.
Goldman Sachs moves to full ownership of China securities JV
The logo of Goldman Sachs is displayed in their office located in Sydney, Australia, May 18, 2016. REUTERS/David GrayOct 18 (Reuters) - Goldman Sachs (GS.N) said on Sunday it received approval from China's securities regulator to take full control of its mainland securities business. The U.S. bank said it would buy the remainder of Goldman Sachs Gao Hua Securities Company Ltd (GSGH), and rename it as Goldman Sachs (China) Securities Company Ltd. "This marks the start of a new chapter for our China business following a successful 17-year joint venture," Goldman Sachs said in a statement. China's regulators had examined Goldman Sach's application to move to full ownership since the bank flagged its intention to buy out its partner in December.
Hong Kong Exchange Fund posts Q3 investment loss of $1.70 billion -HKMA
HONG KONG (Reuters) -Hong Kong's Exchange Fund, which backs the local dollar, posted a third-quarter investment loss of HK$13.2 billion ($1.70 billion), its first after five consecutive quarters of gains, the Hong Kong Monetary Authority said on Monday. That compared with an HK$81.2 billion investment gain in the same period a year earlier. The Exchange Fund recorded investment income of HK$126.5 billion in January-September period this year. The HKMA is the key manager of the Exchange Fund, which is under the control of the financial secretary and invests in equities, bonds, foreign exchange and other securities and assets. ($1 = 7.7780 Hong Kong dollars)(Reporting by Twinnie Siu and Donny Kwok; Editing by Himani Sarkar and Sam Holmes)
Asia Stocks, U.S. Futures Fall as Bond Yields Jump: Markets Wrap
(Bloomberg) -- Most Asian stocks and U.S. futures slid Monday as surging energy prices cemented worries about inflation, sending bond yields higher. U.S. contracts dipped after American stocks advanced on Friday, with the S&P 500 chalking its best week since July as earnings buoyed sentiment. Bond yields in New Zealand and Australia jumped after New Zealand’s inflation accelerated to the fastest pace in 10 years. Yields on Australia’s three-year bond surged as much as 18 basis points to the highest since January. Investors continue to grapple with worries about inflation amid surging energy shortages that are prompting more production cuts and sending bond yields higher.
China's new construction starts plunge as chill spreads across sector
New construction starts in September fell 13.54% from a year earlier, according to Reuters calculations based on January-September data released by the National Bureau of Statistics on Monday. When the sector recovered in 2016 after authorities loosened their grip on purchases and development, tens of thousands of real estate firms borrowed heavily to build homes. Property sales by floor area dropped 15.8% in September, down for a third month, according to Reuters calculations based on the statistics bureau's data. In the first nine months, property investment rose 8.8% from a year earlier, slowing from 10.9% growth seen in January-August. Funds raised by China's property developers grew 11.1%, slower than the 14.8% rise seen in the first eight months.
Oil Extends Gain After Eighth Weekly Advance on Energy Crisis
(Bloomberg) -- Oil advanced in Asian trading after an eighth weekly gain with the market facing a global energy crunch ahead of winter. A shortage of natural gas and coal from Asia to Europe is driving additional demand for oil products in power generation. Asian demand for U.S. crude is rising as the energy crisis boosts prices for other grades that are priced against global benchmark Brent. The energy crisis has contributed to China’s economy weakening in the third quarter, as electricity shortages in September forced factories to curb output or shut completely. Story continuesMost Read from Bloomberg Businessweek©2021 Bloomberg L.P.
From film sets to manufacturing plants, unions push companies as workers stay scarce
Employees this year have pushed for higher wages, expanded benefits, safer workplaces and added staffing. 10,000 JOHN DEERE WORKERS STRIKE"There is a new militancy out there," said James P. Hoffa, president of the International Brotherhood of Teamsters labor union, which represents 1.4 million workers, from Detroit auto workers to package-delivery drivers. Many companies in recent months, responding to the tight labor market for lower-wage workers, have been raising pay, offering signing bonuses and improving benefits to stay competitive. This weekend, the film and television industry narrowly avoided a shutdown of production after the stage workers’ union reached a tentative agreement with studios and streaming services over worker demands. MORE STARBUCKS WORKERS PUSH FOR UNION VOTEPro-union workers at the Alabama warehouse this year said organizing could help boost wages and provide a more reasonable pace on the job.
Rising mortgage rates shift lenders’ focus to home buyers
Mortgage lenders are refocusing on home buyers to drum up business during a slowdown in refinancing. But rates have ticked up recently, curtailing the number of people who could lower their rates or shave time off their mortgages by refinancing. The shift means home buyers are better positioned to negotiate a lower interest rate, said Sam Polland, a loan officer at Intercoastal Mortgage LLC in Potomac, Md. Rising rates could pose challenges for lenders whose growth during the pandemic mortgage boom depended heavily on refinancing. U.S. Bancorp, for example, made about half of its mortgages to buyers in the first six months of this year, according to Inside Mortgage Finance.
China’s economic growth weakens amid construction slowdown
China’s economic growth sank in the latest quarter, as a construction slowdown and official curbs on energy use by factories weighed on the nation’s recovery from the pandemic. In the three months to September, the world’s second-largest economy grew by 4.9% over the same period last year. Compared with the previous quarter, the way other major economies are measured, output in the July-to-September period barely grew, expanding by 0.2%. The economy grew by a record 18.3% in the first quarter of 2021, but forecasters said the rebound already was leveling off. Imports, an indicator of Chinese domestic demand, rose 17.6% in September from a year earlier, but that was barely half the previous month’s 33% growth.
Coast Guard: 1,200-foot ship dragged California oil pipeline
Updated 3 timesInvestigators believe a 1,200-foot (366-meter) cargo ship dragging anchor in rough seas caught an underwater oil pipeline and pulled it across the seafloor, months before a leak from the line fouled the Southern California coastline with crude. During a prior visit by the ship during a heavy storm in January, investigators believe its anchor dragged for an unknown distance before striking the 16-inch (40-centimeter) steel pipe, Coast Guard Lt. j.g. The vessel’s owner, identified by the Coast Guard as Dordellas Finance Corporation, could not be reached for comment. Attorneys for MSC and Dordellas will have the chance to examine and cross-examine the government’s witnesses in the case and also to call their own witnesses, according to the Coast Guard. In response to the new focus on the DANIT, the Houston-based owner of the damaged pipeline, Amplify Energy, thanked the Coast Guard for its continued work on the case.
China economy slows as power cuts, property woes and Covid take toll
China’s economy grew slower than expected in the third quarter, official data showed on Monday, as power outages and supply bottlenecks hurt factories while sporadic Covid-19 outbreaks weighed on consumption. The world’s second-largest economy has staged an impressive rebound from the pandemic but the recovery is losing steam. Problems including faltering factory activity, power cuts in the country’s crucial northern industrial heartland, weak consumer demand and a slowing property sector have fanned speculation that policymakers may announce more stimulus measures in coming months. Chief among the concerns about the giant property sector is the future of China Evergrande Group, the country’s number two developer which is struggling under a $300bn mountain of debt. As the company wrestles with its debt, worries about a possible spillover of credit risk from China’s property sector into the broader economy have intensified.
Chinese tourists’ disappearance is remaking Hong Kong retail
Percival Street in central Hong Kong has seen five watch and jewelry shops shut since the third quarter of 2018, and added one food and drink business. The protests — portrayed in Beijing-backed media as violent and targeting mainlanders — led to the disappearance of Hong Kong’s biggest source of tourists almost overnight. The mainland’s growing footprint on Hong Kong, driving more stores catering to tourists than residents’ needs, was one frustration fueling the protests in 2019. Some Chinese tourists who would previously come to Hong Kong to shop, particularly for luxury goods, might have already discovered online channels for those products during the pandemic, she said. “In the coming three to four years, the share of local spending in Hong Kong’s retail industry will continue to be higher than before,” Leung said.
Hate-speech case forces Japan to confront workplace racism
Getting in the public eye to speak about the consequences of hate speech, I’ll be slandered as anti-Japanese.”To Kim Sangyun, a law professor at Ryukoku University who testified in support of the bill, the Hate Speech Act is a milestone. But it’s far from enjoyable, and the distribution of anti-Korean documents has continued, she told the Osaka court in January. In 2019, while the case made its way through the Japanese court system, the leafleting continued at Fuji. Last year, the city made hate speech a criminal offense punishable by a fine of up to ¥500,000 ($4,575). | BLOOMBERGChoi, who testified in support of the national Hate Speech Act, still lives in Kawasaki.
S. Korea to soon decide whether to join CPTPP: finance minister
FINANCEThis photo, shows Finance Minister Hong Nam-ki meeting with reporters in Washington, D.C. on Thursday, on the sidelines of the Group of 20 meeting of finance ministers and top central bankers. The Joe Biden administration is known to be reviewing rejoining the trade deal.Hong said South Korea is likely to decide whether to join the CPTPP as early as next week. "We may have to make a decision by the end of this month or early November. We are in the final stretch," Hong said.The TPP has been long seen as a key counterweight to China's growing clout. But in a surprising move, China submitted an application in September to accede to the CPTPP.
China's economy slows as covid, energy crisis and property woes take toll
FILE PHOTO: A man rides a bicycle next to a construction site near residential buildings in Beijing, China, January 13, 2021. China's economic growth tumbled more than expected in the third quarter, official data showed Monday, as the property sector struggled with tighter policy measures and an energy crisis loomed. "We must note that current international environment uncertainties are mounting and the domestic economic recovery is still unstable and uneven," NBS spokesman Fu Linghui said Monday. The Chinese government is trying to recalibrate the economy to one driven by consumers and away from investment and exports. Despite still-strong foreign demand, factors such as extreme weather and virus outbreaks -- on top of energy shortages and the cooling housing market -- have all weighed on China's economy, analysts said.
Energy-stricken S.Africa weighs need to save climate and keep lights on
"Our country is facing an energy crisis that needs urgent attention." Operating as a unit, they will form the biggest coal power complex in the world, topping even China's massive coal expansion. Yet South Africa enjoys 2,500 hours of sunshine per year on average -- around 600 more than solar power champion Germany. "Everyone acknowledges renewable energy is a massive opportunity in South Africa," said energy analyst Argon Poorum of the non-profit GreenCape. South Africa wants a slice of that money, which could go a long way toward filling gaps in domestic funding.
S. Korea to actively respond to US info-sharing request on chipmakers: minister
BUSINESSThis photo, taken on Monday, shows Finance Minister Hong Nam-ki presiding over a government meeting on the economy and security in Seoul. (Yonhap)South Korean Finance Minister Hong Nam-ki said Monday the country plans to closely cooperate with local chipmakers to respond to the US' latest request for them to share information on their supply chains.The US Department of Commerce has recently asked global chipmakers, including Samsung Electronics Co., to share information on inventories, demand and other details by Nov. 8 to "help improve trust and transparency within the supply chain." The request spawned concerns about the leak of chipmakers' major trade secrets.Hong said at a ministerial meeting on the economy and security that the government will strengthen its cooperation with local chipmakers to tackle the matter. "There is a need to deal with the issue by taking into account companies' sensitive information, the government's support measures to ease corporate burdens, and cooperation between Korea and the US," Hong said.The minister relayed South Korean chipmakers' concerns about Washington's request during his meeting with US Treasury Secretary Janet Yellen in Washington, D.C. last week. It remains unclear how Yellen responded to the chipmakers' concerns.Samsung Electronics and SK hynix Inc. have said they have nothing to say about the US' request, adding that they need to review the issue.
Samsung Heavy wins $1.7b order for 7 shuttle tankers
BUSINESSThis photo shows a shuttle tanker built by the shipbuilder. (Samsung Heavy Industries Co.)Samsung Heavy Industries Co. said Monday that it has signed a $1.7 billion order to provide design, parts and blocks for seven shuttle tankers.Under the deal with a company in Eurasia, Samsung Heavy Industries will supply design, parts and blocks for the vessels by January, 2027, the company said in a regulatory filing.Shuttle tankers refer to oil tankers plying between offshore oilfields and oil plants on land to transport crude.With the latest order, the shipbuilder has won a combined $10.3 billion orders so far this year, surpassing its order target of $9.1 by 13 percent, it said.
Samsung Heavy wins $1.7b order for 7 shuttle tankers
This photo shows a shuttle tanker built by the shipbuilder. (Samsung Heavy Industries Co.)Samsung Heavy Industries Co. said Monday that it has signed a $1.7 billion order to provide design, parts and blocks for seven shuttle tankers. Under the deal with a company in Eurasia, Samsung Heavy Industries will supply design, parts and blocks for the vessels by January, 2027, the company said in a regulatory filing. Shuttle tankers refer to oil tankers plying between offshore oilfields and oil plants on land to transport crude. With the latest order, the shipbuilder has won a combined $10.3 billion orders so far this year, surpassing its order target of $9.1 by 13 percent, it said.
China GDP disappoints, third-quarter growth slows to 4.9%
Aerial view of coal being unloaded from a cargo ship at Lianyungang port on Oct. 14, 2021 in Lianyungang, Jiangsu Province of China. BEIJING — China's third-quarter GDP grew a disappointing 4.9% as industrial activity rose less than expected in September. The National Bureau of Statistics said Monday that gross domestic product grew 4.9% in the third quarter from a year ago. Industrial production rose by 3.1% in September, below the 4.5% expected by Reuters. The power shortage had a "certain impact" on normal production, Fu said, but he added that the economic impact "is controllable."
China’s Economy Continues to Slow, Rattled by Real Estate and Energy
It has all taken a toll on China’s economy, an essential engine for global growth. The National Bureau of Statistics announced on Monday that China’s economy increased by 4.9 percent in the third quarter, compared to the same period last year; the period was markedly slower than the 7.9 percent increase the country notched in the previous quarter. Industrial output, the mainstay of China’s growth, faltered badly, especially in September, posting its worst performance since the early days of the pandemic. Two bright spots prevented the economy from stalling. Chinese officials are showing signs of concern, although they have refrained so far from unleashing a big economic stimulus.
Oil prices climb to highest in years as Covid recovery, power generators stoke demand
Oil prices hit their highest in years on Monday as demand continues its recovery from the Covid-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel. Brent crude oil futures rose 87 cents, or 1%, to $85.73 a barrel by 0111 GMT, the highest price since October 2018. U.S. West Texas Intermediate (WTI) crude futures climbed $1.12, or 1.4%, to $83.40 a barrel, highest since October 2014. "Easing restrictions around the world are likely to help the recovery in fuel consumption," analysts from ANZ bank said in a note on Monday. China's economy, meanwhile, likely grew at the slowest pace in a year in the third quarter, hurt by power shortages, supply bottlenecks and sporadic Covid-19 outbreaks.
China's economy grew 4.9% in the third quarter
Hong Kong (CNN Business) China's economy grew just 4.9% in the third quarter of 2021, the weakest rate of expansion in a year as the country contended with a major energy crunch, supply chain disruptions, and deepening debt woes in its outsized property sector. The rate of growth from a year ago in the July-to-September period was much slower than the 7.9% year-on-year increase China registered in the second quarter. It's also the weakest rate since the third quarter of 2020, when GDP also grew 4.9% year-on-year. This is a developing story and will be updated.
Dollar wavering as global inflation surges; kiwi jumps
The dollar made a wobbly start to the week on Monday with the kiwi and sterling edging higher after a red-hot inflation readout in New Zealand and hawkish remarks from Britain's central bank chief that put rate rises in investors' sights. New Zealand reported its biggest quarterly jump in consumer prices in a decade on Monday. The data lifted the kiwi by about 0.3% to a one-month high of $0.7105. Oil futures stood at fresh three-year highs and stoked expectations that even more price rises are heading along global supply chains. The dollar made small gains on the euro and was steady on the yen, last trading for $1.1587 per euro and buying 114.22 yen.
From clean energy to health, Morgan Stanley picks India stocks set to see strong growth
A man counts Indian rupee banknotes for a photograph near the Bombay Stock Exchange (BSE) building in Mumbai, India. After outpacing other emerging markets, India's stocks are poised to see strong earnings growth in years to come, Morgan Stanley said.
China Q3 GDP growth hits 1-year low, raising heat on policymakers
Workers labour at a construction site in Shanghai, China July 12, 2021. Data released on Monday showed gross domestic product (GDP) grew 4.9% in July-September from a earlier, the weakest pace since the third quarter of 2020 and slowing from 7.9% in the second quarter. A Reuters poll of analysts had expected GDP to rise 5.2% in the third quarter. On a quarterly basis, growth eased to 0.2% in July-September from a downwardly revised 1.2% in the second quarter, the data showed. The world's second-largest economy has rebounded from the pandemic but the recovery is losing steam, weighed by faltering factory activity, persistently soft consumption and a slowing property sector as policy curbs bite.
China's Property Market Cools Amid Beijing Crackdown
BEIJING--China's new construction starts measured by floor area contracted in the first nine months of the year, as Beijing's crackdown on the property sector cooled demand and deterred developers from starting new projects. New construction starts dropped 4.5% in January to September, widening the 3.2% decline in the first eight months of the year, according to data released Monday by the National Bureau of Statistics.
China’s economic growth weakens amid construction slowdown
People walk along a riverbank near a commercial office buildings under construction in Tongzhou, outskirts of Beijing, Monday, Oct. 4, 2021. China’s economy is losing steam as President Xi Jinping's government cracks down on corporate debt and energy use in pursuit of more stable, sustainable growth. (AP Photo/Andy Wong)People walk along a riverbank near a commercial office buildings under construction in Tongzhou, outskirts of Beijing, Monday, Oct. 4, 2021. China’s economy is losing steam as President Xi Jinping's government cracks down on corporate debt and energy use in pursuit of more stable, sustainable growth. (AP Photo/Andy Wong)BEIJING (AP) — China’s economic growth sank in the latest quarter as a slowdown in construction and curbs on energy use weighed on its recovery from the coronavirus pandemic.
China's Factory Production Hindered by Power Crunch in September
BEIJING--China's factory production and investment decelerated further in September while consumption recovered from the distortions brought on by the latest wave of coronavirus infections. Industrial output rose 3.1% in September from a year earlier, slowing from 5.3% year-on-year growth in August, the National Bureau of Statistics said Monday.
China's economic growth weakens amid construction slowdown
BEIJING — China’s economic growth sank in the latest quarter as a slowdown in construction and curbs on energy use weighed on its recovery from the coronavirus pandemic. The world’s second-largest economy grew by 4.9% over a year ago in the three months ending in September, down from the previous quarter’s 7.9%, government data showed Monday.
Rate-Hike Bets Stoke Yield Surge From Treasuries to Kiwi Bonds
(Bloomberg) -- The global bond selloff gathered pace as yields in Australian and New Zealand surged following faster-than-expected inflation in the smaller nation, fueling bets on policy tightening. Most Read from BloombergAustralia’s three-year yield jumped as much as 18 basis points to 0.77%, the highest since February 2020. Australian yields also climbed as vaccination rates rise and the authorities start to remove movement restrictions in many parts of the country. The global inflation theme “is also leading to significant adjustments in positioning, with investors stopping out of long positions” and commodity trading advisors and system traders initiating and adding to short positions, he said. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
‘Crazy’ bets on $200 oil invade the options market
A roaring trade in bullish crude-oil options says the 2021 energy rally is far from over. Some warn of a prolonged bout of inflation, others that high energy prices will hit consumers who are already expecting to pay more for heat this winter. Mr. Benigno said that speculative traders have made aggressive, bullish bets on oil over the past year. As the commodity’s rally accelerated, many of them appeared to close out their existing options positions and pegged their bets to even higher prices in a wager that oil would keep soaring. JPMorgan Chase & Co. analysts said this month that they expect Brent crude oil to trade at $84 a barrel by the end of the year.
Zero-emission vehicles and renewables to take off, climate policy report says
Government policy changes attacking global warming could result in zero-emission vehicles comprising around 30% of all vehicles on the road by 2030, and wind and solar providing 30% of global power generation, triple current levels, a policy report forecast on Monday. Under its “Forecast Policy Scenario”, seen as the most likely, the report predicted “dramatic” and “sweeping” changes in policy between now and 2025 across the energy, transport, industry and food sectors. Such a policy acceleration would make it possible to keep warming to below 2 degrees Celsius above pre-industrial levels by mid-century, it said. Drawing on insights from more than 200 global policy experts, the report from the PRI’s climate forecasting group, the Inevitable Policy Response, analyses the likely direction of travel in the coming years, to inform the investment practices of investors running $120 trillion in assets. The Overland Park Solar Array in Toledo, Ohio | REUTERS“BlackRock believes climate risk is investment risk and assessing climate risk on the path to net zero requires credible scenarios outlining not only what is possible but what is likely,” said Ashley Schulten, Head of ESG Investment, Global Fixed Income at BlackRock.
Succession Season 3 premiere: Logan and Kendall both regroup amid a family civil war
Shiv (Sarah Snook) and Roman (Kieran Culkin) are with their father’s team and watching footage of Kendall, as Roman asks Shiv what she thinks of all this. Hugo (Fisher Stevens) tries to figure out a strategy when Logan asks the kids if they knew Kendall was going to do that. Gerri tells Logan that the President is supportive, and tells the President’s person that he’s not asking for favors. Logan sends Shiv, Logan and Gerri back to New York and asks Conner to ‘hold down the fort’ so to speak. Kendall tells Lisa that his dad has gone to Sarajevo, with Kendall saying his dad runs a crime ring, but Lisa isn’t sure.
S. Korea, Sweden to hold forum on joint responses to illegal fishing
This poster, provided by the oceans ministry, shows the forum on illegal fishing between South Korea and Sweden set to take place on Tuesday to Friday. (Yonhap)Around 100 South Korean and Swedish maritime officials and experts will gather this week for a forum to explore ways to curb illegal fishing, South Korea's oceans ministry said Monday. During the four-day forum set to kick off Tuesday, officials from the governments and major international organizations, such as the International Maritime Organization and the Food and Agricultural Organization, and maritime experts will discuss ways to better implement international agreements on illegal, unreported and unregulated fishing, and to cooperate among related entities against such threats. The forum was organized jointly by the Ministry of Oceans and Fisheries and the World Maritime University in Sweden in accordance with the memorandum of understanding the two sides clinched in June with a goal to boost their cooperation in dealing with illegal fishing, according to the ministry. Illegal, unreported and unregulated (IUU) fishing is one of the major threats to marine ecosystems due to its potent ability to undermine national and regional efforts to manage fisheries in a sustainable manner, as well as efforts to conserve marine biodiversity, experts said.
China GDP: economic recovery stalls, growth slows to 4.9 per cent in third quarter
China’s economy had staged an impressive recovery from the impact of the coronavirus, but is now faced with numerous headwinds including a property slump, energy crisis, weak consumer sentiment and soaring raw material costs.
China GDP disappoints, third-quarter growth slows to 4.9%
Aerial view of coal being unloaded from a cargo ship at Lianyungang port on Oct. 14, 2021 in Lianyungang, Jiangsu Province of China. BEIJING — China's third-quarter GDP grew a disappointing 4.9% as industrial activity rose less than expected in September. The National Bureau of Statistics said Monday that gross domestic product grew 4.9% in the third quarter from a year ago. Industrial production rose by 3.1% in September, below the 4.5% expected by Reuters. However, retail sales beat expectations, rising 4.4% in September from a year ago.
Faced with a power crisis, China may have ‘little choice’ but to ramp up coal consumption
"But the short-term reality is that China and many others have little choice but to increase coal consumption to meet power demand," Thomson wrote in a report. But the short-term reality is that China and many others have little choice but to increase coal consumption to meet power demand. Coal imports to 'substantially increase'China, the world's top carbon emitter, is heavily reliant on coal for power generation. "The ban on coal imports from Australia ... has exacerbated domestic coal shortages," said Barclays economists. Australia was China's top coal supplier in 2019 and accounted for 39% of total Chinese coal imports, the bank said.
Oil prices climb to highest in years as COVID recovery, power generators stoke demand
General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Brent crude oil futures rose 87 cents, or 1%, to $85.73 a barrel by 0111 GMT, the highest price since October 2018. U.S. West Texas Intermediate (WTI) crude futures climbed $1.12, or 1.4%, to $83.40 a barrel, highest since October 2014. They added that gas-to-oil switching for power generation alone could boost demand by as much as 450,000 barrels per day in the fourth quarter. The world's second-largest oil consumer issued a new batch of oil import quotas for independent refiners for 2021 that show total annual allowances were lower than last year, a first reduction of import permits since these firms were allowed into the market in 2015.
Asian shares jittery ahead of China GDP; oil hits fresh highs
A man watches an electric board showing Nikkei index outside a brokerage at a business district in Tokyo, Japan, June 21, 2021. Oil prices hit new multi-year peaks, continuing their recent surge amid a global energy shortage, with U.S. crude at a fresh seven-year high and Brent at a three-year high. read moreMSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was little changed in early trading on Monday, off 0.07%, while Japan's Nikkei (.N225) lost 0.12%. The yield on benchmark 10-year Treasury notes rose to 1.5904% on Monday, heading back towards the four-month high of 1.6310% hit early Tuesday, before a wobble later in the week. U.S. crude was last up 0.92% at $83.04 a barrel, while Brent crude was last 0.57% higher at $85.35 per barrel.
Avenue Supermarts' 2Q Net Profit More Than Doubled on Year
By Kosaku NariokaAvenue Supermarts Ltd. said second-quarter net profit more than doubled from a year earlier as revenue rose thanks to easing of pandemic-related movement restrictions. The operator of the DMart supermarket chain said on Saturday that net profit for the quarter ended Sept. 30 rose to 4.18 billion Indian rupees ($55.7 million) from INR1.99 billion a year earlier.
Singapore's Non-Oil Domestic Exports Rose 12.3% in September
By Ronnie HaruiSINGAPORE--Singapore's non-oil domestic exports rose at a faster-than-expected pace in September, thanks to growth in shipments of electronics, pharmaceuticals, machinery and petrochemicals. Non-oil domestic exports climbed 12.3% from a year earlier in September, Enterprise Singapore said Monday. The result beat the median estimate for a 9.6% increase in survey of eight economists by The Wall Street Journal. Non-oil domestic exports had risen 2.7% from a year earlier in August.
MLB to provide housing for some minor leaguers in 2022
NEW YORK — Major League Baseball says its owners have agreed to begin providing housing to certain minor league players beginning in the 2022 season. “In mid-September, the owners discussed the issue of player housing and unanimously agreed to begin providing housing to certain minor league players,” MLB said in a statement to The Associated Press on Sunday night. “In 2021, we increased the salaries for minor league players by 38-72% depending on level and significantly reduced travel requirements during the season. The demonstration was organized in part by Advocates for Minor Leaguers, which also handed out pamphlets to fans with suggestions for how MLB could treat minor leaguers better. “This is a historic victory for minor league baseball players,” Advocates for Minor Leaguers executive director Harry Marino said in a statement.
Investigators believe cargo ship dragged California oil pipeline in January
Oil spill in California. Mario Tama/Getty ImagesFederal investigators trying to determine what caused an oil spill off the Southern California coast earlier this month believe that during a heavy storm in January, the anchor of the MSC DANIT hit the underwater pipeline, pulling it for more than 100 feet. SondraKay Kneen said on Sunday that it's thought the anchor bent the pipeline, but did not break it. The MSC DANIT is a 1,200-foot cargo ship registered in Panama and operated by the MSC Mediterranean Shipping Company. The ship arrived at the Port of Long Beach this weekend, and investigators are on board.
Goldman Gets Approval to Take Full Control China Venture
(Bloomberg) -- Goldman Sachs Group Inc. received approval to take 100% ownership of its securities joint venture in China, paving the way for an aggressive expansion in the world’s second largest economy. Most Read from BloombergThe approval from China Securities Regulatory Commission “marks the start of a new chapter for our China business following a successful 17-year joint venture,” the firm said in an internal memo seen by Bloomberg News that was confirmed by a spokesperson. The approval came about 10 months after the firm signed an agreement with its partner to take full control. Story continuesTaking full control in China would bring the firm closer to its vision of being “one Goldman” in all markets. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
FOREX-Dollar wavering as global inflation surges; kiwi jumps
New Zealand reported its biggest quarterly jump in consumer prices in a decade on Monday. Bank of England Governor Andrew Bailey said on Sunday that surging energy prices would prolong a pulse in inflation and policymakers "will have to act" if they see risks. The data lifted the kiwi by about 0.3% to a one-month high of $0.7105. Oil futures stood at fresh three-year highs and stoked expectations that even more price rises are heading along global supply chains. Story continuesFed funds futures are now fully pricing U.S. rate hikes to begin next September as inflation pressures rise, however a relatively shallow cycle is expected, with pricing suggesting rates could linger at 1.5% through 2026.
Dollar wavering as global inflation surges; kiwi jumps
New Zealand reported its biggest quarterly jump in consumer prices in a decade on Monday. The data lifted the kiwi by about 0.3% to a one-month high of $0.7105. [NZD/]The Australian dollar was also near its highest in six weeks and oscillated around $0.7413. Oil futures stood at fresh three-year highs and stoked expectations that even more price rises are heading along global supply chains. The dollar made small gains on the euro and was steady on the yen, last trading for $1.1587 per euro and buying 114.22 yen.
Could a bank’s $20 million investment add up to better days for South Chicago?
The South Chicago community literally helped make Chicago. EditorialsSo we were glad last week to hear the announcement that Fifth Third Bank will be making a three-year $20 million investment in the South Chicago neighborhood. Fifth Third Bank said it is investing $180 million in nine communities across the country, including South Chicago. Here’s hoping Fifth Third Bank’s investment will be only the first of a new good thing for South Chicago, with other banks following their lead there. And if not in South Chicago, then somewhere else in the city where there is a similar need.
Boss keeps hinting staffer needs MBA to advance in firm
& Dale: My boss keeps dropping hints that the only way I’m going to get promoted to his level is if I get an MBA. Do you think I could go around him and talk to his boss to see if I really do need this MBA? No need to mention your boss, just ask execs how they feel about an MBA, mentioning that you’ve been weighing the idea. I don’t want to lose my job without a new one, and I’d like to keep this job if possible. : I think you need to meet with your boss right away.
How do married business partners report income?
It says that if business income that constitutes community property is earned outside of a partnership, the SE tax applies to the income of the spouse that carries on that business. The income tax would treat one-half of the business income as belonging to each spouse under community property law. This means if a wife is a partner in a New Mexico law firm, her share of the partnership income is her SE income alone. If that same wife operated her law practice as a sole proprietor, the income would again be her SE income alone. In both cases, the SE tax issue is resolved by reference to who produces the income, not by community property laws.
McAuliffe outraises Youngkin in September; Democrats have cash advantage in statewide races
Youngkin’s leadership PAC, Virginia Wins PAC, which reports on a different time schedule, reported raising $640,500 between July 1 and Sept. 30 and finished the month with $315,078. Through August, Youngkin had poured $16.5 million of his own money into his campaign and contributed an additional $1 million to his leadership committee. Princess Blanding, who is running for governor as the Liberation Party candidate, raised $8,367 in September and finished the month with a balance of $6,339. Republican Winsome Sears, a former Norfolk delegate and business owner, raised $575,105 in September and finished the month with $480,965 on hand. Sears’ largest donation in the month was $100,000 from RSLC PAC, affiliated with the Republican State Leadership Committee, which works to elect Republicans to down-ticket statewide offices.
Man struck, killed outside of his car in apparent Henrico hit-and-run
A man died after getting out of his car and being struck in an apparent hit-and-run collision Saturday night in western Henrico County. Pecka said Johnson had apparently gotten out of the vehicle when he was struck. The Henrico Police Crash Team is searching for the driver and vehicle that struck Johnson and fled the scene. Police are asking for information from anyone who was driving eastbound on Nuckols Road between Twin Hickory Road and Interstate 295 between 10:30 and 10:45 p.m. on Saturday. Police said “there is no detail too small” in determining who struck Johnson and failed to stop.
Swedish payments firm Klarna introduces 'pay now' option in UK
– Swedish payments firm Klarna said on Monday it has introduced a number of changes to its product in the United Kingdom including the option for its users to “pay now” and in full. The company said the “pay now” option will ensure UK consumers can pay immediately and in full, wherever Klarna is available. The changes in UK will bring it in line with 20 other markets in which it operates. The fintech firm, which allows shoppers to buy online through its merchant partners and settle their dues in installments via BNPL option, also introduced credit checks for its users. “The changes we are announcing today mean that consumers are fully in control of their payments whether they pay now or pay later,” the company’s chief executive Sebastian Siemiatkowski said.
Boxed-in Kospi leads to surge in forced liquidations
The daily average amount of forced liquidations marked 26.5 billion won ($22.4 million) from Oct. 1 to Oct. 14, according to data compiled by the Korea Financial Investment Association. They dispose of investors’ stocks to make up the balance, and since this happens when prices are depressed, investors make losses. They forecast the index will move in a tight range between 2,900 points and 3,030 points this week. NH Investment & Securities analyst Kim Young-hwan said the domestic stock market has “wave heights” to deal with this week. “After checking on the event, the local stock market may show a strong rebound with expectations for an accelerating economic recovery linked to improving manufacturing sector and development of COVID-19 treatments,” Kim said.
Homegrown private equity firm STIC Investments to go public in December
A logo of STIC InvestmentsSouth Korean private equity firm STIC Investments is poised to carry out a backdoor listing to start trading on the domestic stock market in December, a filing showed on October 17. Following the move, STIC Investments will become the first Seoul-based private equity investment manager to be listed in three years. Seoul is home to high-profile buyout powerhouses including MBK Partners, Hahn & Co. and IMM Private Equity -- none of which are listed on the stock market. STIC Investments was one of the first homegrown private investment managers in Korea’s history. Its venture capital business was spun out of STIC Investments in 2018, under the avatar of STIC Ventures.
Tightened credit lending continues amid eased rules on housing loans
(Yonhap)South Korea‘s major banks are set to loosen control on extension of “jeonse” loans for homes, but their tightened grip over personal credit loans will continue under pressure from financial authorities, industry sources said on October 17. NH NongHyup Bank, which in August decided to temporarily stop offering jeonse loans until Nov. 30, will resume its jeonse lending services starting on October 18. Meanwhile, starting Oct. 27, the nation’s five major lenders -- KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank and NH NongHyup Bank -- will provide jeonse loans with their amount not to exceed gains in the price of jeonse apartments. For instance, those who saw jeonse prices rise from 400 million won to 600 million, the upper limit of loans would be 200 million. Despite the government’s partial relaxation of loan rules, borrowers are likely to be turned down for personal credit loans or other types of mortgage loans amid banks’ strict lending standards.
S. Korea to soon decide whether to join CPTPP: finance minister
This photo, shows Finance Minister Hong Nam-ki meeting with reporters in Washington, D.C. on Thursday, on the sidelines of the Group of 20 meeting of finance ministers and top central bankers. (Ministry of Economy and Finance)South Korea plans to decide whether to join a mega Asia-Pacific free trade agreement involving 11 nations as early as this month in an effort to diversify its export portfolio, the country's finance minister has said. Finance Minister Hong Nam-ki made the remarks during his meeting with reporters Thursday (local time) in Washington, D.C. after attending the Group of 20 meeting of finance ministers and central bank governors. Hong said South Korea is likely to decide whether to join the CPTPP as early as next week. A planned change in the chair of the CPTPP could be another key factor for South Korea's decision, he said.
Seoul stocks open lower on profit-taking
The benchmark Korea Composite Stock Price Index (Kospi) figures are displayed at a dealing room of a local bank in Seoul, Monday. (Yonhap)South Korean stocks opened lower Monday as investors attempted to cash in gains from the key stock index's three-day advance. The benchmark Korea Composite Stock Price Index (Kospi) fell 22.9 points, or 0.76 percent, to 2,992.16 points in the first 15 minutes of trading. In Seoul, Samsung Electronics lost 0.86 percent to 69,500 won, and No. The local currency was trading at 1,186.15 won against the US dollar, down 3.75 won from the previous session's close.
S. Korea to actively respond to US info-sharing request on chipmakers: minister
South Korean Finance Minister Hong Nam-ki said Monday the country plans to closely cooperate with local chipmakers to respond to the US' latest request for them to share information on their supply chains.The US Department of Commerce has recently asked global chipmakers, including Samsung Electronics Co., to share information on inventories, demand and other details by Nov. 8 to "help improve trust and transparency within the supply chain." The request spawned concerns about the leak of chipmakers' major trade secrets.Hong said at a ministerial meeting on the economy and security that the government will strengthen its cooperation with local chipmakers to tackle the matter. "There is a need to deal with the issue by taking into account companies' sensitive information, the government's support measures to ease corporate burdens, and cooperation between Korea and the US," Hong said.The minister relayed South Korean chipmakers' concerns about Washington's request during his meeting with US Treasury Secretary Janet Yellen in Washington, D.C. last week. It remains unclear how Yellen responded to the chipmakers' concerns.Samsung Electronics and SK hynix Inc. have said they have nothing to say about the US' request, adding that they need to review the issue.
Now 150 green garment factories in Bangladesh – highest in world
With the latest addition, Bangladesh will now have 150 factories with LEED certification from the USGBC. The country owns nine out of the top 10 environment-friendly garment factories in the world. Not only that, 39 of the top 100 global platinum factories are in Bangladesh. In May 2012, Bangladesh's Vintage Denim Studio was recognised as the first LEED platinum certified factory in the world. Apparel entrepreneurs have invested a lot in green initiatives after the 2013 Rana Plaza building collapse, which killed 1,134 people and injured more than 2,000.
Biden’s Plans Raise Questions About What U.S. Can or Cannot Afford to Do
Many Democrats fear the United States cannot afford to wait to curb climate change, help more women enter the work force and invest in feeding and educating its most vulnerable children. In their view, failing to invest in those issues means the country risks incurring painful costs that will slow economic growth. “We can’t afford not to do these kinds of investments,” David Kamin, a deputy director of the White House National Economic Council, said in an interview. Mr. Manchin says he fears too much additional spending would feed rising inflation, which could push up borrowing costs and make it harder for the country to manage its budget deficit. He has made clear that he would like the final bill to raise more revenue than it spends in order to reduce future deficits and the threat of a debt crisis.
Asia-Pacific stocks slip as investors await China's third-quarter GDP print
SINGAPORE — Stocks in Asia-Pacific traded lower Monday morning as investors look ahead to the release of key Chinese economic data. The Nikkei 225 in Japan shed 0.18% in early trade while the Topix index declined 0.13%. Shares in Australia also dipped, with the S&P/ASX 200 falling around 0.1%. MSCI's broadest index of Asia-Pacific shares outside Japan traded marginally lower. Chinese economic data, including the country's third-quarter gross domestic product and September retail sales, is set to be out at 10:00 a.m. HK/SIN on Monday.
Report: MLB to force teams to provide housing for minor league players next season
Major League Baseball will start requiring all teams to provide housing for its minor league players next season, ESPN’s Jeff Passan reported on Sunday. MLB has not formally announced a plan, though owners from all 30 teams have agreed to a plan to provide housing for minor league players, according to Passan. Whether that means the league actually provides housing, or simply gives players a housing stipend, remains to be seen. "This is a historic victory for minor league baseball players," Harry Marino, the executive director of Advocates of Minor Leaguers, told ESPN. Housing is just one of the problems MLB has with its minor league players.
New Zealand Inflation Surges to Fastest Pace in 10 Years
(Bloomberg) -- New Zealand inflation surged at the fastest pace in 10 years in the third quarter, reinforcing bets that the central bank will keep raising interest rates. Consumer prices advanced 2.2% from three months earlier, Statistics New Zealand said Monday in Wellington, exceeding the 1.5% median estimate. Policy makers worldwide are debating whether faster inflation is a temporary phenomenon linked to supply-chain disruptions during the pandemic or something more persistent. The New Zealand dollar jumped after the inflation report. Read full note hereThe annual inflation rate is the highest since 2011, when prices were boosted by an increase in the goods and services tax in late 2010.
Bitcoin Optimism Offers Potential Tesla Options Trade, RBC Says
(Bloomberg) -- A divergence in options metrics between Bitcoin-linked Tesla Inc. and MicroStrategy Inc. may present opportunity, according to RBC Capital Markets. However, the skew measuring the cost of bearish options versus bullish ones is inverted for MicroStrategy while Tesla is at highs, she said. “Frankly, it shocks me anytime Tesla skew isn’t inverted,” Silverman wrote. “However, it does present an opportunity to bet on a skew inversion by selling expensive Tesla puts for out-of-the-money Tesla calls.”She suggested a risk-reversal trade that involves selling Tesla $700 puts expiring in December and buying $930 calls. Tesla holds some Bitcoin on its balance sheet but is far less linked to the crypto for its corporate fate.
Zero-emission vehicles, wind and solar energy seen taking off - climate report
Under its "Forecast Policy Scenario", seen as the most likely, the report predicted "dramatic" and "sweeping" changes in policy between now and 2025 across the energy, transport, industry and food sectors. Such a policy acceleration would make it possible to keep warming to below 2 degrees Celsius above pre-industrial levels by mid-century, it said. However, the global target to limit warming to no more than 1.5 degrees C would be out of reach without more rapid action, said the report, issued ahead of next month's COP26 global climate talks in Glasgow. "BlackRock believes climate risk is investment risk and assessing climate risk on the path to net zero requires credible scenarios outlining not only what is possible but what is likely," said Ashley Schulten, Head of ESG Investment, Global Fixed Income at BlackRock. Story continues"The detailed policy forecasts in this work help the market conceptualize the key changes that could occur in energy and land systems across the world if the forecasted climate policy acceleration occurs."
Grayscale Said Close to Filing to Convert Bitcoin Fund Into Spot ETF: CNBC
Grayscale Investments plans on applying to convert the world’s biggest bitcoin fund into a spot exchange-traded fund (ETF) early this week, according to a report by CNBC, citing a person with knowledge of the matter. Grayscale’s ETF would be backed by actual units of the cryptocurrency, not simply linked it via derivatives contracts such as futures. Should the proposal gain approval, it would be a further expansion of the leading cryptocurrency as a recognized investible asset. Once the filing is made, the SEC will have 75 days to review it. Grayscale is a unit of Digital Currency Group, which is also the parent of CoinDesk.
Fire crews make big gains against Southern California blaze
Associated PressSanta Barbara, Calif. — Fire crews made significant progress overnight against a wildfire burning for nearly a week in Southern California coastal mountains, officials said Sunday. More than 1,600 firefighters were battling the blaze in the Santa Ynez Mountains west of Santa Barbara on land and by air. They were able to stop its forward growth, and the blaze was 78% contained, federal officials said. The Alisal Fire started last Monday and has scorched nearly 27 square miles (69 square kilometers). California wildfires have scorched nearly 3,900 square miles (10,101 square kilometers) this year and destroyed more than 3,600 homes, businesses and other structures, according to the state Department of Forestry and Fire Protection.
Longtime councilman Fimbres faces new challengers in November
“I think that if someone knows that the minimum wage is $15 an hour and goes to apply for a job and they’re not going to get $15 an hour they’ll self-report,” Cross said. She has accused the city of misappropriating lottery revenue that “was supposed to fund all road work needed," though she admits she doesn't know how much cash the lottery actually generates for transportation projects in Tucson. Up to $23 million of Arizona lottery revenue is dedicated to funding public transportation programs across the state annually. Sitting council members have recently downscaled some roadway projects that aren’t needed in order to free up funding for others. Cross wants to take a similar approach by reallocating money to cover costs while avoiding taxes increases.
Inflation jumps to 10-year high of 4.9%
ASB chief economist Nick Tuffley expected annual inflation would rise above 5 per cent by the end of the year, with a clear risk high inflation persists “well into 2022 and likely beyond”. The Reserve Bank had been expecting annual inflation would rise, but by a lesser amount to 4.1 per cent. Reserve Bank former chief economist, John McDermott, explains how inflation is measured and how it manifests itself. Westpac economist Satish Ranchhod described the 4.9 per cent inflation rate as well above market forecasts. “Today’s result supports our forecast for a series of rate hikes from the Reserve Bank over the coming months,” he said.
Tahoe is becoming too dependent on tourism for its economy. A new report recommends diversifying
Tourism now accounts for more than 60% of Lake Tahoe’s $5 billion regional economy — up from 40% in 2010, according to the nonprofit center's research released this week. “On its surface, the Tahoe Basin economy appears strong, powered by billions of dollars in annual tourism spending and skyrocketing real estate values,” the report said. But a deeper look reveals the local economy “isn’t working for many residents who are struggling to find living wage employment and affordable housing,” it said. The latest data will be used to build on a framework it presented earlier, “Envision Tahoe: Prosperity Plan 2.0,” she said. “Tahoe’s economic profile is complex and perspectives about conditions here are heavily informed by individual experience and socioeconomic status,” Hill Drum said.
Bank of America reveals its top stocks for exposure to multi-trillion dollar future trends
A Bank of America branch is shown in New York's Times Square. Bank of America has updated its thematic picks for the fourth quarter, naming its top stocks across trends it expects to transform the world's economies, markets and populations in the coming decades.
Klarna strengthens credit checks in the UK as regulators crack down on ‘buy now, pay later’
LONDON — Swedish fintech firm Klarna on Monday said it is introducing a number of changes to its product in the U.K., as regulators in the country prepare to tighten regulation on the fast-growing "buy now, pay later" industry. One of the biggest updates Klarna is implementing is stronger credit checks; the company said a new feature will let users share income and spending data from their bank accounts to determine whether they can afford future repayments. Klarna is one of the world's largest buy now, pay later, or BNPL, operators. In 2020, about $97 billion of global e-commerce transactions were processed through a BNPL platform. Major companies have made a leap into the market, including PayPal, Square and Mastercard.
HomeCo Daily Needs REIT Says to Combine With Aventus
By David WinningSYDNEY--HomeCo Daily Needs REIT said it has agreed to combine with Aventus Group to create a property company with a market value of around 3.2 billion Australian dollars (US$2.4 billion). HomeCo Daily Needs REIT said the deal terms imply a value of A$3.82 for each Aventus security. Aventus ended trading last week at A$3.31.
Iranian supertanker departing from Venezuela to transport heavy oil
The shipment is part of a deal agreed by PDVSA and its counterpart National Iranian Oil Company (NIOC) that exchanges Iranian condensate for Venezuela's Merey crude. The vessel arrived in Venezuela in September with its transponder turned off while carrying 2.1 million barrels of Iranian condensate. PDVSA first launched the exchange last month by sending 1.9 million barrels of Merey heavy crude on the Iran-flagged supertanker Felicity. The exchange provides the OPEC nation with a stable supply of blending material needed to convert its extra heavy oil into exportable grades. The pact also delivers heavy oil to Iran for blending, refining or marketing to Asian customers.
China Q3 GDP growth seen hitting 1-year low, raising heat on policymakers
On a quarterly basis, growth is forecast to ease to 0.5% in July-September from 1.3% in the second quarter, the poll showed. Global worries about a possible spillover of credit risk from China's property sector into the broader economy have also intensified as major developer China Evergrande Group wrestles with more than $300 billion of debt. China releases third-quarter GDP data on Monday (0200 GMT), along with September factory output, retail sales and fixed-asset investment. September industrial output is expected to rise 4.5% from a year earlier - the lowest since May 2020. Retail sales growth is expected to pick up to 3.3% from 2.5% in August.
Asia Stocks to Start Week Higher; Bonds Decline: Markets Wrap
(Bloomberg) -- Asia stocks are poised to start the week higher as investors weigh solid corporate earnings against concerns about inflation and the economic recovery. Wall Street stocks advanced on Friday, with the S&P 500 chalking its best week since July as earnings buoyed sentiment. Bond yields in New Zealand and the kiwi dollar gained after New Zealand’s inflation accelerated to the fastest pace in 10 years. Story continues“Sentiment really got quite bearish,” Kyle Rodda, market analyst at IG Group, said on Bloomberg Television. “Markets are feeling reasonably emboldened by the fact that we are probably going to see some reasonably robust results from U.S. corporates this quarter.
N.M. couple killed in plane crash in Wisconsin
A man and wife from New Mexico were killed last week when their amateur-built airplane crashed outside of Waukesha, Wisconsin, according to media reports and preliminary Federal Aviation Administration data. A preliminary FAA report said the experimental plane crashed under unknown circumstances. The Reimers were the only people on board the plane, which crashed about 20 miles west of Milwaukee. The station reported that the couple was flying from Milwaukee to Salina, Kansas on their way back to Albuquerque, where the married couple lived. WISN 12, the ABC affiliate in Milwaukee, said the Reimers’ son said his mom and dad had retired to Albuquerque from Menomonee Falls, Wisconsin.
UK finance chiefs fear supply chain drag for at least another year
By William SchombergLONDON – Supply chain problems that are dragging on the economy’s post-lockdown recovery will persist for at least a year, according to a survey of chief financial officers at top British companies published on Monday. In August, the BoE forecast inflation would be only slightly above 2% in two years’ time after hitting 4% in the coming months. Deloitte said CFOs expected operating costs to rise by the most in the survey’s 14-year history over the next 12 months. Separately, the head of manufacturers’ body Make UK called on Prime Minister Boris Johnson’s government to stop treating business as “the enemy within” after tensions over Brexit. “Currently there is a feeling within industry that the government is still fighting the last war and sees business as the enemy within,” Stephen Phipson, chief executive of Make UK, said.
Asking prices for UK homes rise in unison for 1st time in 14 years
LONDON – Asking prices across all regions and segments of Britain’s housing market rose in unison for the first time since 2007 as buyer demand once again outstripped homes coming onto the market, a survey showed on Monday. Average asking prices rose by 1.8% from a month earlier, the biggest jump at this time of year since 2015, to reach a record high of 344,445 pounds ($473,922). The survey chimed with other signs that the housing market has remained strong despite the gradual withdrawal of a temporary tax break on property purchases. Another driver of the housing market has been demand for more space for increased working from home, a factor which has led to big price rises in other countries too. Asking prices rose in monthly terms by the most in Wales and the north west of England, up by 2.3%, and by the least in the east of England, rising by 0.1%.
Victoria set to emerge from harsh lockdown on Thursday night
While the recent roadmap out of lockdown will reunite families at home once again, not everyone is thrilled with the alterations to the roadmap, with many businesses feeling left behind by the specific changes. They're calling for more clarity and consultation from the government while they wait for the next easing of restrictions.
Inflation jumps to 10-year high of 4.9%
Annual inflation has jumped to 4.9 per cent, Statistics NZ has reported. The Reserve Bank had been expecting annual inflation would rise, but by a lesser amount to 4.1 per cent. Reserve Bank former chief economist, John McDermott, explains how inflation is measured and how it manifests itself. Westpac economist Satish Ranchhod described the 4.9 per cent inflation rate as well above market forecasts. “Today’s result supports our forecast for a series of rate hikes from the Reserve Bank over the coming months,” he said.
Reds Under Bed: Barnaby and Keith’s plot for Australia to subsidise China
The supreme irony of this grotesque grab for coal and gas donations is that it would transfer billions to the Chinese. The gigantic coal port, Port of Newcastle, Yancoal Australia, coal miner CITIC Australia, gas pipelines operator Jemena and Alinta Energy, to name a few. Why should Australians prop up foreign fossil fuel corporations? In reality, this government has already set in train a massive fossil fuel gravy train by re-nosing the mandates and funding of Australia’s supposedly independent agencies. This fossil fuel subsidy will be funded by the energy bills of ordinary Australians.
Cop26 corporate sponsors condemn climate summit as ‘mismanaged’
Companies that stumped up millions of pounds to sponsor the Cop26 climate summit have condemned it as “mismanaged” and “very last minute” in a volley of complaints as next month’s event in Glasgow draws near. Other sources have described the “shifting goal posts” and “inertia” plaguing the Cop26 planning as “deeply frustrating”. Many of the event’s corporate backers regularly take part in high-profile sponsorship deals for big events, and have been left bewildered by the slow progress of the Cop26 events, another source explained. “It’s clear that many of them have very little experience managing relationships in the private sector, or even experience attending a Cop event,” the source said. A Cop26 spokesperson said the organisers were “working closely” with sponsors which would increase the value-for-money for taxpayers, and reduce the overall financial cost of Cop26.
Farmers and John Deere suppliers worry about strike's impact
The Associated PressWATERLOO, Iowa (AP) — Farmers and Deere & Co. suppliers are worried about what the strike at the tractor maker's factories will mean for their livelihoods. More than 10,000 Deere employees went on strike last week at 14 Deere factories in Illinois, Iowa, Kansas, Colorado and Georgia after the United Auto Workers union rejected a contract offer. The longer the strike continues, the greater the impact will be on the communities around the plants. ?United Auto Workers John Deere strike: United Auto Workers on strike at John Deere for first time in 35 years after rejecting proposed contract?What's in the Deere contract? Casting Cleaning Inc. in Cedar Falls, which does chipping and grinding work of foundry castings for John Deere, was closed Friday because of lack of work, but company President Shannon Closson said it's expected to reopen Monday.
Wegmans deal signals reawakening appetite for Manhattan leases
Leasing highlights included Wegmans mammoth deal for 89,000 square feet in the former Kmart space at 770 Broadway. Food and beverage was the busiest category, including Pink Taco’s 10,500 square feet in a former TGI Friday space at 7 Times Square. A case in point: 76 Eighth Ave., a new, 10-story office property with just 35,072 square feet of first-class space. The building also has 2,578 square feet of ground-floor retail space. There will be a new, 100-seat restaurant with outdoor space and a spa “to bring a wellness component to the property,” Bashaw said.
Dow futures gain slightly ahead of a big week of earnings
U.S. stock index futures were slightly higher during overnight trading on Sunday, after the major averages posted their best week in months amid a stronger-than-expected start to earnings season. S&P 500 futures added 0.1%, while Nasdaq 100 futures gained 0.2%. The Dow advanced 382 points on Friday, ending the week with a 1.58% gain for its best week since June. The S&P 500 rose 1.82% last week for its best week since July, while the Nasdaq Composite saw its best week since the end of August, with the tech-heavy index adding 2.18%. The Dow is less than 1% from its record high, while the S&P 500 and Nasdaq Composite are 1.6% and 3.3% below their records respectively.
Michigan judge tosses GM lawsuit against Fiat Chrysler
The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca CookWASHINGTON, Oct 17 (Reuters) - A Michigan judge has thrown out a lawsuit that General Motors Co (GM.N) filed against Stellantis' Fiat Chrysler Automobiles (FCA) that accused its rival of fraud and unfair competition. The judge said that GM "failed to adequately demonstrate that FCA caused it any actual, legally recognizable harm through its bribery scheme." GM's lawsuit had sought "damages in an amount to be determined at trial, including but not limited to the billions of dollars in damages GM suffered." In July 2020, U.S. District Judge Paul Borman rejected GM's federal racketeering lawsuit that made parallel bribery claims against FCA.
New Zealand Consumer Prices Rise at Fastest Pace in Over a Decade --Update
By Stephen WrightWELLINGTON, New Zealand--New Zealand's consumer prices rose the most in more than a decade as costs from food to housing were pushed up by stimulus and supply disruptions brought on by the pandemic, reinforcing expectations for higher interest rates. The consumer price index jumped 4.9% from a year earlier in the third quarter and increased 2.2% from the second quarter, Statistics New Zealand said Monday. The quarterly increase was the largest since the October-December quarter of 2010.
Audio-Visual Firm Audinate Flags Revenue Impact From Chip Shortage -- Update
By Stuart CondieSYDNEY--Audio-visual equipment manufacturer Audinate Ltd. said annual revenue growth will be constrained by an immediate shortage of a chip used in several of its products. The Australian company on Monday said a U.S. supplier can no longer guarantee delivery of open orders for a component that relies upon silicon chips from a South Korean semi-conductor foundry. Audinate said the components related to orders dating back to January this year.
New Zealand Consumer Prices Rise at Fastest Pace in Over a Decade
By Stephen WrightWELLINGTON, New Zealand--New Zealand's consumer prices rose the most in more than a decade as costs from food to housing were pushed up by stimulus and supply disruptions brought on by the pandemic, reinforcing expectations for higher interest rates. The consumer price index rose 4.9% from a year earlier in the third quarter and increased 2.2% from the second quarter, Statistics New Zealand said Monday.
Grocery store shelves bare? These products may be hard to find due to supply chain issues
As the world reaches the two-year mark of the COVID-19 pandemic, more items are becoming scarce because of a supply chain shortage across the globe. Cross-border restrictions have halted the transportation of the fish and may cause permanent seafood supply chain issues. Toilet paperThis is something that isn't new to the pandemic shortage list, but the industry has yet to keep up with the demand. The toilet paper shortage stems from lumber's raw material, wood pulp, which is used to make toilet paper. Before the pandemic ketchup squeeze: A year of COVID-19 product shortages and the items we struggled to findThis article originally appeared on USA TODAY: Supply chain issues mean toilet paper, coffee, chicken hard to find
Man files class-action lawsuit against Canon, seeking more than $5 million in damages over printers that won't scan documents when ink cartridges are low
Canon PIXMA printers. A class-action complaint says the All-in-One printers won't scan when their ink is low. Neilson Barnard/Getty ImagesA man in New York sued Canon, saying the firm's All-in-One printers won't scan without printer ink. A Queens man filed a class-action lawsuit against Canon, saying some of the electronics giant's All-in-One printers won't scan documents unless they have ink cartridges installed. Since at least 2015, customers have been posting about not being able to use their scanners when their ink is low, the complaint said.
UPDATE 1-UK to fund new nuclear power station as part of net zero drive -Telegraph
(Adds government statement, background)Oct 17 (Reuters) - The UK government will announce plans to fund a new nuclear power plant before the 2024 election as part of its Net Zero strategy, The Telegraph reported https://www.telegraph.co.uk/news/2021/10/17/exclusive-government-fund-new-nuclear-power-station-part-net late on Sunday. "We are seeking to approve at least one more large-scale nuclear project in the next few years to strengthen energy security and create thousands of jobs,” a government spokesperson told Reuters. The Sizewell C site, a nuclear power plant being endorsed by EDF Energy for Suffolk, eastern England, will be the top pick to get the funding, The Telegraph report added, citing government insiders. Early this month, British Prime Minister Boris Johnson said the UK was aiming to produce "clean power" by 2035 as part of its goal of reaching net-zero carbon emissions. (Reporting by Nishit Jogi and Aakriti Bhalla in Bengaluru; Editing by Diane Craft and Peter Cooney)
UK to fund new nuclear power station as part of net zero drive -Telegraph
– The UK government will announce plans to fund a new nuclear power plant before the 2024 election as part of its Net Zero strategy, The Telegraph reported on Sunday. “We are seeking to approve at least one more large-scale nuclear project in the next few years to strengthen energy security and create thousands of jobs,” a government spokesperson told Reuters. The recent energy crisis in Europe and fuel shortage in the UK have brought to light the shortcomings of over-reliance on non-renewable energy and have prompted London’s move towards clean, renewable energy generation. The Sizewell C site, a nuclear power plant being endorsed by EDF Energy for Suffolk, eastern England, will be the top pick to get the funding, The Telegraph report added, citing government insiders. Early this month, British Prime Minister Boris Johnson said the UK was aiming to produce “clean power” by 2035 as part of its goal of reaching net-zero carbon emissions.
China, Africa and the 3 years since Xi Jinping promised to rebalance trade
Beijing also created a special fund to promote imports of African non-resource commodities, such flowers.
'Catastrophic' flooding underway as dam failures in Michigan force thousands to evacuate
Added: 20.05.2020 16:45 | 23 views | 0 commentsThe collapse of the Edenville Dam and Sanford Dam in Michigan released floodwaters that have inundated houses and businesses on the Tittabawassee River.
Island nations facing a 'perfect storm' as the coronavirus intersects with hurricane season
Added: 12.06.2020 7:57 | 19 views | 0 commentsAs well as being threatened by a global recession, extreme weather and the ongoing health crisis, many island economies have been hit hard by plummeting international tourism amid the pandemic.
Dow CEO Jim Fitterling on the company's flooded Michigan facility
Dow CEO Jim Fitterling on the company's flooded Michigan facilityAdded: 22.05.2020 16:15 | 18 views | 0 commentsSource: www.mintpressnews.comJim Fitterling, chairman and CEO of Dow, joins "Squawk on the Street" to discuss the evacuation and flooding of its facility in Michigan. More in www.cnbc.com »
IRS child tax credit payment problems? Here are some solutions
Added: 17.10.2021 20:18 | 7 views | 0 commentsWere you expecting to receive more money with October's check or didn't receive a payment at all? Here's what it could be.
You Season 3 review: There's something compelling about toxic people doing toxic things
You Season 3 review: There's something compelling about toxic people doing toxic thingsAdded: 17.10.2021 17:00 | 24 views | 0 commentsNo matter how reprehensible these characters are, you can't look away.
Apple's October event: New Macs, AirPods 3 and everything else we could see tomorrow
Apple's October event: New Macs, AirPods 3 and everything else we could see tomorrowAdded: 17.10.2021 16:30 | 31 views | 0 commentsApple's next event is scheduled for Monday, and here's all the rumors we've heard so far.
The best luxury SUVs for 2021
The best luxury SUVs for 2021 - RoadshowAdded: 17.10.2021 16:17 | 16 views | 0 commentsNeed a posh, luxurious SUV? Look no further.
Two men arrested in Pall Mall over suspected terror plot ‘after acting suspiciously in car’
Two men arrested in Pall Mall over suspected terror plot ‘after acting suspiciously in car’Added: 12.11.2020 14:04 | 26 views | 0 commentsThe pair, who are both aged 34 and from east , were stopped and arrested by armed officers in Pall Mall at 12.10am on Thursday.
China wraps up annual session, paves way for Xi's third term
Added: 12.03.2021 2:13 | 27 views | 0 commentsChina wrapped up this year's annual session of the country's parliament after paving the way for a controversial third term for President Xi Jinping, with its neighbor Japan increasingly on guard against the Asian power's ambition. In a bid to cement the authority of the Communist Party, the National People's Congress on Thursday adopted a resolution to alter Hong Kong's electoral system so that the mainland can exclude pro-democracy activists from the political arena in the territory. Also at the parliament, the Chinese government pledged to take measures to surpass the United States as the world's biggest economy by 2035, highlighting Xi's eagerness to remain in power at least for the next...
Biden signs $1.9T relief bill before speech to nation
Biden signs $1.9T relief bill before speech to nationAdded: 11.03.2021 20:35 | 25 views | 0 commentsSource: www.ekathimerini.comThe signing came hours before Biden delivers his first prime-time address since taking office Marking a year of loss and disruption, President Joe Biden on Thursday signed into law the $1.9 trillion relief package that he said will help the U.S. defeat the coronavirus and nurse the economy back to health. The signing came hours before Biden delivers his first prime-time address since taking office. He’s aiming to steer the nation toward a hungered-for sentiment — hope — as he marks one year since the onset of the pandemic that has killed more than 529,000 Americans. “This historic legislation is about rebuilding the backbone of this country,” Biden said as he signed the bill in the Oval... More in article.wn.com » Economy Tags: President
China's global dominance plan uncovered: New nuclear-armed navy aims to take Taiwan
China's global dominance plan uncovered: New nuclear-armed navy aims to take TaiwanAdded: 17.10.2021 20:16 | 7 views | 0 commentsCHINA's nuclear-armed navy is aimed at Taiwan and eventual global dominance, a geopolitical expert has revealed.
China warns US and Canada over 'stirring up trouble' as Taiwan war fears soar
China warns US and Canada over 'stirring up trouble' as Taiwan war fears soarAdded: 17.10.2021 20:16 | 7 views | 0 commentsCHINA has slammed the US and Canada over "stirring up trouble" in the East Asia region and jeopardising peace of the Taiwan strait.
what new gas pipeline means for UK and YOUR energy bills
Nord Stream 2 explained - what new gas pipeline means for UK and YOUR energy billsAdded: 17.10.2021 14:31 | 33 views | 0 commentsTHE Nord Stream 2 pipeline is completed and ready to transport gas from Russia to Europe. What does this mean for the UK?
Russian chefs in naked lockdown protest after virus strips them of income
Added: 09.06.2020 14:14 | 26 views | 0 commentsRussian restaurant owners stripped of their income by the coronavirus lockdown are campaigning for their businesses to be allowed to reopen by posting pictures of themselves naked on social media.
Night at the museum: Australian police arrest German student over break-in
Night at the museum: Australian police arrest German student over break-inAdded: 18.05.2020 13:35 | 25 views | 0 commentsAustralian police on Monday charged a German student with breaking into a Sydney museum as security footage showed him allegedly taking selfies next to dinosaur exhibits.
Clawing back normality: Bangkok cat cafe reopens after virus shutdown
Added: 08.05.2020 10:20 | 19 views | 0 commentsAs Thailand's capital cautiously reopens many restaurants shuttered over coronavirus fears, the feline "employees" of the Caturday Cafe are back at work.
Oil politics animate California congressional race
Oil politics animate California congressional raceAdded: 17.10.2021 19:03 | 22 views | 0 commentsSource: www.californiawatercolor.comThe damage from the recent California oil spill has so far been less disastrous than initially feared, but it has thrust the issue of offshore oil drilling on the West Coast into some of the most hotly contested US House races in the country. More in rss.cnn.com » California, Congress Tags: Oil
'More reporting:' How journalists should cover threats to democracy
'More reporting:' How journalists should cover threats to democracyAdded: 17.10.2021 19:03 | 25 views | 0 commentsSource: daccess.netThe media treats some aspects of the first amendment — such as press freedom — as sacred. But when it comes to other crucial protections, including free and fair elections and other basic tenets of democracy, there tends to be a "sliding scale." On "Reliable Sources" Sunday, CNN's chief media correspondent Brian Stelter discussed the changing role of political media — and how reporters need to do a better job protecting democracy. More in rss.cnn.com » Election, Journalists Tags: Democrats
'Succession' star Brian Cox: 'You can't underestimate Logan in any shape or form'
Added: 17.10.2021 15:00 | 23 views | 0 commentsWe're toward the end of our interview time when actor Brian Cox, in describing his character's few but strong loyalties on HBO's "Succession," raises his voice to the level most people only hear through the television.
California couple's home destroyed by a small plane crash
Added: 17.10.2021 10:09 | 28 views | 0 commentsA home bought in May by California newlyweds following their wedding was destroyed in October by a plane crash.
Former homeless couple can buy Wednesfield home for £1
Former homeless couple can buy Wednesfield home for £1Added: 17.10.2021 12:18 | 36 views | 0 commentsThe opportunity comes under a scheme aimed at helping key workers and others on to the property ladder.
Southeastern train services taken over by government
Southeastern train services taken over by governmentAdded: 17.10.2021 9:40 | 41 views | 0 commentsThe rail operator was stripped of its franchise for failing to declare millions in taxpayer funding.
Jonah Hill lost weight. He still doesn't want people talking about it — understandably so
Jonah Hill lost weight. He still doesn't want people talking about it — understandably soAdded: 17.10.2021 20:18 | 7 views | 0 commentsWe tend to think that pointing out dropped pounds is the ultimate way to compliment someone. Actually, it's none of our business.
Loss of Greenland Ice Sheet Reached a Record Last Year
Added: 20.08.2020 16:01 | 16 views | 0 commentsThe ice loss in 2019 was more than twice the annual average since 2003, scientists said.
Video: Here's how your home equity can be used as a financial safety net
Video: Here's how your home equity can be used as a financial safety netAdded: 01.10.2021 13:00 | 19 views | 0 commentsSource: www.polygon.comFor most homeowners, the equity in their house represents one of their biggest assets. The challenge is getting access to that equity without having to sell the house. Here's how a home equity line of credit (HELOC) can help. More in feeds.marketwatch.com »
Video: Splurge or save?
Video: Splurge or save? Added: 29.09.2021 23:00 | 18 views | 0 commentsSource: www.blueoceanglobalwealth.comMarguerita Cheng of Blue Ocean Global Wealth and George Hobica, Founder of Airfarewatchdog.com chat with MarketWatch retirement reporter Alessandra Malito about the trickiness when it comes to managing expenses. They share pro tips to help you decide when to spend, when to be a cheapskate and how to deal with searing home prices. More in feeds.marketwatch.com » Malta Tags: Georgia
Video: Moneyist Live
Added: 29.09.2021 23:00 | 21 views | 0 commentsThe Moneyist, Quentin Fottrell, gives tips to help solve real-life financial problems, with the help of attorney and Hofstra professor Irene Angelakis, and tax expert Edward Kim of Anchin.
Commercial Interests Aren't Enough to Save Free Speech
Added: 17.10.2021 21:03 | 11 views | 0 commentsNetflix defended Dave Chappelle because it happened to serve its bottom line. But a real commitment to free speech can't turn on commercial incentives.
WH Not Stolen, But Bought With Zuckerberg's Money
Added: 17.10.2021 20:59 | 12 views | 0 commentsNearly a year has passed since the 2020 election, yet there has not been a clear, satisfactory answer to the central mystery: How did a dull, declining Joe Biden manage to get more than 81 million ...
Oil politics animate California congressional race
Oil politics animate California congressional raceAdded: 17.10.2021 19:03 | 21 views | 0 commentsSource: www.californiawatercolor.comThe damage from the recent California oil spill has so far been less disastrous than initially feared, but it has thrust the issue of offshore oil drilling on the West Coast into some of the most hotly contested US House races in the country. More in rss.cnn.com » California, Congress Tags: Oil
Why the ‘Big Short’ Guys Think Bitcoin Is a Bubble
Michael Burry (as played by Christian Bale in The Big Short) believes bitcoin will crash. Cryptocurrency investors have also been largely unfazed by the fact that, in the case of bitcoin, the term “currency” is something of a misnomer. The winners of the Big Short came to define themselves as bears and proceeded to underperform everyone for 13 years. In a Bloomberg interview, Paulson noted that unlike his lucrative “big short” trade, cryptocurrencies are too volatile and risky to make them a good short. The federal government treats bitcoin as property, and Gensler’s regulatory hawkishness has generally included exceptions for bitcoin itself.
Bitcoin bull Mark Yusko sees trouble at $60,000, calls the cryptocurrency 'overbought' right now
Hedge fund manager Mark Yusko believes investors will take profits due to the cryptocurrency's sharp rally over the last few weeks. The stock to flow model says we should," the Morgan Creek Capital Management CEO and CIO told CNBC's "Trading Nation" on Friday. Bitcoin crossed the $60,000 mark for the for the first time since April on Friday. "We're excited, obviously, that people are recognizing that approval is likely imminent," said Yusko, who's also managing partner of Morgan Creek Digital "We've been bullish on cryptocurrency, and bitcoin in particular, for a long time." "A pause that refreshes given how overbought we are right now wouldn't surprise me," said Yusko.
California port director cites consumer demand as supply chain disruptions carry on
The supply chain bottleneck at major U.S. ports has developed into a global crisis and Port of Long Beach executive director Mario Cordero blamed the rise in consumer demand and online sales on "Fox News Live." So I think there’s a certain aspect to this that is consumer demand and that’s one of the many factors that’s causing the surge and disruptions of the supply chain." BRET BAIER PRESSES TRANSPORTATION SECRETARY BUTTIGIEG ON SUPPLY CHAIN WOES"It’s going to take collaboration by everybody in the supply chain, it’s not just the marine terminal operators," he said. The director said even though mass labor shortage in trucking and other sectors as a consequence of the coronavirus pandemic has worsened supply chain backup, there’s no labor shortage at the ports. The Port of Long Beach has been recorded as the second-busiest container port in the country and the twenty-first-busiest container cargo port in the world.
Coast Guard says a ship's anchor dragged California oil pipeline that later leaked
Coast Guard says a ship's anchor dragged California oil pipeline that later leakedEnlarge this image toggle caption Ringo H.W. During a prior visit by the ship during a heavy storm in January, investigators believe its anchor dragged for an unknown distance before striking the 16-inch steel pipe, Coast Guard LTJG SondraKay Kneen said Sunday. The vessel's owner, identified by the Coast Guard as Dordellas Finance Corporation, could not be reached for comment. Attorneys for MSC and Dordellas will have the chance to examine and cross-examine the government's witnesses in the case and also to call their own witnesses, according to the Coast Guard. In response to the new focus on the DANIT, the Houston-based owner of the damaged pipeline, Amplify Energy, thanked the Coast Guard for its continued work on the case.
Farmers and John Deere suppliers worry about strike's impact
WATERLOO, Iowa — Farmers and Deere & Co. suppliers are worried about what the strike at the tractor maker’s factories will mean for their livelihoods. The longer the strike continues, the greater the impact will be on the communities around the plants. “If this gets sorted out in a couple of days, great,” Brian Jones, who farms in central Iowa, told the Des Moines Register. Burk “Skeet” Miehe of American Pattern & CNC Works in Cedar Falls, Iowa, said his business was doing OK initially because it worked ahead to meet orders from Deere. Casting Cleaning Inc. in Cedar Falls, which does chipping and grinding work of foundry castings for John Deere, was closed Friday because of lack of work, but company President Shannon Closson said it’s expected to reopen Monday.
Hooters adjusts policy to make controversial new uniform optional for employees after outcry over skimpy new shorts that are 'like underwear'
"They can determine which style of shorts best fits their body style and personal image," a Hooters spokesperson told Insider. Hooters is adjusting its uniform policy to make its controversial new shorts optional in response to outcry from employees on social media. According to a spokesperson for Hooters of America, staffers will now be permitted to choose between the new shorts - which some have described as so skimpy they're "like underwear" - and the original longer shorts. I mean shorts," wrote one TikTok user. "We're excited to see a national trend toward self-expression and inclusivity that bodes well for our marketplace," the spokesperson wrote in the email.
Coast guard: California oil pipeline may have been dragged by cargo ship
Investigators seeking the cause of the massive California oil spill said Sunday that the pipeline at the center of the leak may have been dragged along the ocean floor by a 1,200-foot cargo ship months before, AP reports. Get market news worthy of your time with Axios Markets. The pipeline leak caused nearly 25,000 gallons of crude oil to spill into the ocean. Huntington Beach Mayor Kim Carr called the oil spill was an "environmental catastrophe" and California Gov. Get more from Axios and subscribe to Axios Markets for free.
Group of American missionaries reported as kidnapped by gang members in Haiti
Associated PressInvestigators believe a 1,200-foot (366-meter) cargo ship dragging anchor in rough seas caught an underwater oil pipeline and pulled it across the seafloor, months before a leak from the line fouled the Southern California coastline with crude. A team of federal investigators trying to chase down the cause of the spill boarded the Panama-registered MSC DANIT just hours after the massive ship arrived this weekend off the Port of Long Beach, the same area where the leak was discovered in early October. During a prior visit by the ship during a heavy storm in January, investigators believe its anchor dragged for an unknown distance before striking the 16-inch (40-centimeter) steel pipe, Coast Guard Lt. j.g.
U.S. Coast Guard boards ship in connection with California oil spill
(Reuters) - The U.S. Coast Guard boarded a container ship on Saturday in the Port of Long Beach that dragged its anchor close to a subsea pipeline found to be the source of an oil spill off Orange County, California, it said in a press release. As a result, it said, MSC Mediterranean Shipping Company S.A., which operates the vessel, and Dordellas Finance Corporation, the ship's owner, have been designated by the Coast Guard as parties of interest in the investigation. The designation allows the companies to be represented by counsel, examine and cross-examine witnesses, and call witnesses who are relevant to the investigation, the Coast Guard said. MSC Mediterranean Shipping Company did not immediately respond to a request for comment. The Coast Guard said the investigation was ongoing and that "multiple pipeline scenarios" as well as additional vessels of interest continue to be investigated.
A California man who twice broke into his dad's former home was fatally shot by the new owners, authorities say
The intruder died at the scene, authorities said. Timothy Abero/EyeEm via Getty ImagesA California man was fatally shot by the current owners of his father's former home, according to the Calaveras County Sheriff's Office. A California man who broke into his old home twice in the same weekend was fatally shot by the new owners, according to a press release from the Calaveras County Sheriff's Office. Story continuesAuthorities said the other owner, identified as another male, shot Elizalde in self-defense. The intruder died at the scene, authorities said.
Zillow takes a break from flipping houses
Zillow Group Inc. is taking a break from buying U.S. homes after the online real estate giant’s pivot into tech-powered house-flipping hit a snag. The popularity of the company’s apps and websites fuels profits in Zillow’s online marketing business. In 2018, the company launched Zillow Offers, joining a small group of tech-enabled home-flippers known as iBuyers. In the new business, Zillow invites homeowners to request an offer on their house and uses algorithms to generate a price. Zillow stopped buying homes in the early days of the pandemic, as did its main competitor, Opendoor Technologies Inc.
Economist Mohamed El-Erian says potential volatility looms: 'Things will get worse before they get better'
"So as sad as I am to say this – it is what I expect – things will get worse before they get better," the economist said Sunday afternoon. El-Erian also responded to the claim that inflation America is experiencing is a "high-class problem." HEMMER PRESSES PRO-BIDEN ECONOMIST ON CALLING INFLATION A 'HIGH-CLASS PROBLEM': 'WHAT WERE YOU THINKING?' "That's not a high-class problem, but there are elements that are high-class. There is part of it that's transitory, that's COVID related, but there are things going on that are fundamentally much deeper than that.
As some Black staff members leave Congress, those left call for change
While congressional leadership has made some moves welcomed by many Black staffers, they have fallen short. In August, Speaker Nancy Pelosi increased the maximum annual pay for House staffers to nearly $200,000. But that increase did not raise the income of average staffers, who make $30,000 to $40,000 a year; entry-level jobs can pay as little as $29,000. Black Americans already do not earn as much as their white counterparts — in 2019, the median income for Black households was more than $20,000 less than that of the average American household.
Ticker: Gaming revenues set record; Northampton looks to buy vacant church
The last three months rank as the top three for state gaming revenues since legal betting began more than six years ago, cumulatively generating nearly 10% of all of the gaming tax revenue collected to date. The trend of strong gaming taxes began in July, when the state’s three gambling centers counted $95.74 million in revenue and turned over a record $27 million in taxes and fees to the state. August stands as the second-best month yet with $92 million in casino revenue and $26.15 million in state taxes. Northampton looks to vacant church for community centerThe city of Northampton wants to buy a shuttered Catholic church building in town that the current owner plans to demolish. St. John Cantius and four other churches in Northampton were consolidated by the Roman Catholic Diocese of Springfield in 2010 to form a single parish.
Bitcoin-miners resurrecting mothballed powerplants in crypto-quest
It uses its own power plant. Proponents call it a competitive way to mine increasingly popular cryptocurrencies, without putting a drain on the existing power grid. Environmentalists see the plant as a climate threat“The current state of our climate demands action on cryptocurrency mining,” said Liz Moran of Earthjustice. Around the country, there are other power plants being used for cryptocurrency mining under different types of arrangements. “And we wanted to flip that model upside down because we knew that there are lots of underutilized energy generation sources in the U.S.”
Celebrities join Prince William for Earthshot Prize award
The government of Costa Rica was honored for a project that pays local citizens to restore natural ecosystems, and the city of Milan was handed a prize for its Food Waste Hubs program, which recovers food from supermarkets and restaurants and distributes it to those in need. “Many of the answers are already out there," he added. to raise their ambition and unite in repairing our planet.”. The ceremony came days ahead of the COP26 U.N. climate change summit in Glasgow, which begins on Oct. 31. —-Follow all AP stories on climate change issues at https://apnews.com/hub/climate-change.
[Editorial] Shoddy probe
Yoo is said to be a close associate of Lee, who was recently chosen as the ruling Democratic Party of Korea’s presidential candidate. It said that it will contact Kim’s attorneys to fix the date for an additional round of questioning. They may have already eliminated many pieces of evidence.Furthermore, it is questionable if the raid on the Seongnam city hall was thorough. Critics and opposition party lawmakers demand Kim recuse himself from the case. Their demand sounds reasonable.It is becoming increasingly difficult for people to trust the outcomes of the investigation, whatever they will be.By Korea Herald ( khnews@heraldcorp.com
Governor of the Bank of England signals interest rate rise could come in November
Andrew Bailey has given his clearest hint yet that the Bank of England is about to raise interest rates in an attempt to combat a jump in inflation. Speaking in an online panel, Mr ­Bailey said: “Monetary policy cannot solve supply-side problems – but it will have to act and must do so if we see a risk, particularly to medium-term inflation and to medium-term inflation expectations. And that’s why we at the Bank of England have signalled, and this is another such signal, that we will have to act. But of course, that action comes in our monetary policy meetings.”The Bank’s Monetary Policy Committee will next announce a decision about rates on Nov 4. Markets believe a rate increase to 0.25pc is increasingly likely after concerns were raised by several policymakers about inflation in the past few weeks.
Exclusive: Government to fund new nuclear power station as part of Net Zero drive
Funding for a new nuclear power plant will be announced before the 2024 election, the Government will vow this week as it reveals plans to lower carbon emissions. The Telegraph understands a promise to agree financing for the new plant during the current parliament will be included in the Government’s long-awaited Net Zero strategy. The document, said to be more than 150 pages long, will detail how Boris Johnson plans to hit his pledge to bring the UK’s carbon emissions down to “net zero” by the year 2050. According to government insiders, the front-runner site to win the funding is Sizewell C, a nuclear power plant being proposed by EDF Energy for Suffolk. If approved, Sizewell C would supply around six million homes with low carbon energy for around 60 years, according to EDF Energy - though critics question if it offers value for money.
[Tim Culpan] Weak link in global chip supply chain
Plans to survey chipmakers and keep tabs on the supply chain to head off further disruption highlight just how disconnected the US government is from the realities of a $500 billion industry that spans the globe. It’s possible that the data Commerce collates will show some buyers have been stockpiling chips, a fact already widely reported, or that there’s a need for capacity in some technology nodes -- also well known. But in the fast-changing world of semiconductor supply and demand, all this will be backward-looking information. “We need to hear directly from impacted businesses when they are experiencing a COVID-related semiconductor supply chain disruption,” she said. The chip sector collates and processes reams of supply chain data, using it to tweak every aspect of operations.
Coast Guard: 1,200-foot ship dragged California oil pipeline
Chiu, File)Investigators believe a 1,200-foot (366-meter) cargo ship dragging anchor in rough seas caught an underwater oil pipeline and pulled it across the seafloor, months before a leak from the line fouled the Southern California coastline with crude. During a prior visit by the ship during a heavy storm in January, investigators believe its anchor dragged for an unknown distance before striking the 16-inch (40-centimeter) steel pipe, Coast Guard Lt. j.g. The vessel’s owner, identified by the Coast Guard as Dordellas Finance Corporation, could not be reached for comment. Attorneys for MSC and Dordellas will have the chance to examine and cross-examine the government’s witnesses in the case and also to call their own witnesses, according to the Coast Guard. In response to the new focus on the DANIT, the Houston-based owner of the damaged pipeline, Amplify Energy, thanked the Coast Guard for its continued work on the case.
More big woes for NYC’s next mayor: Wall Street job losses — and tax-revenue dips
New York’s banks and investment firms are doing great. Investment banks are reaping record merger and acquisition fees, and Americans are once again paying to borrow money. But: If you just looked at New York’s jobs figures, and not at the news on bank earnings, you wouldn’t know any of this. New York City’s financial industry jobs are still down five percent from August 2019. We used to fret about what happened when Wall Street crashed; now, we should fret that we have these woes when Wall Street hasn’t crashed.
New Zealand Apple Grower's Profit to Plunge as Pandemic Disrupts Exports, Harvest
WELLINGTON, New Zealand--New Zealand apple grower T&G Global Ltd. expects its full-year earnings to sink by as much as 75% due to the pandemic disrupting its harvest and exports. The company, which sells Jazz and Envy brand apples in about 60 countries, said its 2021 profit would be 4-10 million New Zealand dollars ($2.8 million-$7.1 million), compared with NZ$16.6 million in 2020.
Netflix earnings, housing data: What to know this week
Third-quarter earnings are set to ramp further this week, after an auspicious start to the reporting season saw many of Wall Street's biggest bank beat consensus expectations, with new reads on the housing market also in focus. As of Friday, the expected earnings growth rate for the S&P 500 was 30%, according to FactSet. Netflix said last week the series reached 111 million viewers, making it the largest series launch in company history. For Q3, consensus analysts expect Netflix to add 3.7 million net paid subscribers, according to Bloomberg data, with this sum coming in slightly ahead of the company's own forecast from July for 3.5 million net additions. Housing dataInvestors are also set to closely monitor a slew of data on the U.S. housing market this week, as materials shortages and concerns around affordability continue to weigh on the sector.
Making The Singaporean Case For Gold
There may be no earthly reason to hold gold or for gold to be the one long-term constant in the millennia of innovation and fraud in finance! Story continuesThe gold market is highly liquidWell, the gold market is still one of the most liquid markets in the world, with roughly US$200bn traded on recognized exchanges, making it the 3rd largest financial market. Either way, gold will offer you a safe harbor from the piracyTo hold 6,500 cryptocurrencies or hold a single gold? The take-up of Bitcoin and other forms of cryptocurrencies and their anointment by the punditry as “Digital Gold” has certainly had some impact on gold trading. How Singaporeans can hold goldThe most obvious way to hold gold is via bars and coins, but these typically have relatively high premia (read costs) for purchasing the exposure.
Destitute Afghan families 'are selling their CHILDREN to make ends meet' amid collapsing economy
Families in Afghanistan are being forced to sell their children to pay off debts, as the country's economy teeters on the brink of near-total collapse. Other families in Herat have been forced to sell their children in order to repay their debts, residents said. Families in Afghanistan are being forced to sell their children to pay off debts, as the country's economy teeters on the brink of near-total collapse. For Saleha, she now must somehow find enough money to pay off her debt - or lose her three-year-old daughter. UN chief Mr Guterres said this week: 'Right now, with assets frozen and development aid paused, the economy is breaking down.
Low turnout as Lebanese mark two years of protests
Cross-sectarian demonstrations swept the country, demanding the overthrow of political barons in power since at least the end of the 1975-1990 civil war. One who did protest on Sunday, Rabih Zein, said it was not just previous police crackdowns that had kept demonstrators away. The protest movement has given birth to a flurry of new political groups, which many hope will run in the upcoming polls. Fatima Mahyu, a protester from Beirut, said some people were likely too scared to come out on Sunday. Another protester, Micheline Abu Khater, a history teacher, said she was staying in Lebanon for the upcoming elections.
Alex Murdaugh coordinated with former housekeeper's family to sue himself for insurance money and then took $3 million, affidavits say
Bland filed a lawsuit in September against Murdaugh on behalf of Satterfield's estate seeking the money they say they are due. Murdaugh deposited more than nearly $3 million into an account he owned, the affidavits said. Murdaugh recommended an attorney to the family, and that attorney brokered insurance settlements of approximately $4.3 million, one affidavit said. A settlement agreement stipulated that $2,765,000 was for the Satterfield family, the affidavit said. While there is a legitimate company called Forge Consulting LLC that handles insurance settlements, it is not affiliated with the Satterfield settlement nor the "Forge" account owned by Murdaugh, the affidavit said.
Cryptocurrency Is Bunk
Cryptocurrency is often dismissed by economists and investors alike as a purely speculative asset — for good reason. Unlike many crypto fanatics who simplistically see money creation as the remit of government, Dixon rightly points out that money creation is more at the discretion of commercial banks. Cryptocurrency as a political project has its ideological roots in the Austrian school of economic thought. The issue isn’t therefore the amount of money created but at whose discretion it is created and for what purpose. As mentioned, the issue isn’t the quantity of money created but who it’s created by.
Looking to save on a Tesla? 9 tips for buying a used electric vehicle.
Like shopping for any used car, you’ll want to check an electric vehicle’s crash and repair history, along with the odometer. Used car sales hit record highs this year, propelling the average cost of a used car to over $25,000. Looking at zero-emission options, used car platform Vroom found the most popular makes and models based on its buying data. Here are some tips so you won't regret buying a used electric vehicle. Compare to other EVsTesla's used car site doesn't provide a lot of details on the car you're about to buy.
White House continues to push debunked zero-cost claim on Biden's agenda
President Biden is sticking to his claim that his Build Back Better agenda will cost the average American taxpayer nothing. "The cost of the Build Back Better Agenda is $0," the White House tweeted Sunday. Congress' Joint Committee on Taxation estimated that the reconciliation bill will only raise $2.1 trillion through taxes over 10 years, falling far short of the $3.5 trillion cost. The Washington Post's fact-checker, Glenn Kessler, similarly called the zero-cost claim "misleading" and argued that lawmakers "play all sorts of budget games to achieve that mythical zero within the 10-year budget framework." CLICK HERE TO GET THE FOX NEWS APPThe White House tweet Sunday sparked a flurry of replies from skeptics.
U.S. Coast Guard boards ship in connection with California oil spill
Workers rake up globs of crude oil after more than 3,000 barrels (126,000 gallons) of crude oil leaked from a ruptured pipeline into the Pacific Ocean in Corona Del Mar State Beach, Newport Beach, California, U.S. October 7, 2021. REUTERS/David SwansonOct 17 (Reuters) - The U.S. Coast Guard boarded a container ship on Saturday in the Port of Long Beach that dragged its anchor close to a subsea pipeline found to be the source of an oil spill off Orange County, California, it said in a press release. The spill released some 3,000 barrels (126,000 gallons) of crude oil into the Pacific Ocean, killing wildlife, blackening the coastline and forcing officials to close beaches south of Los Angeles. The designation allows the companies to be represented by counsel, examine and cross-examine witnesses, and call witnesses who are relevant to the investigation, the Coast Guard said. The Coast Guard said the investigation was ongoing and that "multiple pipeline scenarios" as well as additional vessels of interest continue to be investigated.
India's diesel sales fall in October, data shows
REUTERS/Rupak De Chowdhuri/File PhotoNEW DELHI, Oct 17 (Reuters) - India's gasoil consumption fell in the first half of October from the same period in the previous year, preliminary sales data showed. Sales of gasoil, which accounts for about two-fifths of India's overall refined fuel consumption, are directly linked to industrial activity in Asia's third-largest economy. India has not yet fully opened its public transport sector, which mostly uses diesel. October gasoline sales were up 8.3% from the same period in 2019 and rose by 2% from September, the data showed. Below is a table of India' preliminary fuel sales data with volumes in thousand tonnes.
Enpal closes out Series C with $174M from SoftBank for tech to make it easier for homeowners to make the switch to solar energy
The funding closes out its Series C at €250 million ($290 million), including €100 million that Enpal raised earlier this year from investors that included HV Capital and SolarCity co-founder Peter Rive. To date, Enpal has raised around $360 million in equity, with another $406 million in debt. So this is where Enpal -- which is a portmanteau of "energy" and "pal", Kohle said -- put all of its focus. “We believe Enpal offers customers an all-in-one solar solution, lowering the barriers to entry for consumers. It’s great to be working with Mario and the Enpal team to make more households energy independent.”
Tesla, AT&T, Netflix, Chipotle, and Other Stocks for Investors to Watch This Week
Seventy-two S&P 500 companies report earnings this week, as third-quarter earnings season ramps up. This week’s earnings highlights will include results from notable companies in telecom, consumer staples, energy, technology, health care, and the airline industry. Procter & Gamble, Halliburton, and Johnson & Johnson are Tuesday morning’s highlights, followed by Netflix and United Airlines Holdings after the market closes. AT&T, American Airlines Group, Southwest Airlines, and Chipotle Mexican Grill report on Thursday, then American Express, Schlumberger, and Honeywell International close the week on Friday. Halliburton, Procter & Gamble, Johnson & Johnson, Synchrony, Travelers, Philip Morris International, Kansas City Southern, WD-40, Interactive Brokers Group, Netflix, ManpowerGroup, Dover, and Canadian National Railway are among companies hosting earnings conference calls.
Coast Guard: 1,200-foot ship dragged California oil pipeline
Investigators believe a 1,200-foot (366-meter) cargo ship dragging anchor in rough seas caught an underwater oil pipeline and pulled it across the seafloor, months before a leak from the line fouled the Southern California coastline with crude. During a prior visit by the ship during a heavy storm in January, investigators believe its anchor dragged for an unknown distance before striking the 16-inch (40-centimeter) steel pipe, Coast Guard Lt. j.g. Story continuesThe vessel's owner, identified by the Coast Guard as Dordellas Finance Corporation, could not be reached for comment. Attorneys for MSC and Dordellas will have the chance to examine and cross-examine the government’s witnesses in the case and also to call their own witnesses, according to the Coast Guard. In response to the new focus on the DANIT, the Houston-based owner of the damaged pipeline, Amplify Energy, thanked the Coast Guard for its continued work on the case.
The Dow is on track for its best October in 6 years and third-quarter earnings are strong so far. What could go wrong?
Bloomberg(Bloomberg) -- Setting up a gas or power supply company might sound complicated if you’re not in the energy business. In the U.K., though, all you needed was access to the internet and a package from a software company that even came with its own license from the regulator.Most Read from BloombergThe Biggest Public Graveyard in the U.S. Is Becoming a ParkWhy Buying a Second or Even Third Home Is Becoming More Popular Than EverOut-of-Practice Airline Pilots Are Making Errors Back in the AirThe Wo
Bailey Says Bank of England ‘Will Have to Act’ on Inflation
Most Read from BloombergBank of England Governor Andrew Bailey moved to strengthen the case for raising interest rates, saying the central bank will “have to act” to curb inflationary forces and warning higher energy costs mean price pressures will linger. Rising energy prices mean inflation “will last longer and it will of course get into the annual numbers for longer as a consequence,” he said. That’s why we, at the Bank of England have signaled, and this is another signal, that we will have to act. Traders are betting that the BOE will start raising rates in the final months of 2021, and will take its benchmark to 1% by the end of 2022 from the current record-low of 0.1%. (Updates with comment in third paragraph)Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Farmers and John Deere suppliers worry about strike's impact
Burk “Skeet” Miehe of American Pattern & CNC Works in Cedar Falls, Iowa, said his business was doing OK initially because it worked ahead to meet orders from Deere. “If it does go longer, it could affect us,” Miehe told the Waterloo-Cedar Falls Courier. Casting Cleaning Inc. in Cedar Falls, which does chipping and grinding work of foundry castings for John Deere, was closed Friday because of lack of work, but company President Shannon Closson said it's expected to reopen Monday. “Long term, (the strike) would be very detrimental to our business. “We’re going to just keep right on forging ahead as best we can,” Maloney said.
Farmers and John Deere suppliers worry about strike's impact
Burk “Skeet” Miehe of American Pattern & CNC Works in Cedar Falls, Iowa, said his business was doing OK initially because it worked ahead to meet orders from Deere. “If it does go longer, it could affect us,” Miehe told the Waterloo-Cedar Falls Courier. Casting Cleaning Inc. in Cedar Falls, which does chipping and grinding work of foundry castings for John Deere, was closed Friday because of lack of work, but company President Shannon Closson said it's expected to reopen Monday. “Long term, (the strike) would be very detrimental to our business. “We’re going to just keep right on forging ahead as best we can,” Maloney said.
Strikes are sweeping the labor market as workers wield new leverage
© Alyssa Keown/Battle Creek Enquirer via AP Union workers participate in a strike against Kellogg on Oct. 11 at its plant in Battle Creek, Mich. Union workers walked out last Tuesday after Kellogg's five-year master contract with the BCTGM International Union expired. All told, there have been strikes against 178 employers this year, according to a tracker by Cornell University’s School of Industrial Labor Relations. The Bureau of Labor Statistics, which records only large work stoppages, has documented 12 strikes involving 1,000 or more workers so far this year. Workers took notice when their companies publicly praised them as heroic and essential in the early days of pandemic, labor leaders and experts say, and it made them angry. That’s labor’s power, a worker’s power is to withhold their labor,” said Kim Cordova, president of the Colorado branch of the United Food and Commercial Workers Union.
Coast Guard: 1,200-foot ship dragged California oil pipeline
Investigators believe a 1,200-foot (366-meter) cargo ship dragging anchor in rough seas caught an underwater oil pipeline and pulled it across the seafloor, months before a leak from the line fouled the Southern California coastline with crude. During a prior visit by the ship during a heavy storm in January, investigators believe its anchor dragged for an unknown distance before striking the 16-inch (40-centimeter) steel pipe, Coast Guard Lt. j.g. The impact would have knocked an inch-thick concrete casing off the pipe and pulled it more than 100 feet (30 meters), bending but not breaking the line, Kneen said. Still undetermined is whether the impact caused the October leak, or if the line was hit by something else at a later date or failed due to a preexisting problem, Kneen said. “We're still looking at multiple vessels and scenarios,” she said.
Allison Williams is leaving ESPN over COVID-19 vaccine mandate
Evidence about the safety and effectiveness of COVID-19 vaccination during pregnancy has been growing. These data suggest that the benefits of receiving a COVID-19 vaccine outweigh any known or potential risks of vaccination during pregnancy. There is currently no evidence that any vaccines, including COVID-19 vaccines, cause fertility problems in women or men. Getting a COVID-19 vaccine can protect you from severe illness from COVID-19. Beyond that, yes, of course, like most vaccines, the approved COVID-19 vaccines do not stop all transmission and spread.
Nazanin Zaghari-Ratcliffe expecting to go back to prison as she accuses British government of 'playing with fire'
Nazanin Zaghari-Ratcliffe expects to return to prison soon after losing an appeal over a second sentence, prompting her to accuse the British government of “playing with fire”. Currently under house arrest at her parents’ home in Tehran after serving a full five-year prison sentence on espionage charges, Ms Zaghari Ratcliffe was sentenced to another year of imprisonment and an additional yearlong travel ban on separate charges in April. The British-Iranian aid worker’s appeal against the new sentence was suddenly denied on Saturday after a hearing. “It was all quite shock and awe, we had not had any news on the case in months”, her husband Richard Ratcliffe told The Telegraph. The 43-year-old has not yet received a formal summons to return to prison, but her husband said that “it is a signal to the British government that they will send her back soon”.
Britain is now facing a pie crisis amid 'perfect storm' of foil tins running low
Britain is now facing a pie crisis amid a 'perfect storm' of foil tins running low due to rising global aluminium prices, ongoing labour shortages and inflation. The British Pie Association is urging pie makers to re-use the foil tins rather than throw them away to tackle the shortages. But Isaac Fisher, the General Manager at Pukka Pies, has insisted that they will continue to 'feed the nation' despite the brewing pie crisis. Britain is now facing a pie crisis amid a 'perfect storm' of foil tins running low due to rising global aluminium prices, ongoing labour shortages and inflation'As the People's Pie, it's our No 1 ­priority to keep feeding the nation. Unite says it could pull its 50,000 lorry drivers off the road despite the supply chain crisis.
Watch Out for Those Billionaires Wielding $601
Then-Federal Reserve Chair Janet Yellen in Washington, D.C., in 2017. pic.twitter.com/M3VKOhdtSu — CBS Evening News (@CBSEveningNews) October 12, 2021This, of course, is nonsense. As it so happens, $600 is the threshold at which businesses are obliged to report paying independent contractors. If Yellen believes that the IRS is losing out on transactions such as these — and that, as a result, it needs to see aggregate inflows and outflows that exceed $600 — then she should say so. But pretending that by “high income individuals with opaque source of income” she means “billionaires” instead of small businesses owners represents an absurd insult to our intelligence.
At least 13 auto safety rules are years overdue. Many of them could save lives
HOPE YEN and TOM KRISHERThe Associated PressWASHINGTON (AP) — As traffic fatalities spike in the COVID-19 pandemic, the federal agency in charge of auto safety is struggling with a growing backlog of safety rules ordered by Congress that are years overdue and could save thousands of lives. A governors’ highway safety group says the United States faces a “car crash epidemic" at the same time that safety rules languish. “Government should not take this long to act on safety,” said David Mills, who started a Houston-area foundation in Kailee’s honor aimed at promoting seat belt safety. “It’s frustrating,” said Jonathan Adkins, executive director of the Governors Highway Safety Association, which represents state highway safety offices and says the crashes are an epidemic. “I can’t say the U.S. regulator of the auto industry is at all on track,” said Cathy Chase, president of Advocates for Highway and Auto Safety.
Federal pathway to student loan forgiveness just got less complicated: 5 Things podcast
Shannon GreenThe Department of Education has just announced sweeping changes for student loan forgiveness program. And after that time, whatever federal student debt you had left would be forgiven, but it came with all these caveats. So the federal government rolled out a bunch of changes to the Public Service Loan Forgiveness program recently. Chris QuintanaThere's a little less that you can do to apply for, like in the Public Service Loan Forgiveness Program. It doesn't seem likely that that particular aspect of student loan forgiveness would happen.
Jay-Z due to testify in NYC lawsuit over ‘reneged’ perfume deal
Rap mogul Jay-Z is expected to get grilled on the witness stand over claims he reneged on a deal to promote his own perfume. The 51-year-old artist, whose real name is Shawn Carter, is named in a breach of contract lawsuit filed by Parlux Fragrances accusing him of failing to peddle the Gold Jay-Z fragrance line under a 2012 agreement. Parlux filed the lawsuit in Manhattan Supreme Court in 2016, claiming the “Empire State of Mind” rapper declined to push the perfume, including on “Good Morning America” and in Women’s Wear Daily. Jay Z fragrance “Gold” which $20,000 and features an 18-karat gold cap. “The launch started out successfully and the product initially received rave reviews from Palux’s retailer customers,” the lawsuit, filed Jan. 25, 2016, says.
Sen. Johnson: Democrats are 'living in a fantasy world' over rising inflation
Senator Ron Johnson, R-Wisc., argued Democrats are "living in a fantasy world" over the impacts of rising inflation, adding that low-income families and retirees are most impacted Sunday on "Sunday Morning Futures" with Maria Bartiromo. BIDEN OFFICIAL WHO SAID INFLATION ISSUES ARE ‘HIGH CLASS PROBLEMS’ ONCE RIPPED TRUMP ADMIN FOR PRICE INCREASESSEN. RON JOHNSON: Democrats are just living in a fantasy world. They deny reality, and the reality is high inflation primarily affects retirees and the working poor or any poor person. It's the poor, people on a fixed income, that are incredibly hurt by inflation, and people need to understand that. And unfortunately, it always sounds good when the federal government is sprinkling around benefits, going to give you free college and free childcare and free pre-k. All this stuff is not free.
Tesla's Musk dials into Volkswagen executive conference
Tesla boss Elon Musk has addressed 200 Volkswagen executives via a video call after an invitation from the German carmaker's CEO Herbert Diess, who wants to galvanize VW's top brass for a faster pivot to electric vehicles. The comments on Thursday by Musk to a VW managers gathering in Alpbach, Austria, confirmed by Diess via Twitter on Saturday after a report in Handelsblatt daily, included praise of VW for being an "icon" and Tesla's greatest challenger, Handelsblatt said. Diess said in his Saturday tweet that VW, which has emerged as the main contender to Tesla for global electric vehicle supremacy, would continue its dialogue with Tesla. Tesla is awaiting final building approval for the 5.8 billion euro ($6.8 billion) German site. VW, in turn, plans to build six large battery factories in Europe by 2030 as part of an all-in bet on electric mobility.
Journalists Maria Ressa, Dmitry Muratov win 2021 Nobel Peace Prize
Journalists Maria Ressa and Dmitry Muratov won the Nobel Peace Prize on Friday for their fight to defend free expression in the Philippines and Russia. The Norwegian Nobel Committee said it recognized the pair for their "efforts to safeguard freedom of expression, which is a precondition for democracy and lasting peace." "Despite the killings and threats, editor-in-chief Muratov has refused to abandon the newspaper's independent policy," the Nobel Committee said in a statement. Still to come Monday is the Nobel Prize in economics. But the decisions of the secretive Nobel Committee do not always guarantee a life of international acclaim.
As marijuana industry in Oklahoma booms, rural utilities feel growing pains
The medical marijuana industry in Oklahoma is booming, but some utility providers struggle to keep up with the growing need for water and electricity. Seth Bodine / KOSU Sheldon Tatum, a rural water district manager in Hughes County, stands in a water well pump house. Over the past nine months, eight cannabis growers have moved into his service area. Whitaker says he fears he will get too close to the 130 million gallons the Oklahoma Water Resources Board has allocated the district. And then we don't know if they're [marijuana farms] going to be here in three years, five years,” Tatum asks.
Nearly 3 million people have signed a petition demanding that Congress issue a fourth stimulus check
Angela Weiss/AFP via Getty ImagesA Change.org petition calling for a fourth round of stimulus checks has almost 3 million signatures. There have been three stimulus checks released, and it's unclear whether there will be a fourth. Support for a fourth stimulus check continues to grow as a petition calling on Congress to deliver another round of aid nears 3 million signatures. Eligible Americans received $1,400 stimulus checks in March as part of Democrats' $1.9 trillion stimulus package. Story continuesBut, as Insider's Joseph Zeballos-Roig wrote, a fourth stimulus check is unlikely.
Suze Orman: Make these 5 moves to stay out of the poorhouse in retirement
Suze Orman: Make these 5 moves to stay out of the poorhouse in retirementEveryone hopes that, after decades of hard work, they'll retire rich enough to spend decades more enjoying the fruits of their labor. But if you ask financial guru Suze Orman, the average American is nowhere near ready. With a substantial emergency fund you’ll be able to get by until it’s once again safe to take out funds from your retirement account. Invest in a Roth IRAbbernard / ShutterstockTo avoid paying tax when you take money out of your retirement account, Orman recommends you go for a Roth IRA account. You’ll need to have an adjusted gross income under $139,000 or $206,000 for married or joint filers.
Zillow Pauses Home Purchases as Snags Hit Tech-Powered Flipping
(Bloomberg) -- Zillow Group Inc. is taking a break from buying U.S. homes after the online real estate giant’s pivot into tech-powered house-flipping hit a snag. The popularity of the company’s apps and websites fuels profits in Zillow’s online marketing business. Why Zillow Went From Online Real Estate Ads to Flipping HomesBut more recently, it has been buying and selling thousands of U.S. homes. In the new business, Zillow invites homeowners to request an offer on their house and uses algorithms to generate a price. Zillow stopped buying homes in the early days of the pandemic, as did its main competitor, Opendoor Technologies Inc.
Jamul ranch in San Diego for sale for $18.75 million
(Jarrod Valliere / The San Diego Union-Tribune) (Jarrod Valliere/The San Diego Union-Tribune) 2 / 6 Jamul, CA - October 11: The Breezeway Ranch house on Monday, Oct. 11, 2021 in Jamul, CA. (Jarrod Valliere / The San Diego Union-Tribune) (Jarrod Valliere/The San Diego Union-Tribune) 3 / 6 Jamul, CA - October 11: The 1,325 acre Breezeway Ranch on Monday, Oct. 11, 2021 in Jamul, CA. (Jarrod Valliere / The San Diego Union-Tribune) (Jarrod Valliere/The San Diego Union-Tribune) 4 / 6 Jamul, CA - October 11: The Breezeway Ranch vineyard on Monday, Oct. 11, 2021 in Jamul, CA. (Jarrod Valliere / The San Diego Union-Tribune) (Jarrod Valliere/The San Diego Union-Tribune) 5 / 6 Jamul, CA - October 11: The Breezeway Ranch pool on Monday, Oct. 11, 2021 in Jamul, CA. (Jarrod Valliere / The San Diego Union-Tribune) (Jarrod Valliere/The San Diego Union-Tribune)The listing is a bit unique and some might find it a tad confusing.
Complaint: Santa Ana Arts Collective’s affordable housing comes with price of living in fear
Lisa Warmuth thought she had found an ideal community of like-minded creatives when moving into the Santa Ana Arts Collective apartments a year ago. Lisa Warmuth is an artist tenant at the Santa Ana Arts Collective in Santa Ana. Santa Ana invested $7.9 million into the affordable housing project, which boasts being the first under a new adaptive reuse law passed in 2014. A Santa Ana Housing Authority official dismissed the former notion as untrue while affirming the latter. “The city and Housing Authority do not own or manage the Santa Ana Arts Collective,” said Paul Eakins, city spokesman.
More than 4,000 without power in Gilroy, Morgan Hill
Two power outages have left more than 4,000 people without power in Gilroy and Morgan Hill, Pacific Gas & Electric Co. reported. An outage that began just before 8 a.m. Sunday left 3,059 customers in the dark in Morgan Hill, according to Karly Hernandez, a PG&E spokeswoman. That number has since been whittled down to 723, and power is expected to be completely restored around 2:45 p.m., she said. Related Articles PG&E cancels second planned power shutoff on Thursday in Northern CaliforniaPG&E reduces scope of power shutoffs for Thursday ahead of dry windsSeveral thousand Bay Area customers to lose power in next round of PG&E shutoffsPG&E begins power shutoffs as strong winds sweep Bay AreaPG&E power outages: Most of Bay Area should have power by midnight The cause is under investigation. An additional 1,001 people were left without power in Gilroy when a car hit a pole, according to the utility provider’s outage map.
State court dismisses GM's 'enthralling' lawsuit against FCA
The judge added that GM's average hourly wage cost actually decreased by about $1 per hour between 2011 and 2015. GM's claims stem from a years-long federal investigation into UAW corruption, which has resulted in the convictions of 15 people, including three former FCA executives. "As we have said from the date the original lawsuit was filed, it is meritless," Stellantis said in a statement of GM's suit. "The courts once again agreed and dismissed GM’s complaint. A federal district court judge dismissed GM's original racketeering lawsuit against FCA, because the Detroit automaker was not the direct victim of the scheme.
Cop26 corporate sponsors condemn climate summit as ‘mismanaged’
Companies that stumped up millions of pounds to sponsor the Cop26 climate summit have condemned it as “mismanaged” and “very last minute” in a volley of complaints as next month’s event in Glasgow draws near. The Guardian understands that a letter to the organisers, written by broadcaster Sky and co-signed by senior leaders from other Cop26 sponsors, has raised concerns with them over these and other problems, and followed another co-signed letter in July. Other sources have described the “shifting goal posts” and “inertia” plaguing the Cop26 planning as “deeply frustrating”. Many of the event’s corporate backers regularly take part in high-profile sponsorship deals for big events, and have been left bewildered by the slow progress of the Cop26 events, another source explained. A Cop26 spokesperson said the organisers were “working closely” with sponsors which would increase the value for money for taxpayers, and reduce the overall financial cost of Cop26.
Millionaire who ate at Salt Bae’s new restaurant after McDonald’s says steakhouse isn’t ‘worth the price’
A millionaire who recently dined at Salt Bae’s London steakhouse, after first having a meal at McDonald’s, has claimed that the new restaurant isn’t “worth the price”. Since chef Nusret Gökçe opened his new Nusr-Et Steakhouse in Knightsbridge last month, diners have been shocked by the menu prices, with numerous customers expressing dismay over their bills at the end of the night. And, according to Chiraag Suchak, a 33-year-old IT contractor who works for investment banks and identifies as a millionaire, a meal at the steakhouse isn’t even worth the money. Ultimately, he concluded that people go to the steakhouse for the “experience” and that diners are really paying for the “hype”. Salt Bae became a notable figure in the restaurant industry after he garnered internet fame in 2017 with a video of himself cutting meat and sprinkling salt.
Pandemic Observations -- October 15, US States & Canadian Provinces (Good News Edition):
Clovid-19Except for Alaska, the trends in new Covid-19 cases are looking increasingly benign in both the US and Canada this week, and even new deaths are starting to follow suit now for the most part (note that the scary looking stats from Nebraska are mostly a result of their increasingly erratic release of new fatality data). The only real question remaining at this point is whether we are on the final downslope of this pandemic, or whether we will see yet another resurgence in the weeks and months ahead. It’s worth noting that our huge (pre-Delta) winter surge was just starting to ramp up at this point last year, so the longer we can continue without such a reversal in trendlines, the better our long-term prospects for reducing this pandemic to more manageable proportions. US States & Canadian Provinces: October 9-15 New Deaths 7-Day D/1M 7-Day Deaths Weekly Change 14.Day Change Change fr Max Doses /100 Canada USA WV ID AL WY FL GA SC NN KY TX OK MT ND NV OH OR PA TN IN VA MS NC AK LA AR IA WA NM SK NE MI AB WI DE AZ UT MN CO HI SD MD IL VT ME NH CA NB NJ NY KS MA CT BC MB RI PR NL QC MO ON DC NS 7.5 34.5 96.1 75.0 70.4 67.4 60.5 59.6 58.9 55.6 53.7 49.4 47.7 45.9 44.6 44.5 43.5 42.4 39.8 39.7 39.1 37.0 35.6 33.5 32.8 31.8 31.1 29.7 29.7 29.1 27.4 26.9 26.6 26.6 25.1 24.6 23.6 22.8 21.8 21.5 20.5 20.3 19.7 18.3 17.6 17.1 16.9 16.6 15.5 13.7 13.1 13.0 11.9 11.2 10.7 9.5 5.7 5.3 3.8 3.2 2.3 1.6 1.4 0.0 282 11,403 172 134 345 39 1,301 632 303 10 240 1,434 189 49 34 137 508 179 510 271 263 316 106 352 24 148 94 94 226 61 32 52 266 116 146 24 172 73 123 124 29 18 119 232 11 23 23 655 12 122 254 38 82 40 54 13 6 18 2 27 14 23 1 0 6% -15% -20% -28% -5% -13% -7% -30% -16% 43% -4% -19% -28% -21% 42% 15% -7% 7% 9% -23% -11% 17% -36% -29% 85% -20% -1% 3% -6% 7% -22% 940% 1% 17% 39% -44% -39% 43% -9% 14% -34% -31% 16% -8% -21% -50% 44% -10% 0% -4% 10% -36% -17% 5% 93% 117% -63% -44% 100% -18% -97% -47% -83% -100% -1% -12% 10% 1% -47% 8% -36% -8% -31% -11% -12% -18% -11% -21%
Why is dKos showing pictures of Black men being lynched??
Ive been at dKos for a long time. Ive been here since it was a gathering place for those of us who wanted Howard Dean to win the 2004 Presidential primary. Which is why all these advertisements showing Black men getting lynched has me roiled up. dKos cannot simply take advertising dollars abd ignore the images that take up precious real estate on these hallowed pages. Contact dKos' advertising page and tell them to remove paid images of Black men swinging from the gallows.
Labor’s Reawakening
Over a decade and a half ago, Josh Marshall described the phenomenon that he came to call “dominance politics”. The purpose of dominance politics is to attack, attack, attack, and make it appear that the opponent has not fought back. To quote Marshall, “Someone who can’t or won’t defend themselves certainly isn’t someone you can depend upon to defend you”. For many American workers, the Trump presidency just brought to the political arena an element of abuse that they were enduring at the workplace. During the pandemic, low wage workers who have been told for decades that they are expendable and easily replaced suddenly became “essential” and “heroes”.
Disgraced lawyer Alex Murdaugh booked in South Carolina jail
Embattled lawyer Alex Murdaugh was jailed in his home state of South Carolina on charges connected to unpaid settlement money meant for his late housekeeper’s children. Murdaugh, 53, was booked Saturday into Alvin S. Glenn Detention Center in Columbia, according to inmate records. Alex Murdaugh walks into court for his bond hearing, in Varnville, South Carolina on September 16, 2021. CBSAlex Murdaugh was busted for allegedly trying to get his drug dealer to kill him in a life insurance scam to collect $10 million for Murdaugh’s eldest son, Buster. AP Photo/Mic Smith, FileAlex Murdaugh is also being investigated for stealing millions from his family’s law firm.
5 charts that explain inflation, wages, supply chains and restaurants
Meanwhile, the labor market has whipsawed millions of Americans through layoffs and then rehirings, with millions caught in between. Wages are up, and people are switching jobs at a record rate. And while growth for the year is still projected to approach 6 percent, White House and Federal Reserve officials underestimated the economic disruption that would persist through the pandemic’s second year. Now it appears certain that many of these strains, both economic and viral, will continue well into 2022, and perhaps beyond.
A South Carolina teacher was arrested after a student took a pack of marijuana edibles from a prize box in her classroom, sheriff says
Jane Tyska/Digital First Media/East Bay Times via Getty ImagesA South Carolina elementary school teacher was arrested after her student picked marijuana gummies from a classroom prize box, authorities say. No students consumed the marijuana gummies, authorities said. A 27-year-old elementary school teacher in Lexington, South Carolina, was arrested after authorities investigated claims a student picked gummies that contained marijuana from a classroom prize box. The student left with the gummies and asked a teacher at an after-school daycare program to help him open them. Then, authorities said, the school's assistant principal found another package of marijuana gummies in the prize box.
Cushman Investment in WeWork Rests on Successful Stock Listing
(Bloomberg) -- Cushman & Wakefield Plc agreed to invest $150 million in WeWork Cos., contingent on the flexible work company successfully completing its forthcoming stock listing, a person familiar with the matter said. Most Read from BloombergThe investment was born of a partnership the two companies unveiled Aug. 9. A spokesman for Cushman said the company was pleased with the progress of the WeWork partnership but declined to comment on the investment. The deal represents a marriage of old real estate and new. Cushman & Wakefied is more than a century old and one of the largest commercial real estate services companies in the world.
Options Play of the Week: Exelixis
EXEL Stocks quotes in this article: AGENLast weekend we highlighted a small-cap concern, Agenus (AGEN) , in the developmental biotech space as a solid covered call opportunityThis week we are teeing up a mid-cap oncology company, Exelixis (EXEL) , as an option trade for consideration on MondayThe options around this equity are not as lucrative as the ones on AgenusHowever, EXEL is als...
Heavy rains, landslides leave 18 dead in south India
Prime Minister Narendra Modi said he spoke to the chief minister and added that authorities were working to rescue those affected. “I pray for everyone’s safety and well-being,” he said in a tweet.
King: How to prepare for proposed income tax changes
However, if you make less than $400,000, you will likely not be affected much if any by the proposed tax changes. The highest purpose of estate planning is to ensure that you decide what happens to your assets after death. It’s true we don’t know what might happen with the federal estate tax exemption, also known as the death tax, which currently sits at $11.7 million per person. Keep in mind that Oklahoma imposes no estate tax; however, it’s possible you may still be affected by one of the 12 states that do have an estate tax if you inherit assets from a resident of one of these states. There is no one-size-fits-all solution when it comes to year-end tax planning.
Meacham: Welcome to i2E's newest venture advisor, Srijita Dia Ghosh
Scott MeachamGuest ColumnistSrijita Dia Ghosh, i2E’s newest venture advisor, was born and brought up in West Bengal, India. In India, we don’t have college tennis, so I had a decision. “In a rural community, the exciting challenge is that you have to come out and build it yourself,” Dia said. You can do it from Ada, Oklahoma. As a venture advisor, she is on the team that is on the ground stimulating deal flow across the state.
Never mind the brickbats, can BrewDog lure the City suits?
“I’m responsible for this business,” the Scottish chief executive and co-founder of craft brewery company BrewDog says. “Have I always made the best decisions? Instead, he is addressing claims of a “rotten” culture within the spiky beer company he founded 14 years ago - an environment Watt is alleged to have perpetuated. Addressing Watt directly, they said: “It is with you that the responsibility for this rotten culture lies. “Your attitude and actions are at the heart of the way BrewDog is perceived, from both inside and out.”Four months later, BrewDog is still dealing with the fallout.
Treasury prepares to launch online sales tax
Rishi Sunak is stepping up plans for an online sales tax to level the playing field between tech behemoths and high street retailers after delaying an overhaul of business rates. Treasury officials have accelerated work on a new e-commerce tax in the past few weeks and are scoping out details of a potential levy, including what goods and services will be covered, sources told The Daily Telegraph. Whitehall insiders said that a so-called “Amazon tax” under a wider business rates shake-up is “clearly the direction of travel” being considered by the Chancellor, but that final decisions will be pushed out beyond the upcoming Budget. The move is likely to prove controversial and comes after the US President Joe Biden put together a global deal on how to tax Big Tech.
Long Reads
Thousands of people are saving to get on the property ladder - but not everyone who gets on it is a winner. Five stories from the UK’s ever-changing housing market. Read more next
Hooters amends uniform policy after employees condemn new shorts
Hooters has said it will allow employees to “choose” which uniform they wish to wear after female staff members criticised the restaurant chain’s new shorts and compared them to “underwear”. The restaurant, which is infamous for the tight-fitting uniforms required for female employees known as “Hooters Girls,” unveiled its new shorts this month, according to videos shared to TikTok. Since rolling out the shorter shorts, Hooters employees have spoken out against the updated uniform, with female members of staff taking to TikTok to share their concerns over the length of the new shorts, while others have threatened to quit. On Saturday, Hooters of America addressed the backlash and announced its adjusted uniform policy in a statement to Insider, with a spokesperson revealing that Hooters Girls will be able to determine based on their “body style and personal image” which style of shorts they wish to wear. In the statement, the Hooters spokesperson said the company planned to continue working with Hooters Girls on “future clothing items and accessories,” adding that Hooters works “continuously with our Hooters Girls to refresh and update the image of our brand ambassadors and to empower them to feel their best while at work”.
'Strike-tober': U.S. labor unions are having a moment
Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Try refreshing your browser, or 'Strike-tober': U.S. labor unions are having a moment Back to video All told, there have been strikes against 178 employers this year, according to a tracker by Cornell University’s School of Industrial Labor Relations. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content “Workers are right to think the ball is in their court,” said Adam Seth Litwin, a professor of industrial and labor relations at Cornell University. The newfound forcefulness of labor unions is in stark contrast to the direction of the last several decades.
Native-led march protests possible contamination from White Mesa uranium mill
Ellis Berry Yolanda Badback is a lifelong member of White Mesa and a member of the Ute Mountain Ute Tribe. Some in the White Mesa Community say the mill, which was built in the 1970s, may be contaminating the local environment. The White Mesa mill sits just a few miles north of the Ute Mountain Ute community of White Mesa in Southeast Utah. “We go out and purchase water to drink.”Badback led the annual, five mile march through the desert on Saturday to the White Mesa Mill, which is operated by a Canadian company named Energy Fuels Incorporated. Scott Clow, Ute Mountain Ute’s Environmental Programs Director, says White Mesa Mill had an accident in 2012 that created a discolored cloud.
Iraq says oil price above $80 is 'a positive indicator' - spokesman
REUTERS/Jo Yong-Hak/File PhotoOct 17 (Reuters) - Iraq's oil ministry spokesman said that an oil price above $80 is "a positive indicator" but needs long term stability. The oil ministry cited Asim Jihad on its Telegram channel as also saying that Iraq aims to achieve the highest financial revenues by committing to the OPEC+ agreement. He added that the challenges of the global oil market are still present due to not fully containing the coronavirus and its variants. Earlier this month, OPEC+ stuck to its agreement of increasing production by 400,000 bpd a month as it unwinds production cuts. Reporting by Nayera Abdallah; Editing by Alex Richardson and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
Wage inflation is the 'new norm,' trucker J.B. Hunt says, but stock soars biggest weekly gain in 12 years
And although the Federal Reserve continues to insist that “elevated” inflation largely reflects “transitory factors,” J.B. Hunt Chief Commercial Officer Shelley Simpson said she believes it’s something the company will have to deal with from now on. ““[T]he underlying cost of drivers, equipment, that is going to stay. I don’t see in this environment taking driver wages down or customers taking their own wages down. The stock soared 8.7% to a record close of $190.55, enough to pace the S&P 500 index’s SPX, +0.75% gainers. The stock has run up 12.2% in the past week, the biggest weekly gain since it hiked up 16.4% during the week ended May 29, 2009.
China faces challenges from 'mismanagement' at certain firms, says PBOC head
FILE PHOTO: Governor of People's Bank of China (PBOC) Yi Gang attends a news conference on China's economic development ahead of the 70th anniversary of its founding, in BeijingBy Leika Kihara(Reuters) - China's economy is "doing well", but faces challenges such as default risks for certain firms due to "mismanagement", the People's Bank of China Governor Yi Gang said on Sunday. As the company wrestles with its debt, worries about a possible spillover of credit risk from China's property sector into the broader economy have intensified. Yi Gang said default risks for some firms and operational difficulties of small and mid-sized banks are among the challenges for China's economy, and that authorities are keeping a close eye "so they do not become systematic risks". The PBOC was taking various steps to fend off financial risks, such as replenishing capital for small and midsize banks, Yi Gang said. "Economic growth has been slowed down a little bit, but the trajectory of economic recovery remains unchanged," he said.
Hooters amends uniform policy after employees condemn ‘disturbing’ new shorts
Hooters updates uniform policy after new shorts spark backlash from employees (TikTok )Hooters has said it will allow employees to “choose” which uniform they wish to wear after female staff members criticised the restaurant chain’s new shorts and compared them to “underwear”. The restaurant, which is infamous for the tight-fitting uniforms required for female employees known as “Hooters Girls,” unveiled its new shorts this month, according to videos shared to TikTok. Since rolling out the shorter shorts, Hooters employees have spoken out against the updated uniform, with female members of staff taking to TikTok to share their concerns over the length of the new shorts, while others have threatened to quit. In the statement, the Hooters spokesperson said the company planned to continue working with Hooters Girls on “future clothing items and accessories,” adding that Hooters works “continuously with our Hooters Girls to refresh and update the image of our brand ambassadors and to empower them to feel their best while at work”. Read MoreHooters employees condemn company’s new uniform: ‘Hooters got new panties.
Obama: Europe must act to stem econ crisis
President Barack Obama is urging Europe's leaders to act quickly and decisively to solve the continent's economic crisis. Obama says there are solutions available to European leaders, including injecting capital into weak banks. President Barack Obama is urging Europe's leaders to act quickly and decisively to solve the continent's economic crisis. Obama says there are solutions available to European leaders, including injecting capital into weak banks.
Cities seek to loosen rules on spending federal pandemic aid
“It now falsely looks like our economy has recovered more than it has, when in reality, it merely reflects the revenue produced by putting an extra burden on ourselves,” the mayor said. The southern San Diego suburb of Chula Vista, which did not enact new taxes, calculated revenue losses of more than $32 million under the Treasury's guidelines — covering over half its $57.5 million allotment under the American Rescue Plan. Among other things, the city is directing $12.2 million for culvert repairs at two intersections to alleviate flooding and $8 million to add new aquatic facilities to a planned renovation of the Loma Verde Recreation Center. Had the city not been able to tap the revenue-loss category for federal funding, those projects could have been pushed off indefinitely, said Chula Vista city engineer William Valle. By doing it all at once "it’s open to the community -- boom, everybody’s happy," Valle said.
World energy watchdog guides us to a painless net zero
Under the net zero scenario, EV sales reach 60pc by 2030. Under net zero it goes into steep decline, surviving only in an “abated” form with carbon capture. Dr Cozzi said China’s domestic coal pledge implies 20 gigatonnes of averted emissions, equal to the entire effect of Europe going to net zero by 2050. The average age of coal plants in rich states is 35 years and most are obsolete. The agency is the servant of the rich consuming nations and they are signed up to net zero.
The new cruise ship with the perfect amount of pomp
In that moment, on one of the year’s warmest evenings, you could hardly ask for more pomp. It was to be expected – encouraged, even – on the inaugural voyage of this much-anticipated ship. The largest of its kind, Golden Horizon has five saffron-coloured masts that reach high above the sleek hull, ready to display cascading sails; sails that are twice as large as those of Cutty Sark. Golden Horizon, modelled on France II, has had cruisers all aflutter for more than half a decade, with a complex backstory of delays and conflict over ownership. France II was a steel-hulled barque that factored among the largest merchant ships the world had seen when it set sail in 1913.
China faces challenges from 'mismanagement' at certain firms, says PBOC head
By Leika Kihara– China’s economy is “doing well”, but faces challenges such as default risks for certain firms due to “mismanagement”, the People’s Bank of China Governor Yi Gang said on Sunday. As the company wrestles with its debt, worries about a possible spillover of credit risk from China’s property sector into the broader economy have intensified. Yi Gang said default risks for some firms and operational difficulties of small and mid-sized banks are among the challenges for China’s economy, and that authorities are keeping a close eye “so they do not become systematic risks”. The PBOC was taking various steps to fend off financial risks, such as replenishing capital for small and midsize banks, Yi Gang said. On the development of digital yuan, Yi Gang said the PBOC will focus on its domestic and retail use as cross-border and international usage was “a little bit complicated” due to requirements over issues such as money laundering.
No fear of inflation 'runaway train': IMF chief
IMF Managing Director Kristalina Georgieva said central banks in advanced economies have the tools to deal with rising inflationAdvertising Read moreWashington (AFP)Global finance officials are worried about rising inflation pressures but there it is little fear that it will become a "runaway train," IMF chief Kristalina Georgieva said Sunday. "We are in a more somewhat more uncertain space now," Georgieva said at the G30 central banking conference. However, in advanced economies "policymakers have the tools" to deal with inflation, she said, so "there is no significant concern that this would be a runaway train." Failure to act to contain inflation risks undermining central banks' inflation-fighting credibility, he said. "We have ... to preserve the huge progress we've made in terms of the credibility of monetary policy regimes.
Small firms’ fury as Amazon offers £3,000 sign-up bonus to attract Christmas staff
Amazon is offering signing-up bonuses of up to £3,000 in areas of Britain with labour shortages, to attract workers in time for the Christmas surge in demand. The Food and Drink Federation says there is a “battle for labour” in the run-up to Christmas, with Amazon trying to recruit 20,000 temporary staff. It’s incredibly difficult to get Christmas staff labour in many areas. The 93,000 square-metre Amazon warehouse in Dunfermline in Fife, Scotland, is also offering signing up bonuses for £1,500. Andrew Opie, director of food and sustainability at the British Retail Consortium, said there would be ample food supplies at Christmas, but the selection might be more limited.
The Most Important Global Meeting You’ve Probably Never Heard Of Is Now
Climate change is only one driver of biodiversity loss. For now, the major culprit on land is humans destroying habitat through activities like farming, mining and logging. “This is the equivalent of having a flat tire and a dead battery in your car at the same time. While this virtual portion was largely about drumming up political will, nations will meet again in China in the spring to ratify a series of targets aimed at tackling biodiversity loss. Last year, officials reported that the world’s nations largely failed to achieve the targets of the previous global agreement on biodiversity, made in 2010.
The Fed Shouldn’t Make a Call on Inflation Yet - The New York Times
What’s happening to inflation? We know, of course, what the current numbers say: Inflation is high right now, although not 1970s high. The answer, I’d argue, is to make decisions that won’t do too much damage if their preferred take on inflation is wrong. Why is it so hard to make a call on inflation right now? In particular, the standard measures economists use to distinguish between temporary price blips and underlying inflation are telling different stories.
Why Levi's is opening 100 new stores even as pandemic online sales boom keeps growing
In 2008, e-commerce sales made up just 3.6% of total retail sales in the U.S., according to data from eMarketer. By 2020, online sales made up 14% of total retail sales. The Covid-19 pandemic sped that growth up even more, with e-commerce sales now expected to make up 15.3% of total retail sales by the end of this year, according to eMarketer. That is not expected to slow down — that figure is predicted to increase to 23.5% of total sales by 2025. In North America specifically, online sales made up 40% of Estee Lauder's total business, according to company filings.
Big Oil CEOs have a personal reason to put more focus on less fossil fuels
While the European majors were first, Chevron and Marathon Oil are among the U.S. -based oil companies that have added greenhouse gas emissions targets to executive compensation plans. The oil and gas companies are joining dozens of public corporations across all sectors — including Apple, Clorox, PepsiCo and Starbucks — that tie ESG to executive pay. Last week, industrial Caterpillar created the position of chief sustainability & strategy officer last and said it will now tie a portion of executive compensation to ESG. Including emission-reduction targets in executive pay packages may compel oil and gas companies to walk their public-relations talk about being good corporate citizens. That could incentivize oil and gas companies to produce more, but at the same time, compensation to to energy transition targets ae going up.
Investment advisers ‘extremely skeptical’ about first U.S. bitcoin ETF: ‘It’s a hard thing for RIAs to recommend an inferior’ crypto product
Welcome to the penultimate installment of Need to Know Crypto Edition, ahead of the launch of a new weekly crypto newsletter “Distributed Ledger,” which will kick off next month. We’ve talked about the benefits and the drawbacks of ETF futures here and here. 1 digital asset by market value changing hands at $61,749, up 8.2%, as of Friday afternoon. “There should be one federal regulator designated for digital asset markets,” Faryar Shirzad, chief policy officer at Coinbase told reporters on Thursday. Grayscale Bitcoin Trust GBTC, +5.57% , which tracks the Bitcoin market price, increased 5.6% to $47.41 and booked a 12% weekly return.
Bank of England will have to act to contain inflation - Bailey
FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in LondonLONDON (Reuters) -Bank of England Governor Andrew Bailey sent a fresh signal on Sunday that the British central bank is gearing up to raise interest rates for the first time since the onset of the coronavirus crisis as inflation risks mount. "Monetary policy cannot solve supply-side problems - but it will have to act and must do so if we see a risk, particularly to medium-term inflation and to medium-term inflation expectations," Bailey said during an online panel discussion organised by the Group of 30 consultative group. "And that's why we at the Bank of England have signalled, and this is another such signal, that we will have to act," he said. Bailey said demand for workers in Britain had been stronger than expected and the number of younger and older workers leaving the labour market had grown. "I do have concerns about labour supply growth," he said.
In a world of paltry 0.06% interest rates, these income stocks yield up to 10.2%
In a world of paltry 0.06% interest rates, these income stocks yield up to 10.2%Earning a healthy passive income isn’t easy these days. And thanks to the massive bull run over the past several years, most dividend stocks aren’t yielding as much as before. Here are three dividend stocks offering oversized payouts to investors. And banks are rewarding shareholders with major “pay raises.”Case in point: Financial giant Morgan Stanley announced a 100% increase to its quarterly dividend rate in June. In June, Ellington Residential raised its quarterly dividend rate from 28 cents per share to 30 cents per share.
PBOC’s Yi Says China Can ‘Contain’ the Risk From Evergrande
(Bloomberg) --Most Read from BloombergPeople’s Bank of China Governor Yi Gang said authorities can contain risks posed to the Chinese economy and financial system from the struggles of China Evergrande Group. “I think we can prevent systemic risk,” he said, by keeping risk contained. Without mentioning Evergrande, Yi said earlier that higher default risk for some firms due to “mismanagement and breakneck expansion” was slowing China’s economy. The producer price index will “remain high for a few months, before the upward pressure wanes at the end of this year,” Yi said. “Consumer price index growth remains moderate.”The index in September climbed 10.7% from a year earlier, beating forecasts and reaching the highest since November 1995.
Roche family shareholders will maintain stability: vice chairman
"The new generation has the same values ??as the older family members," Andre Hoffmann, the great grandson of the company's founder, told the newspaper in an article published on Sunday. "Our role as the owner family is to enable Roche to focus on creating sustainable values ??over the long term. We are convinced of that," said the 63-year-old, who is spokesman for the pool of family members that controls 45.01% of the Basel company. A pooling agreement between the descendants of company founder Fritz Hoffmann-La Roche has existed since 1948, and was extended for an indefinite period in 2009. Hoffmann, who is also a vice chairman of Roche, said family ownership of large companies did not always work.
Apple Unleashed event, House supply chain hearing, Tesla earnings top week ahead
Earning season will be in full swing this week with a slew of companies set to report including Netflix, Procter & Gamble, Johnson & Johnson, American Airlines, AT&T, Southwest Airlines, Verizon, IBM, Tesla, Chipotle Mexican Grill and Intel. Tuesday 10/19On Tuesday, investors will take in earnings from a slew of companies including Bank of New York Mellon, Johnson & Johnson, Philip Morris and Procter & Gamble before the opening bell. The Federal Reserve will also make the rounds with Philadelphia Fed president Patrick Harker speaking before the "C3: Cybersecurity Collaboration & Cooperation" conference, San Francisco Fed president Mary Daly speaking before a Regional Banker Forum and Atlanta Fed president Raphael Bostic participating in a virtual interview dubbed "Back to Work: Helping the Long-Term Unemployed" and speaking before the Federal Reserve's "Exploring Careers in Economics" event. Ticker Security Last Change Change % GOOGL ALPHABET, INC. 2,827.36 +4.34 +0.15%Also on Tuesday, Google will unveil its Pixel 6 and Pixel 6 Pro phones, which are powered by the tech giant's first custom mobile chip, Tensor. Thursday 10/21On Thursday, Alaska Air, American Airlines, AT&T, AutoNation, BlackStone, Crocs and Southwest Airlines are among the big names reporting before market open.
Bearish Bets: 2 Stocks You Really Should Consider Shorting This Week
Each week Trifecta Stocks identifies names that look bearish and may present interesting investing opportunities on the short side. Nu Skin EnterprisesNu Skin Enterprises Inc. (NUS) recently was downgraded to Hold with a C+ rating by TheStreet's Quant Ratings. This commentary is an excerpt from "5 Bearish Bets" a weekly feature sent to subscribers of Trifecta Stocks. Want to find out the other stocks we think look good short this week and how to play them? Click here for a trial subscription to Trifecta Stocks and get "Bearish Bets" each week!
Liz Weston: How do mutual funds, ETFs and index funds compare and contrast?
Dear Liz: What is the difference between ETFs, mutual funds and index funds? Answer: Index funds are a type of mutual fund. Mutual funds and ETFs both allow you to buy a diversified mix of investments, but they’re structured differently. By contrast, index mutual funds just try to match the market benchmark. Most ETFs are passively managed and have even lower costs than typical index mutual funds.
Mini grocer opens in Norfolk’s Olde Huntersville
VIRGINIA BEACH, Va. (AP) — After over a year without a neighborhood grocery store, Norfolk residents in Olde Huntersville now have a place to buy fresh produce, meat, dairy and other food essentials. Turner’s Market, a store that opened at 1500 Dungee St. in late August, is providing residents with a place to shop within walking distance. It’s also part of a larger effort by the city to address so-called “food deserts” and food insecurity. “We knew we needed a grocery in this area,” Turner’s Market co-owner Jeffrey Turner said. Turner and his wife and store co-owner, Sonya Turner, have lived in the neighborhood for years.
Retailers check out life without tills and cashiers
Linda Higgins is ready to embrace checkout-free supermarkets – on one condition. I don’t know if I would be comfortable without that.”Their feedback may prove valuable as the big supermarkets inch closer to a future without traditional checkouts and cashiers. Tesco, Morrisons and Aldi have all said in recent months they are thinking of bringing the technology into the wild after testing it among staff. The system typically uses ceiling cameras and shelf sensors to track the products customers pick up and put in their baskets. The major chains have all followed in the footsteps of Amazon after the e-commerce powerhouse opened its first shop without tills in the UK in March.
Bank of England will have to act to contain inflation - Bailey
LONDON -Bank of England Governor Andrew Bailey sent a fresh signal on Sunday that the British central bank is gearing up to raise interest rates for the first time since the onset of the coronavirus crisis as inflation risks mount. Bailey said he continued to believe that the recent jump in inflation would be temporary, but that a surge in energy prices would push it higher and make its climb last longer, raising the risk of higher inflation expectations. “And that’s why we at the Bank of England have signalled, and this is another such signal, that we will have to act,” he said. Bailey said demand for workers in Britain had been stronger than expected and the number of younger and older workers leaving the labour market had grown. “I do have concerns about labour supply growth,” he said.
Washington is a weak link in the global chip supply chain
Plans to survey chipmakers and keep tabs on the supply chain to head off further disruption highlight just how disconnected the U.S. government is from the realities of a $500 billion industry that spans the globe. It’s possible that the data Commerce collates will show some buyers have been stockpiling chips, a fact already widely reported, or that there’s a need for capacity in some technology nodes — also well known. But in the fast-changing world of semiconductor supply and demand, all this will be backward-looking information. “We need to hear directly from impacted businesses when they are experiencing a COVID-19-related semiconductor supply chain disruption,” she said (emphasis added). The chip sector collates and processes reams of supply chain data, using it to tweak every aspect of operations.
Opinion : Distinguished persons of the week: Defying anti-mandate nuttiness
But to the credit of businesses, many have not waited for the OSHA rule to begin implementing mandates. In some cases, this has meant going up against a MAGA governor bent on pandering to the base at the expense of the health and lives of residents. Florida officials last week put out a list of about 100 businesses it might go after for insisting that employees or customers present proof of vaccination. (The state is also levying huge fines against counties for instituting vaccine requirements.)
How a Stunning Lagoon in Spain Turned Into ‘Green Soup’
In August, when another wave of dead fish washed up, scientists noted that the water temperature had climbed significantly. But in September, the Spanish Institute of Oceanography published a report that rejected the idea that excessive summer heat helped kill the fish. Scientists instead place much of the blame with farming. In 1979, a canal was opened to carry water from the Tagus — the longest river in the Iberian Peninsula — to southeastern Spain. The canal led to irrigation, which transformed Murcia into one of Europe’s farming powerhouses, producing lettuce, broccoli, artichokes, melons and more for export across the continent.
Alabama teen playing on iPad in his room fatally shot in ‘senseless murder’
A teenager in Alabama was fatally shot in his room on Friday, and was likely an unintended target of gunfire, according to the local police department. Tuscaloosa Police Chief Brent Blankley labeled the shooting, which police responded to about 6:20 p.m. Friday, “a senseless murder.”“It’s a senseless murder. “When you see that and you see the senseless tragedy of that, it hits you different.”A teenager in Alabama was fatally shot in his room on Friday, and was likely an unintended target of gunfire. Tuscaloosa Police DepartmentThe shooting wasn’t accidental though the teenager was likely not the intended target of it, according to Capt. “It was an on-purpose shooting, but [the teen] was probably not the target of that.
Social Security beneficiaries will soon see the biggest jump in monthly checks in 40 years. How to prepare
VALERIE MACON | AFP | Getty ImagesPeople who collect Social Security are about to see bigger checks. "The cost of living adjustment is an automatic adjustment every year and is one of the most valuable features of Social Security," said Nancy Altman, president of Social Security Works, an advocacy group focused on expanding benefits. People already getting Social Security do not need to do anything to get the increase — checks will be automatically adjusted. However, a special rule called the hold harmless provision protects people from getting smaller Social Security checks because of Medicaid and Medicare. After the premiums are announced, beneficiaries should get a letter in December from the Social Security Administration that will outline their checks for 2022, she added.
These are the only times it's smart to make changes to your investment portfolio
It's rarely actually a good time to make changes to your investment portfolio. For Betterment Digital Investing, $0 minimum balance; Premium Investing requires a $100,000 minimum balanceFees Fees may vary depending on the investment vehicle selected. In both of these cases, an investor's need for capital appreciation reduces, he says. "This would be a good reason to reduce their investment risk or pull out their funds altogether," Molina says. Much of an investor's decision to change their portfolio in this scenario depends on how soon they may need to withdraw their funds.
These are the best and worst U.S. cities to start a business right now
That's according to online lending marketplace Lending Tree, which recently published a study on which U.S. cities currently offer the best range of conditions for entrepreneurs looking to start a new business. In fact, multiple cities in North Carolina ranked high on Lending Tree's rankings, prompting the report to name the Tar Heel State the country's best place to start a new business. One reason for North Carolina's strong representation: The state offers among the country's lowest corporate tax rates. It also has the country's lowest maximum corporate tax rate, at 2.5%, helping it land the No. And 48% of the city's residents hold at least a bachelor's degree, which is the seventh-highest proportion on Lending Tree's ranking of cities.
What you need to know to invest in the space economy
The space economy is currently valued at $384 billion and is expected to grow to $1.1 trillion by 2040. Here's what investors need to know about the sector.
Merck COVID-19 pill sparks calls for access for lower income countries
Merck on Oct 11 applied for U.S. emergency clearance of the first pill for COVID-19 after it cut hospitalizations and deaths by 50% in a large clinical trial. Merck this year plans to produce 10 million treatment courses of the pill, which is taken twice a day for five days, and another 20 million next year. In addition, manufacturing for low-income countries in many nations also requires World Health Organization (WHO) approval, a regulatory process that typically takes months. A spokesperson confirmed it is in discussions about expanding licenses for generic molnupiravir "to build sufficient global supply of quality-assured product to meet orders globally." The EU is considering buying the pill after Merck applies for authorization in Europe.
Latest line: A good week for Port of Oakland, bad one for umpire
Port of OaklandAfter suffering gridlock earlier this summer, Port of Oakland is back to having ships unloading on time after more dock workers are hired, even as congestion and delays continue in LA and Long Beach. Gabe MoralesUmpire and Santa Clara native ends San Francisco Giants’ playoff hopes by incorrectly calling strike three on a check-swing by first baseman Wilmer Flores, generating outrage among Bay Area fans. MotoristsGas prices are up after Saudi Arabia and other OPEC countries decide not to increase oil production. But Gavin Newsom vetoes bills that would have legalized jaywalking and bicyclists running stop signs.
Chan-Zuckerberg program aims to drive Black homeownership, equity
The goal is to help build affordable housing, boost property values and encourage long-term wealth-building in minority communities long shut-out from many homeownership opportunities. Gentrification and the Bay Area housing crisis have driven home prices in former working class neighborhoods over $1 million, putting pressure on long-term residents. Grants up to $25,000 will help homeowners build backyard units in communities with large Black and Hispanic populations. Related Articles A limited Bay Area eviction ban remains in place, but for how long? The median rental price for a Bay Area ADU is $2,200.
Fremont to raise fees for developers who don’t build affordable homes
Otherwise, the developers will see their affordable housing in-lieu fees rise from $26 per square foot for houses and $27 for townhouses to $44 per square foot for both, starting on Jan. 1, 2024. Finance Director David Persselin said the in-lieu affordable housing fund currently has about $72 million. City officials couldn’t immediately say Friday how many total affordable housing units have been financed from the fund. As another inducement , the council also lowered the percentage of minimum affordable housing units required within major projects if developers build them instead of paying in-lieu fees. Resident Chris Cavette asked the the council to simply require developers to build affordable homes and do away with the in-lieu fees.
COVID-19 put a new focus on medical debt, health benefits and credit scores. Here's what you should know
Unpaid medical bills are in some ways preferable to other types of debts, said Money Management International in a recent commentary. “Once you move the debt onto a credit card or loan, however, you'll almost always start accruing interest." Plus, paying the debt on a credit card could disqualify you from receiving financial assistance or entering into payment plan. Boosting interest in workplace benefitsThe open-enrollment season is nearing, and it's not just about benefits such as mainstream health insurance and 401(k) retirement plans. Among the credit myths cited by NerdWallet: Four in five respondents incorrectly think their credit reports include their credit scores.
Cap and gown review could mean lower prices for high school seniors but more uncertainty
“Please send out an email or communication reminding all students and parents that in order to enter Auto Nation Drive Pink Stadium they will be required to have a Herff Jones Rental Cap & Gown,” Hanley wrote to South Broward Principal Patty Brown. “This is for consistency and more importantly safety and security. Students wearing a non-Herff Jones Rental Cap & Gown or gowns purchased somewhere else online will not be admitted to the stadium for graduation.”
Sir Gerry Robinson, brilliant but ruthless Irish-born businessman who became a reality TV presenter – obituary
Robinson later described Tony Blair as “thoroughly decent” and Gordon Brown as “an exemplary Chancellor” – and was rewarded for his support by being appointed chairman of the Arts Council in 1998. In all his undertakings, Robinson was a mercurial mix of twinkling-eyed Irish bonhomie, easy laughter and fighting spirit. Gerrard Jude Robinson was born at Dunfanaghy, a fishing village on the north coast of Donegal, on October 23 1948, the ninth of ten children of Tony Robinson, a carpenter, and his wife Betty. During his Granada years, Robinson also served as chairman of LWT, ITN and BskyB. But an attempt to gain control of the pest control business Rentokil in 2005 and install himself as chairman – with a potential personal gain of £50 million – was rebuffed by investors.
Video: Fashion designer reveals her £19K YouTube DIY house transformation
Video: Fashion designer who lost her job because of Covid-19 reveals how she spent £19,000 transforming her dingy house by following YouTube DIY tutorials - and added £67,000 to the value of her homeA fashion designer who was made redundant during the pandemic reveals how she added £67,000 to the value of her outdated property in just one year with this stunning £19k transformation following YouTube tutorials.
FIRST READING: British MP killing brings a chill to Canadian politics
Share this Story: FIRST READING: British MP killing brings a chill to Canadian politicsFIRST READING: British MP killing brings a chill to Canadian politics Everybody hates Doug Ford but he might win reelection anyway Photo by Tolga Akmen / AFPArticle content First Reading is a daily newsletter keeping you posted on the travails of Canadian politicos, all curated by the National Post’s own Tristin Hopper. Try refreshing your browser, or FIRST READING: British MP killing brings a chill to Canadian politics Back to video British MP Sir David Amess was brutally stabbed to death Friday during a meeting with constituents in a Methodist church east of London . Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content Ken Boessenkool is among the handful of former Stephen Harper hacks who can say whatever they want now that they’re out of politics. Article content In recent months, several international outlets have begun referring to Vancouver as the North American epicentre of anti-Asian hate crime .
These 5 stocks reporting this week almost always beat the Street and trade higher
A specialist trader works inside a booth on the floor of the New York Stock Exchange (NYSE) in New York City, October 6, 2021. The third-quarter reporting season is expected to see slower earnings growth for corporations, while supply chain challenges and inflation could make it a bumpy road for the market. Still, a handful of companies, set to report results in the week ahead, have a strong track record of exceeding Wall Street estimates.
Top Wall Street analysts are bullish on these stocks with earnings underway
Megan Leonhardt | CNBCAs third-quarter earnings roll out and 2021 winds down, analysts and investors are looking for which companies can close out the year on a bullish note. Top analysts have high expectations for these five stocks, according to TipRanks, which tracks the best-performing stock pickers. The big-box retailer released another impressive round of monthly earnings, with positive metrics on sales, market share, and international expansion. (See General Motors Stock Analysis on TipRanks) Ives rated the stock a bullish Buy, and assigned a price target of $85. As its earnings comparisons remain difficult to beat, Henderson did note that the stock may experience some short-term consolidation.
'Home prices will grow a further 16%' by end of next year: Goldman forecast
"Our model now projects that home prices will grow a further 16% by the end of 2022," wrote a Goldman Sachs team of economists led by Jan Hatzius in a recent note. "Of all the shortages afflicting the U.S. economy, the housing shortage might last the longest," he said. The boom in prices was spurred by tight housing inventory, low interest rates, and household migration patterns during the pandemic. 'Relaxing the zoning rules and other regulatory constraints'There is a solution to the national housing shortage which could help ease prices. However, "nationwide changes seem unlikely for now, and limited state and local changes are only a partial step toward relieving the housing shortage," writes Hatzius.
Silver Price Prediction – Prices Slip as Gold Tumbles
Silver prices reversed lower but held key support as copper prices rallied, helping to buoy silver. Technical analysisSilver prices reversed and moved lower falling back to support near the 50-day moving average near 23.27. Prices made a higher high and a higher low which is a sign of an uptrend. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).
U.S. Coast Guard Boards Vessel That Dragged Anchor Near Pipeline
(Bloomberg) -- The U.S. Coast Guard boarded a container ship that dragged its anchor in close proximity to a Southern California undersea pipeline that was the source of an oil spill earlier this month. Most Read from BloombergCoast Guard and National Transportation Safety Board investigators boarded MSC Danit on Saturday in the Port of Long Beach, according to a release from the agency. The Coast Guard has designated MSC Mediterranean Shipping Company SA, operator of the vessel, and Dordellas Finance Corp., owner of the vessel, as “parties in interest” to the investigation. A total of 24 ships pulled anchor and sailed into open ocean due to the rough conditions. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Uber, Careem Said to Face $100 Million Bill in Saudi Tax Squeeze
(Bloomberg) -- Saudi Arabia has slapped several technology firms, including Uber Technologies Inc. and its Dubai-based subsidiary Careem, with tax bills worth tens of millions of dollars, according to people with knowledge the matter. Most Read from BloombergUber and Careem face a combined bill worth around $100 million, two of the people said. Saudi Arabia used to rely almost entirely on crude exports for state revenue, but in 2018, as part of efforts to boost non-oil revenue, officials introduced a 5% value-added tax. Value AddSince the tax was first levied, firms like Uber typically paid it on what they perceived as their own value-add, or the company’s commission. Careem is wholly owned by Uber, but both brands operate as distinct apps in the kingdom.
Work-at-home jobs with sizzling demand
Looking for work-at-home jobs? Businesses adapting to a post-COVID world are pushing demand for some remote jobs into the stratosphere. Demand for these hot work-at-home jobs is growing at double- and triple-digit rates. Work-at-home administrative jobs can be found through Belay, Boldly and Time Etc. Sites specializing in connecting remote experts in human resource include WAHVE, FairyGodBoss and FlexProfessionals.
Regulators badly underestimated the devastation of a possible oil spill off the O.C. coast
Regulators predicted in 1978 that a leak would result in a spill of only 50 barrels of oil, records show. Experts in oil pipeline construction now say the regulators badly underestimated the potential disaster from an anchor strike and missed an opportunity that might have prompted additional safeguards and prevented the major oil spill that fouled a long stretch of Orange County beaches. A spill off the Texas coast in 1988 was more than 26 times the size of this month’s in California waters. Based on the observations, officials determined that the “pipeline damage was probably caused by an anchor snagging the pipeline,” records show. In 1997, another pipeline running between two offshore oil rigs ruptured, spilling up to 15 barrels of oil off the Louisiana coast.
11th-hour deal saves Hollywood from strike that would have halted production
Film studios and production crews reached a last-minute deal to avoid a strike by some 60,000 workers that would have frozen production on movies and television shows. Representatives from the International Alliance of Theatrical Stage Employees (IATSE) union completed marathon negotiations with studios and entertainment companies Saturday to reach an agreement on a new three-year contract for production workers. The workers still need to vote to approve the deal, but the strike set to start Monday has been called off for the time being. The strike would have halted production on everything from big budget blockbusters to daily talk shows and soap operas. The IATSE said it was asking for reasonable rest periods, meal breaks and better wages.
Fifth-generation Colorado business tries a new approach based on old values to attract workers in tight labor market
An estimated 4.3 million U.S. workers quit their jobs in August, or about nearly 3 out of 100 workers, according to the U.S. Bureau of Labor Statistics. CoorsTek saw demand for its ceramic products surge as the economy rebounded, putting it in full hiring mode in a difficult labor market. Labor markets were tight before the pandemic and a little more than two years ago the company rolled out a more extensive orientation program. But the CoorsTek Academy initiative has gone to another level in Golden, and includes a dedicated building to train new hires, technical trainers and dedicated mentors or ambassadors. “That is why we are seeing the success we are seeing in such a tight labor market.”
Improving Investor Behavior: Feeling confident? Are you sure?
Some about my writing, the market, and broader topics like the meaning of wealth or improving investor behavior. Recently a reader of this column asked how they might “hedge” their investment portfolio from a downturn. Bull markets make everyone feel like a genius, just like bear markets make everyone feel like an idiot. We all know past performance is not indicative of future results, but past behavior is a good barometer of future behavior. I’d love to write more about the questions you have and the areas of investor behavior and finance in which you are interested.
The next global economic emergency? Deepening debt in the developing world
A global pandemic. Global policymakers have enough to keep them occupied without a developing country debt crisis adding to their list of problems. Many poor countries have borrowed in US dollars, and the cost of servicing these loans – already high – will increase still further as the Fed tightens policy. “The G20 are asleep at the wheel as the debt crisis intensifies in lower income countries,” Jones said. Prevention is always better than cure and the threat of a debt crisis needs to be recognised before it is too late.
The debilitating effects of long Covid have just begun to hit economies | Torsten Bell
How big and long lasting these effects will be dominated discussions of global financial leaders at last week’s annual meetings of the World Bank and International Monetary Fund. But what is hardly discussed and still poorly understood is the continuing impact of Covid-19, specifically on the millions of people who have had it. Governments are only just starting to worry about long Covid’s impact on their disability benefits bill, while we know little about Covid’s direct effect on productivity. New research gives a worrying answer on that front, albeit from a very particular industry: football. So when we’re pondering the legacy of this crisis for our economies, let’s not forget what makes up a large part of them: human beings.
Nostalgia Plus Time Equals a New Breed of Collectible Cars
The MR2 was unusual because it was a midengine design: That robust little four-cylinder was tucked behind the two seats. Without that weight over the front wheels, the MR2 was extraordinarily quick to change directions, which is what sports cars are all about. Plus its starting price was around $11,000 — or just over $27,000 today. And this is how I turned into a cliché: the old codger who buys a car wistfully recalled from his youth. Its original owner had also read the love letters to this Toyota from the time of “Back to the Future.” A test drive won him over.
Millennial Money: Save for holidays now, skip regret later
But it’s not too late to come up with a last-minute plan to save money for the holidays. The small end-of-the-year window can offer some time to make money moves that help prevent a holiday debt hangover. “Start with how much money you’re willing to spend — and able to spend — on gift giving and then work your list into that,” he says. A card with a 0% APR on purchases can also save money on interest for some time. EARN REWARDS WITH CASH-BACK APPSA cash-back app can earn additional value on everyday purchases.
Build a house for under $170,000? Architects compete to design more affordable homes
Eliza Ho, a partner in the winning firm Tim Lai ArchitecT, has seen the challenges some of the firm's younger associates have had finding homes. COCIC's subsidiary, the Central Ohio Community Land Trust, will start working with Tim Lai ArchitecT to build two homes on land bank sites. "Flexibility is really the essence of the design," said Eliza Ho, a partner in Tim Lai ArchitecT. • Third place: Gunzelman Architects + Interiors, Buckeye Construction SystemsThe third-place design relies on 12-by-12-foot pods that could be built off-site and assembled on the lot in a variety of ways. "This is something that goes together like an Ikea kit," said Gunzelman Architects owner Laurie Gunzelman.
Are you one of the one million missing out on pension tax relief?
One million of Britain’s 40pc taxpayers are needlessly missing out on £810m in unclaimed relief on their pensions every year. Eight in 10 higher-rate taxpayers who are eligible to claim relief via tax returns fail to do so, inadvertently leaving tens of millions of pounds to the Treasury, a Freedom of Information request seen by Telegraph Money has shown. Just 310,000 of 1.4 million of the higher- and additional-rate taxpayers claimed relief on their personal pensions in 2018-19, calculations by the online pension provider PensionBee, which requested the FoI, have found. The figures do not include people who claim over the phone or online or anyone who has received tax relief by making a “salary sacrifice” contribution. Most workplace pensions claim all the available tax relief on your behalf.
Baillie Gifford criticised over China ties
A China investment fund operated by the money manager Baillie Gifford has been criticised for backing a company linked to human rights abuses. Baillie Gifford China holds a stake in BGI Genomics, which has been blacklisted in the US over its alleged role in repression in the Communist country. She said: "Baillie Gifford rightly states in their Governance and Sustainability guidelines that they expect all the firms they invest in to comply with the United Nations Guiding Principles for Business and Human Rights. "This seems hard to reconcile with the firm’s own guidelines - and of course Baillie Gifford is far from alone." "BGI Group does not condone and would never be involved in any human rights abuses.”
Biden's Commerce Secretary demands higher pay for childcare workers. 'Our economy cannot run without these women.'
The lack of childcare workers — and affordable childcare — is holding up economic recovery. "We got to get to a higher minimum wage — frankly, it's even more than just minimum wage. The left-leaning think tank writes that 48.5% of Black childcare workers would benefit as well as 43.8% of women in childcare. "Our economy cannot run without these women who are in the childcare industry," Raimondo said. Despite the low wages of child care workers, these services remain unaffordable for many low- and middle-income families.
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Former Iranian Central Bank Chief Handed 10-Year Prison Sentence
A court in Iran sentence the former governor of the country’s central bank to 10 years in prison for violating Iran’s currency system, a judiciary spokesperson said on October 16. Besides violating the currency system, Valiollah Seif also had a role in smuggling foreign currency, judiciary spokesman Zabihollah Khodaeian told state TV. Ahmad Araqchi, a then-deputy to Seif, was sentenced to eight years on the same charges, Khodaeian said. Seif was governor of Iran's central bank for five years, until 2018, under former President Hassan Rohani. The defendants illegally injected $160 million and 20 million euros into the market, state TV said.
IMF lowers 2021 growth forecast for Spain to 5.7%
The international organization has reduced Spain’s growth prospects for 2021 to 5.7%, five-tenths of a point lower than what it said in its July update. And in 2022, the IMF is expecting Spain’s economic output to grow 6.4%, which is six-tenths of a point higher than its previous estimate. In September, the Spanish government released its own projections of 6.5% growth for 2021 and 7% for 2022. Covid-19 crisisIn June 2019, Spain was emerging from a decade of austerity following the deep crisis of 2008. The latter said it plans to bring the figure down from 120% of GDP in 2020 to 119.5% in 2021 and 115.1% in 2022.
Strike dodged with deal between film and TV crews, studios
“Our members stood firm.”The workers still must vote to approve it, but the strike has been called off with the tentative deal. Matt Loeb said members of the film and television crew “stood firm,” as the IATSE stepped in to agree on a three-year contract before the Monday strike deadline. APThe effects of the strike would have been immediate, with crews not only on long-term productions but daily series including network talk shows walking off their jobs. Union members said previous contracts allowed their employers to force them to work excessive hours and deny them reasonable rest via meal breaks and sufficient time off between shifts. A Monday strike deadline was set on Wednesday when talks stagnated, but the union said subsequent negotiations were productive.
Saudi leads major Gulf markets higher
REUTERS/Hamad I MohammedOct 17 (Reuters) - Major stock markets in the Gulf rose in early trade on Sunday amid strong oil prices, with the Saudi index outperforming the region as the country eased coronavirus curbs. read moreThe authorities also cancelled curbs on fully vaccinated people at closed venues, restaurants and cinemas, and on transportation. Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 0.5%, while Jabal Omar Development (4250.SE), one of Saudi Arabia's largest-listed property developers, advanced 2.7%. read moreIn Abu Dhabi, the index (.ADI) added 0.3%, supported by a 2.3% rise in Abu Dhabi Commercial Bank (ADCB.AD) and a 0.2% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). UAE Energy Minister Suhail al-Mazrouei said the oil-rich Gulf is continuing to invest in the energy sector to meet growing demand and ensure stability in global markets.
Get the 5 Day Deal While It Still Lasts. There Isn’t a Lot of Time Left!
Looking at presets for Lightroom? The 5 Day Deal is here, and they’re packaging a whole lot of great things together. Even if you don’t care to donate, we know that you care about tutorials, presets, curves, and a lot of stuff to make you a better photographer. So we encourage you to check out this year’s 5 Day Deal. The 2021 5 Day Deal lasts from October 14th at 3pm EDT to October 19th 3pm EDT.
Tesla Is Having a Strong Run in China. Analysts Weigh In on Its Rising Market Share.
Moreover, unlike previous months, September’s record 56,006 Tesla (TSLA) sales in China were nearly all domestic shipments. The boom has had observers wondering if the good times will last, and how Beijing will react as a foreign company wrestles its way upward in China’s bustling EV market. I am not optimistic about Tesla China, for a lot of reasons, but the simplest is that Chinese localities obviously hate them,” she told Barron’s. With 357,000 new-energy vehicles sold overall in China in September, Tesla captured a roughly 15% market share. It also turned authorities’ sights on Tesla’s data and safety.
Bridge: Oct. 17, 2021
Cy adopts the first line of play he sees, but the fastest play and the best play are seldom the same. For once, I had to sympathize with Cy: East could have held the king of clubs and West the king of hearts. With three tricks to go, dummy has the king of spades and A- Q of hearts, and Cy has a low spade and two low hearts. If East keeps the ace of spades and K-10 of hearts, Cy can exit with a spade to end-play him. East would do best to discard three hearts, baring his king, and save the ace of spades and a club.
Opinion: Electric cars and local auto dealerships go hand-in-hand
Local dealerships can help correct misconceptions like these and enable drivers to make informed buying decisions. Dealerships also make it much easier to finance and register new vehicles. Unlike direct sellers, they offer a wide range of EVs from different manufacturers. That stokes competition among EV makers, driving down prices and improving quality in the process. Consumers, meanwhile, benefit from having more choices.
Viewpoint: Agribusiness works only with access to internet
While we grappled with COVID-19 the best we could, the pandemic amplified the disparities of agribusiness in rural Oklahoma. Dale Denwalt’s article, supported by the Microsoft Airband Initiative, shows few households have reliable high-speed internet and cell service. Our senior citizens cannot dial in for telemedicine appointments without reliable internet access at home. Farmer Cooperatives rely on broadband access to communicate with their farmer owners and customers and source the latest technologies to achieve optimal yield. Oklahoma Agricultural Cooperative Council, representing cooperatives across the region, is in full support of and thanks state lawmakers for increasing broadband access and prioritizing a high-speed, connected Oklahoma.
2 Louisville Urban League leaders resign from controversial West End taxing district board
LOUISVILLE, Ky. — Two leaders from the Louisville Urban League have resigned from the newly formed West End Opportunity Partnership board, David James, Louisville Metro Council President and interim board chair, confirmed to The Courier Journal. Reynolds represented the Federal Reserve Bank board on the West End Opportunity Partnership board. "There was some discussion about whether or not she could be a representative from the Federal Reserve board onto the local (West End Opportunity Partnership) board," James said. Background:TIF district for Louisville's West End working to raise $10M; first board members namedReynolds previously applauded the board appointments. James said he will be board chair until the final nine board members are appointed, which he hopes will happen by the end of the year.
Oxford University to take smaller stakes in professors’ start-ups
Oxford academics will no longer be forced to hand over half their companies to the university, after it overhauled its spin-out policy in the wake of Covid-19 breakthroughs. The University of Oxford has introduced a new policy which means that academics or professors will automatically retain a larger stake in the businesses they set up while at the university. However, Oxford has now revamped the policy so that it will take only a 20pc stake in most spin-out companies. Nando de Freitas, a former Oxford University professor who co-founded Dark Blue Labs, now part of Google’s artificial intelligence company DeepMind, accused the university on Twitter of “destroying UK innovation”. Oxford University also has a slightly different structure for how that research is then commercialised, passing half of the stake it takes in companies on to an investment company, Oxford Sciences Enterprises.
Accountants raise concerns over dividend paid to Dixon’s IWG
Accountants have raised concerns after a £635m dividend was paid to IWG billionaire Mark Dixon’s company by a Jersey subsidiary which was then put into bankruptcy. An Ernst & Young review of the controversial decision to place Regus plc into bankruptcy in September 2020 is to be followed up with a further investigation into whether the money should have been paid out, court documents show. Regus plc had guaranteed £790m of landlords’ leases on serviced offices occupied by IWG if it was unable to pay its rent. However, the dividend payment shortly before Covid struck meant there was little money left to reimburse landlords as lockdowns were imposed and IWG sought rent cuts. But the Jersey court’s ruling revealed that the Luxembourg bankruptcy trustee, Nicolas Thieltgen, will conduct further investigation into the dividend payouts after receiving a draft report from Ernst & Young.
Robo-Advisers: Weighing the Worth of Automated Advice
Use its proprietary algorithm to recommend a model investment portfolio for you. Some robo-advisers also offer online budgeting and financial planning, as well as access to a human adviser — usually for an additional cost. Administrative hurdles: We’ve seen evidence that it’s easier to join a robo-adviser platform than to leave it. And at least one well-known robo-adviser, financial advisers have encountered problems transferring essential cost-basis information. And at least one well-known robo-adviser, financial advisers have encountered problems transferring essential cost-basis information.
The after effects of the gas-price shock
But this doesn’t mean that huge increases in energy prices don’t matter. The result was an era of “stagflation”, that is, of rapidly rising prices and stagnant growth, and a shift of power to the Middle East. Rising energy prices will suck demand out of every major economy. Whether it is higher costs for industry or rising prices for consumers doesn’t make much difference. Soaring energy prices are a pain for consumers, but can mostly be absorbed by trimming a few costs elsewhere.
China could widen property tax trial, official media outlet reports
An excavator is seen at a construction site of new residential buildings in Shanghai, China, in this March 21, 2016 file photo. President Xi Jinping on Friday called for progress on a property tax that could help reduce wealth inequality as the country strives to achieve his goal of "common prosperity" by mid-century. read more"China could consider conducting system innovations to expand the scope of property tax while moving forward with tax legislation as soon as possible," said Jia Kang, ex-director of the finance ministry-backed Chinese Academy of Fiscal Sciences, according to China Property News, which is managed by the housing ministry. read moreJia suggested extending the property tax trial to the wealthy eastern province of Zhejiang. "Generally speaking, third- and fourth-tier cities would not be among the first batch for a property tax trial," Jia said, adding that any property tax regime should adapt to regional circumstances.
U.S. banks see wealth management boom on borrowing, new assets
Morgan Stanley's wealth management business reported revenues of $5.935 billion, up 28% from last year. Wealth management loan balances reached $121 billion, up 33% year-on-year, mostly from clients taking out mortgages and borrowing against their investments. At JPMorgan's asset and wealth management business, revenues 21% to $4.3 billion, while average loans rose 20% from last year. Goldman Sachs, which has a smaller wealth management unit catering to the extremely rich, said wealth management net revenues jumped 40% from last year to $1.64 billion, while loan balances were also up 40% to reach $42 billion. JPMorgan does not break out net new assets for its asset and wealth management business.
Goldman Sachs cashes in on M&A wave to cap stellar quarter for U.S. banks
Shares of Goldman Sachs were up 2% in mid-morning trading. Goldman comfortably held its top ranking as the world's leading bank in M&A advisory, according to the Refinitiv data. "I remain optimistic about (opportunities)," Goldman Sachs Chief Executive Officer David Solomon said on a call with analysts. Goldman's global markets trading business, which accounts for roughly 41% of overall revenue, reported revenue of $5.61 billion, up 23%. That was higher than rival Morgan Stanley, which reported trading revenue of $2.87 billion and is typically number one in this line of business.
Southampton Town ratepayers could save millions on energy bills with solar farm deal
Southampton Town has awarded a Boston company a contract to build a 4.5-megawatt solar farm atop a former landfill under an agreement that could bring millions of dollars in energy discounts to some residents. The town board voted 5-0 last week on a 20-year contract to Kearsarge Energy Limited Partnership to lease the land atop the capped landfill in North Sea and build the facility there. The company was chosen because of its experience operating similar projects throughout the Northeast, according to a town news release. "This project brings renewable energy resources into the community with direct benefits to our residents and at no cost to the residents." The project, known as community distributed generation, is under the regulatory framework of a state program known as Community Choice Aggregation.
Motorcyclist dies trying to follow driver he crashed with in Little Village
A motorcyclist died trying to follow a driver he crashed with earlier Sunday morning in Little Village on the West Side. The 39-year-old was following the driver of a blue pickup truck about 1:25 a.m. after they were involved in a minor crash when he struck a defect in the roadway and lost control of his motorcycle near the 4200 block of West 36th Street, Chicago police said. He was pronounced dead at the scene, police said. The driver of the blue pickup truck left the scene. Major Accidents Unit were investigating.
Sayville residents renew efforts to block proposed Greybarn apartments
Sayville residents opposed to a 1,365-unit luxury apartment proposal at a shuttered golf course are gearing up for a renewed attempt to stop or shrink the size of the plan. Following a three-year period during which plans for the proposed Greybarn Sayville project on Lakeland Avenue have languished amid a complex review by Islip Town officials, opponents have begun holding rallies to draw attention to their concerns. Rechler officials said Tuesday that they are planning to "present a revised, community-enhanced plan," though they outlined no specific alterations. Rechler officials have said that apartment rental prices would start around $2,300 per month for a one-bedroom unit. Rechler has offered to provide shuttle buses for Greybarn residents to reduce traffic going south to downtown Sayville.
Dem plan to help IRS go after unpaid taxes raising GOP concerns
"This is not a proposal to provide detailed transaction-level data by banks to the IRS," she said. Yellen said the IRS set the threshold at $600 to prevent those wishing to evade taxes from setting up multiple accounts. "The proposal, if enacted, would require banks to report to the IRS detailed information on customer account inflows and outflows," the association said in its sample message. But many Republican lawmakers and bankers suggest that the proposal would require reporting of every transaction once the $600 level is reached. It does not require individual transactions, but the most basic aggregate information on total account inflows and outflows.
Ask the expert: 'What is the best home charger for my BMW plug-in hybrid?'
Alex Robbins is contributing editor at Telegraph Cars where, as well as responding to readers' queries, he also contributes reviews of new and used cars, together with articles on buying and selling. His knowledge of the used car market informs his many buying guides relating to the best buys in particular sectors, with an emphasis on value for money. For consumer and used car advice, or car faults, email CarsAdvice@telegraph.co.uk and include your subscriber number. This week's question...Dear Alex,I have ordered a BMW X3 plug-in hybrid. Ohme’s Home Pro chargerOhme’s Home Pro charger has a touchscreen on the front, so that you can control it on the unit itself without the need for an app.
Xfinity vs. Vivint: Which professional home security system is better?
Xfinity vs. Vivint: Which professional home security system is better? Added: 17.10.2021 3:17 | 32 views | 0 commentsSource: homesecuritylist.comOnce DIY options are out the door, it's time to pick a pro installer. Here's who we'd choose if you left it up to us. More in www.cnet.com »
What Germany coalition deal means for EU
What Germany coalition deal means for EU - FDP leader could be trouble for blocAdded: 17.10.2021 7:24 | 13 views | 0 commentsGERMANY'S budding coalition partners will begin formal talks earlier than originally thought, sparking hope that a new government will be formed before Christmas. But one member of the FDP stands to become a considerable thorn in the EU's side.
German role in EU under threat as Merkel election result ushers in grand coalition chaos
German role in EU under threat as Merkel election result ushers in grand coalition chaosAdded: 17.10.2021 8:00 | 16 views | 0 commentsGERMANY's role as the "bulwark of stability" has been thrown into doubt amid the fallout from last month's elections.
Jon Gruden social commentary sparks classic Bill Burr rant
Added: 17.10.2021 5:28 | 19 views | 0 commentsBill Burr went on another classic comedic rant on Thursday after he saw a comment about Jon Gruden and the fallout from his email controversy earlier in the week.
Pigs at Amsterdam's Schiphol Airport help to keep skies safe
Pigs at Amsterdam's Schiphol Airport help to keep skies safeAdded: 17.10.2021 0:16 | 23 views | 0 commentsA team of 20 at Amsterdam's Schiphol Airport is part of a range of measures being used to reduce bird-strikes.
The Chinese film beating Bond and Marvel at the box office
The Chinese film beating Bond and Marvel at the box officeAdded: 17.10.2021 1:16 | 22 views | 0 commentsThe success of The Battle at Lake Changjin is bad news for Hollywood which wants to grow in China.
Tiffany & Co. to Mentor Young People on Creative Team
PARIS – In a sign of its reinvention under new owner LVMH Moët Hennessy Louis Vuitton, Tiffany & Co. is opening its creative team to young people from underprivileged backgrounds. She joined Tiffany in March from Revlon, where she served as senior vice president, creative director, and reports directly to Tiffany executive vice president of product and communications Alexandre Arnault. A seasoned creative, Abu-Nimah also worked in high-ranking roles at Elle magazine, Bobbi Brown and Shiseido. Though it is understood her role at Tiffany focuses more on creative vision than product development, the executive said creative direction all begins with craft. “It takes a long time to become a creative director, and the only way to become a good creative director is to develop a craft, and to also understand other people’s craft.
Saudi Stocks Lead Mideast Gains as Oil Surpasses $85: Inside EM
(Bloomberg) --Most Read from BloombergStocks in the Middle East picked up on Friday’s rally across global markets as oil’s gains through $85 a barrel emboldened investors. “GCC markets are taking cues from the positive performance in global equity markets on Friday,” said Junaid Ansari, head of investment strategy and research at Kamco Invest. “Moreover, oil is now trading at close to eight-year high levels. This should provide a boost on the economic front for almost all the GCC economies.”READ: Oil’s Leap Through $85 Shows Spillover Effect From Energy CrisisSaudi Arabia’s Tadawul All Share Index climbs as much as 0.7% Adding to the index most by points: Al Rajhi Bank +0.6%; Jabal Omar +2.2%; Saudi Kayan +2.7% Aldrees Petroleum rises as much as 1.7% after reporting a 28% increase in third-quarter profit BinDawood and Arabian Centres jump more than 3% after saying they see positive impact from the government’s easing of Covid-19 measuresAbu Dhabi’s ADX General Index climbs 0.3% at 11:24 a.m. local time Sharjah Islamic Bank jumps to the highest level in seven years after reporting a 65% increase in third-quarter profitDubai Financial Market General Index is up 0.5% Emaar Properties leads by points, climbing 1%Kuwait’s Premier Market Index up 0.3% Kuwait Finance House +0.5%; National Bank of Kuwait +0.2%; Ahli United Bank +0.4%Qatar’s QE Index rises for a sixth dayOman’s MSM 30 Index jumps 0.6% after Moody’s changed its outlook on the country to stable from negativeKey News:Tunisia is in “very advanced discussions” with Saudi Arabia and the United Arab Emirates for help in financing its budgetEnergy traders weighing the probability of a revived nuclear accord between Iran and world powers might do better to train their gaze on Beijing rather than negotiations in ViennaEgypt’s president said a revamp of the nation’s bloated and costly subsidy system was necessary, amid a broader push by the government to ensure that such aid reaches the neediest segment of the populati
Tunisia Reaches Out to Gulf Nations as Economic Woes Deepen
(Bloomberg) -- Tunisia is in “very advanced discussions” with Saudi Arabia and the United Arab Emirates for sorely needed financial aid, and talks with the IMF are ongoing, a central bank official said, as the nation’s political crisis weighs on already dire economic ills. Tunisia is battling long-running economic troubles and has been mired in fresh political upheaval since late July, when President Kais Saied suspended parliament and assumed more powers. The political turmoil led Moody’s Investor Service last week to cut its assessment of Tunisia by one notch, to Caa1. The central bank recently voiced concern over an “acute” drying up of foreign financing and the sustainability of public debt. (JRecasts and updates throughout with details, comment)Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
City dealmaking boom hits post-financial crisis high
City bankers are in line for large bonuses after a dealmaking boom ­propelled UK investment banking ­revenues to their highest level since the financial crisis during the first nine months of the year. In the last 15 years, this was eclipsed only by the £4.2bn reported between January and September in 2007, just before the financial crisis hit. The figures do not include revenues from banks’ trading arms. It comes after bankers have been inundated with work following a surge in acquisitions and flotations post-pandemic. Private equity takeovers have soared to record levels as buyout firms snap up companies on the cheap, while listings on the London Stock Exchange have also rebounded after years of depressed activity.
Paper rail tickets to be shredded across South East
Ministers are preparing to scrap paper rail tickets across south-east England by rolling out contactless payments that will be integrated into London’s Oyster card regime. Grant Shapps, Transport Secretary, pledged earlier this year to “simplify the current confusing mass of tickets” and bring an end to paper ticket queues. Mr Shapps is under pressure to find large savings after handing subsidies to rail operators in excess of £10bn during the pandemic. They were told to expect a “tough settlement” during a conference call between officials and industry leaders last week. Some £2bn of annual savings need to be identified by the rail industry to balance the books after the pandemic accelerated a shift towards home working, dramatically reducing the number of daily commuters.
Boxed-in Kospi leads to surge in forced liquidations
FINANCEDealers look at monitors at Hana Bank headquarters in central Seoul on Friday morning, as both South Korea's benchmark Kospi and tech-heavy traded lower. It marked the highest level since April 2007, when the daily average volume came to 29 billion won. They forecast the index will move in a tight range between 2,900 points and 3,030 points this week.NH Investment & Securities analyst Kim Young-hwan said the domestic stock market has “wave heights” to deal with this week. “But until then, the Kospi index is likely to stay in a box pattern.”Although listed firms’ robust third-quarter business results are expected, investors’ concerns over earning peak-out are posing risks as well, the analyst said. A handful of Kospi-listed companies are set to release their quarterly earnings this week but the corporate earnings report season is not enough to improve momentum, he added.By Jie Ye-eun ( yeeun@heraldcorp.com
Tightened credit lending continues despite eased rules on housing loans
FINANCEA pedestrian passes by a commercial bank promoting jeonse and mortgage loans, on Sunday. The FSC is considering toughening up rules for the current debt service ratios, or DSR, as part of its additional debt control measures. (Yonhap)South Korea‘s major banks are set to loosen control on extension of "jeonse" loans for homes, but their tightened grip over personal credit loans will continue under pressure from financial authorities, according to industry sources Sunday.Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract.NH NongHyup Bank, which in August decided to temporarily stop offering jeonse loans until Nov.30, will resume its jeonse lending services starting Monday. Shinhan Bank will begin to discard its borrowing limit of 500 billion won ($423 million) for loans taken out for home rental on the same day, they said.The latest move came after the policymaking Financial Services Commission, on Thursday, vowed to ease regulations on jeonse loans to protect people who actually need to borrow to rent a home to live in.“For loans taken out for jeonse in October, November and December, the cap on aggregate loans will be applied in a flexible manner,” said FSC Chairman Koh Seung-beom.“We will tolerate it even if the growth rate of outstanding household debt exceeds the targeted range if that is due to a rise in loans for jeonse.“The financial authority earlier urged local lenders to bring the annual increase of household debt to between 5 percent and 6 percent this year, compared with a growth of 7.9 percent last year.Despite the government’s partial relaxation of loan rules, borrowers are likely to be turned down for personal credit loans or other types of mortgage loans amid banks’ strict lending standards.Hana Bank, for instance, will halt extending credit loans for property purchases from Wednesday until the end of this year, while Woori Bank plans to lower favorable interest
S. Korea’s car production drops in Q3 on global chip shortage
BUSINESSAn assembly line at GM Korea's factory Bupyeong, Incheon. (GM Korea)South Korea’s car production in the third quarter this year dropped, marking the lowest level since the 2008 global financial crisis, according to a local industry report, Sunday.According to Korea Automobile Manufacturers Association’s report, the combined number of automobiles domestically manufactured during the July-September period reached 761,975, down 20.9 percent on-year.The figure was the lowest since 2008, when local carmakers’ production reached 760,121 during the three-month period, the report added.KAMA explained the ongoing global semiconductor shortage has mainly affected domestic car production in the third quarter.The resurging COVID outbreak in Southeast Asia, in particular, had a major impact on the production of semiconductor products for automobiles, the report added.Previously, local car manufacturers anticipated chip supply to recover between September and October. But, major automotive chip manufacturers struggled to operate their factories in Southeast Asia due to the pandemic, prolonging the chip shortage.German chipmaker Infineon and Switzerland-based STMicroelectronics, for instance, suffered from shutdowns at their plant in Malaysia.By companies, Hyundai Motor produced a total of 350,209 vehicles in the third quarter, down 15.8 percent on-year from 415,992 last year.Kia Motors produced 321,734 during the three-month period this year, decreased 6.5 percent on-year from 344,212 during the same period in 2020.GM Korea’s car production in the third quarter this year has been cut by more than half from a year earlier, decreasing from 102,747 to 45,939.SsangYong Motor’s production also decreased 21.7 percent on-year to reach 20,499 during the same period, compared to 26,164 last year.Renault Samsung Motors, however, remained unaffected by the global chip shortage. The company’s car production in the third quarter increased 7 percent on-year to reach 33,760 units.By Shi
S. Korea’s car production drops in Q3 on global chip shortage
South Korea’s car production in the third quarter this year dropped, marking the lowest level since the 2008 global financial crisis, according to a local industry report, Sunday.According to Korea Automobile Manufacturers Association’s report, the combined number of automobiles domestically manufactured during the July-September period reached 761,975, down 20.9 percent on-year.The figure was the lowest since 2008, when local carmakers’ production reached 760,121 during the three-month period, the report added.KAMA explained the ongoing global semiconductor shortage has mainly affected domestic car production in the third quarter.The resurging COVID outbreak in Southeast Asia, in particular, had a major impact on the production of semiconductor products for automobiles, the report added.Previously, local car manufacturers anticipated chip supply to recover between September and October. But, major automotive chip manufacturers struggled to operate their factories in Southeast Asia due to the pandemic, prolonging the chip shortage.German chipmaker Infineon and Switzerland-based STMicroelectronics, for instance, suffered from shutdowns at their plant in Malaysia.By companies, Hyundai Motor produced a total of 350,209 vehicles in the third quarter, down 15.8 percent on-year from 415,992 last year.Kia Motors produced 321,734 during the three-month period this year, decreased 6.5 percent on-year from 344,212 during the same period in 2020.GM Korea’s car production in the third quarter this year has been cut by more than half from a year earlier, decreasing from 102,747 to 45,939.SsangYong Motor’s production also decreased 21.7 percent on-year to reach 20,499 during the same period, compared to 26,164 last year.Renault Samsung Motors, however, remained unaffected by the global chip shortage. The company’s car production in the third quarter increased 7 percent on-year to reach 33,760 units.By Shim Woo-hyun ( ws@heraldcorp.com
JPMorgan CEO Jamie Dimon: People with these traits succeed–'not the smartest or hardest-working in the room'
According to Jamie Dimon, chairman and CEO of JPMorgan Chase, the most successful leaders have certain key traits. Don't miss: Highest-ever Amex Gold Card welcome bonus is worth up to $600 in gift cards"Management is: Get it done, follow-up, discipline, planning, analysis, facts, facts, facts. It's [getting] the right people in the room, kill the bureaucracy, all of these various things," Dimon told Roth. Having these traits also increases your productivity, along with your success, Dimon said. To achieve success, "treat people the way you want to be treated," Dimon told Roth.
Supply Chain Chaos, Surging Costs Set to Plague Europe’s Profits
(Bloomberg) --Most Read from BloombergCost pressures, supply-chain chaos and a reopening letdown are set to plague Europe’s third-quarter earnings season, setting investors up for more disappointment than elation. Stocks to watch include: Sportswear retailers Puma SE (earnings due Oct. 27) and Adidas AG (Nov. 10), online retailer Zalando SE (Nov. 3), shipping firm A.P. Moller-Maersk A/S (Nov. 2), industrial group Siemens AG (Nov. 11). Rising CostsCosts have been climbing for companies, a product of supply bottlenecks, surging commodity prices and a shortage of workers. Stocks to watch include: Food-delivery firm Deliveroo Plc (Oct. 20), computer-hardware maker Logitech International SA (Oct. 26), meal-kit maker HelloFresh SE (Nov. 2), mobile-messaging software maker Sinch (Nov. 2).
Dirtier Trains and Less Newsprint: the Energy Crisis Fallout
Headlines have focused on governments trying to tackle soaring gas and power prices rocking energy retailers and crucial carbon-dioxide supplies. Here’s how surging energy costs are hitting industries:Ditching Electric TrainsWith an electric fleet becoming too expensive, U.K. freight operator Freightliner is turning back to diesel-operated trains to transport vital goods. That’s tightening supply of the metal used for rust-proofing, and pushing an index of metals prices to a record high. French construction materials maker Saint-Gobain warned it’ll offset record energy costs by charging more for products like plaster, roofing and insulation materials. Silicon SqueezeHigh energy costs have led China to cut output of silicon, one of the most abundant elements.
Volunteers in the sky watch over migrant rescues by sea
But when there are no exact coordinates, they must fly a search pattern, sometimes for hours, and scan the sea with the help of binoculars. Even when flying low, finding a tiny boat in the vast Mediterranean can strain the most experienced eyes. The three- to four-person crew of volunteers reports every little dot on the horizon that could potentially be people in distress. In rough seas, breaking waves can play tricks and for brief moments resemble wobbly boats in the distance. But finding boats in distress is only the first challenge.
[Newsmaker] Starbucks Korea to hire 1,600 new staff this year
BUSINESSA truck that reads, “We want to sell coffee, not engage in marketing and promotions,” drives through the streets of Seoul on Oct. 7, after a promotional event drew long lines of customers at Starbucks stores. (Yonhap)Stung by its employees‘ first collective action, Starbucks Korea said Sunday that it will hire 1,600 more baristas and store staff by the end of this year and improve working conditions.The hiring plan is part of the firm’s package of measures announced in response to recent complaints from in-store staff that they were overworked and underpaid.“We plan to hire in order to secure more staff and enhance work efficiency at stores nationwide. The company is also reviewing potential changes to the wage structure, which would include a pay raise for store managers, improved incentive plans and differentiated hourly wages based on experience,” the company said in a press release Sunday.From Oct. 7-8, store employees and baristas mobilized two trucks in Seoul emblazoned with words of protest in the first collective action in 22 years at Starbucks Korea, where there is no labor union.The action, organized through Blind, an anonymous social media app, was triggered by a reusable cup marketing event that drew long lines of customers at Starbucks stores.Announcing the measures, Starbucks also said it would look for ways to prevent marketing and promotional events from putting too much pressure on employees and that it would form a special task force dedicated to the effort.The team will predict customer demand and provide real-time support for difficulties faced during such promotions, Starbucks said.As for the pay, the main complaint of employees was that they were getting paid a flat 9,200 won ($7.80) per hour, regardless of experience or job performance. Starbucks vowed to address the issue with an ongoing pay structure review.Starbucks also said it would form a facilities and equipment team to improve the employees’ area and other working environments
[Newsmaker] Starbucks Korea to hire 1,600 new staff this year
Stung by its employees‘ first collective action, Starbucks Korea said Sunday that it will hire 1,600 more baristas and store staff by the end of this year and improve working conditions.The hiring plan is part of the firm’s package of measures announced in response to recent complaints from in-store staff that they were overworked and underpaid.“We plan to hire in order to secure more staff and enhance work efficiency at stores nationwide. The company is also reviewing potential changes to the wage structure, which would include a pay raise for store managers, improved incentive plans and differentiated hourly wages based on experience,” the company said in a press release Sunday.From Oct. 7-8, store employees and baristas mobilized two trucks in Seoul emblazoned with words of protest in the first collective action in 22 years at Starbucks Korea, where there is no labor union.The action, organized through Blind, an anonymous social media app, was triggered by a reusable cup marketing event that drew long lines of customers at Starbucks stores.Announcing the measures, Starbucks also said it would look for ways to prevent marketing and promotional events from putting too much pressure on employees and that it would form a special task force dedicated to the effort.The team will predict customer demand and provide real-time support for difficulties faced during such promotions, Starbucks said.As for the pay, the main complaint of employees was that they were getting paid a flat 9,200 won ($7.80) per hour, regardless of experience or job performance. Starbucks vowed to address the issue with an ongoing pay structure review.Starbucks also said it would form a facilities and equipment team to improve the employees’ area and other working environments at Starbucks locations.The chain said it would regularly communicate with store partner representatives to listen to their opinions and identify areas for improvement.By Kang Jae-eun ( kang.jaeeun@heraldcorp.com
Joe Manchin won’t support a key climate program. Alternatives won’t be enough.
The Clean Electricity Performance Program is the most important part of the climate bill when it comes to cutting pollution. But in trying to appease Manchin, the White House could alienate other Senate Democrats like Sen. Tina Smith (D-MN), who was the chief architect of the clean electricity program. Let’s be clear: the Build Back Better budget must meaningfully address climate change. Clean electricity is the backbone of the energy transition — the critical piece that all the other sectors will slot into. @EnergyInnovLLC just modeled the climate & energy effects of the provisions in the BBB Act.
Homegrown private equity firm STIC Investments to go public in Dec.
South Korean private equity firm STIC Investments is poised to carry out a backdoor listing to start trading on the domestic stock market in December, a filing showed Sunday.Following the move, STIC Investments will become the first Seoul-based private equity investment manager to be listed in three years. The merger is scheduled for completion on Dec. 17.Digital Power Communications, based in Ansan, Gyeonggi Province, is a parent company that fully owns the investment firm. It has also invested in companies in France and the United States.Its portfolio companies range from mobility app operator Grab to entertainment agency Hybe and online social casino game opeator DoubleDown Interactive.STIC Investments was one of the first homegrown private investment managers in Korea’s history. First starting out as a venture capital house, STIC Investments has tapped into investment realms such as private equities, growth capital and special situations. Stonebridge Ventures applied for the process with the Korea Exchange earlier in October, and KTB Network filed for its bid in August.By Son Ji-hyoung ( consnow@heraldcorp.com
Tightened lending still under way amid eased rules on housing rent loan
South Korea‘s major banks are set to lose control on extension of loans for home renting through the “jeonse” arrangement, but their tightened grip over personal credit loans will prolong under pressure from financial authorities seeking to rein in the nation’s snowballing household debt, according to industry sources Sunday.Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract.NH NongHyup Bank, which in August decided to temporarily stop offering jeonse loans until Nov.30, will resume its jeonse lending services starting Monday. Shinhan Bank will begin to discard its borrowing limit of 500 billion won ($423 million) for loans taken out for home rental on the same day, they said.The latest move came after the policymaking Financial Services Commission, on Thursday, vowed to ease regulations on jeonse loans to protect people who actually need to borrow to rent a home to live in.“For loans taken out for jeonse in October, November and December, the cap on aggregate loans will be applied in a flexible manner,” said FSC Chairman Koh Seung-beom.“We will tolerate it even if the growth rate of outstanding household debt exceeds the targeted range if that is due to a rise in loans for jeonse.“The financial authority earlier urged local lenders to bring the annual increase of household debt to between 5 percent and 6 percent this year, compared with a growth of 7.9 percent last year.Despite the government’s partial relaxation of loan rules, borrowers are likely to be turned down for personal credit loans or other types of mortgage loans amid banks’ strict lending standards.Hana Bank, for instance, will halt extending credit loans for property purchases from Wednesday until the end of this year, while Woori Bank plans to lower favorable interest rates charged on the bank’s 11 lending products, in a move to slow growth in credit loans.Outstanding balance of personal credit loans at five major lend
Boxed-in Kospi leads to surge in forced liquidations
It marked the highest level since April 2007, when the daily average volume came to 29 billion won. They forecast the index will move in a tight range between 2,900 points and 3,030 points this week.NH Investment & Securities analyst Kim Young-hwan said the domestic stock market has “wave heights” to deal with this week. The Fed’s signal over tapering of its timeline for stimulus is one of the major market variables, he said.“After checking on the event, the local stock market may show a strong rebound with expectations for an accelerating economic recovery linked to improving manufacturing sector and development of COVID-19 treatments,” Kim said. “But until then, the Kospi index is likely to stay in a box pattern.”Although listed firms’ robust third quarter business results are expected, investors’ concerns over earning peak-out are posing risks as well, the analyst said. A handful of Kospi-listed companies are set to release their quarterly earnings this week but the corporate earnings report season is not enough to improve momentum, he added.By Jie Ye-eun ( yeeun@heraldcorp.com
West eyes China’s playbook as Big Tech revs up finance ambitions
But a looming monetary crisis at the hands of Big Tech has made strange bedfellows. Entities and activitiesThe Chinese playbook is attractive because it carves an entity out of big tech firms that financial watchdogs can demand information from — and fine, if necessary. "If you look at the business model, there are strong internal relations," Villeroy de Galhau added, referring to the data that Big Tech keeps in-house on their customers from other sectors. "We could consider organizing a specific legal entity within Big Tech to regroup all financial activities, and this specific legal entity would be subject to financial regulation, financial rules, and financial supervision," the Frenchman continued. By then, policymakers will have had time to consider options that go well beyond stopping Big Tech from swallowing up their payments system.
The squeeze to get rid of ‘forever chemicals’
"Forever chemicals" are used in everything from cookware to paints and clothes | John Lamparski/Getty Images for NYCWFFPress play to listen to this article Voiced by Amazon PollyPressure is growing on the EU to ensure a group of highly persistent substances known as "forever chemicals" — used in everything from cookware to paints and clothes — is forever banned from the bloc. "Time is finally running out for 'forever chemicals,'" the nonprofit ChemSec said. PFAS substances, which don't break down naturally, have been shown to accumulate in the environment and cause a host of health conditions, including cancer, liver damage and decreased fertility. If the European Chemicals Agency (ECHA) adopts the restriction proposal, manufacturers, importers, distributors and retailers would be banned from using most PFAS, with the exception of some that are seen as essential. The substances will also be targeted in the Commission's Chemicals Strategy for Sustainability next year.
Ship owner, operator of interest in California oil spill
HUNTINGTON BEACH, Calif. (AP) — The U.S. Coast Guard has designated the Mediterranean Shipping Company and others as parties of interest in an investigation into a vessel that was determined to be the source of an offshore pipeline leak in Southern California. The designation announced in a statement on Saturday names ship operator Mediterranean Shipping Company S.A. and ship owner Dordellas Finance Corporation. It provides the owner and operator of MSC DANIT the opportunity to be represented by counsel, to examine and cross-examine witnesses and to call witnesses relevant to the investigation, the statement said. An investigation into the spill, which includes multiple pipeline scenarios and additional vessels, is ongoing. This material may not be published, broadcast, rewritten or redistributed without permission.
Net zero investors look to cash in on the countryside
Sheep graze in between rocky outcrops on the Scottish hillside as a buzzard looms overhead against a gunmetal grey sky. It’s an age-old scene – but over the next decade, this patch of land on the 5,300 acre Fordie Estate, Perth, will start to look very different. Farmers and land-owners are set to be rewarded for benefits such as mitigating climate change and boosting wildlife under new plans being developed by the Government. Meanwhile, the Committee on Climate Change, which advises the Government, says about 90m to 120m broadleaf and conifer trees – about 74,000 acres – need to be planted each year. This amounts to about 2.2m acres covered by 2050, or 3.7pc of UK land use.
Missing workers fuel Britain’s inflation fears
Adrian Hanrahan did not expect his thriving chemicals business would compete with a golf course, but Covid has provided endless surprises. The managing director of Robinson Brothers in West Bromwich has 22 vacancies in a workforce which at full strength should employ 260 people. Even with pay rises on the table, they are hard to retain or replace, threatening Hanrahan’s ability to meet clients’ orders. Far from the mass unemployment feared, the economy is generating more jobs than the labour force can fill. More than three-quarters of businesses attempting to recruit reported difficulties to a survey by the British Chambers of Commerce.
Joe Manchin is sacrificing our planet to save West Virginia: And Chuck Schumer doesn't seem to care
Photo by Bart van Dijk on UnsplashWhy are Democrats behaving as if the climate change problem can be negotiated away? If the planet is on fire, how will jobs in coal save West Virginia? Where is the plan to convert jobs in coal to renewable energy jobs? When the fires and the floods come, money won’t stop them. Why aren’t politicians doing more to protect the American people from such abuse?
Biden and Democrats are moving on to plan B
Biden is still optimistic a deal can be reached. I feel optimistic even if a deal cannot reached, Biden and Schumer/Pelosi will make Manchin/Sinema face 24/7 accountability voting to kill the bill. Biden has also mentioned he is ready to aggressive through executive/epa action just like the student loan forgiveness/debt erasure (referencing recent public loan forgiveness good news stories and $10,000 outright forgiving through EO). It is up to Biden show he is not someone who gives up and wants people to be reassured there are other ways. If Biden positively controls the next few weeks plus November, December, and January on aggressive student loan debt reform/relief, his approval ratings will be back to 50% by February.
Climate Change is Purely a Political Problem, The Tech to Address the Crisis Already Exists Part 2
The big joke in the small scale wind industry about the 3 main complaints of owners of wind turbines are:1: My tower is too short! Combined, these factors are why home wind power is relatively rare. It turns out that the why is that the grid is inadequate to redistribute wind power effectively enough to meet demand. Large wind turbines are arguably the least expensive electricity we can produce. So going back to our two broad categories of energy production, wind power is, hands down, best suited to Utility scale installations.
Women over 40 are being trampled by the COVID-19 economy, this week in the war on workers
Women over 40 have been particularly hard-hit by the COVID-19 economy—and, in this as in just about every other piece of bad economic news, Black and Hispanic women have had it the worst. Overall, 41% of women in this age group lost job-based income. But the pain was felt unequally: While 13% of white women and 14% of Asian women lost jobs, 23% of Latinas and 20% of Black women did. After these work interruptions, many women continue to be unemployed in the long term—for six months or more—or to be underemployed. Nearly a third of the women who had looked for work while over 40 cited age discrimination as a source of difficulty.
Despite Taliban Rule, Feminists Must Not Abandon Afghan Women
Since the Taliban took control of Kabul and the central government on August 15, efforts to support Afghan women have become extremely challenging. But does that position really help Afghan women? There's little question that gains made by Afghan women over the past 20 years, particularly urban women, have been rolled back -- at least temporarily. Even though Taliban spokesmen insist that women can continue to work, there are also frequent reports of Taliban militants ordering women to leave their workplaces. On October 6, the 45,000-member Afghan Teachers Association put out an urgent appeal calling attention to their dire situation.
Migrant Farmworkers Are Being Left Out of Roundup Cancer Compensation
It is hard to know exactly how many migrant farmworkers have filed lawsuits against Bayer. Fear of retaliation, and a lack of legal resources and legal immigration status, has diminished migrant farmworkers’ likelihood to seek justice and compensation. Baum Hedlund Aristei & Goldman is the law firm that co-represented Dewayne Lee Johnson—the high school groundskeeper in the first-ever Roundup cancer trial. The firm, which has since represented about 3,400 plaintiffs in Roundup cancer lawsuits, told EHN that no farmworkers have come to the firm asking to be represented. Chavez was not aware of any migrant farmworkers participating in the Roundup cancer lawsuits.
This Central Bank Chief Says He’s WIth ‘Team Transitory’
(Bloomberg) -- As policy makers globally remain divided on whether inflation is temporary or taking hold, Philippine central bank Governor Benjamin Diokno said he’s with “team transitory” and that it’s more prudent for the country to delay monetary tightening. The central bank “will decide on the appropriate timing of its policy change” and won’t be influenced by opinion makers, market analysts or the social media, he said. ECB’s Lagarde Says Inflation Spike Is ‘Largely Transitory’Diokno said the central bank staff’s latest forecast for average inflation this year is about 4.5%. The latest estimate for 2021 is higher than the 4.4% projection that the central bank gave on Sept. 23. “There is sufficient slack in the economy and real estate prices are steady with downward bias.” The central bank will next decide on monetary policy on Nov. 18, just over a week after the third-quarter economic report is released.
VICTOR JOECKS: How Joe Biden stole Christmas
Christmas classics would be a lot different if they had been written during President Joe Biden’s administration. (AP Photo/Susan Walsh)Christmas classics might be a lot different if they had been written during President Joe Biden’s administration. Oh Christmas tree, oh Christmas tree, Thy leaves are so hard to find. “It’s just window dressing.”Come they told mepa rum pum pum pumBacked up ships to seepa rum pum pum pumA severe dearth of truck drivers is contributing to the problems. How Joe Biden stole Christmas.
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NM native poised to step into CEO job at PNM
Executives from Avangrid and Iberdrola have made a point of saying there will be local control and that Tarry, a New Mexico native, will be in charge here. Avangrid and PNM have sweetened the deal, and most of the intervenors now either support it or are neutral. And state regulators earlier declined a PNM request to include a natural gas-fired plant in the power mix to replace San Juan. PNM is seeking agreements with other regional utilities for temporary backup power when homes and businesses ramp up their use next summer. And like fellow Silver City native and Presbyterian Healthcare Services CEO Dale Maxwell, he names Mary Louise VanBuskirk.
Questor: there’s no shortage of sellers of Asos shares but there’s still scope for them to triple
The company is having to rethink how much inventory to hold and may need to build more warehouses. But by lowering expectations this far they are taking the pain early and it won’t take much in the way of good news to exceed them,” he adds. “I think Asos is a long-term growth stock,” Hassan says. Asos still aims to be a £7bn turnover company and I still think its shares can reach £90, although we’ll have to push that target back by a year.” Keep buying. Questor says: buyTicker: ASCShare price at close: £23.94Read the latest Questor column on telegraph.co.uk every Sunday, Tuesday, Wednesday, Thursday and Friday from 5am.
Martin Rees: 'The concept of equal opportunity is a sham'
One donation last Christmas was to a Shropshire charity to help old people keep their heating on through the winter. It’s really depressing that such needs persist in this country and that the demand for food banks is growing. Has the pandemic changed your attitude to your own wealth? The concept of equal opportunity is a sham for children growing up in deep deprivation. My main aim has been to keep my money in low-risk accounts – bank deposits and safe shares.
Want a country home? Where to find Britain’s rural bargains
The gap between country and city house prices has started to close. In the years after the 2008 financial crisis, urban homes were in far higher demand, while country property seemed to have fallen out of fashion. Aneisha Beveridge, of Hamptons International estate agents, said this will continue until 2024 at least. “The pandemic accelerated the closing of the house price gap, particularly between London and rural parts of the country. Savills estate agents has taken average sale prices in England’s predominantly rural local authorities in the 12 months to May 2021 and compared them to their neighbours.
Down is still up for foreign investors piling into China
Investors all over the world kept betting on China even as markets in Shanghai, Shenzhen and Hong Kong lagged the developed world. Investors work at booths as they monitor stock price movements at a securities company in Shanghai last month. By at least one measure — flows into China ETFs — investors are listening. “We were slightly underinvested in China relative to our benchmark at the start of the year,” he said. Of course, predictions are hard, especially about the future, or so the saying goes, and even more so when it comes to China.
'Unintentional gift': US steps into China's bitcoin breach
Experts say rule of law and cheap electricity in the United States are a draw for bitcoin miners, whose energy-gulping computers race to unlock units of the currency. China was the undisputed heartland of crypto mining with about two-thirds of global capacity in September 2019, but last month Beijing declared illegal all transactions involving crypto money as it seeks to launch one of its own. They have operations in the United States and Canada. "China's bitcoin mining ban was basically an unintentional gift to the US," he said. Some of the key pulls toward the United States are simply a democratic government, a court system and the power to protect property rights.
A record number of Americans are quitting their jobs
New York (CNN Business) A record 4.3 million people quit their jobs in August, evidence of the considerable leverage workers have in today's economy. The number of workers who quit rose by 242,000 from July as more Americans demanded higher pay, better working conditions and more flexible arrangements. Companies continue to grapple with a serious worker shortage . The numbers show the worker shortage was even worse than realized this summer. The number of job openings in July was revised higher to 11.1 million, a record high since this report began in 2000.
Suze Orman: These 5 moves will keep you out of the poorhouse in retirement
Suze Orman: These 5 moves will keep you out of the poorhouse in retirementEveryone hopes that, after decades of hard work, they'll retire rich enough to spend decades more enjoying the fruits of their labor. But if you ask financial guru Suze Orman, the average American is nowhere near ready. With a substantial emergency fund you’ll be able to get by until it’s once again safe to take out funds from your retirement account. Invest in a Roth IRAbbernard / ShutterstockTo avoid paying tax when you take money out of your retirement account, Orman recommends you go for a Roth IRA account. You’ll need to have an adjusted gross income under $139,000 or $206,000 for married or joint filers.
Vulnerable U.S. homeowners face uncertainty as mortgage forbearance ends
Their missed payments could add up to a "forbearance overhang" of more than $15 billion in postponed mortgage payments, or about $14,200 per person, according to Brookings Institution research https://www.brookings.edu/bpea-articles/government-and-private-household-debt-relief-during-covid-19. Homeowners facing hardships who signed up for forbearance in later months may still be eligible for additional extensions. Graphic: Active forbearance plans Active forbearance plans, https://graphics.reuters.com/USA-ECONOMY/FORBEARANCE/egvbkmkrlpq/chart.pngThose loans, which often require smaller down payments and lower credit scores, are disproportionately used by low-income borrowers, first-time home buyers and minorities. The CFPB ramped up scrutiny of mortgage servicers over the matter this spring and in June finalized new protections for homeowners https://www.reuters.com/world/us/us-consumer-watchdog-finalizes-rule-restricting-mortgage-foreclosures-2021-06-28 struggling to make mortgage payments due to the pandemic. About 93% of borrowers in forbearance have at least 10% equity in their homes even after 18 months of missed payments, according to Black Knight https://www.blackknightinc.com/black-knights-july-2021-mortgage-monitor.
Cathie Wood Isn't Backing Meme Stock 'Dinosaurs'
(Bloomberg) -- Ark Investment Management’s Cathie Wood may be associated with the idea of high-flying shares, but that doesn’t mean she likes so-called meme stocks. Most Read from BloombergInvestors underappreciate the exponential growth rates possible for some technology companies, Wood said at the CFA Societies Australia 2021 Australian Investment Conference on Thursday. Most meme stocks “are dinosaurs,” she added. Wood’s funds surged last year and early into 2021 as they made tech-heavy bets that prospered amid the pandemic. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
‘It was a sea of flames’: At least 46 die in Taiwan apartment fire
Early Thursday, a fire tore through the 13-story building in Kaohsiung, Taiwan’s main port city, killing at least 46 people and injuring dozens. AdvertisementSurveillance footage from a neighboring building showed a flash of light on the first floor, and soon the entire floor was engulfed in flames, according to local news reports. Photos and videos circulating online showed dazed and soot-covered older residents being escorted out of the charred building, some on stretchers. “It was a sea of flames,” Lin Chuan-fu, 57, a Kaohsiung resident who lives near the building, said in a telephone interview. He added that he was worried that some of the older residents living on the higher floors would have a hard time evacuating in the dark.
37 members of Congress have violated a law designed to root out insider trading and prevent conflicts-of-interest
Insider and other media have identified numerous US lawmakers not complying with the federal STOCK Act. Ethics watchdogs — and even some in Congress — want to ban lawmakers from trading individual stocks. Congress passed the law in 2012 to combat insider trading and conflicts of interest among their own members and force lawmakers to be more transparent about their personal financial dealings. Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks, although neither has come to pass. Here are the lawmakers who have this year violated the STOCK Act — to one extent or another — during 2021:
Hollywood’s Behind-the-Scenes Workers Reach Deal on New Contract
LOS ANGELES — You might say that the people behind the cameras have found their voices. IATSE negotiators agreed to a deal after winning concessions on several fronts. Crews will now receive a minimum of 54 hours of rest on weekends — on par, for the first time, with actors. (Studios were previously not required to give crews weekend rest time, although they were required to pay overtime.) The proposed contract also includes pay increases and a commitment by the companies to fund a $400 million deficit in the IATSE pension and health plan without imposing premiums or increasing the cost of health coverage.
Man who repeatedly broke into his old house shot dead by new homeowners
A man who broke into his former California home twice in two days was shot and killed by the new owner. Lennin Elizalde, 28, first forced his way into the Valley Springs house on Oct. 9, according to KCRA. A short time later police caught up with Elizalde and charged him with illegal entry, possession of meth and vandalism charges, according to the report. The suspect reportedly reiterated his threat about returning to the home to arresting officers. Lennin Elizalde was shot and killed after repeatedly breaking into his old home.
Alex Murdaugh coordinated to sue himself with family of dead maid
Alex Murdaugh plotted to sue himself with the family of his longtime housekeeper who died under mysterious circumstances – then stiffed them when he got a huge insurance payout, an arrest warrant shows. Murdaugh was arrested Thursday on two felony counts of obtaining property by false pretenses relating to the 2018 death of maid Gloria Satterfield. Satterfield’s family never saw a dime of that settlement either, prosecutors said. Alex Murdaugh is facing two felony counts of obtaining property by false pretenses in connection with the death of Gloria Satterfield. Earlier this week, Murdaugh’s attorney acknowledged that he has been a person of interest in their deaths since the investigation began.
China Is Forcing Fashion to Mute Itself Over Dirty Cotton
The Better Cotton Initiative was created in 2009, pooling industry efforts to clean up the supply chain. The complaint accused the four companies of profiting from forced labor of China’s Uyghur minority as well as crimes against humanity. Fast Retailing said there’s no forced labor in its supply chain and it intends to cooperate with authorities if contacted. Skechers declined to comment on pending litigation, but said previous supplier audits found no use of forced labor. “The standards of BCI are too general and may not be suitable for cotton grown in China,” Wang Wenkui, an executive at the China Cotton Industry Alliance, told the Global Times.
Rules for Arizona's social equity marijuana program finalized
The National Organization for the Reform of Marijuana Laws, or NORML, issued a statement Thursday praising AZDHS for changing language in the documents that allowed for potential licensees to “flip” their license to an outside buyer. Before the change, there was concern from applicants and advocates that potential licensees could enter into agreements to sell their licenses to individuals with deep pockets or to established marijuana consortiums. She said she would have liked to see more restrictive language about what potential licensees could do. Under the final rules, there is no restriction on when licensees can sell their rights. Licensees can theoretically sell those rights immediately.
Realtor stars in ‘shocking’ NSFW full-frontal nude photos to promote LA listing
David Ferrugio posted his latest listing on Instagram Wednesday – a three-bedroom, two-bathroom home in the Monterey Hills neighborhood for $1.29 million. One showed Ferrugio dressed in a wide-open gray fleece robe with nothing underneath, paired with black suede slippers. The actual listing photos on the Realtor sites do not include Ferrugio’s naked self. Exterior features include a private backyard with “mountainous views,” according to the listing. The house is in close proximity to Hermon Dog Park, Ernest Debs park, Arroyo Seco Park and a golf course.
Manchin Rakes In Cash From Energy Industry, Some GOP Donors
Share this Story: Manchin Rakes In Cash From Energy Industry, Some GOP DonorsManchin Rakes In Cash From Energy Industry, Some GOP DonorsArticle content (Bloomberg) — Senator Joe Manchin raked in hundreds of thousands of dollars from donors in the energy industry in the third quarter, including some from contributors who normally back Republicans, according to his latest filing with the Federal Election Commission.Manchin is opposed to environmental provisions, as well as the ultimate price tag, in the Democrats’ proposed $3.5 trillion spending bill that addresses a wide range of the party’s policy priorities. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Try refreshing your browser, or Manchin Rakes In Cash From Energy Industry, Some GOP Donors Back to video Manchin, who doesn’t face voters until 2024, raised $1.6 million in the third quarter, with more than $400,000 coming from the oil and gas industry. Manchin got $74,600 from the employees and political action committee of Energy Transfer Partners, a diversified midstream energy company. Sinema, who raised $1.1 million, received support from top executives in the pharmaceutical industry.
American workers are fed up
In any case, the callous behavior of the capitalist class has, ironically, helped create a rare window of leverage for American workers. Consumer spending is high but workers are scarce, and many are seizing this opportunity to get a new job or a raise. As Hamilton Nolan argues at In These Times, unless more workers can be organized into unions capable of making present gains permanent, sooner or later the moment will pass. A century ago, those nations were about as unequal as the U.S. is now, and it took years of grinding political conflict to make them such comparatively great places for workers. If American workers want more than a temporary reprieve from capitalist abuse, we will have to fight.
Gator Country owner doubles reward in alligator cruelty case to $2k
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Clayton, Gensler behind looming over-regulated crypto disaster
What is unmistakable: his intention to shape regulatory policy for crypto that has increasingly become a disaster. The most established crypto, Bitcoin, and its blockchain platform were seeing intense competition from the Ethereum blockchain. For many in the crypto business, this remains regulatory hair-splitting at its finest. The Gensler SEC is on the verge of approving a Bitcoin ETF, further cementing its status as the go-to crypto. Coinbase is asking Congress to create a separate regulator to oversee the crypto business with a clear set of rules.
Massive strike averted: Hollywood crews reach a new three-year deal with studios
A deal has been struck between Hollywood's studios and a union representing its film and television crews that would avert a historic strike that has threatened to shut down production across the industry. It comes less than a day before IATSE's strike deadline. This strike would have been the first in the union's 128-year history and the first major crew strike since World War II. After talks stalled over the summer, IATSE's membership voted to approve a strike if a deal could not be reached with producers. An industry-wide strike would have essentially stopped Hollywood production across the country in its tracks, similar to what the writer's strike did 14 years ago.
Surging oil price ‘not a game-changer’ for the Bank of Canada
Climbing crude prices are “not a game-changer” for the Bank of Canada heading into its October rate decision, according to the latest analysis from Capital Economics. The London-based research firm expects the rise will be short-lived, and Canada’s central bank will remain focused on “more important indicators” like wage growth and soaring inflation. West Texas Intermediate (WTI) oil (CL=F)?? is set for its eighth consecutive weekly gain, the North American benchmark’s longest winning streak since 2015. “Canadian companies still seem intent on using the rise in prices to pay down their debts rather than fund new investment. Those debts are substantial, with the oil and gas sector accounting for much of the overall rise in corporate debt in the past decade,” he wrote.
Huntington Beach City Council to consider supporting new offshore oil drilling ban
In the aftermath of an oil spill estimated at 25,000 gallons off the coast of Orange County that began on Oct. 1, the Huntington Beach City Council on Tuesday night will consider supporting a permanent ban on new offshore oil drilling. It would state that the council is opposed to new offshore oil and gas drilling, fracking and other well-stimulation activities in federal and state waters off the California coast. Additionally, Carr and Moser are asking the council to support a ban on new federal oil and gas leasing in all United States waters. Still, Carr said in a phone interview Thursday that supporting the offshore drilling ban was necessary. But, Carr added, it received next to nothing in revenue from the oil platforms.
Union of film and television crew members reaches deal with studios, averting strike and massive production shutdown
It wasn't clear if the determination might lead to additional charges against Brian Laundrie, who is considered a person of interest in her disappearance and remains unaccounted for.
Which type of vehicle should I buy next?
A recent national survey conducted by CarMax found that 55.9% of car owners said they are “likely” to buy an electric vehicle or hybrid as their next car purchase. Some 68.4% of respondents said their main incentive for buying an electric car was the environmental benefit. To help meet that goal, his administration wants half of new U.S. vehicle sales to be electric by 2030. Range on a charge will vary, but many new electric cars have a range in excess of 200 miles. If you can afford it, the best bet is solar on your home’s rooftop that produces the electricity that charges your electric car.
The mixed record of McAuliffe 'deal-closing' grants
Projects that are ceremoniously announced usually end up different than what was announced,” Moret said in an interview. “We’re still in the performance period for projects executed since 2017, but I’d expect a far better success rate,” Moret said. Most of the deals executed under the Northam administration are still pending, VEDP data shows. Northam, who leaves office in January, has already awarded about $70 million in incentive grants, about the same as McAuliffe during his time in office. More importantly for the dozens of projects executed under McAuliffe, the agency strengthened its enforcement practices by scrutinizing projects more strictly, and seeking clawbacks more aggressively, including with the help of the attorney general.
At Frieze London, the Art World Inches Toward Normalcy
Dating to 1993, “Frieze Week” is traditionally the moment when London hosts the international art world’s most compelling, must-get-on-a-plane mix of fairs, museum shows, auctions and dealer exhibitions. But Britain has changed, and so has the art world. Frieze is now majority-owned by the Hollywood conglomerate Endeavor; Britannia, post-Brexit, is not as cool as it was; and Hong Kong and Paris are now vying with London as hubs for selling contemporary art. “Overall, I found Frieze Week to be at half-mast,” said Wendy Cromwell, a New York-based art adviser who was part of a smaller-than-usual American contingent in London. “As in New York, things are far better than they were six months ago, but the city isn’t fully back,” she added.
Lebanon crisis: Stakes high in sectarian standoff after Hezbollah-Christian clash
An alternative scenario is that the president and prime minister submit to Hezbollah’s calls to dismiss Bitar, said Nizar Hassan, co-host of the “Lebanese Politics” podcast. But that comes with its own price. The government would likely lose the support of the United States and other Western allies, who have insisted on a transparent investigation into the port explosion and whose support would be vital if there is to be an IMF bailout.
The Great Resignation led to 4.3 million Americans quitting in August. This trend is here to stay.
About 4.3 million Americans quit their jobs in August, the Labor Department said this week, the most on records dating back more than two decades. Only about 10% of jobs offer that option, though that’s up from 3% before the pandemic, Pollak says. That could eventually prod more companies to allow remote work, Pollak says. Switching careersTwenty percent of workers surveyed by Joblist quit jobs to pursue new career paths, and their passions. Starting their own businessOne-third of workers quit jobs to launch businesses, the Digital.com survey shows.
Down Is Still Up for Foreign Investors Piling Into China
Investors all over the world kept betting on China even as markets in Shanghai, Shenzhen and Hong Kong lagged the developed world. By at least one measure -- flows into China ETFs -- investors are listening. “We were slightly underinvested in China relative to our benchmark at the start of the year,” he said. “Regulatory tightening in property, internet and other sectors should continue, yet it will likely be implemented in a gradual and more transparent manner to mitigate the unintended impact on growth,” he said. Of course, predictions are hard, especially about the future, or so the saying goes, and even more so when it comes to China.
American Express CRT training and Marxism in the workplace
Maybe the AmEx saga can help open the nation’s eyes to what is taking place across America today. AMERICAN EXPRESS CRT TRAINING URGED STAFF TO ADOPT A HIERARCHY, PUTTING 'MARGINALIZED' ABOVE 'PRIVILEGED'Ever since the Black Lives Matter organizations launched a year-long destabilization campaign, many of us have warned that the adoption of Marxist principles throughout society would inevitably follow. American Express also brought in Khalil Muhammad to harangue its long-suffering employees about how capitalism is racist and steeped in "racist logics and forms of domination." We believe in the free market and in capitalism, and we have never said anything counter to that point." Or they can just listen to how BLM founder Patrisse Cullors describes herself: "I do believe in Marxism.
Portland police say car thieves are using ‘deception’ to steal from unsuspecting drivers
Portland police are alerting the public to a type of “deception” that thieves are using to lure drivers out of their cars so the thieves can steal them. When the drivers got out to check, the suspects got in the car and drove off, police said. All of the thefts happened in Southeast Portland:Tuesday at about 3 p.m., a Ford Fusion was stolen from a 29-year-old woman near Southeast 28th and Woodward Street, a residential neighborhood. Tuesday at about 5:45 p.m., a Subaru Outback was taken from a 47-year-old woman near Southeast Tibbetts Street and Cesar E. Chavez Boulevard. Three days later it was discovered parked near Northeast 119th Avenue and Sandy Boulevard, near Parkrose High School.
Letters: Don’t let protection for MPs distance them from the electorate
Thus, long-suffering patients are being obliged to pay more for a service that GPs are already being paid for not providing. They save time and travel, and avoid the risk of spreading germs at the surgery. The relatively simple procedure of giving an intramuscular injection can be carried out by many other healthcare providers. Alison ThomasLeatherhead, SurreyEnergy LudditesSIR – I heartily agree with David Fletcher (Letters, October 10) about Britain’s inadequate energy strategy. There was a large open wound, which for a year was dressed at the local hospital but never healed.
AP review: At least 13 auto safety rules are years overdue
(AP Photo/Michael Wyke)WASHINGTON (AP) — As traffic fatalities spike in the COVID-19 pandemic, the federal agency in charge of auto safety is struggling with a growing backlog of safety rules ordered by Congress that are years overdue and could save thousands of lives. A governors’ highway safety group says the United States faces a “car crash epidemic” at the same time that safety rules languish. An Associated Press review of rule-making by the National Highway Traffic Safety Administration under the last three presidents found at least 13 auto safety rules past due, including a rear seat belt reminder requirement passed by Congress in 2012 that was to be implemented by 2015. “Government should not take this long to act on safety,” said David Mills, who started a Houston-area foundation in Kailee’s honor aimed at promoting seat belt safety. “I can’t say the U.S. regulator of the auto industry is at all on track,” said Cathy Chase, president of Advocates for Highway and Auto Safety.
Joe Manchin's objections to a clean energy program threaten Biden's climate promises
After news broke of Manchin's reported opposition to the clean energy program, Smith issued a warning to the White House on Twitter. "Let's be clear: the Build Back Better budget must meaningfully address climate change," Smith said, using the administration's branding for the legislative package. U.S. credibility is on the lineIn two weeks, world leaders will meet in Scotland for a major United Nations conference on climate change, COP26. President Biden and John Kerry, his climate envoy, have been working to build U.S. credibility on climate issues after years of inaction and climate change denialism. He said that if Congress fails to pass significant climate change legislation, "it would be like President Trump pulling out of the Paris agreement, again."
Opinion: Seniors are getting a big Social Security raise --- but here’s why they’re falling further behind
The 65 million Americans who receive Social Security are getting a raise. That long-winded name measures inflation for working adults under the age of 62—in other words, Americans who aren’t eligible for Social Security. CPI-W places greater weight on things that seniors tend to buy less—like electronics and gasoline (seniors probably aren’t commuting to work, after all)—but less weight on things seniors do spend big on, like healthcare. Ask any Social Security recipient if they’re keeping up with medical costs and they’re likely to laugh in your face. I mentioned above how dependent — in some cases completely dependent — millions of seniors are on Social Security.
Should you rent or sell your home if you’re setting off overseas?
My wife, Rebecca, and I faced this rent vs. sell predicament back in 2018 when we decided to move from Virginia to Mexico. Here, I would like to share with you the story of how we tackled the rent or sell dilemma, so that it can help inform your decision if you’re thinking of relocating overseas. Another point to consider when moving overseas is that rental income can help you secure a residence visa in your new country. Second, we would have to report the rental income as taxable, further reducing what went into our pockets. However, as our story shows, a crucial financial consideration that every homeowner should keep in mind is the housing exclusion.
White House revising climate spending plans after Sen. Manchin objects -NYT
White House staffers are revising the legislation due to strong opposition from Senator Joe Manchin, the centrist Democrat from coal-rich West Virginia whose vote is crucial to its passage the newspaper said, citing sources familiar with the matter. "Senator Manchin has clearly expressed his concerns about using taxpayer dollars to pay private companies to do things they’re already doing," Manchin spokesperson Sam Runyon told Reuters in a statement. "He continues to support efforts to combat climate change while protecting American energy independence and ensuring our energy reliability," Runyon said. The White House had no comment on the New York Times report on Friday evening. Both Manchin and Senator Kyrsten Sinema, a centrist from Arizona, have objected to the initial $3.5 trillion price tag for Biden's spending plan to fund social programs and fight climate change.
SocGen CEO expects earnings growth in 2022 to be more moderate
PARIS (Reuters) - French bank Societe Generale SA in 2022 should record a "more moderate" growth in its results than in the current year, Chief Executive Frederic Oudea said on Sunday. In an interview with weekly Journal du Dimanche, Oudea called 2021 an atypical year, citing a very low cost of risk, which reflects provisions against bad loans, a strong post-pandemic economic rebound, and a flow of savings towards more dynamic investments. "Next year will undoubtedly be a year of more moderate growth," Oudea said. SocGen, France's third-biggest listed lender, said this week it would cut 3,700 jobs between 2023 and 2025 as it merges its retail network with that of its Credit du Nord unit, but added there would be no forced redundancies. (Reporting by Sybille de La Hamaide and Matthieu Protard; editing by Jonathan Oatis)
Manchin accepted over $400,000 from energy companies and GOP donors in the third quarter
Sen. Joe Manchin of West Virginia. Scott ApplewhiteFEC filings show that Sen. Joe Manchin, a Democrat, raised over $400,000 from energy companies. Senator Joe Manchin raised over $400,000 from donors in the energy industry in the third quarter, including some from donors that normally give to Republicans, according to his latest filing with the Federal Election Commission. West Virginia is the second-largest producer of coal in the US, according to the West Virginia Office of Energy. Manchin raised $1.6 million in the third quarter, with over $400,000 coming from the oil and gas industry, according to his FEC filing.
First, he razed the mansion. Now, Chris Abele's Shorewood lot listed for $2.6 million.
Former Milwaukee County Executive Chris Abele appears to have officially lost interest in the site of a former Shorewood mansion he tore down against the wishes of people wanting it preserved. In 2019, Abele razed his $2.6 million Shorewood mansion just days after receiving permission from the village. Now, the 2.52 acre lot where the Albright mansion used to sit, overlooking Lake Michigan, is listed for $2.6 million on real estate websites, including Zillow and Realtor.com. The property description on Zillow and Realtor.com states the following, "Lake Drive Awaits! "This unique Lake Drive lot presents an opportunity for one lucky buyer to build their dream home...Now is the time to live out your dreams... Don't hesitate, make it yours now!"
Gov. J.B. Pritzker spends $7 million in ads in early reelection push as GOP rivals try to stockpile cash
Pritzker, an heir to the Hyatt Hotels fortune, spent more than $8.2 million from July through September, campaign finance reports showed. The first-term Democrat, who spent $171 million of his own money to defeat one-term Republican Gov. Bruce Rauner in 2018, is again self-funding his campaign and had nearly $24.7 million available in his campaign fund at the start of October.
Paul Krugman: The revolt of the American worker
Long-suffering American workers, who have been underpaid and overworked for years, may have hit their breaking point. On one side, workers are quitting their jobs at unprecedented rates, a sign that they’re confident about finding new jobs. On the other side, employers aren’t just whining about labor shortages, they’re trying to attract workers with pay increases. Given these realities, it’s not surprising that many workers are either quitting or reluctant to return to their old jobs. American workers are insisting on a better deal, and it’s in the nation’s interest that they get it.
Dear Annie: Wife feels betrayed by husband who shares their private life with colleagues
Dear Annie: How much is appropriate to share in the workplace when it comes to personal matters? My experience in life is that people who gossip will be happy to share any story with all their so-called best friends. -- Feeling HurtDear Feeling: It does not make you overly sensitive to feel betrayed, hurt and uncomfortable. Your husband violated your trust and exposed your private matters to his colleagues. This is not the first time your husband has turned chatty amidst a tiff at home, and it’s time to break the pattern.
New England Free Jacks Pledge 1% of Annual Revenue to Sustainability Initiatives Becoming the First Professional Sports Organization to Join 1% for the Planet
“At the Free Jacks we are committed to building a global community rooted in making the world a better place through the great sport of rugby,” commented Free Jacks CEO and Co-Founder, Alex Magleby. This partnership provides the Free jacks an incredible opportunity to use resources to support projects with the same mission. We’re excited to welcome the New England Free Jacks to our global movement,” says Kate Williams, CEO of 1% for the Planet. The Free Jacks are set to begin their second full season in Major League Rugby kicking off in February 2022. We inspire businesses and individuals to support environmental nonprofits through membership and everyday actions.
Conservatives take to social media to blame Biden for the supply chain crisis with #BareShelvesBiden, while others hit back with images of fully stocked stores
Conservatives are flocking to social media to blame President Biden for supply-chain issues using the hashtag #BareShelvesBiden. In response, some users are debunking images of empty grocery stores as old, edited or from a different country. The movement comes amid mounting tension over supply chain snags and Biden's "Build Back Better" economic plan. The #BareShelvesBiden movement continued to grow on Wednesday, after conservative commentator Kimberly Klacik shared a since-deleted photo of an empty grocery store with the caption "A Look at #BuildBackBetter." According to Politifact, the image — which depicts price tags in British pounds — is actually from a UK grocery store, taken at the beginning of the pandemic in March 2020.
Nationalizing the Power Industry Isn’t Radical
“I don’t think a government takeover of major parts of the American economy is a good idea,” he said, contrasting himself with the current front-runner. In the 1970s, Sanders talked favorably about “public ownership of utilities, banks, and major industries,” and he urged President Richard Nixon to “give serious thought” to nationalizing oil companies during the 1973 oil crisis. He advocates the expanded use of already federalized institutions like the Tennessee Valley Authority and Power Marketing Administrations and for giving workers an ownership stake in corporations. Even if all these plans were enacted, a Sanders presidency might still be considerably behind its predecessors when it comes to seizing private property. And it’s tended to work out better than Steyer implied.
'Catastrophic' flooding underway as dam failures in Michigan force thousands to evacuate
Added: 20.05.2020 16:45 | 18 views | 0 commentsThe collapse of the Edenville Dam and Sanford Dam in Michigan released floodwaters that have inundated houses and businesses on the Tittabawassee River.
African migrant workers are unable to send money home, cutting off a lifeline to vulnerable communities
African migrant workers are unable to send money home, cutting off a lifeline to vulnerable communitiesAdded: 29.05.2020 11:23 | 19 views | 0 commentsThe coronavirus pandemic is leaving migrant workers unable to send money or goods home to families, cutting off a vital lifeline for communities already under siege from a barrage of external shocks.
Biden signs $1.9T relief bill before speech to nation
Biden signs $1.9T relief bill before speech to nationAdded: 11.03.2021 20:35 | 19 views | 0 commentsSource: www.tovima.grThe signing came hours before Biden delivers his first prime-time address since taking office Marking a year of loss and disruption, President Joe Biden on Thursday signed into law the $1.9 trillion relief package that he said will help the U.S. defeat the coronavirus and nurse the economy back to health. The signing came hours before Biden delivers his first prime-time address since taking office. He’s aiming to steer the nation toward a hungered-for sentiment — hope — as he marks one year since the onset of the pandemic that has killed more than 529,000 Americans. “This historic legislation is about rebuilding the backbone of this country,” Biden said as he signed the bill in the Oval... More in article.wn.com » Economy Tags: President
Best mattress toppers for 2021
Best mattress toppers for 2021Added: 16.10.2021 21:00 | 8 views | 0 commentsSource: originmattress.com.sgIf you're not ready to buy a new mattress, these mattress toppers can make your current bed feel more comfortable for less. More in www.cnet.com »
China to begin trial of two Canadians for alleged espionage soon, state media reports
Added: 12.03.2021 5:25 | 26 views | 0 commentsBeijing (CNN)Two Canadian citizens charged with espionage in China could go on trial "soon," according to the state-run Global Times newspaper. Michael Kovrig and Michael Spavor have been detained since December 2018 and were charged in June last year with spying. In an article published late Thursday, the Global Times said that their cases had previously been delayed due to the coronavirus pandemic but were now proceeding.
Big Tech Got $3 Trillion Bigger During the Pandemic – and Became a Bigger Target
Big Tech Got $3 Trillion Bigger During the Pandemic – and Became a Bigger TargetAdded: 12.03.2021 3:06 | 22 views | 0 commentsSource: www.upi.comWhile the past year has been financially and emotionally crippling for millions of Americans, the nation's tech giants have not only survived, but thrived. This week marks the unhappy one-year anniversary of when the weight of the coronavirus pandemic seemed to really hit the U.S., when Tom Hanks and Rita Wilson both announced they'd tested positive for COVID-19 and the NBA halted its season - two major indicators life was about to go sideways. At the same time, the stock market was tanking, with the Dow absorbing its biggest single-day percentage decline since the "Black Monday" crash of 1987; the tech-heavy Nasdaq was beat up nearly as bad, dropping more than... More in article.wn.com » Tom Hanks Tags: NBA
China wraps up annual session, paves way for Xi's third term
Added: 12.03.2021 2:13 | 21 views | 0 commentsChina wrapped up this year's annual session of the country's parliament after paving the way for a controversial third term for President Xi Jinping, with its neighbor Japan increasingly on guard against the Asian power's ambition. In a bid to cement the authority of the Communist Party, the National People's Congress on Thursday adopted a resolution to alter Hong Kong's electoral system so that the mainland can exclude pro-democracy activists from the political arena in the territory. Also at the parliament, the Chinese government pledged to take measures to surpass the United States as the world's biggest economy by 2035, highlighting Xi's eagerness to remain in power at least for the next...
Three simple words Disneyland employees are never allowed to say to curious fans
Three simple words Disneyland employees are never allowed to say to curious fansAdded: 15.01.2018 16:14 | 15 views | 0 commentsDisneyland is supposed to be a fun experience for visitors - and a lot of work goes into making it so
Man Arrested For Returning Used Enemas To CVS On A Regular Basis
Man Arrested For Returning Used Enemas To CVS On A Regular BasisAdded: 30.09.2020 6:06 | 18 views | 0 commentsSource: www.marcusmillichap.comA Florida man has been arrested for allegedly returning dozens of used enemas to a Jacksonville CVS. The Jacksonville Sheriff's Department launched an investigation after they were tipped off that a man had repeatedly been returning multiple saline laxative enemas to the same CVS. According to a release from the Sheriff's Department the suspect had been returning six pack containers of enemas for more than three months. CVS is contacting anyone they know purchased enemas from the store to return them immediately and in encouraging anyone with information to please come forward. More in feeds.inquisitr.com » Employees, CVS Tags: FloridaComments: Comments: Tags advertisingCopyright © 2008 - 2021 USweekly - all rights reserved Contact us
Alex Murdaugh waives his extradition hearing in Florida, will return to South Carolina to face charges
Added: 16.10.2021 19:16 | 7 views | 0 commentsAlex Murdaugh waived an extradition hearing in Florida on Friday, according to the Orange County Corrections office, and is expected to return to South Carolina to face charges related to the misappropriation of settlement funds in connection with the 2018 death of his family's longtime housekeeper.
Norwegian reservoirs power homes in Great Britain via 724km cable
Added: 16.10.2021 17:19 | 24 views | 0 commentsA subsea electricity cable in the North Sea will allow renewable electricity from Norwegian reservoirs to power 1.4 million homes in the UK
The great land heist that helped form many US universities
The great land heist that helped form many US universitiesAdded: 16.10.2021 17:19 | 22 views | 0 commentsMany US universities are built on land obtained via dubious means, which the digitisation of records now reveals in shocking detail, writes Annalee Newitz
The Incredible Shrinking Dollar
The Incredible Shrinking DollarAdded: 16.10.2021 13:47 | 23 views | 0 commentsSource: www.golfdigest.comWhether it's breakfast at your local diner or raw materials for global supply chains, inflated prices are hitting closer to home than ever. More in www.realclearpolitics.com » Tags: NFL
2 Big Reasons to Feel Optimistic About Climate Change
Added: 16.10.2021 13:47 | 27 views | 0 commentsOne is the astonishing fall in the cost of renewable energy. The other is the huge growth in the citizens' movements demanding action, says academic and climate campaigner Bill McKibben
Democrats' Irrational Covid Mandate Regime
Added: 16.10.2021 13:46 | 22 views | 0 commentsIf regular democracy isn't doing so well, maybe it's time to fall back on Irish Democracy.
Video: Here's how your home equity can be used as a financial safety net
Video: Here's how your home equity can be used as a financial safety netAdded: 01.10.2021 13:00 | 20 views | 0 commentsSource: www.polygon.comFor most homeowners, the equity in their house represents one of their biggest assets. The challenge is getting access to that equity without having to sell the house. Here's how a home equity line of credit (HELOC) can help. More in feeds.marketwatch.com »
Video: Splurge or save?
Video: Splurge or save? Added: 29.09.2021 23:00 | 20 views | 0 commentsSource: www.blueoceanglobalwealth.comMarguerita Cheng of Blue Ocean Global Wealth and George Hobica, Founder of Airfarewatchdog.com chat with MarketWatch retirement reporter Alessandra Malito about the trickiness when it comes to managing expenses. They share pro tips to help you decide when to spend, when to be a cheapskate and how to deal with searing home prices. More in feeds.marketwatch.com » Malta Tags: Georgia
Today in History for October 17th
Today in History for October 17thAdded: 16.10.2021 20:46 | 15 views | 0 commentsHighlights of this day in history: Arab oil embargo fuels energy crisis; Americans clinch revolutionary victory at Saratoga; Deadly quake hits northern California; Mobster Al Capone convicted of tax evasion; Playwright Arthur Miller born.
Indiana AG sues companies over robocalls
Added: 16.10.2021 20:16 | 18 views | 0 commentsThree companies that allegedly helped initiate tens of millions of robocalls in the US -- including to people on Do Not Call registries -- are being sued by the Indiana attorney general.
'They will hang me': Afghan interpreters blocked by UK seek appeal
'They will hang me': Afghan interpreters blocked by UK seek appealAdded: 16.10.2021 15:16 | 24 views | 0 commentsFormer interpreters fear for their lives after the UK blocks their evacuation on security grounds.
Fed Up Over Power Outages, Puerto Ricans Took to the Streets
People march along Las Americas Highway in San Juan on Friday night to demand the expulsion of power company Luma amid a continued lack of electricity across the island. Tired of constant power outages, more than 2,000 demonstrators shut down one of Puerto Rico’s main highways. That’s why we have to go to the streets.”Several other factors have led to this power crisis: First, the power grid is antiquated — the island’s power plants are an average of 44 years old and rely on outdated oil-fired systems. Last week, Congress held a hearing to examine the status of Puerto Rico’s electric grid and its partial privatization. The continued power outages and price hikes have bred a growing state of unrest among Puerto Ricans on the island.
Female Beauty Founders Talk Navigating a Male-dominated VC World
These founders are among a group of female beauty entrepreneurs who have waded into relatively new territory — the male-dominated venture capital world — to secure the money to grow their businesses. And only about 4.9 percent of U.S.-based VC partners are women, according to a report by Women in VC. So far in 2021, female founders in the U.S. have raised $6 billion in 575 different VC deals, according to Pitchbook. In 2020, female founders raised $4.3 billion in 686 deals — only 2.9 percent of the total VC raised that year, and proportionally less than women had raised the prior year, when 4.5 percent of VC dollars, about $6.3 billion, went to female founders, according to Pitchbook. She also advises female founders not to be “shy” with presenting financial figures.
Rikers Island inmate dies on same day he is granted emergency release
A Bronx man who had been held at Rikers Island since July died Friday shortly after a judge granted him emergency release, his attorney said. The death of Victor Mercado was the 13th in the beleaguered city jail system this year. Kilduff said Mercado suffered from underlying health conditions and had been using a wheelchair in recent weeks. The Department of Correction confirmed that Mercado died at Elmhurst at 12:39 p.m. Friday. His death appeared to be “medical in nature,” and the city Medical Examiner will determine the cause of death, a Corrections rep said.
Op-ed: Why the U.S.-China duo is the most significant, and potentially the most perilous, bilateral relationship in human history
The U.S. and China represent the most significant – and potentially most perilous – bilateral relationship in human history. It is also the subtext of conversations I've had with world leaders visiting Washington, D.C. this week for the IMF and World Bank meetings. Before that, the Anglo-American relationship was decisive, from intense U.S.-British competition in the 19th century to an alliance that prevented fascist victory during World War II in the 20th century. That's true whether you're concerned about world war, the global economy, climate change, human rights, the contest between democracy and authoritarianism, the future of space, or the accelerating race for technology's commanding heights. The U.S. is unaccustomed to such challenges to its role, and China is unpracticed at managing global tensions.
Labor flexes its muscle as leverage tips from employers to workers
One of the main issues running through many of these strikes, or looming strikes, is workers' anger. Airline employees work under a different labor law than most workers, one which limits their freedom to strike. Today, 40 years later, employers are having trouble finding workers to fill their normal job needs, let alone find workers to take strikers' jobs. "Labor fell into tough times following PATCO," said Alexander Colvin, dean of Cornell University's School of Industrial and Labor Relations. "The inability of employers to find replacement workers in this market does shift the power back to labor."
Opinion: How much will you spend in retirement? 6 things you probably haven't considered
This might seem like an idiosyncratic example, but it illustrates a more general reality: that retirement doesn’t need to be a binary decision. Do you think you’ll remain in your current home, downsize, or maybe buy or rent a vacation home? Everyone’s retirement income and expenses go through different phases. In retirement, you’ll generally have much more control over your tax bill than during your working years. To be sure, you’ll want to revisit the amount of your retirement withdrawals periodically.
Treasury official claims inflation part of ‘economy in transition,’ only way out is 100% global vaccination
A top Treasury official this week claimed that the recent surge in inflation is part of an "economy in transition" and that the only way out is to get everyone in America and worldwide vaccinated. The Labor Department said this week that the consumer price index had risen 5.4% year over year in September, according to the Labor Department. INFLATION SURGES BY MOST IN 13 YEARS AS ENERGY PRICES SPIKEEnergy prices climbed 1.3% in September and are now up 24.8% over the past year. Prices for meats, poultry, fish, and eggs, have climbed 10.5% this year while beef prices are up 17.6%. The solution for the Treasury Department, however, is not monetary, but medical.
Arizona program to help needy families pay utility bills
PHOENIX (AP) — The Arizona Department of Economic Security is launching a program to provide $36 million of assistance to help needy households pay utility bills as a two-year moratorium on service cutoff ends. Arizona Public Service Co., the Salt River Project, UniSource Energy Services, Tucson Electric Power and Southwest Gas will participate in a pilot project, the department announced Friday. The money granted to eligible utility customers will be applied directly to their accounts as a lump sum once eligibility is confirmed, the department said in a statement. “After this initial pilot, DES intends to expand this payment model to all utility providers statewide." The utility companies will reach out to potentially eligible customers to ensure they qualify, and transmit the information to DES in order to receive a lump sum payment, the department said.
Princess Diana's brother warns Met Police of plan to launch a private prosecution over Bashir affair
Earl Spencer was angered by Scotland Yard’s decision last month to drop its probe into events surrounding disgraced Corporation reporter Martin Bashir’s 1995 Panorama interview with Diana. ‘I’m afraid this is absurd,’ Earl Spencer wrote. ‘Clearly forgery is in play here; as is the public office offence. The Mail on Sunday revealed in 1996 that Bashir had faked private bank documents just weeks before his interview with Diana. In a letter to Earl Spencer last month, Commander Murray said the Met had taken legal advice from ‘senior prosecutors and senior treasury counsel’.
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Opinion | The Case for File Cabinets
Remember filing cabinets? They were once vital to every workplace, as much a part of the landscape as desks and chairs. You filed and filed until your thumbs wore down. (Let’s not forget that the portal into John Malkovich’s mind lurked behind — why, yes — a file cabinet.) This all must sound so archaic and pointless to the Gen Z employee heading off to work in the cloud.
Ranchers launch effort to build own meat plants to fight against low beef prices
US GOVERNMENT INVESTIGATING RISING BEEF PRICES DURING CORONAVIRUS PANDEMICCrews will start work this fall building the Sustainable Beef plant on nearly 400 acres near North Platte, Nebraska, and other groups are making similar surprising moves in Iowa, Idaho and Wisconsin. The question is whether smaller plants can pay ranchers more and still make a profit themselves. Consolidation of meatpacking started in the mid-1970s, with buyouts of smaller companies, mergers and a shift to much larger plants. 'THE 'FIVE' ON RISING FOOD, GAS PRICESThe Biden administration has largely blamed declining competition for a 14% increase in beef prices from December 2020 to August. The companies would market their beef both domestically and internationally as being of higher quality than meat processed at larger plants.
China’s Economy Is Reeling From Successive Punches: Eco Week
Also on Friday, Reserve Bank of Australia Governor Philip Lowe speaks on a panel about central bank mandates amid talk of a possible review of the RBA’s. For more, read Bloomberg Economics’ full Week Ahead for AsiaU.S. Mexico posts mid-month inflation data on Friday, the second-to-last set of readings before Banxico’s November rate decision. Persistently elevated inflation has seen a divided central bank hike at its last three meetings to the current 4.75%. For more, read Bloomberg Economics’ full Week Ahead for Latin AmericaMost Read from Bloomberg Businessweek©2021 Bloomberg L.P.
WISH Stock Reaches All-Time Lows. Wish To Buy It?
Shares of e-commerce company ContextLogic, also known as Wish, recently reached all-time lows of less than $5 per share. Figure 1: WISH stock chart year-to-date. Wall Street Memes discusses whether investors should take advantage of ContextLogic stock’s (WISH) - Get ContextLogic Inc. Report lows to buy the dip. Short interest and popularityThe latest data from MarketBeat shows that WISH’s short interest has doubled to nearly 14% of the float since mid-September (see below). Figure 3: WISH short interest history.
Maduro ally extradited to US on money laundering charges
However his defenders, including Maduro's government as well as allies Russia and Cuba, consider his arrest illegal and maintain that Saab was a diplomatic envoy of the Venezuelan government and as such possesses immunity from prosecution while on official business. The argument failed to persuade Cape Verde's Constitutional Court, which last month authorized his extradition after a year of wrangling by Saab's legal team, which includes former Spanish judge Baltasar Garzón and BakerHostetler, one of the U.S.' biggest firms. Federal prosecutors in Miami indicted Saab in 2019 on money-laundering charges connected to an alleged bribery scheme that pocketed more than $350 million from a low-income housing project for the Venezuelan government. Separately, Saab had been sanctioned by the previous Trump administration for allegedly utilizing a network of shell companies spanning the globe — in the United Arab Emirates, Turkey, Hong Kong, Panama, Colombia and Mexico — to hide huge profits from no-bid, overvalued food contracts obtained through bribes and kickbacks.
‘Today is a day of anti-fascism’: Protesters fill Rome as Covid rules stoke political tensions
Helicopters hovered over Rome today as thousands of people rallied in the Italian capital to protest against last week’s attack by members of the far-right on a trade union. What began last weekend as a peaceful demonstration against a government drive to make the Covid-19 passport mandatory for all workers, spiralled into clashes and an assault on Italy’s leading trade union CGIL’s building, while others tried in vain to reach prime minister Mario Draghi’s office. Twelve people were arrested, including the leaders of the far right party Forza Nuova, fuelling fears of a resurgent fascist movement in a country that still bears the scars of Benito Mussolini’s dictatorship.
Son of the world's richest man holds SECOND wedding in Venice in front of Beyonce and Jay Z
Alexandre Arnault is the second eldest son of Moët Hennessy Louis Vuitton (LVMH) chairman and CEO Bernard Arnault, who overtook Jeff Bezos to become the world's richest man in May after his net worth climbed to £135billion ($186billion). The 29-year-old is the executive vice president of LVMH brand Tiffany & Co., having earlier served as CEO of Rimowa - a high-quality luggage manufacturer. Analysts expect Tiffany & Co. will be given a makeover in a bid to do similar, as well as attract Asian customers. LVMH was formed in 1987 under the merger of Louis Vuitton and champagne producer Moët Hennessy. In 1989 Arnault became the majority shareholder of Moët Hennessy Louis Vuitton, a role he has held ever since.
EXCLUSIVE: Customer's dashcam video exposes 'blatant racism' by Bay Area auto shop workers
EMBED >More News Videos A San Jose couple is trying to raise awareness after a hate incident occurred right on their front porch. SANTA CLARA, Calif. (KGO) -- A Peninsula man is looking for accountability after he says a tire shop damaged his car. "The workers can be heard mocking Bill, using some kind of Asian accent. "It's blatant racism" says Bill.When asked about his reaction to the video, Bill says he was appalled. "It's definitely insulting because they're not treating me as a victim of racism, but they're treating me as a PR nightmare.ABC7 asked America's Tire, in response to their statement, what they would do to address the racist mocking.
Ten Years After Occupy, We Have a Left That Matters
Ten years after Occupy Wall Street took over a small park in downtown Manhattan, the new left that was birthed there continues to develop and grow. A decade later, writes Occupy participant, documentary filmmaker, and author Astra Taylor, the US political situation “remains far more promising than it was at the start of the last decade.”In the years leading up to Occupy, Taylor recently commented, the Left was demoralized and fragmented. The Occupy working group that Taylor was a part of developed into the Rolling Jubilee campaign and then the Debt Collective. This growing burden of debt contributes to a yawning chasm of racial wealth inequality. The median wealth of black households with a college degree ($8,000) barely inches above that of black households without a degree ($6,000).
Tesla wipes Cybertruck details from its website following delay into 2022
Tesla's appears to have removed any pricing and vehicle build info from its Cybertruck website, which Electrek first spotted. Prior to this development, you could see detailed specs and pricing for the single-motor ($39,900), dual-motor ($49,900), and tri-motor ($69,900) configurations on the Cybertruck webpage. More than a million people had apparently pre-ordered the Cybertruck as of August, when rumblings of production delays first started. Tesla removing that info from the Cybertruck site doesn't necessarily spell doom for the bulky EV, as it's totally possible and even likely that such a lengthy delay will also have an impact on pricing and/or specs by the end of 2022. It's mostly noteworthy because Tesla had maintained that information on the site for the two years since Cybertruck was unveiled.
Today in History for October 17th
Today in History for October 17thHighlights of this day in history: Arab oil embargo fuels energy crisis; Americans clinch revolutionary victory at Saratoga; Deadly quake hits northern California; Mobster Al Capone convicted of tax evasion; Playwright Arthur Miller born.
Opinion : It’s not just the United States. Inflation is soaring around the world.
They are now spending those savings on whatever is available, and still have money left over to burn. This underlies the record-high retail sales figures in the United States, which is now running at more than $620 billion a year. Before the pandemic, U.S. retail sales increased by roughly $20 billion to $25 billion a year, reaching $526 billion in February 2020. The nearly $100 billion increase in 18 months is quadruple the long-established rate of growth, a rise largely financed by the four sets of stimulus checks households received from the government without consideration of need. The fact this massive, unprecedented spike has come while the U.S. economy still employs 5 million fewer people than it did pre-pandemic makes it even more obvious where the blame for inflation lies.
Bitcoin-mining power plant raises ire of environmentalists
It uses its own power plant. ADVERTISEMENT“The current state of our climate demands action on cryptocurrency mining,” said Liz Moran of Earthjustice. Bitcoin mining at the plant, which has a 106-megawatt capacity, started in earnest last year. Opponents are frustrated that Greenidge applied to run a power plant but are now operating a mine that is taking up more of the plant’s power. Around the country, there are other power plants being used for cryptocurrency mining under different types of arrangements.
These money and investing tips can help you ride this bull market without getting thrown
Don’t miss these top money and investing features:Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly! Hold a core bearish position in the stock market. Read MoreStock investors want companies on board with ESG — but principles have a priceCorporations are ill-equipped to resolve public policy and political division. Read MoreSpace and crypto represent the next investing wave, replacing electric-vehicle companiesExpect a shakeout in the EV market. Read MoreBeating the market would still be tough even if you knew the S&P 500’s earnings before everyone elseThe stock market can still decline when the economy and corporate profits are growing.
9 of the Best Stocks for a Starter Portfolio
If you're wondering what the best stocks for beginners are, take a look at larger companies with long track records, solid fundamentals and strong balance sheets. You should pay attention to valuation metrics, such as a company's price-earnings ratio, but sometimes stocks are expensive for a reason. Here are nine stocks to consider for a starter portfolio. Loreen Gilbert, CEO of WealthWise Financial Services, points to UnitedHealth Group, one of the biggest health care companies in the world. Nine of the best stocks to buy for a starter portfolio:-- Lowe's Companies Inc. (LOW)-- Lincoln National Corp. (LNC)-- Johnson & Johnson (JNJ)-- Alexandria Real Estate Equities (ARE)-- JPMorgan Chase & Co. (JPM)-- UnitedHealth Group Inc. (UNH)-- Alphabet Inc. (GOOG, GOOGL)-- Apple Inc. (AAPL)-- Microsoft Corp. (MSFT)
Digital Asset Firm Bakkt Completes SPAC Merger With VPC
Bakkt, a digital asset marketplace and wallet provider, on Friday closed its SPAC merger with VPC Impact Acquisition. The combined company will operate as Bakkt Holdings and its Class A common shares will begin trading on the New York Stock Exchange under the BKKT ticker on Monday, according to a company statement. The business combination generated about $448 million in gross proceeds to Bakkt, according to the Friday statement. “Today marks a special day for Bakkt," Gavin Michael, chief executive officer of Bakkt said in the statement. In August, Bakkt's crypto exchange also launched a partnership with sub chain Quiznos to accept Bitcoin at select locations.
Vaccine mix-ups are rare and there are systems in place to keep it that way
An Indiana couple says they took their family to get their annual flu shot at the local Walgreens, but all of them, including their 4- and 5-year-old, were given a Covid-19 vaccine by mistake. The couple had already been vaccinated against Covid-19 earlier in the year, and their children aren’t old enough to get a Covid-19 vaccine yet, as they’re only authorized for children 12 and older. “It’s checking, double-checking and even triple-checking everything.”“It also involves putting systems in place that limit human error,” Rothholz said. If a small child gets a larger Covid-19 vaccine dose meant for an adult, they may feel side effects, for example. As for the parents, getting the Covid-19 vaccine would be like getting a booster shot.
After years of hope, future of north Strip still in flux
(Chase Stevens/Las Vegas Review-Journal) @csstevensphotoResorts World Las Vegas grand opening fireworks show from Maggiano's Little Italy at the Fashion Show Mall on Thursday, June 24, 2021, in Las Vegas. Baskow/Las Vegas Review-Journal) @Left_Eye_ImagesPedestrians and traffic pass the unfinished former Fontainebleau building on Thursday, Oct. 14, 2021, on the north end of the Las Vegas Strip. (Ellen Schmidt/Las Vegas Review-Journal) @ellenschmidtttPedestrians and traffic pass the unfinished former Fontainebleau building on Thursday, Oct. 14, 2021, on the north end of the Las Vegas Strip. (Ellen Schmidt/Las Vegas Review-Journal) @ellenschmidtttPedestrians and traffic pass the unfinished former Fontainebleau building on Thursday, Oct. 14, 2021, on the north end of the Las Vegas Strip. Locals have long predicted better days ahead for the north Strip, in large part because of Resorts World.
Son of the world's richest man holds SECOND wedding in Venice in front of Beyonce and Jay Z
Alexandre Arnault is the second eldest son of Moët Hennessy Louis Vuitton (LVMH) chairman and CEO Bernard Arnault, who overtook Jeff Bezos to become the world's richest man in May after his net worth climbed to £135billion ($186billion). The 29-year-old is the executive vice president of LVMH brand Tiffany & Co., having earlier served as CEO of Rimowa - a high-quality luggage manufacturer. Analysts expect Tiffany & Co. will be given a makeover in a bid to do similar, as well as attract Asian customers. LVMH was formed in 1987 under the merger of Louis Vuitton and champagne producer Moët Hennessy. In 1989 Arnault became the majority shareholder of Moët Hennessy Louis Vuitton, a role he has held ever since.
Kyrsten Sinema pads campaign coffers with even more Big Pharma funds, new FEC filing shows
Politico and The Daily Poster report that Sinema raised over $1.1 million between July and September, with 90% of the campaign donations coming from outside Arizona. At least $100,000 of those contributions came from individuals or entities linked to the pharmaceutical and financial services industries. According to Politico, Sinema has "raised more campaign money in the last three months than in any quarter since she became a senator." Meanwhile, the Pharmaceutical Research and Manufacturers of America's executive vice president for policy and research, Jennifer Bryant, senior vice president for federal advocacy Anne Esposito, and executive vice president for public affairs Debra DeShong, each gave $1,000. Former U.S. Labor Secretary Robert Reich noted earlier this week that Sinema has received over $750,000 from Big Pharma throughout her career.
This Robotic LEGO Coffee Machine Works Surprisingly Well
In a new video, YouTuber and LEGO aficionado Brick Science demonstrates this phenomenon perfectly with his robotic LEGO coffee machine. His LEGO robotic coffee maker is a solve for that problem using his beloved buildable bricks. Brick ScienceIn the video Riley shows how he built the automatic LEGO coffee maker. As the YouTuber notes, his LEGO coffee-machine exoskeleton (our term) consists of four LEGO Technic motors. Regardless, the machine works flawlessly and makes coffee that “tastes like coffee,” which, let’s be honest, is often the best coffee gets.
Saudi Arabia's PIF launches offshore platform tourism project
Saudi Crown Prince Mohammed bin Salman speaks during a meeting to Launch Public Investment Fund Strategy 2021-2025, in Riyadh, Saudi Arabia, January 24, 2021. Saudi Press Agency/Handout via REUTERSCAIRO, Oct 16 (Reuters) - Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced on Saturday the launch of "THE RIG", which it said would be the world's first tourism destination on offshore platforms. The fund, the engine of Crown Prince Mohammed bin Salman's economic transformation plans for Saudi Arabia, manages a portfolio worth $400 billion. It added in a statement that the project was located in the gulf and spanned an area of more than 150,000 square metres. It said the project would feature a number of attractions, including three hotels, restaurants, helipads, and a range of adventurous activities including extreme sports.
Argentina touts economic 'roadmap', investors remain wary
Argentina's Economy Minister Martin Guzman poses for a picture before an interview with Reuters at the Economy Ministry, in Buenos Aires, Argentina December 10, 2020. "A positive agreement with the IMF is a national priority," Manzur said, according to a statement from Argentina's government after the meeting. Guzman gave what the government called a "roadmap" on Argentina's economic outlook, saying the state needed to take a leading role in driving an economic rebound after the COVID-19 pandemic, investing in key sectors to boost growth. Investors, stung by inflation, debt and currency crises in the country in recent years, have long complained of a lack of a clear economic plan. Last year Argentina restructured some $65 billion in debt with private international creditors, but the restructured bonds are trading at distressed levels as investors worry about the soy exporter's economic outlook.
This California teen chats with such financial heavyweights as John Paulson and Howard Marks for his podcast
Namely, he’s wondering about the hedge-fund executives or Fortune 500 CEOs he might be able to line up for his financial podcast. Logan launched the program, FinanZe, more than a year ago and has already featured several business-world heavyweights as guests. “I just love the idea of money and how it grows over time,” says Logan of his fascination with all things financial. The podcast idea grew out of that as a different way to educate his fellow Gen Zers — hence, the name FinanZe. With Paulson, he delved into the financial legend’s famous “Big Short” investment against the housing market ahead of the 2008-09 financial crisis.
Bond Traders Spy Opportunities in Big Supply-Demand Shift Ahead
(Bloomberg) -- U.S. Treasuries are on the cusp of a major shift in the supply-demand dynamic that’s shaped the market for more than a year, potentially heralding opportunities for traders lamenting an extended stretch of limited volatility. “There’s pros and cons to Treasury starting cuts in November or waiting until February. But they’ve still been largely capped and range-bound for much of 2021, leaving traders eager for turbulence to potentially profit from. The monthly five-year note sale, for example, reached $61 billion in January from $41 billion less than a year earlier. Fed Chair Jerome Powell said last month that the wind-down could begin as soon as November and end by mid-2022.
Jamie Dimon keeps blasting Bitcoin as 'worthless' — try these 3 safe havens instead
Jamie Dimon keeps blasting Bitcoin as 'worthless' — try these 3 safe havens insteadInvestors hold Bitcoin for a variety of reasons. Make rising consumer prices — along with rising interest rates — work in your favor by investing in sectors that have historically done well in inflationary environments. In fact, rising interest rates have become a major concern for stock market investors. But here’s something to consider: While the majority of sectors fear rising interest rates, banks adore them. And when interest rates increase, the “spread” through which they earn widens.
Debt-stricken China Evergrande suffers huge blow as US$1.7 billion deal to sell its Hong Kong headquarters collapses
China Evergrande has failed to sell its single largest asset to state-backed Yuexiu Property, Reuters reported, a huge blow to the debt-stricken developer's frantic efforts to raise the funds it needs to survive. Guangzhou government-backed Yuexiu Property dropped a proposed US$1.7 billion offer to buy Evergrande's 26-storey office tower in Wan Chai. The embattled home builder had been seeking to sell the China Evergrande Centre in Wan Chai that serves as its headquarters in Hong Kong to mainland peer Yuexiu Property for US$2 billion, Bloomberg and other mainland media reported in August. The company's stock has been suspended for more than a week in anticipation of a potential sale of a controlling stake in its Evergrande Property Services Group unit. Failing to sell the trophy building in Wan Chai would be a huge setback.
Across U.S., cities and police unions at odds as vaccine mandates take effect
Police unions and officers are pushing back by filing lawsuits to block the mandates. Seattle’s police department sent detectives and nonpatrol officers to emergency calls this week because of a shortage of patrol officers that union leaders fear will become worse because of vaccine mandates. Cities and police leaders are now weighing the risk of losing more officers to resignations, firings or suspensions over their refusal to get vaccinated. Police departments in Los Angeles, San Francisco and Denver are also among those under vaccine mandates or facing one. This is about saving jobs.”In recent weeks, judges have rejected attempts by a group of Oregon State Police troopers and Denver police officers to block vaccine mandates.
Phoenix woman dies after being struck by car
A woman is dead after being struck by a vehicle in Phoenix Friday night. Phoenix police responded to reports of a vehicle collision around 6:30 p.m., near the area of East McDowell Road and North 24th Street, Phoenix police said. When officers arrived on the scene, they learned that an adult female was crossing the street when she was struck by a vehicle traveling eastbound on McDowell Road. According to Phoenix police, the driver of the vehicle remained on the scene and cooperated with detectives. Phoenix police said that impairment was not believed to be a factor in the collision.
Unhappy with prices, ranchers look to build own meat plants
The question is whether smaller plants can pay ranchers more and still make a profit themselves. Consolidation of meatpacking started in the mid-1970s, with buyouts of smaller companies, mergers and a shift to much larger plants. The Biden administration has largely blamed declining competition for a 14% increase in beef prices from December 2020 to August. The companies would market their beef both domestically and internationally as being of higher quality than meat processed at larger plants. The agency has dedicated $650 million toward funding mid-size and small meat and poultry plants and $100 million in loan guarantees for such plants.
AP review: At least 13 auto safety rules are years overdue
It’s one of more than a dozen car safety rules now years overdue, according to an analysis by The Associated Press. “Government should not take this long to act on safety,” said David Mills, who started a Houston-area foundation in Kailee’s honor aimed at promoting seat belt safety. The AP review of NHTSA’s rule-making activities under the last three presidents found at least 13 auto safety rules that are years overdue based on deadlines set in laws passed by Congress. Ned Lamont took effect this month that requires all rear seat passengers 16 and older to wear a seat belt. And we need the administration’s attention.”Various NHTSA delays have led to a patchwork of safety features initiated by the auto industry that have no clear minimum level of standards, said Cathy Chase, president of Advocates for Highway and Auto Safety.
St. Paul rent control measure on Nov. 2 ballot brings out hopes, fears on all sides
Other members of the Sensible Housing Ballot Committee include the St. Paul Area Chamber, the St. Paul Area Association of Realtors, the Minneapolis Area Realtors, the Minneapolis Regional Chamber, the Minneapolis Downtown Council and the Minnesota Multi Housing Association. Let’s turn our attention to solutions.”‘KEEP ST. PAUL HOME’ CAMPAIGNAdvocates with rent-stabilization proponents “Keep St. Paul Home,” however, say a flat 3 percent cap on rent increases actually fixes problems that have emerged in other cities that have imposed rent control. “For the past 20 years, median rent has not increased more than 3 percent (annually),” said Tram Hoang, a campaign manager for the St. Paul ballot initiative. When we look at St. Paul, we know people of color are most likely to be renting. If property taxes increase 10 percent, that means rent increases by $22.50, which is only a 1.5 percent increase in rent.”
At least 13 auto safety rules are years overdue amid car crash 'epidemic'
A governors’ highway safety group says the United States faces a “car crash epidemic” at the same time that safety rules languish. “Government should not take this long to act on safety,” said David Mills, who started a Houston-area foundation in Kailee’s honor aimed at promoting seat belt safety. The foundation keeps a list, known as “Kailee’s Angels,” of teenagers around the country who died in car crashes after failing to buckle up. Ned Lamont signed a law that took effect this month requiring back-seat passengers 16 and older to wear a seat belt. “I can’t say the U.S. regulator of the auto industry is at all on track,” said Cathy Chase, president of Advocates for Highway and Auto Safety.
Chips down as fry bag shortage hits Burger King
Fast-food chains are facing the ­prospect of chip bag shortages ahead of the busy half-term break. Burger King is understood to be grappling with a shortage of fry bags in the latest sign of supply chain woes. Burger King is working on various measures to ensure the latest supply shortage does not hit orders, sources said, including swapping in unbranded fry bags and using different-sized bags. It said at the time that a “nationwide shortage of HGV drivers” was partly to blame. Burger King did not respond to requests for comment.
Saudi Arabia to invest £250m in Teesside
Saudi Arabia is poised to approve a £250m green energy project in the North East as British ministers make their pitch to the world at this week’s Global Investment Summit. Senior sources said the kingdom’s state-owned petrochemicals business Sabic is close to approving an investment deal which would support thousands of jobs on Teesside, following months of discussions with ministers. Sabic’s investment is likely to be the kingdom’s second major move in the region in as many weeks. Saudi Arabia’s Public Investment Fund, chaired by Crown Prince Mohammed bin Salman, bought Premier League football Newcastle United for £305m earlier in October. The restarting and conversion of Wilton – Europe’s second largest cracker – is expected to create about 300 jobs and support thousands more.
Manufacturers demand action over ‘cartel-like’ shipping costs
The shipping industry must be investigated over allegations of “cartel-like” behaviour and soaring fees that are causing shortages and fuelling inflation, manufacturers have demanded. The organisations are preparing an open letter to the CMA appealing for “urgent action” to investigate whether charges are being coordinated or inflated by shipping companies, with many of their smaller members especially strained by higher costs. There have been allegations that big shipping companies are engaged in cartel-like behaviour, with claims they have taken advantage of the race to secure shipping slots to drive prices higher. A report from shipping consultancy Drewry forecast that container shipping companies will between them make “surreal” profits of $150bn this year – as much as the previous 20 years combined. They called on the CMA and Government to “work at pace to discuss the evidence on the functioning of the shipping market”.
Indiana's attorney general sues companies blamed for millions of robocalls across the US
(CNN) Three companies that allegedly helped initiate tens of millions of robocalls in the US -- including to people on Do Not Call registries -- are being sued by the Indiana attorney general. The suit lists Startel Communications LLC of Evansville, Indiana, a now-defunct company; VoIP Essential, located in California; and Piratel LLC, also located in California, as defendants. The suit alleges the "robocallers made millions of illegal calls to Indiana residents, many of whom were on Indiana's Do Not Call List and/or the Federal Do Not Call List." The defendants also allegedly made calls to phone numbers that were registered on lists to prohibit such calls, the suit said. The two providers either "knew or consciously avoided knowing" that the robocalls were in violation of US and Indiana law, the lawsuit alleges.
J&J vaccine recipients should get their second dose as soon as it's available, experts say
On Thursday, the same committee backed emergency use authorization for booster shots of Moderna's Covid-19 vaccine after six months, but not for everyone. But as for the J&J vaccine, which was launched as a one-dose regimen, experts point to a combination of waning immunity and the spread of the Delta variant as the primary drivers for a second dose. A study published Thursday reported a steep decline in vaccine effectiveness against infection by August of this year, especially for people who received the J&J vaccine. "I think anybody who's gotten one dose of the Johnson & Johnson vaccine can benefit from a second dose of a Johnson & Johnson vaccine," said Dr. Paul Offit, a member of the FDA's Vaccines and Related Biological Products Advisory Committee. Offit told CNN's Jake Tapper that he believes the J&J vaccine would likely have been a two-dose series had the country not been facing the urgency of the pandemic.
View from the Barricades: The Labor Market
The unemployment rate is falling but tens of thousands of workers are leaving the labor market. ; they leaving and aggravating the labor market. The churn in the labor market can be understood by studying the relationship between unemployment and vaccination rates. Where it's safe, workers are returning to the labor market, but they are being picky. The August labor report ( https://www.bls.gov/news.release/pdf/jolts.pdf) indicated that a record number, 4.3 million, quit in August.
Profile of America's Underpaid Cops: St. Louis County
Officer pay data obtained from 24 municipal police departments in St. Louis County from NBC News revealed “a gulf between police officer pay in poor, majority African-American northern cities and wealthier, whiter cities further south. Average annual patrol officer pay ranges from $23,000 in Hillsdale to nearly $70,000 in Town and County and Des Peres.”The gap mirrors metropolitan areas and rural communities around the United States. He bounced from job to job—private security, pizza delivery—and graduated from the St. Louis Police Academy in 2009. Since then, he’s worked for three different police departments in St. Louis County, all paying between $10.50 and $12.50 an hour. “If you are not making enough to pay for what you need, people do stupid things,” NBC quotes him as saying.
In Venezuela, a Rum Maker Offers Gangsters a Life Outside of Crime
In the process, the family running the company, Ron Santa Teresa, has gone from bankruptcy to exporting an award-winning vintage rum. Isayen Herrera andOct. 16, 2021SABANETA, Venezuela — They once used the house to hide their kidnapping victims as they awaited ransom. Now they are converting it into an office for a rum distribution business. The drastic shift by the crime boss Luis Oropeza and his gang is part of an unusual social reintegration project that has brought relative calm to the town of Sabaneta as lawlessness engulfs much of Venezuela.
Waffle House waitress allegedly pulls gun on man ‘over cheese eggs’
No cheese for you at this Waffle House! A customer at a Waffle House in downtown Atlanta claims a waitress pulled a gun on him after he asked for cheesy eggs Wednesday morning. “It all happened over cheese eggs,” Franklin told the local Fox station. Fox 5 AtlantaA representative from Waffle House told the TV station they have received a customer complaint and have launched an investigation. “No more Waffle House for me.
Opinion: Europe's energy crunch is giving Putin the upper hand
It's not the first signal that Russia is prepared to hold Europe hostage to natural gas prices, which are escalating dramatically. But with Europe currently facing an energy crunch, the context and timing are significant -- on both sides of the Atlantic. With French President Emmanuel Macron on the cusp of launching his own reelection campaign, rising gas prices heading into winter could harm his standing. With Nord Stream 2 still in the works, Russia is already Europe's main gas supplier, accounting for 41% of its imports. The United States remains the largest single supplier to Europe of liquefied natural gas, which can be shipped via tankers.
Hertz files for a new IPO
New York (CNN Business) Hertz is going public again. The rental car company, which filed for bankruptcy early in the pandemic and emerged on June 30, has filed paperwork with the Securities and Exchange Commission for an initial public offering. It also had a net loss of $168 million brought about by $633 million of reorganization expenses. The company is benefiting from a shortage of rental cars that is boosting rates incredibly high by historical standards. With so few people traveling, the companies sold cars into the used car market to raise the cash they needed to survive.
Glencore opens talks with Chad over debt restructuring
read moreChad's state creditors and the IMF agreed on a restructuring but insist Chad must reach comparable terms with other bilateral and private creditors. The letter also said boutique advisory firm Newstate Partners had been appointed as financial advisors to Glencore, a Swiss-based miner and trader, and the consortium. Chad has said Glencore represents more than 98% of its commercial debt, most of it oil-for-cash deals contracted in 2013 and 2014 when the country could not tap the international debt market or bilateral partners. Glencore said in the letter that concessions the group of lenders granted to Chad in the previous restructurings will have to be taken into account regarding the current restructuring request. A source with direct knowledge of the matter said the last restructuring made the debt serviceable with oil prices at around $45 per barrel.
American workers gain upper hand to demand better working conditions
Robert Reich, former Clinton administration labor secretary, discusses the recent increase in labor union strikes and how the pandemic and circumstances with the U.S. supply chain have given workers new leverage and incentive to insist on better pay and working conditions.Oct.
The Dow is on track for its best October in 6 years and third-quarter earnings are strong so far. What could go wrong?
A traditionally troublesome month is turning out to be anything but for the stock market…so far. Check out: Sign up for a new MarketWatch newsletter on crypto, Distributed Ledger, launching next month. Indeed, the Dow Jones Industrial Average DJIA, +1.09% is on track for its best month since March when it rose 6.62%, FactSet data show. And our colleagues at Dow Jones Market Data said that the index’s performance so far represents the best start to October since, 2015. However, the market is far from out of the woods.
Nearly 40% of Americans seeing ‘serious financial problems’ in past few months
Nearly 40 percent of Americans say they’ve experienced serious financial problems over the past few months and almost 70 percent are worried about their children falling behind in school, according to a new national poll. The reports of economic struggles come even as 67 percent of households surveyed said they’d received financial help from the government in the past few months. A full 69 percent of households with children in grades K-12 last year report their children fell behind in learning because of the coronavirus. Meanwhile, not all households report they’ve felt serious pain: Among those with annual household incomes under $50,000, 59 percent said they had faced serious financial problems. The poll comes as Americans of all financial stripes are experiencing financial pain with prices rising sharply across a variety of everyday goods.
Opinion: How to give yourself a four-day workweek: it's more than just being productive
Internal inclinationsYour internal world is the first place to start when we talk about productivity. If this is not aligned correctly, then the work we do when we are being productive will not be as effective. The first internal inclination focuses on curiosity. The next internal inclination is an outsider perspective. The last internal inclination is the ability to act.
MemeMarkets: The SEC report on January's meme stock short squeeze is coming soon
Ever since Robinhood HOOD, +0.24% halted trading on meme stocks like GameStop GME, -0.30% and AMC Entertainment AMC, +1.67% at the chaotic apex of January’s wild meme stock trading frenzy, retail investors and Wall Street have been waiting with bated breath to see how regulators will respond. And while February’s entertaining if bizarre Congressional hearings gave the public a window into how the meme stock craze is viewed within The Beltway, it remains to be seen how SEC chief Gary Gensler, an former Goldman Sachs executive known for taking heavy-handed stances on market misfunctions, will act on things like payment for order flow and what appears to be some odd data on short selling.
Why American workers are quitting in record numbers
The Great Resignation comes at a time when businesses across the country are struggling to find workers to fill open positions. There were 10.4 million job openings in August, down slightly from the record of 11.1 million openings the previous month. Why there’s debateRather than offering one reason so many Americans are quitting their jobs, experts mostly believe the Great Resignation is the result of a variety of forces coming together. Story continuesOthers see the Great Resignation as the sign of a major shift in the power dynamic between workers and their employers. But the common thread that runs through virtually every motivation for the Great Resignation departures we are seeing is a decision to no longer accept the unacceptable.” — Phillip Kane, Inc.
Crypto CEO: A viable central bank digital currency would have to be 'the law'
Dharmapalan is chief executive of eCurrency – a firm at the forefront of creating technology to execute a central bank digital currency (CBDB), part of cryptocurrency's next frontier. With investors ranging from Ray Dalio to Vikrim Pandit, Dharmapalan advises central banks around the world like the Banks of England and Jamaica, the latter having just launched its own central bank digital currency. U.S. Federal Reserve Chair Jerome Powell said on Thursday that he was "legitimately undecided" on the benefits and costs of issuing a U.S. central bank digital currency CBDC. The government is in the process of creating new laws to authorize its central bank to issue a digital currency. Yet Fed officials are divided on whether to adopt a central bank digital currency.
AT&T and Verizon set to deliver earnings as wireless competition builds
ReutersBurry's Scion Asset Management said in a regulatory filing in mid-May it had put options on 800,100 Tesla shares as of the end of the first quarter. Based on Tesla's closing price of $667.93 at the end of the first quarter, the value of that many shares would have been about $534 million. "No, it was a trade," Burry was quoted as saying in an email to CNBC on Friday, when asked whether he was still shorting Tesla.
Not sure if that text is spam? Here's how to check
Ken ColburnSpecial for The RepublicQuestion: Does replying with "STOP" on unwanted text messages really work? Answer: If it feels like you’re getting a lot more text messages these days, both legitimate and questionable, it’s not your imagination. Every study on text messaging shows that people respond at a significantly higher rate and much quicker to text messages than phone calls or emails. To illustrate this difference, check to see how many unopened email messages you have versus your unopened text messages. When it’s safeIn many cases, the message may include instructions to reply with "STOP" to stop getting messages from them in the future.
Detroit's former Packard plant could have new owner by year's end
The owner of the former Packard plant could announce by the end of the year a new owner, according to a real estate firm marketing the property. In 2017, Palazuelo broke ground on a plan to redevelop the Packard plant into a mixed-use site. The Packard plant site lost tax incentives after the Detroit City Council voted earlier this month to terminate a brownfield plan due to the lack of progress. According to the city, a new owner would be able to apply for brownfield plan for future development. When the Packard plant ended production in 1956 dozens of smaller businesses worked out of part of the plant until the late ’90s.
Road rage suspected in ABQ’s latest homicide
Albuquerque police say a man was shot in an apparent road rage incident Friday evening near Montgomery and Morris in Northeast Albuquerque. The victim was rushed to the hospital, where he was pronounced dead, said Gilbert Gallegos, a spokesman for the Albuquerque Police Department. “According to witnesses, there were gunshots in the area and there was an argument (with) the occupant of another vehicle at the time of the gunshots,” Gallegos said. There have now been at least seven homicides related to road rage investigated by APD since 2019, according to Journal records. Nelson Gallegos Jr., 52, was killed on Oct. 6 when a road rage incident erupted in gunfire in front of a cafe at Old Town.
Montana and Wyoming see increase in coal production
(AP) — Coal production has increased in Montana and Wyoming due to demand in the Asia Pacific region. The U.S. Energy Information Administration said coal production increased 2% in Montana and 7% in Wyoming this year compared to the first nine months of 2020. Steve Read of Signal Peak Energy said exports are the primary driver of Montana coal production. He said coal trains from Signal Peak go to British Columbia for shipping, with the coal most likely going to Japan. It is the highest valued market for our product,” Read told the Billings Gazette in a story on Saturday.
IATSE and AMPTP Close to Deal to Avert Crippling Hollywood Strike (EXCLUSIVE)
Negotiators for IATSE and Hollywood’s major studios are closing in on a deal that would avert a strike that has threatened to shutter most film and TV production in Hollywood. One move from the studio said that helped move things along was a hike in the raise schedule over the three-year term of the deal. IATSE pushed for an end to all such discounts, noting that “new media” is an anachronism in 2021. Roth was said to have been a key liaison for the studios and IATSE. The union already had tapped Ziffren, a famously savvy dealmaker with decades of Hollywood labor experience, as a consultant in the talks.
Ford to fuel Halewood plant's electric car conversion with £200m
Ford is to to make electric car components at its factory in Halewood in a boost for Britain’s automotive industry as it navigates the shift away from fossil fuels. Bosses have picked the Merseyside factory over another of the company’s plants in Germany for more than £200m of investment into “e-Drive” transmission systems which control power from batteries used to run a vehicle’s wheels. The deal will secure the future of the 500 staff at Halewood, who currently make transmissions for petrol Ford vehicles including the Fiesta and Focus, which are exported to vehicle manufacturing plants in Europe. Britain is banning the sale of new cars powered solely by internal combustion engines from 2030 and the EU is planning a similar move from 2035, raising questions about Halewood’s future. Ford is being supported with taxpayer money from the Government’s £500m Automotive Transmission Fund (ATF), announced last year as part of Boris Johnson’s 10-point plan for a “green industrial revolution”.
Finding an electric vehicle charging station shouldn't be a scavenger hunt
“People are largely unaware of the existing EV charging infrastructure,” said John Voelcker, a journalist and analyst specializing in electric vehicles. “There are literally tens of thousands of public charging stations now, soon to be hundreds of thousands.”? Sick of paying for gas? Compared to that, finding an EV charger is a sadistic scavenger hunt. ? EVs:Biden's electric vehicle plan includes expanding charging stations. Charging stations need to be similar, but with the financial benefit that drivers are paying for every minute their cars sit in the parking lot.
A photographer captured the art of bloodless bullfighting in Texas for over a decade
A photographer captured the art of bloodless bullfighting in Texas for over a decadeEnlarge this image toggle caption Katie Hayes Luke Katie Hayes LukeSince 2008, photographer Katie Hayes Luke traveled to south Texas to document bloodless bullfighting at a ranch called La Querencia. The owner of the bullring, Fred Renk, an 83-year-old former amateur bullfighter, recruited young aspiring bullfighters from Mexico. Every season the young women novilleras stole the show on their quest to become one of the few matadoras. Fred retired in 2020 and his grandson planned to take over but there have not been any events during the pandemic. toggle caption Katie Hayes Luketoggle caption Katie Hayes Luketoggle caption Katie Hayes Luketoggle caption Katie Hayes Luketoggle caption Katie Hayes Luketoggle caption Katie Hayes Luketoggle caption Katie Hayes Luketoggle caption Katie Hayes Luketoggle caption Katie Hayes Luketoggle caption Katie Hayes Luketoggle caption Katie Hayes Luke
Opinion: Reality check: The pace to mass adoption of electric vehicles will be glacial
Head out to the rest of the country, though, and the reality is more sobering — fully electric cars remain few and far between. Despite their relative popularity among affluent city-dwellers, battery electric vehicles (BEVs) still make up only 2%-3% of U.S. vehicle sales. The reality is that the path to electrification is thorny and the pace will likely be slower than many expect. Volvo said it will only produce electric cars by 2030. For one, consumers are still on the fence about buying electric vehicles.
McDonald's will trial its plant-based burger in the US on November 3rd
You may soon be able to give McDonald's plant-based burgers a try. The burger's patty is made with Beyond Meat plant-based meat. It’s made with a juicy, plant-based patty and served on a warm, sesame seed bun with all the classic toppings." McDonald's is also trialing the burger in other countries, including Sweden, Denmark, the Netherlands, Austria and the UK. While the McPlant is simply a burger for now, McDonald's previously said that it could represent a whole line of plant-based menu items in the future, including chicken substitutes and breakfast sandwiches.
Hooters employees are pushing back against new revealing uniforms that include shorts so short that they're 'like underwear'
Hooters employees are pushing back against new shorts on TikTok. Some Hooters employees are speaking out on social media against a new uniform they say is too revealing. I mean shorts," wrote one TikTok user. Critics have called out the chain for outfitting employees in revealing uniforms and requiring certain hair and makeup standards. Restaurants owned by the Original Hooters Group have not introduced the shorter shorts, and employees are still wearing their regular uniform.
Why did he leave Long Island?
George Ingram said he moved from South Floral Park to Greensboro, N.C., because of lower taxes and more affordable housing options. Credit: George Ingram
Tucson's five most underfunded RTA projects: what residents could lose
Ten major road projects across Tucson are critically underfunded, putting them at risk of going unfinished unless a cash shortfall — estimated as high as $250 million — is fixed soon. Residents have been counting on the projects since 2006 when voters across Pima County approved a Regional Transportation Authority sales tax to fund an assortment of work in the region. Each of the troubled roadway projects has been successfully funded at the 2006 ballot amounts, according to RTA staffers who said the program is only responsible for meeting voter-approved funding levels. Is the outcome that many of the projects could be different than what voters approved? Projects with the largest funding shortages could have the highest chance of going unfinished if extra money doesn’t crop up by the time the RTA sales tax expires in 2026.
Russia's daily COVID-19 deaths top 1,000 for first time
MOSCOW (AP) — Russia’s daily death toll from COVID-19 has exceeded 1,000 for the first time as the country faces a sustained wave of rising infections. The national coronavirus task force on Saturday reported 1,002 deaths in the previous day, up from 999 on Friday, along with 33,208 new confirmed COVID-19 cases, more than 1,000 higher than the day before. The government said this week that about 43 million Russians, or about 29% of the country’s nearly 146 million people, are fully vaccinated. Some of Russia’s 85 regions have restricted attendance at large public events and limited access to theaters, restaurants and other venues. However, daily life is going on largely as normal in Moscow, St. Petersburg and many other Russian cities.
New wave of strikes will test worker power
Thousands of John Deere workers hit the picket line this week after the union smacked down a new worker contract from the farm and equipment maker. Why it matters: There’s a wave of worker angst spreading across the country. They wield new power that’s come with a historic worker shortage. “The company is reaping such rewards, but we’re fighting over crumbs here.”From Hollywood studios to factories, the work stoppages could threaten America’s recovery — already plagued by a shortage of stuff. But some employers aren't bending first, causing enough of a stalemate to invite strikes in the first place.
National Lottery bidders head for the final draw
Sir Hugh Robertson and Sir Keith Mills used to be close colleagues. Today, the former allies are pitted against each other in one of the most intense and drawn out bidding battles in the City for years - the race to run the National Lottery. Bids for the Fourth National Lottery licence, which runs for up to 10 years from 2024, were submitted late on Friday evening. Rothschild, the investment bank advising the regulator the Gambling Commission, will host bidders’ final presentations in its glass-fronted City office on St Swithin’s Lane between now and the end of the month. Komarek has sought to win support from politicians rather than just the Gambling Commission, even though the Birmingham-based regulator will pick the winner.
In 1955, a stately home was demolished every five days. Pop stars, lions and the V&A turned the tide
Going, going, gone… The fortunes of country houses reached their nadir with the demolition in 1955 of the majestically beautiful “Big House” at Bowood, in Wiltshire. Its owner, the eighth Marquess of Lansdowne, had only discovered his inheritance when he read about it in The Times in January 1945. Tinniswood notes that Adam’s south portico was bought by a Welsh undertaker: “It still adorns his family’s funeral parlour in Cardiff.”In that grim year of 1955, a notable country house was demolished every five days. The turning point was the Destruction of the Country House exhibition in 1974 at the V&A, commissioned by Roy Strong. John Harris assembled hundreds of photographs of lost houses, which dumbfounded visitors and reduced many to tears.
Beyoncé looks glamorous in busty blue dress and smart black coat
AdvertisementBeyoncé looked glamorous as she attended the second wedding ceremony of Alexandre Arnault and Géraldine Guyot in Venice on Saturday. Singer Beyoncé, 40, wowed in busty blue dress and smart black coat as she joined her husband Jay-Z at the church in the Italian city, after the couple's first wedding in Paris in July. Meanwhile Jay-Z looked dapper as he joined his wife wearing a double-breasted navy suit and tie. Beyoncé is among her celebrity fans and the brand is sold at 100 retailers around the world. For several Instagram shots, Beyonce gazed seductively at the camera with her body expertly posed as she remained seated beside Jay-Z, who looked handsome in a black suit.
Biden greets children in Connecticut as he sets out his plan over holiday supply chain crunch
But Simon and supply chain analysts say that the tactic is flawed and will not do enough to tackle the problem. Brian Whitlock, a supply chain analyst, told Business Insider that Biden's plan would barely help. Baier noted that Biden's plan has been described 'too little, too late,' but Buttigieg disagreed. are high class problems.' 'Since when did paying more for gas, electricity, eggs, and meat only affect the 'high class'?
Biden's IRS proposal could mark the end of privacy in banking
President Biden’s tax compliance initiatives seek to close the ‘tax gap’ between taxes owed to the government and the taxes actually paid. Biden’s proposal has the enthusiastic support of Treasury Secretary Janet Yellen Janet Louise YellenBiden's IRS proposal could mark the end of privacy in banking Climate crisis: The house is on fire, will banking regulators break the glass? The real result, given Biden’s $600 threshold, will be to flood the IRS with reporting on over 140 million bank accounts and to end financial privacy, given that the IRS cannot handle the tax returns it already receives. The proposal gives the IRS extensive access to an individual’s account. Individual privacy over bank accounts and expenditures should be safely guarded.
How to ask for a raise when companies are desperate for workers
The hike in salaries, however, comes as the cost of living is on a sharp rise, with consumer prices up 5.4 percent compared with a year ago, according to the Bureau of Labor Statistics. Experts say no raise or a minimal bump that doesn’t meet the cost of living is unrealistic, especially given the number of openings. As of the end of August, 10.4 million jobs were unfilled.
Iranian supertanker departing from Venezuela to transport heavy oil
The shipment is part of a deal agreed by PDVSA and its counterpart National Iranian Oil Company (NIOC) that exchanges Iranian condensate for Venezuela's Merey crude. The vessel arrived in Venezuela in September with its transponder turned off while carrying 2.1 million barrels of Iranian condensate. PDVSA first launched the exchange last month by sending 1.9 million barrels of Merey heavy crude on the Iran-flagged supertanker Felicity. The exchange provides the OPEC nation with a stable supply of blending material needed to convert its extra heavy oil into exportable grades. The pact also delivers heavy oil to Iran for blending, refining or marketing to Asian customers.
Bitcoin-mining power plant raises ire of environmentalists in New York
An obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency. It uses its own power plant. Bitcoin mining at the plant, which has a 106-megawatt capacity, started in earnest last year. Plant opponents suspect Greenidge of pulling a bait-and-switch, applying to run a power plant but planning to run a mining operation that is taking up more of the plant’s power. New York state has yet to make a determination on Greenidge’s permits.
Iranian supertanker departing from Venezuela to transport heavy oil
The shipment is part of a deal agreed by PDVSA and its counterpart National Iranian Oil Company (NIOC) that exchanges Iranian condensate for Venezuela's Merey crude. The vessel arrived in Venezuela in September with its transponder turned off while carrying 2.1 million barrels of Iranian condensate. PDVSA first launched the exchange last month by sending 1.9 million barrels of Merey heavy crude on the Iran-flagged supertanker Felicity. The exchange provides the OPEC nation with a stable supply of blending material needed to convert its extra heavy oil into exportable grades. The pact also delivers heavy oil to Iran for blending, refining or marketing to Asian customers.
Restaurants wary of winter, looking to Washington amid inflation, supply chain crunch, worker shortage
With the holiday season fast approaching, business owners are beginning to feel the heat from a rise in inflation, supply chain chaos and worker shortages. Between patron hesitancy, looming cold weather and continuing COVID-19 restrictions, restaurants are increasingly fearful the winter season will again not be kind to an already battered industry. Additionally, the same survey found that 51% of restaurants said they would not be able to pay their rent in September. BIDEN TAX HIKES WILL ‘SIGNIFICANTLY’ HURT BUSINESSES: REP. BRADYThese price hikes are unfortunately passed onto the customer Storch said, which can hurt business as customers seek cheaper alternatives. The Biden administration has been slow to quell the raising inflation rate.
Detroit senior community gets $19.7M in renovations
Associated PressDetroit – Nearly $20 million in renovations to an affordable housing community that’s home to 198 Detroit senior citizens have been completed. Rents on the apartments will not go up due to the $19.7 million in upgrades at Parkview Place, the city said this week. Each apartment received about $41,000 in upgrades, including new appliances, kitchen cabinets, countertops, sinks and faucets, and flooring. The building also received new elevators, a new roof, new windows, new entry doors, a new boiler, new water pumps and new fire suppression system. Renovations and affordability extensions were made possible, in part, through a 9% low-income housing tax credit award by the Michigan State Housing Development Authority.
Supermarkets in German state of Hesse can now block entry to the unvaccinated
The new Covid health pass entry rules announced by the central state of Hesse have upped the pressure on the unvaccinated by allowing all shops to implement the so-called 2G rule at their doors. The 2G rule refers to public places being given the option to allow entry only to vaccinated (geimpft in German) or people who’ve recovered from Covid (genesen). (article continues below) See also on The Local:Implementing 2G rules allows shops to drop mask-wearing and social distancing rules. Throughout the pandemic, German authorities have excluded supermarkets and other grocers from most restrictions, such as lockdowns and entry rules, in order to ensure that everyone has continued access to essential goods. Nationwide, the negative lateral flow test that is necessary to be allowed entry as an unvaccinated person is no longer free.
Electric car revolution risks going flat unless rollout of chargers doubles in speed
The installation of electric car chargers needs to nearly double in speed to meet demand as petrol is phased out, figures suggest. The UK has around 24,000 public electric chargers, with at least 230,000 needed by 2035 to allow drivers convenient access, according to the most conservative estimates, as experts warned that the Government’s green targets could be “undermined” if demand was not met. Analysis by transport research group New AutoMotive also suggests that there are now more than 10 electric cars for every charger, exceeding the level recommended by the EU. Last year, about 27 chargers were installed every day on average, a rate that needs to rise to at least 45. New petrol and diesel cars are to be banned from sale from 2030, with plug-in hybrids following suit from 2035.
UK-France power link hit by fire set for partial restart ahead of plan
– Britain’s National Grid expects its 2-gigawatt power link with France, which has been offline for an extended outage, to be running at half capacity a few days sooner than planned. The other 1 GW capacity was already offline due to planned maintenance which was later extended to Oct. 23. After a detailed assessment, National Grid said extensive work was needed to safely return the IFA1 to service. The other 1 GW, which was affected by the fire, remains offline, with a partial return to service planned from 2022. The IFA2 interconnector, a second link between Britain and France commissioned in 2020, is operating and not affected.
Opinion : Florida puts a price tag on voting. ‘That’s not right.’
That toll was powerfully brought home by the New York Times, which photographed people denied their right to vote with a name tag that showed not their name but instead their outstanding debt. A further indignity of the law is that there is no system or record-keeping that allows people to reliably know what they owe. Ms. Bolden first received a letter telling her she owed a few hundred dollars, but the website of the courthouse listed her debt at nearly $53,000. I just know every time I reach out, it’s a different number, and it’s increasing,” said Marq Mitchel. “How are you going to sell somebody’s agony to a company and compound it?” he asked.
Opinion : Going green must not mean enriching autocrats
That calls for a broad-based tax — preferably on all sources of carbon emissions but certainly on gas, diesel and jet fuel. Politicians of both parties, from Mr. Biden on down, oppose fuel taxes, because, they say, it will raise the cost of transportation for the poor and middle class. True enough. On the other hand, prices are already rising, but Saudi Arabia and Russia are getting the windfall. When you look at it that way, the question isn’t whether Americans are going to pay but whom: foreign dictatorial governments or our own?
Do you need to start holiday shopping even earlier this year? Here's what retail experts say
The latest retail sales numbers show U.S. consumers are spending at a much faster pace than expected, excluding autos, up over 15% in September. Back-to-school and back-to-work trends drove a higher level of transactions despite the headwinds of inventory shortages and inflation, but what about early holiday shopping? With widespread supply chain warnings, retailers including Amazon and Target started to offer holiday promotions even earlier than normal to get ahead of the lack of inventory and to ease consumer anxiety. NPD Group said in its annual holiday shopping outlook that 51% of respondents to a survey said they plan to start holiday shopping before Thanksgiving, but that is only up slightly from last year. The early shopping trend is not new in retail.
Many of 2021's record ETF launches are ESG-related, but it may not move the needle enough, CEO warns
The growing supply of environmental, social and governance-related exchange-traded funds won't be enough to meaningfully mitigate broad issues such as climate change, Van Eck Associates' CEO says. "It's really the technology companies and technology investing, whether privately or with public companies, that's going to really bend the curve here." "There's more supply right now than demand, but the future looks great, we think, for ESG-related products," he said. "We think we're going to see more of these products." An ESG version of Invesco's QQQ Trust (QQQ) could launch by the end of the year, Rosenbluth said.
Renting a $43,700 per month YouTube creator house in Los Angeles, CA
Hi, I'm Carter Sharer. Sharer: The team RAR house is my house. Fierberg: Carter moved himself and Team RAR Headquarters into this home in April 2020. Sharer: It's kind of weird thinking that like I'm living in a house that I can't afford. Team "RAR" stands for rare and ridiculous, and I feel like that's just like the perfect branding that just describes who I am, what I love to do.
These YouTube creators split a $43,700 per month mansion in Los Angeles — take a look inside
The 27-year-old searched for something specific and extravagant: a hub for his YouTube group, Team RAR or "Rare and Ridiculous," to live and work. "Those fractions of cents start to add up, which boiled down to us being able to pay all the bills each month," Sharer says. Team RAR also pays extra monthly fees including $3,600 for utilities, $1,800 for cleaning, $2,500 for landscaping and $200 for pool maintenance. When they moved in, he says, they installed the Team RAR logo on the bottom of the pool. The house has other outlandish features that you'll probably only find in a YouTube team house, like arcade games in the kitchen and a life-sized "LEGO City" on the tennis courts.
An activist investor may turn to a recipe for success to boost value at US Food Holdings
His next activist 13D was at Elanco, where he again took a board seat and is in the process of creating value there. Taking board seats signifies both commitment and contribution and this philosophy and style is really paying off for Sachem Head. It states in the filing that Sachem Head has entered into an agreement with Bernardo Hees who has agreed to serve as an advisor to Sachem Head and as a potential director nominee. In 2018, Sachem Head predicted that the company could generate $3 in earnings per share in 2020 with a stock price of $45. Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments.
Bitcoin-mining power plant raises ire of environmentalists
It uses its own power plant. ADVERTISEMENT“The current state of our climate demands action on cryptocurrency mining,” said Liz Moran of Earthjustice. Bitcoin mining at the plant, which has a 106-megawatt capacity, started in earnest last year. Plant opponents suspect Greenidge of pulling a bait-and-switch, applying to run a power plant but planning to run a mining operation that is taking up more of the plant’s power. Around the country, there are other power plants being used for cryptocurrency mining under different types of arrangements.
Opinion: How to beat inflation: Favor stocks of companies that have the luxury of pricing power — but whose costs aren’t rising
Read: These quality dividend stocks have a built-in advantage that can keep you ahead of inflation in 2022In this era of elevated inflation, favor companies that have the luxury of pricing power — but whose costs aren’t increasing. And it was likely supplied by Air Lease AL, +0.60% , one of the biggest players in this space. Air Lease serves 112 airlines in 60 countries. Air Lease benefits from big-picture trends as well, like the emerging middle class in many countries around the world. Air Lease trades for around .7 times book value, but historically it trades at slight premium to book value, he says.
Inflation has shifted to 'brutally high' from 'massive' in three months, according to Fastenal CEO
That’s according to Lars Florness, the chief executive of Fastenal Co., which makes supplies used by construction and industrial manufacturers. In the conference call with analysts following Fastenal’s third-quarter results early Tuesday, Florness said, according to a FactSet transcript, that product and shipping cost inflation the company and its peers were facing “isn’t just high”:““It’s brutally high. That is noticeable change in tone from comments made just three months ago in the post-second-quarter earnings conference call. “And so, massive inflation going on,” Florness said on July 13, according to a FactSet transcript. “We continue to experience pressure related to material and transportation cost inflation.
Coinbase proposes crypto-focused financial regulator to replace SEC for oversight of digital assets
“There should be one federal regulator designated for digital asset markets,” Faryar Shirzad, chief policy officer at Coinbase COIN, +7.93% told reporters Thursday. Shirzad said that cryptocurrencies and the distributed-ledger technology that undergirds them have the potential to revolutionize the global financial system. Coinbase’s proposal posits that this new financial regulator would primarily be responsible for registering and supervising marketplaces for digital assets, or MDAs, to ensure against fraud and manipulation and to mandate that issuers of digital assets disclose relevant information to market participants. “They treat digital assets as one giant asset class, and they aren’t. “I commend Coinbase for developing their thoughtful framework for regulating digital assets,” Michael Piwowar, former Acting SEC Chairman and executive director of the Milken Institute Center for Financial Markets said in a statement.
ECB Policy Will Continue Supporting the Economy, Lagarde Says
(Bloomberg) -- The European Central Bank will continue aiding the euro-area economy as the fallout from the pandemic lingers, President Christine Lagarde said. Most Read from Bloomberg“Monetary policy will continue supporting the economy in order to durably stabilize inflation at our 2% inflation target over the medium term,” Lagarde said in the 2021 Per Jacobsson Lecture at the International Monetary Fund on Saturday. “The ECB is committed to preserving favorable financing conditions for all sectors of the economy over the pandemic period,” she said, according to a prepared text released by the ECB. It is studying a new bond-buying program to prevent any market turmoil once when crisis purchases end, officials familiar with the matter told Bloomberg last week. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Iranian supertanker departing from Venezuela to transport heavy oil
The shipment is part of a deal agreed by PDVSA and its counterpart National Iranian Oil Company (NIOC) that exchanges Iranian condensate for Venezuela's Merey crude. The vessel arrived in Venezuela in September with its transponder turned off while carrying 2.1 million barrels of Iranian condensate. PDVSA first launched the exchange last month by sending 1.9 million barrels of Merey heavy crude on the Iran-flagged supertanker Felicity. The exchange provides the OPEC nation with a stable supply of blending material needed to convert its extra heavy oil into exportable grades. The pact also delivers heavy oil to Iran for blending, refining or marketing to Asian customers.
White House holds counter-ransomware event with 30 countries as payments spike
The White House held a virtual event this week to combat ransomware, as global economic losses mount. Russia and North Korea were conspicuously absent from the meeting. The "counter-ransomware" event – with 30 countries participating – addressed the financial systems that make the booming ransomware business profitable, how to disrupt the ransomware ecosystem and ongoing diplomatic efforts. Ransomware payments reached over $400 million globally in 2020, and topped $81 million in the first quarter of 2021, the White House said, underscoring how alarmingly profitable ransomware has become. North Korea is also a constant threat.
Washington, DC real estate: What you can get for $2M
Real estate in Washington, D.C., has long been a hot commodity, as movers and shakers in the political realm seek a front-row seat to the happenings in our nation's capital city. The site's numbers show that the median listing price for homes within D.C. is currently $629,000. WHAT YOU CAN GET FOR $2.5 MILLION IN NEW ORLEANSThe 3,000-square-foot house has an all-brick exterior and hardwood floors throughout. The kitchen has quartz counters, high-end appliances, and a separate door that opens to the garden. The 2,600-square-foot home still has its original woodwork and trim, along with a gourmet kitchen that walks out to a deck, patio, and professionally landscaped garden.
How to Plan a Trade
Every trader knows that we should have a plan when we enter a trade. Part of the problem with designing a plan for a trade is that there are so many potential issues to consider that it can become overwhelming. The first step in any trade plan is to assume that things won't go as hoped. Let's take the common situation of trying to catch a trade in a stock that is falling sharply. I keep working on my entry points while keeping the position size and the unrealized loss at a comfortable point.
How mortgage rates hit 18.5% — 40 years ago today
Forty years ago today, U.S. mortgage rates hit 18.5%. My trusty spreadsheet analyzed 40 years of California home values using a Federal Housing Finance Agency price index, average mortgage rates and inflation trends. Mortgage rates played a role, too, pushed to a new, record-breaking low of 2.65% as 2021 started. And mortgage rates, peak to bottom, dropping almost a full 16 percentage points. Forty Octobers ago, the hypothetical California buyer mortgaged a typical home for $1,397 monthly, assuming a 20% downpayment at mortgage rates’ peak.
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As rents in South Florida soar out of reach, more people are finding themselves priced out — and onto the streets
By the end of the year, renters in South Florida will be paying an average of 40% of their income to their landlords, according to a forecast from Zillow. Already this year, rents have risen an average of 14% and are projected to grow by another 8-9% before the year is over, according to data from the Costar Group, a provider of commercial real estate information.
Liz Weston: At what age do Social Security benefits stop for dependents?
Dear Liz: At what age do Social Security benefits stop for dependents? My child is 17 and is currently getting half of my Social Security amount. When her benefits stop, can I sign up my nonworking spouse to receive half of my benefits? Child benefits typically end when the child turns 18, or up to 19 if the child is still a full-time high school student. If your child turns 18 during her senior year, for example, the benefits would stop when she graduates.
Bitcoin-mining power plant raises ire of environmentalists
The former coal plant, in a touristy region known for its glacial lakes and riesling wines, was converted to natural gas by Greenidge and began producing electricity in 2017. Bitcoin mining at the plant, which has a 106-megawatt capacity, started in earnest last year. “For decades, this region has been told it would see new industries and opportunities,” Greenidge said in a prepared statement. As the value of Bitcoin goes up, the puzzles become increasingly more difficult, and it requires more computer power to solve them. Plant opponents suspect Greenidge of pulling a bait-and-switch, applying to run a power plant but planning to run a mining operation that is taking up more of the plant's power.
Cars Get Stuck at U.S. Garages for Weeks in Spare-Parts Shortage
In the Seattle suburbs, garage owner Bryan Kelley waited on parts for 60 to 90 days on two separate occasions while fixing pick-up trucks. One of the parts, a crankshaft position sensor, used to take a half hour to get from the distribution center, said Kelley, owner of Valley Automotive Repair and Electric. The wait got so long that the customer was ready to give up on his Dodge Ram 1500, he said.
French pool-owners beware: Government allies with Google to spot undeclared pools and verandahs via satellite
Owners of swimming pools in France beware, the artificially intelligent taxman cometh. When tax collectors in Greece started comparing incomes with swimming pool ownership, many wealthy Greeks came up with a cunning plan: hide the pools with camouflage nets. With 2.5 million swimming pools in individual homes, France has more piscines per capita than anywhere in the world bar America. France already uses helicopters to detect undeclared swimming pools or owners who fill theirs during a period of drought. They must also be declared to the tax office within 90 days, leading to higher local property tax bills due to the increase in a home’s rental worth.
Car News Roundup: The new Lexus LX 600, plus a mob-destroyed Mazda
Share this Story: Car News Roundup: The new Lexus LX 600, plus a mob-destroyed MazdaCar News Roundup: The new Lexus LX 600, plus a mob-destroyed Mazda Find out why Jeep’s president “feels sorry” for some Ford Explorer customers Photo by LexusArticle content Welcome to our round-up of the biggest breaking stories on Driving.ca from this past week. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content Here’s what you missed while you were away. Try refreshing your browser, or Car News Roundup: The new Lexus LX 600, plus a mob-destroyed Mazda Back to video Lexus introduces 2022 LX 600 with new trims and trimmings Photo by Lexus The 2022 Lexus LX 600 has arrived with new options for those looking to get more out of their luxury SUV both off-road and on. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below.
Luxury EV automaker Lucid opens its first Canadian location
Share this Story: Luxury EV automaker Lucid opens its first Canadian locationLuxury EV automaker Lucid opens its first Canadian location Its Lucid Air sedan will start at $105,000, with deliveries expected later this year Photo by Lucid GroupArticle content Luxury electric vehicle manufacturer Lucid has announced its first Canadian retail outlet and pricing, which will start at $105,000. Buyers can reserve any Lucid Air model for a deposit of $400. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Try refreshing your browser, or Luxury EV automaker Lucid opens its first Canadian location Back to video The Lucid Air sedan comes in four levels, with varying power and range. Share this article in your social networkAdvertisement Story continues below This advertisement has not loaded yet, but your article continues below.
Executive Order on the White House Initiative on Advancing Educational Equity, Excellence, and Economic Opportunity for Native Americans and Strengthening Tribal Colleges and Universities
In addition, the COVID-19 pandemic has amplified long-standing educational inequities that disproportionally affect Native American communities and burden Native American students. My Administration will help expand opportunities for Native American students to learn their Native languages, histories, and cultural practices; promote indigenous learning through the use of traditional ecological knowledge; and enhance access to complete and competitive educations that prepare Native American students for college, careers, and productive and satisfying lives. White House Initiative on Advancing Educational Equity, Excellence, and Economic Opportunity for Native Americans and Strengthening Tribal Colleges and Universities. The Secretary of Education shall, in consultation with the other Co-Chairs of the Initiative, designate an Executive Director for the Initiative (Executive Director). (g) To further shared priorities and policies that advance educational equity, excellence, and economic opportunity for underserved communities, the Initiative shall collaborate and coordinate with other White House initiatives related to educational equity, excellence, and economic opportunity.
What are NFTs? Here's what you need to know about non-fungible tokens
In this article COINGrandbrothers | iStock Editorial | Getty ImagesWhere do people buy NFTs? Why do people often buy NFTs with cryptocurrencies? Westend61 | Westend61 | Getty ImagesThere's simply a huge overlap between those interested in the digital coins and those interested in NFTs, Schachter said. He said fakes are another issue: "Whenever there's money on the table, there's going to be criminality." Is it really art?
Alpha with Impact
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAlpha with ImpactWith ESG on the rise, Jim Coulter is looking to make sure his firm is on the cutting edge. The TPG founder recently shifted from the co-CEO seat to focus on the firm's growing global impact investing platform TPG Rise. As Managing Partner of TPG Rise Climate, Coulter is combining his 30-year career of trend spotting and company-building along with his expertise in impact-investing to demonstrate how the private markets can tackle an issue that impacts us all -- climate change.
Analysis: The global economy's 2020 hangover is far from over
Despite good news about Covid-19 vaccinations, a solid economic rebound and seemingly boundless optimism on Wall Street, we're nowhere near out of the woods. All of that has the global economy in a vise grip that we won't be free of anytime soon. The EU is facing a sharp spike in energy prices, driven by increased global demand. Wall Street's blindersIn the face of so much risk, you might wonder why on Earth Wall Street seems so unbothered . Despite recent volatility, the S&P 500, the broadest measure of Wall Street, is up more than 18% so far this year.
Why the Salesforce CEO wants to redefine capitalism by pushing for social change
Why the Salesforce CEO wants to redefine capitalism by pushing for social changeEnlarge this image toggle caption Steve Jennings/Getty Images for TechCrunch Steve Jennings/Getty Images for TechCrunchWhen Texas enacted a controversial ban on most abortions in September, Salesforce CEO Marc Benioff sent a message to his staff in the state, punctuated with a heart emoji. Or should they forcefully wade in debates on social issues and public policy on behalf of their on customers, employees and shareholders? Few have been as outspoken as Benioff, who founded Salesforce in 1999 after previously working at Oracle. Salesforce has grown to become a giant in software services for corporations, and recently bought the popular work messaging platform Slack. However, many company executives continue to stay away from hot-button issues.
Unhappy with prices, ranchers look to build own meat plants
Frustrated with persistently low prices, ranchers and others in the beef industry are moving to reverse decades of consolidation and planning to open new slaughterhouses. Frustrated with persistently low prices, ranchers and others in the beef industry are moving to reverse decades of consolidation and planning to open new slaughterhouses. The question is whether smaller plants can pay ranchers more and still make a profit themselves. Census data cited by the USDA shows that the number of livestock slaughter plants declined from 2,590 in 1977 to 1,387 in 1992. The Biden administration has largely blamed declining competition for a 14% increase in beef prices from December 2020 to August.
U.S. Senator Manchin slams Bernie Sanders in battle over Biden spending plan
WASHINGTON (Reuters) - U.S. Democratic Senator Joe Manchin from West Virginia slammed fellow lawmaker Bernie Sanders late Friday over his attempts to garner support for President Joe Biden's multi-trillion-dollar spending package in the latest example of infighting among key lawmakers over the plan. Manchin tweeted out his concern over the scope of the legislation in response to an editorial from Sanders, an independent senator from Vermont, advocating for it. "Senator Sanders' answer is to throw more money on an already overheated economy while 52 other Senators have grave concerns about this approach," Manchin said in a statement posted https://twitter.com/Sen_JoeManchin/status/1449148907032875015?s=20 on Friday on Twitter, slamming Sanders as an "out-of-stater." The bill is threatened by a lack of support among Senate Republicans and two Democratic moderates - Manchin and Kyrsten Sinema from Arizona. Sinema and Manchin have balked at the Biden plan's initial $3.5 trillion price tag for a spending measure to fund social programs and fight climate change.
New skyscraper lab will test elevators high above Atlanta
ATLANTA - (AP) -- One of the world's largest elevator towers will soon be opened to test elevators of the future as well as current ones high above the Atlanta suburbs. It's the largest elevator test tower in the Western Hemisphere, according to the company and general contractor Brasfield & Gorrie, which built it. The tower with its multiple elevator testing shafts looks down into the nearby Atlanta Braves' stadium and offers stunning views of the Atlanta skyline. TK Elevators, once part of the German firm ThyssenKrupp, was sold last year and became a separate company. “I think we have a real opportunity with the students," Lavelle said.
Cyprus, Egypt sign deal to speed up electricity grid linkage
NICOSIA, Cyprus (AP) — An undersea cable linking the electricity grids of Cyprus and Egypt could be key to helping both countries transition to a green economy and meet their commitments on battling climate change, the Cypriot energy minister said Saturday. Minister Natasa Pilides said a memorandum of understanding she signed with Egypt’s Electricity Minister Mohamed Shaker El-Markabi sketches out the project’s planning, development and implementation. The agreement aims to expedite permit approvals, feasibility studies and construction as well as to better coordinate the two countries’ electricity regulators and transmission system operators. A working group of experts from both countries will monitor the progress of the plan. Cyprus and Egypt have forged closer ties in recent years following the discovery of natural gas deposits in waters between the east Mediterranean neighbors.
Backlog in federal safety rules amid US car crash ‘epidemic’
Automakers have made some progress on safety issues on their own or in voluntary agreements with the government. Two years ago, 20 auto companies agreed to install electronic reminders to check back seats so drivers don’t leave children in hot cars. Last year, over half of all crash fatalities involved unbelted drivers or occupants, the highest level since 2012, according to NHTSA. An estimated 38,680 people were killed in traffic crashes in 2020, the highest total since 2007, even though total miles driven dropped due to stay-at-home orders at the beginning of the pandemic. In the first three months of 2021, 8,730 people died in motor vehicle traffic crashes, a 10.5% increase from the same period last year.
Unhappy with prices, ranchers look to build own meat plants
Still, it's hard to overstate the challenge, going up against huge, well-financed competitors that run highly efficient plants and can sell beef at prices that smaller operators will struggle to match. The question is whether smaller plants can pay ranchers more and still make a profit themselves. “Cattle people are risk takers and they’re ready to take a risk,” Briggs said. Consolidation of meatpacking started in the mid-1970s, with buyouts of smaller companies, mergers and a shift to much larger plants. Census data cited by the USDA shows that the number of livestock slaughter plants declined from 2,590 in 1977 to 1,387 in 1992.
Backlog in federal safety rules amid US car crash ‘epidemic’
WASHINGTON (AP) — As traffic fatalities spike in the COVID-19 pandemic, the federal agency in charge of auto safety is struggling with a growing backlog of safety rules ordered by Congress that are years overdue and estimated to save thousands of lives. A governors’ highway safety group says the United States faces a “car crash epidemic" at the same time that safety rules languish. An Associated Press review of rule-making by the National Highway Traffic Safety Administration under the last three presidents found at least 13 auto safety rules past due, including a rear seat belt reminder requirement passed by Congress in 2012 that was to be implemented by 2015. David and Wendy Mills wonder whether their 16-year-old daughter would be alive today if the seat belt warning rule had been in place. Moments later, the driver veered off the road and the car flipped, ejecting her.
Money Floods the Race for Control of Congress, More Than a Year Early
Money alone is rarely decisive in political races, especially when both parties are flush with cash. Democratic- and Republican-linked groups are spending millions of dollars to shape public opinion on the spending package currently being debated in Congress. “Democrats have owned online fund-raising, and that is no longer true,” said former Representative Tom Davis, who previously led the House Republican campaign arm. They include Mr. Warnock, the top Democratic fund-raiser aside from congressional leaders, and Mr. Walker, a leading Republican in the Georgia Senate race. The post Money Floods the Race for Control of Congress, More Than a Year Early appeared first on New York Times.
The fight against climate change goes beyond reducing CO2 emissions
While global climate efforts have tended to focus on the fight against carbon dioxide, many other threats that attract less attention are just as dangerous to our planet. But the policies and agreements that emerge are some of the most vital steps in the fight against climate change. We became one of 24 new signatories to the Global Methane Pledge, initiated by the US this year. The pledge, which is outside the traditional UN framework on climate change negotiations, committed its signatories to a 30% cut in methane emissions by the end of this decade. The negotiations around the methane pledge have been similar to the overall negotiation process.
A Wetherspoons pub ‘smells like poo’ and the reason why is pretty strange
A branch of Wetherspoons reportedly smells like poo and the reason why is pretty odd. But the real cause is actually a horrible combination of beer condensation and flooring glue... The company said in a statement provided to Plymouth Herald: “We can confirm that the unpleasant smell being experienced at The Union Rooms (Plymouth) has nothing to do with the toilets. Sign up to our new free Indy100 weekly newsletter“The pub management have a site meeting arranged, with a number of contractors, to resolve the issue as soon as possible.”How bizarre. For now, we can only assume boozers of Plymouth will be sticking to the outside seating area.
Hut Group boss poised to ditch ‘golden share’ after price crash
The founder of The Hut Group is poised to give up his “golden share” in the company after a sharp fall in its share price sparked by investor concerns over his strategy. THG, which is listed on the junior market, suffered a 36pc share drop last week after a disastrous meeting with investors. It was the third double-digit weekly decline for the company in the last two months, with about £4.8bn wiped off its valuation since early September. Mr Moulding holds a controversial ‘founder’s share’ in the company, which owns online retailers including MyProtein and Lookfantastic. The arrangement gives him the right to veto a hostile takeover of the Manchester-based group.
Iran ex-central bank governor gets 10-year jail term
Photo taken on January 17, 2016, shows then head of the Central Bank of Iran, Valiollah Seif (R)Advertising Read moreTehran (AFP)A former governor of Iran's central bank was sentenced Saturday to 10 years in jail over the loss of $160 million and 20 million euros in foreign currency trading. Valiollah Seif, who headed the monetary authority between 2013 and 2018, is the first Iranian central bank governor ever to be indicted. Seif, 69, remains free pending an appeal. The judiciary's website said he had repeatedly broken the law along with his deputy, Ahmad Araghchi, who was handed an eight-year jail term. A third senior figure at the central bank, Rassoul Sajad, received a 13-year sentence for illegal foreign currency trading and taking bribes.
Backlog in federal safety rules amid US car crash ‘epidemic’
It’s one of more than a dozen car safety rules now years overdue, according to an analysis by The Associated Press. ADVERTISEMENT“Government should not take this long to act on safety,” said David Mills, who started a Houston-area foundation in Kailee’s honor aimed at promoting seat belt safety. The rear seat belt reminder requirement is now scheduled to start moving through the cumbersome regulatory process in January, but a final rule could be years away. The AP review of NHTSA’s rule-making activities under the last three presidents found at least 13 auto safety rules that are years overdue based on deadlines set in laws passed by Congress. Ned Lamont took effect this month that requires all rear seat passengers 16 and older to wear a seat belt.
Iran sentences ex-central bank chief to 10 years in prison
TEHRAN, Iran (AP) — A court sentenced the former governor of Iran’s central bank to 10 years in prison for violating the country’s currency system, a judiciary spokesperson said Saturday. Besides violating the currency system, Valliollah Seif also had a role in smuggling foreign currency, judiciary spokesman Zabihollah Khodaeian told state TV. Ahmad Araghchi, a then-deputy to Seif, was sentenced to eight years on the same charges, Khodaeian said. Seif was governor of Iran’s central bank for five years until 2018 under former President Hassan Rouhani. ADVERTISEMENTThe defendants illegally injected $160 million and 20 million euros into the market, state TV said.
Biden’s trillion-dollar spending spree will lead to financial collapse
Social Security is the single most expensive program the federal government runs. By itself, Social Security already accounts for a quarter of every dollar Washington spends. And now Social Security payments are about to go up by 6 percent. When prices go up, so do Social Security payments. Increased social security payments will make seniors happy.
Was the world’s first fatal nuclear explosion really sparked by a love triangle?
ATOMIC CITY, Idaho — People in this remote, high-desert town still talk about the alleged mysterious love triangle that, 60 years ago, triggered a murder-suicide — and resulted in the world’s first fatal nuclear explosion. The US Army’s SL-1 nuclear reactor outside of Atomic City, Idaho, blew sky-high on Jan. 3, 1961, when a worker made one wrong move — killing all three men inside. Not far from Atomic City is Arco, famous for being the first city lit by atomic energy for one hour on July 17, 1955. Vickie O’Haro, proprietor of the Atomic City Bar and Store, says she doubts the love-triangle story. Today, Atomic City is a barren landscape while signs echo back to a sinister past.
As Biden's vaccinate-or-test mandate approaches, questions arise over enforcement
This year, despite new hires, the agency lost another 65 inspectors, according to data obtained from OSHA. Experts say the agency’s small size relative to its responsibilities means it can’t enforce the rule by deploying a large number of inspectors. Naming and shamingIf businesses don’t abide by the regulation, OSHA will “have a lot of levers,” Michaels said. Given labor shortages, Taylor said he is not in a position to mandate the vaccination and risk losing employees. In Michigan, Henry Ford Health System announced Tuesday that 400 employees had quit over the system’s vaccine mandate.
How self-made millionaires create multiple streams of income, from the author of 'Rich Habits'
No matter their background or industry, I found that one of the most common traits among self-made millionaires is their ability to create multiple streams of income. Every single one of the self-made millionaires in my study started small, adding one new income stream at a time. How many income streams self-made millionaires maintainSixty-five percent of the self-made millionaires in my study had three streams of income, 45% had four streams of income, and 29% had five streams of income. The majority of the self-made millionaires in my study hit the millionaire mark between the ages of 46 and 60. How self-made millionaires invest in themselves
Opinion: How much should retirees worry about the price of oil?
Sometimes a rising oil price is good for stocks, and sometimes it isn’t. The stock market hasn’t always reacted this well to high oil prices. That’s why I take exception to those who argue that a high oil price should be bad for stocks. But when economic weakness and deflation are their bigger worries, as they have been for several years, a higher oil price is considered good news for equities. The bottom line: At some point oil’s price could become so high as to sabotage the bull market in stocks.
Oil Hits $85 a Barrel With Global Energy Costs Soaring
(Bloomberg) --Most Read from BloombergBrent oil futures topped $85 a barrel for the first time since October 2018, the latest milestone in a global energy crunch that has seen prices soar. Crude futures have jumped in recent weeks as natural gas prices hit records. On Thursday, the International Energy Agency said the crisis is spilling into oil markets and could add 500,000 barrels a day to demand in the coming months. Spiraling prices of everything from oil and gas to coal are boosting global inflation and posing a challenge to policymakers. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Brent Hits $85 as Energy Crisis Stokes Demand Before Winter
(Bloomberg) -- Brent crude topped $85 a barrel in London for the first time since 2018, the latest milestone in a global energy crisis that has seen prices soar. Most Read from BloombergThe global benchmark rose above the key level in intraday trading, but did not settle above it on Friday. The shortage of gas and coal is triggering extra demand for oil products from the power market. “More signs of energy supply tightness around the globe going into winter” is supporting prices, said Phil Flynn, senior market analyst at Price Futures Group Inc.Crude has advanced this month in the wake of robust demand and limited supply. Most Read from Bloomberg Businessweek©2021 Bloomberg L.P.
Oil’s Leap Through $85 Shows Spillover Effect From Energy Crisis
(Bloomberg) --Most Read from BloombergThe global energy crisis is bleeding into the oil market. An underlying recovery in consumption -- driven by road-fuel, freight activity, and latterly air travel -- is now being fired by the energy crisis. In Europe, profits from making diesel are the highest since March 2020, while propane and low sulfur fuel oil prices have been rocketing to their highest since 2014. Power ProblemsTo be sure, the energy crunch isn’t necessarily a one-way bullish force for oil demand. Even with prices nearing $85, speculators remain relatively disinterested in oil, transfixed instead by gas markets, consultant Energy Aspects Ltd. said this week.
Apple employees launch website to collect accounts of workplace discrimination, harassment
A group of Apple employees have launched a new website on Monday under the name #AppleToo as well as Twitter account @Applelaborers in an effort to collect accounts of workplace discrimination and harassment at the tech giant. The truth is that for many Apple workers ... the culture of secrecy creates an opaque, intimidating fortress. The stories will be used to help craft a statement outlining changes that employees would like to see Apple make. Gjøvik has since launched a website detailing her experiences with Apple dating back to December 2020. Ticker Security Last Change Change % AAPL APPLE, INC. 144.84 +1.08 +0.75%Representatives for both Apple and the group of employees did not immediately return FOX Business' requests for comment.
L.A. supervisors may do independent audit into Mark Ridley-Thomas bribery charges
Two Los Angeles County supervisors are calling for an independent investigation into federal criminal charges against their former colleague Mark Ridley-Thomas, who is accused of taking bribes from a USC dean in exchange for lucrative county contracts. Ridley-Thomas, 66, one of the most powerful figures in Los Angeles politics, now serves on the L.A. City Council. AdvertisementIn a 20-count indictment, he and Marilyn Louise Flynn, a former dean of USC’s School of Social Work, face charges of conspiracy, bribery and mail and wire fraud. In exchange, Ridley-Thomas allegedly ensured that the social work school received millions of dollars in contracts with the county Department of Children and Family Services, Probation Department and Department of Mental Health. “This requires a thorough and independent audit to identify any questionable contracts and pursue proper legal actions to recover taxpayer funds as appropriate.”
Cybersecurity firm subleases a third of its downtown HQ
The Optiv building now has a little less Optiv. The Denver-based cybersecurity firm, whose signage adorns the top of the 1144 15th St. office tower, has subleased one of its three floors in the building to PNC Bank. He and colleague Chris Wiley represented Optiv in the deal. Duncan Heitman of JLL represented PNC. Other tenants at 1144 Fifteenth include Bank of America, Gates Corp. and six law firms.
Plans revived for 36-story LoDo tower, this time with ground lease deal
Plans for a 36-story apartment tower along Speer Boulevard near Larimer Square are back on, nearly three years after first being proposed. Kairoi went under contract to purchase the property in 2018, and submitted plans to the city for a 36-story apartment tower that December. But the company’s contract to purchase expired in June 2020, according to Geller. Geller told BusinessDen Thursday that Kairoi is back under contract — but this time for a long-term ground lease of the site, as opposed to a purchase. “That helps their numbers a lot.”The plans submitted this week are very similar to the company’s original proposal for the site.
Facing millions in fines? Florida’s vaccine passport investigation reaches a yoga studio, a West Palm Beach rock concert venue and a Miami symphony orchestra
“I’m simply trying to make every person who wants to practice at Titanium Yoga happy,” owner Ashley Hanna said. “We have 38 classes a week that anyone can come to, and we have two [where] we prefer you to be vaccinated. Are we asking for vaccine cards or are we turning you away if you don’t give it? But on the schedule, it says ‘vaccine.’”
French pool-owners beware: Government allies with Google to spot undeclared pools and verandahs via satellite
Owners of swimming pools in France beware, the artificially intelligent taxman cometh. When tax collectors in Greece started comparing incomes with swimming pool ownership, many wealthy Greeks came up with a cunning plan: hide the pools with camouflage nets. With 2.5 million swimming pools in individual homes, France has more piscines per capita than anywhere in the world bar America. France already uses helicopters to detect undeclared swimming pools or owners who fill theirs during a period of drought. They must also be declared to the tax office, leading to higher local property tax bills due to the increase in a home’s rental worth.
Audit blunders mar Kwarteng’s bid to break up the Big Four
Kwarteng needs smaller auditors to challenge the oligopoly of the so-called Big Four, but the accounting watchdog has been turning its ire on several of these supposed challengers. “The mistakes by Grant Thornton were among the worst I’ve ever seen,” he says. Grant Thornton is also subject to two further ongoing FRC probes. It comes as Kwarteng is mulling a set of sweeping reforms that will seek to boost competition by giving accountants outside the Big Four of KPMG, EY, Deloitte and PwC a greater role in the audit market. “The challengers are attempting to break into the bigger audit market and any reputational issues just give incumbent audit committee chairs an excuse to stay with the Big Four,” Warner says.
Klarna's billionaire boss responds to 'buy now, pay later' criticism
Becoming the equivalent of a financial McDonald’s also comes with tougher rules. A looming UK crackdown on the "buy now, pay later" sector is set to drive change, and Klarna is clearly keen to get ahead. Woolard recommended earlier this year that the rapidly growing sector should be regulated for the first time, and the Treasury agreed to bring forward legislation. He fears that in Britain there’s been “some misunderstanding for what we’re here for and what our purpose is”, which he is trying to fix. Klarna’s huge success here did take him by surprise, he admits, and the plan now is to bring in new features so it is no longer seen as just a "buy now, pay later" firm in Britain.
The world is pissed about surging prices, from Berkeley to Berlin. An affordability movement is afoot.
The world is trapped in a housing shortage, and governments are stepping up to solve the problem. By the end of September, Americans' hatred of the US housing market was the most intense since 1982. The problem is that builders "don't care about the housing shortage" and "they never will," Mohtashami said. As the housing shortage lingers, authorities around the world are rethinking the market from the top down. Whatever happens from here, one thing is clear: Homebuyers want a new housing policy from their governments, and governments are listening.
Big Tech fails to stand with America against China
Unfortunately, today, many U.S. tech giants are unwilling to help their country counter totalitarian China. But Chaillan cited another reason for the U.S. falling behind: Big Tech companies. China, Austin told the National Security Commission on Artificial Intelligence, seeks to be "globally dominant in AI by the year 2030." The reluctance of Google and other Big Tech companies to help the national defense is a significant historical departure. Big business played an important role in achieving U.S. victories in both world wars and the Cold War that followed.
India's electricity demand picks up in Oct as coal shortage lingers
REUTERS/Francis MascarenhasCHENNAI, Oct 16 (Reuters) - India's electricity demand grew 4.9% during the first half of October, with supply falling short of demand by 1.4% despite a 3.2% rise in coal-fired generation and 30% rise in solar output, a Reuters analysis of government data showed. The rapid surge in power demand and high global coal prices have left utilities scampering for coal - India's dominant source of power generation - despite record supplies from state-run Coal India, a near-monopoly in coal production. Nearly three-fifths of India's coal-fired capacities currently have coal inventories that would last three days or less, federal power ministry data shows. The average coal inventory held by power plants would last four days, two-thirds lower than an average of 12 days two months ago. Reuters GraphicsStill, the number of utilities with no coal left increased to 18 on Oct 12 from 1 on August 12.
Russia seeing record gas demand but still ready to boost EU supplies, Novak says
REUTERS/Wolfgang Rattay/File PhotoMOSCOW, Oct 16 (Reuters) - Russian gas consumption is running at a record high but Moscow is still ready to increase supplies to Europe should it receive such requests, Deputy Prime Minister Alexander Novak said on Saturday. European spot gas prices have surged by 800% this year as demand has recovered after the coronavirus pandemic. Russia, whose gas production and exports to EU are already near record highs, has said it needs to finish filling its own gas storage reserves before it increases supplies to Europe's spot market. Novak did not say how large Russia's gas reserves were but estimated that European underground facilities were short of around 25 billion cubic metres of gas. He insisted high domestic demand would not stop Russia offering more supplies to Europe if it received such requests.
Singapore says no disruption to electricity supply after power providers exit
REUTERS/Gloystein HenningSINGAPORE, Oct 16 (Reuters) - Singapore's energy regulator said on Saturday that it is working closely with retailers facing challenges from current volatile electricity prices and said there will be no disruption to their customers' electricity supply. "Electricity retailers who have under-hedged their positions may be exposed to the price volatility in the wholesale electricity market," EMA said. At least three electricity providers have announced plans to exit Singapore, while two others have stopped accepting new customers. EMA said it is working closely with retailers facing challenges, and will facilitate their efforts to hedge against future price volatility. There will be no disruption to the electricity supply of the customers of exiting retailers, EMA said.
New lawsuit against Jeffrey Epstein’s estate says he trafficked Russian woman to US
NEW YORK — A Russian woman says in a new lawsuit that sex criminal Jeffrey Epstein assaulted her early in 2019, in one of the few allegations to detail his crimes in the months before his arrest. Shortly after, the suit says, the Jane Doe was contacted by a Russian woman, who requested the victim send her resume, photographs of herself and her Instagram handle. Jane Doe returned to Moscow, but frequently communicated with Epstein by text and Skype. A fund set up to compensate Epstein’s victims paid out nearly $125 million to 135 people before it closed in August. Jane Doe’s lawsuit is a class action that aims to get money from Epstein’s estate for her and other victims Epstein preyed upon from 2011 onward.
Jeffrey Epstein believed he could make a deal with prosecutors by revealing the secrets of Donald Trump or Bill Clinton, a new book says
Donald Trump with wife Melania Trump, Jeffrey Epstein and Ghislaine Maxwell. Davidoff Studios/Getty ImagesJeffrey Epstein believed he could make a deal with prosecutors by flipping on Trump or Clinton, a new book says. Jeffrey Epstein believed he could make a deal with prosecutors by revealing secrets about former presidents Bill Clinton and Donald Trump, according to a new book by Michael Wolff, reported by The Daily Mail. According to the book, Epstein believed that The Justice Department had arrested him, under the instruction of then-President Donald Trump, because they wanted information on Bill Clinton, who had flown on his private jet multiple times. After that, Epstein said he believed Trump had "cultivated" the Palm Beach police to look into him, the paper reported.
Italy's business lobby sees stronger economic growth, GDP up 6.1% in 2021
ROME (Reuters) - Italy's business lobby Confindustria said on Saturday the country's growth this year would be more robust than expected, mainly due to a more contained impact of the COVID-19 Delta variant and stronger-than-expected economic indicators. In a report, the association's research unit CSC forecast gross domestic product (GDP) would rise 6.1% this year and 4.1% next year, going above pre-pandemic levels in the first half of 2022. In April the research unit had said Italy's GDP would be up 4.1% in 2021. The CSC report cautioned that, starting from the last quarter of this year, GDP growth would have a more "moderate profile". It said that its estimates took into account Italy's multi-billion euro recovery plan, partly funded by the European Union.
Russia seeing record gas demand but still ready to boost EU supplies, Novak says
European spot gas prices have surged by 800% this year as demand has recovered after the coronavirus pandemic. Prices eased earlier this month after Russia, Europe's key gas supplier, said it could deliver more, but these supplies have yet to materialise. Russia, whose gas production and exports to EU are already near record highs, has said it needs to finish filling its own gas storage reserves before it increases supplies to Europe's spot market. Novak did not say how large Russia's gas reserves were but estimated that European underground facilities were short of around 25 billion cubic metres of gas. He insisted high domestic demand would not stop Russia offering more supplies to Europe if it received such requests.
Top-selling luxury homes sold in Greater Columbus the week of Sept. 13-17
The Columbus DispatchThese are the highest-priced transfers of residential property in central Ohio from Sept. 13-17, 2021, according to public records. More:Lincoln Village neighborhood on Columbus' Far West Side is among nation's hottest housing marketsColumbus population:Downtown Columbus population tops 10,000, but will it continue to rise if workers stay home? DELAWARE COUNTY1581 Woodland Hall Dr., Delaware 43015Price: $3,300,000$3,300,000 Buyer: Robert Florea and Ashley BrannanRobert Florea and Ashley Brannan Seller: Christina M. Cunix, trustee6645 Lake Trail Dr., Westerville 43082Price: $1,530,000$1,530,000 Buyer: James and Jennifer BlankJames and Jennifer Blank Seller: Sandra L. Lomeo, trustee270 Valley Run Place, Powell 43065Price: $1,500,000$1,500,000 Buyer: Josef BoumedienneJosef Boumedienne Seller: Robert D. and Christine Mace891 Matthews Brook Lane, Powell 43065Price: $1,468,500$1,468,500 Buyer: SDA Properties LLCSDA Properties LLC Seller: Douglas and Saba Wood1441 Kearney Way, Delaware 43015Price: $1,120,000$1,120,000 Buyer: Michael D. and Jill M. FothMichael D. and Jill M. Foth Seller: David A. Frecka1086 Case Rd., Delaware 43015Price: $1,050,000$1,050,000 Buyer: Woodsedge Land LLCWoodsedge Land LLC Seller: Michael Lloyd FisherFAIRFIELD COUNTY1561 Marietta Rd. NE, Lancaster 43130Price: $475,000$475,000 Buyer: Kent A. and Cindy L. BrumbaughKent A. and Cindy L. Brumbaugh Seller: Mary Christina Barr, trustee7777 Spring Mill Dr. NW, Canal Winchester 43110Price: $440,000$440,000 Buyer: Christopher and Patricia MirakianChristopher and Patricia Mirakian Seller: Resolute Equity LLC978 Inverness Glen, Pickerington 43147Price: $405,000$405,000 Buyer: Cody L. and Shelbi L. IsaacCody L. and Shelbi L. Isaac Seller: 372 Seven Pines LLC6850 Castlewood Dr. South NW, Carroll 43112Price: $396,000$396,000 Buyer: Shannon D. and Jennifer L. BrownShannon D. and Jennifer L. Brown Seller: Michael P. and Sheila Fisher139 Georges Creek Dr., Pickerington 43147Price: $380,000$38
The Squid Game presidential battle: South Korean frontrunner aims to address inequalities highlighted in hit Netflix drama
A liberal South Korean politician who once said he aspires to be a “successful Bernie Sanders” has become a frontrunner in the race towards next year’s presidential election as the East Asian country grapples with corruption, nepotism and worsening societal inequity. Last week, Lee Jae-myung, the outspoken governor of Gyeonggi province, who has risen to prominence with a populist economic agenda, clinched the presidential nomination for the ruling centre-left Democratic party, hoping to succeed Moon Jae-in, the current president, when his term ends in March. His push for universal basic income (UBI), and more affordable housing amid skyrocketing property prices, seeks to address inequalities dramatised by the Netflix hit “Squid Game” – a hyper-violent South Korean thriller which pits impoverished contestants against each other in a deadly contest for a cash prize. The show reflects the entrenched problem of debt and the desperate struggle to pay it off. Some of the nation’s biggest stars portray heavily indebted characters from all walks of life who are given the chance to win £28 million by playing traditional children’s games, only to realise that the losers will die.
Factbox-Where did Germany's FDP, Greens and SPD find common ground?
The FDP had wanted Germany to achieve climate neutrality by 2050, while the SPD could have waited until 2045. However, the Greens have scrapped their plans for a universal speed limit on Germany’s ‘no limits’ motorways, an idea that had little popularity among the FDP led by Christian Lindner. TAXESThe parties said they would not hike income taxes, corporate taxes, or value added tax. However, they aim to stick to Germany’s debt brake, which limits new borrowing to a tiny fraction of economic output. Also promised were adaptations to laws on transgender, family and reproductive rights, in line with the wishes of the younger voter base who turned out behind the FDP and Greens.
Mexico president to meet U.S. climate adviser Kerry near Guatemala
MEXICOCITY -President Andres Manuel Lopez Obrador will meet U.S. climate adviser John Kerry on Monday near Mexico’s southern border with Guatemala, where the two men are expected to discuss a major tree planting program championed by the Mexican leader. Kerry will visit part of the reforestation project in the state of Tabasco, Lopez Obrador said on Friday. The meeting comes ahead of the United Nations’ COP26 conference in Glasgow, Scotland, which neither Lopez Obrador nor his foreign minister is expected to attend. Pushing back at critics who accuse his government of backsliding on climate action, Lopez Obrador also defended a major electricity reform bill he proposed earlier this month. Under President Joe Biden and chief international climate adviser Kerry, the United States has stressed the need for more aggressive action to address global warming.
John Ivison: How Trudeau wasted a chance to spark Canadian economic growth during the pandemic
Share this Story: John Ivison: How Trudeau wasted a chance to spark Canadian economic growth during the pandemicJohn Ivison: How Trudeau wasted a chance to spark Canadian economic growth during the pandemic The Liberal government is more focused on redistributing the existing economic pie than generating the wealth needed to ensure future prosperity Photo by Carlo Allegri/Reuters/FileArticle content Paul Romer coined the phrase “a crisis is a terrible thing to waste” back in 2004. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content The Liberal calculation appears to be that voters don’t care about economic growth. Article content “I am curious to see what they are going to do on economic growth,” he said.
Why Is Netflix Gaslighting Us About Dave Chappelle’s Transphobic Special?
Nearly a decade ago, Orange Is the New Black single-handedly altered the national conversation on trans inclusion, elevating Laverne Cox to be one the most recognizable trans stars in the world. The first, on October 8, insisted that The Closer would not be pulled, citing the fact that Chappelle’s last Netflix special, Sticks & Stones, is the streamer’s “most watched, stickiest, and most award-winning stand-up special to date.” (The special won three Emmys.) That’s comparatively a high impact value, especially for a comedy special; more interesting is the cost of this fairly uncomplicated stand-up show. (For reference, according to Bloomberg, Bo Burnham’s Inside special cost $3.9 million and the first season of Squid Game cost $21.4 million.) Netflix has sunk substantial money into Chappelle’s success—he reportedly signed a $20 million-per-special deal that has been extended.
How 8 Women Investors Are Fixing the Shocking Lack of Funding For Women-Led Startups
“VC firms need to promote women. Women investors are more likely to invest in female founders, and data shows that private tech companies with women-­led teams generate a 35 percent higher ROI than teams led by men. We should protect policies like California’s Senate Bill 826, which requires publicly held companies to have a certain number of women on their boards. When their companies do well, they will be more attractive to VC firms.” — Nikki Eslami, Founder and CEO, New Theory Ventures, which invests in women-­led personal-care brands“Be consumer-centric. At Imaginary, we want founders who put consumers first and reach them through content, community, and culture — and women are very good at this.
These frightening graphics show how far under water your city will be
But if greenhouse gas emissions continue unchecked, it won’t be so lucky: the area will eventually be permanently under water because of sea level rise. Most research on sea level rise has focused on what might happen, decade by decade, this century. In China alone, 43 million people now live on land that will be under water after 3 degrees of warming. advertisementThe study doesn’t project the timing of that sea level rise. The sea level rise will be irreversible, even if we cool the planet down.
90% of new cars sold in Norway are now electric or plug-in hybrids
In the U.S., EV sales are quickly climbing but still only make up around 5% of total sales. In the U.K., in September, electric and plug-in hybrid vehicles made up 21% of sales. Norway’s a leader, in part, because it got an early start in adopting policy to support electric vehicles. In an odd bit of historical trivia, the Norwegian synth-pop band A-ha played a role, working with an environmental group to stage publicity stunts with electric cars in the 1980s. The policies didn’t have much impact, initially, because there were still few electric cars available for sale.
The world has agreed on a global minimum corporate tax rate—but is it enough?
advertisementadvertisementThese aren’t bungled numbers, rather the results of commonly used offshore tactics to minimize tax burdens. Some of those nations currently attractive to foreign investors for these low taxes—Ireland, Hungary, and Estonia—have became the latest to join a worldwide consensus on a global minimum tax rate imposed on corporations making profits overseas. With those additions, 136 countries, representing 90% of the world’s GDP, are signed onto the agreed-upon 15% minimum rate. advertisementadvertisementCountries with lower tax rates held out during the global negotiations, believing they would suffer in the long term, fearing businesses pulling out and moving home, with little incentive to stay, leading to less infusion of money and jobs into their economies. According to a statement from the African Tax Administration Forum, many nations wanted a higher rate of at least 20%, since most African countries have higher tax rates anyway (30% in both Kenya and Nigeria).
How the climate crisis is transforming the meaning of ‘sustainability’
Companies’ concerns about climate change have typically been focused on their operational, financial and reputational risks, the latter associated with the growing importance of the issue among young people. Now, climate change is calling into question the traditional paradigm of corporate sustainability and how companies address their impacts on society and the planet overall. As a professor working in strategic design, innovation, business models and sustainability, I’ve been tracking how climate change is transforming the meaning of “sustainability” in business, and I’m starting to see early signs of change. Climate change requires a new approach While companies appear to grasp the magnitude of the climate crisis, they have been trying to address it mainly in a sustainability-as-usual fashion—one ketchup bottle cap at a time. Early signs of evolution There are early signs of evolution, both within companies and from the forces that shape the environment in which companies operate.
Why companies that claim to be ‘pro-climate’ aren’t pushing for Biden’s climate plan
“We believe climate change is an urgent issue that demands global action,” Microsoft CEO Satya Nadella tweeted at the time. At Pfizer, we recognize global climate change as one of the defining issues of our time and are committed to science-based climate action. The Business Roundtable argues that it wants climate action but not the corporate taxes that the bill calls for to pay for it. “Congress has unnecessarily tied climate action with $1 trillion in tax increases on job creators, which we strongly oppose, and trillions in non-climate-related spending. There is no policy reason to link strong action to address climate change with unrelated, harmful tax policy.
The charts that matter: gold and bitcoin both slide
And our main investment feature this week is on the power of the “grey pound” – how to invest as the world’s population ages. If you’re not already a subscriber, sign up now and get your first six issues free. This week’s “Too Embarrassed To Ask” video explains what “stagflation” is (a nasty combination of economic stagnation and inflation which might be rapidly becoming more pertinent today). And in this week’s podcast, Merryn’s joined by Anna Macdonald of Amati Global Investors. She has a particular passion for UK small-cap stocks, and explains to Merryn just how she goes about finding the companies that she hopes will be the blue-chip stocks of tomorrow.
How leaders can bridge the empathy gap in a crisis
Executive after executive comes across as uncaring, disconnected, or otherwise out of touch in their “you’re it” moment. They fail to bridge the empathy gap between the top of the organization and the public. I see four root causes of the executive empathy gap — and, fortunately, there are ways to solve each. To bridge the empathy gap, leaders must get in touch with their humanity and step out of their executive bubble, and companies must work toward putting more women in the C-suite. Then, should a crisis hit, the person at the helm will be well qualified to reach out to the public with genuine empathy.
When A ‘Lifequake’ Hits: What to Do When Your Whole World Breaks Open
For a huge portion of our nation, any sense of financial security had been stolen from them forever. Yet at the time, so many found themselves profoundly unprepared for the financial and emotional fallout of this infamous economic storm. Maybe you have recently suffered a life event so big that for a moment it took your breath away. You will also find there are professionals who can help guide you through these early days of your Lifequake. Note: Investment advisory services provided through TC Wealth Partners, LLC, an investment adviser registered with the U.S. Securities and Exchange Commission.
Daily Mortgage Rates Trended Lower This Week | October 16 & 17, 2021
The 30-year refinance rate was also lower than at the beginning of the week, settling in at 3.576%. Current mortgage rates: 30-year fixed-rate mortgage ratesThe 30-year rate is 3.431%. View Rates for October 16, 2021Current mortgage rates: 15-year fixed-rate mortgage ratesThe 15-year rate is 2.506%. Tips for getting the lowest mortgage rate possibleThere is no universal mortgage rate that all borrowers receive. ...Our mortgage rate methodologyMoney’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the most recent business day rates are available for.
The charts that matter: bond yields slip while bitcoin tops $60,000
Find out all about them, and how to profit from them, in this week’s issue of MoneyWeek magazine. (Chinese yuan to the US dollar: since 25 Jun 2019)The yield on the ten-year US government bond slipped. (Ten-year US Treasury yield: three months)The yield on the Japanese ten-year bond mirrored the moves in US Treasury bond yields. (Ten-year Japanese government bond yield: three months)And the yield on the ten-year German Bund fell off, too. (Aussie dollar vs US dollar exchange rate: three months)Bitcoin bulls cheered as the price topped $60,000 – not far off its record high.
4 ways to boost your credit score before the year is over
Pay all of your bills on timeYour payment history is the single most important factor that goes into your credit score. Knock out some credit card debtYou might assume that as long as you make your minimum credit card payments on time, your credit score will stay in good shape. Get your timely rent payments reportedYou may be surprised to learn that your rent payments won't automatically show up on your credit report. Reviewing your credit report and fixing errors could help your credit score improve. Kicking off the new year with a higher credit score is a great goal to strive for.
Home Prices Are Cooling Off, Sort of. What Buyers Need to Know.
Home buyers, take heart: Housing prices might—just might—go down in the next year or so, but don’t expect anything other than a dip and don’t think every market will catch a break. For the most part, though, Realtor.com economists Danielle Hale and George Ratiu think home prices will stay high because of supply and demand—even as year-over-year growth slows. “The housing market has really gone from frenzied to just hot,” Hale, the website’s chief economist, told viewers at the 2021 Mansion Global Real Estate Conference. Any drop in home prices probably won’t be nationwide—only in a handful of markets where prices shot up the fastest during the pandemic, Hale said. “As long as the job market remains solid, I think the fundamentals are pretty good for the housing market,” Hale said.
Daily Mortgage Rates Trended Lower This Week | October 16 & 17, 2021
Current mortgage rates: 30-year fixed-rate mortgage ratesThe 30-year rate is 3.431%. Story continuesCurrent mortgage rates: 15-year fixed-rate mortgage ratesThe 15-year rate is 2.506%. Tips for getting the lowest mortgage rate possibleThere is no universal mortgage rate that all borrowers receive. A lower LTV usually translates to a lower mortgage rate. Our mortgage rate methodologyMoney’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the most recent business day rates are available for.
Chinese property executives ask regulators for 'appropriate loosening' of restrictions - report
A man rides a scooter past apartment highrises that are under construction near the new stadium in ZhengzhouSHANGHAI (Reuters) - Representatives from 10 Chinese property companies met government regulators to ask for an "appropriate loosening" on policy restrictions, financial news outlet Yicai reported late on Friday. In the meeting, senior executives urged authorities to loosen regulations with the goals of stabilizing market expectations, providing support for genuine home buyers rather than speculators and making adjustments in land prices, Yicai reported, citing unnamed people in attendance. A number of Chinese property firms are facing a liquidity crunch amid weak demand and tightening regulations. Property firms have been affected by loan caps imposed by the government in order to contain rampant borrowing. The potential collapse of highly indebted real estate firms such as China Evergrande Group has rattled markets and raised concerns about systemic risks to the broader economy.
22 Side Gigs That Can Make You Richer Than a Full-Time Job
See: 11 Best Lucrative Side Hustle Ideas: Earn MoreDiscover: 20 Hot Jobs That Pay More Than $150,000Some side jobs pay so well that you might even consider giving up your full-time job to have more time to dedicate to these gigs. The average pay for this flexible job is $70 per hour, according to FlexJobs. kate_sept2004 / Getty ImagesProject ManagerAverage Salary: $65/hourYou don't need a full-time job to put project management skills to use. Although the average salary is $42 an hour, the top 10% of DJs bring in $123 an hour, according to PayScale. This article originally appeared on GOBankingRates.com: 22 Side Gigs That Can Make You Richer Than a Full-Time Job
United Auto Workers on strike at John Deere for first time in 35 years after rejecting proposed contract
DES MOINES — The United Auto Workers has called a strike of Deere & Co. for the first time in 35 years. “Our members at John Deere strike for the ability to earn a decent living, retire with dignity and establish fair work rules,” UAW International Vice President Chuck Browning said in a statement. The UAW first gave the company a strike deadline after 90% of employees voted against a six-year labor pact on Sunday. Workers said Deere told them not to come in for second shifts in Ankeny and Ottumwa. This article originally appeared on Des Moines Register: John Deere workers on strike; UAW members to picket outside plants
Central Ohio high school football scores: Find out who won in Week 9
REY: Crawford-Smith 5 run (kick failed). REY: Weaver 53 run (kick failed). NA: Kidwell 7 run (run failed). NOR: Cortez 1 run (run failed). 46, Frontier 28Wooster Triway 37, Navarre Fairless 13Saturday’s high school football gameArea nonleagueFederal Hocking at MillersportThursday’s high school football gameCity LeagueMarion-Franklin 47, West 6
It's been a year since Chase Meola died. What has Ohio State done to make off campus safer?
Several Ohio State University and Columbus police cruisers patrolled the one-way streets. "The thing is, the lights are there and we still get campus safety notifications," said Horne, a junior studying finance. In response, Ohio State created a safety task force with promises to improve off-campus safety. Kasey said the relationship between Ohio State and local police is important, but, "cops alone won't solve this." Despite the recent emphasis on campus safety, Kasey said Ohio State has been focused on making the University District safer long before Meola's death.
Franklin County says jobs, housing, broadband among priorities for $256M in COVID relief
Franklin County is receiving its total Rescue Plan allocation in two disbursements of about $128 million each. “We know that housing was already tight and housing was already expensive before the pandemic,” said Tyler Lowry, the commissioners’ spokesman. Boyce regularly questions recipients of funds on whether they have plans for covering costs of the efforts when pandemic relief is exhausted. Crawley agreed, saying that it is important in allocating federal COVID relief funds the commissioners "aren’t setting up organizations to implement new programs that they won’t be able to sustain later on. We do not want to put organizations in a situation where we are helping to fund something that the county commissioners will be on the hook for later."
Sir David Amess stabbing: Tragic reminder of growing risks faced by MPs
Those were Sir David Amess's own words, describing the danger that MPs can face, and the awareness they all carry, that their work can - in rare and terrible circumstances - put them in harm's way.
Cyprus cabinet to revoke 45 passports in cash-for-citizenship scheme
NICOSIA – Cyprus said on Friday it would revoke the passports of 45 people who obtained citizenship under a now discredited investment scheme that ran for more than a decade. Almost 7,000 people obtained citizenship under the cash-for-passports scheme, championed by Cyprus’s right-wing government till concerns about possible corruption highlighted in an expose on the Al Jazeera network forced its cancellation in 2020. Friday’s decision by Cyprus’s Cabinet to revoke the passports of 39 investors and six dependents follows a recommendation by a government-appointed commission in June. The scheme was popular with Russians and investors from Asia. It concluded that more than 53% of people who obtained citizenship under the scheme did so unlawfully.
Sabrina Maddeaux: If Facebook whistleblower was Canadian, she may never have come forward
Share this Story: Sabrina Maddeaux: If Facebook whistleblower was Canadian, she may never have come forwardSabrina Maddeaux: If Facebook whistleblower was Canadian, she may never have come forward Unlike the U.S., Canada has notoriously weak protections for whistleblowers, despite past pledges to improve them Photo by Evelyn Hockstein/ReutersArticle content What former Facebook data scientist Frances Haugen said was far less surprising than the fact she said it at all. She was able to do this because U.S. whistleblower protections shield those who disclose information about potential misconduct to the government from retaliation. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. America’s long-standing whistleblower protections are steeped in the nation’s unflappable belief in free speech — something we struggle to defend as rigorously in Canada. It’s time we get serious about whistleblower protection, beginning with Trudeau working towards the commitments we already made to our G20 allies.
Porsche’s electric Taycan pulls ahead of the iconic 911 in sales
Porsche’s electric Taycan has outsold the 911 combustion-era flagship for the first time, underscoring the German sports-car maker’s accelerating shift toward battery power. Try refreshing your browser, or Porsche’s electric Taycan pulls ahead of the iconic 911 in sales Back to video“The order books are well filled and we’re very enthusiastic about the final few months of the year,” Porsche sales chief Detlev von Platen said in a statement. Porsche proved relatively resilient to the global semiconductor shortage during the first nine months, with total deliveries rising to 217,198 vehicles. Sales got a boost from surging demand in the U.S., Porsche’s second-largest market after China, where deliveries jumped 30 per cent. The Cayenne SUV and the slightly smaller Macan remained the brand’s bestsellers at more than 60,000 units each.
News Roundup: The new Lexus LX 600, a needlessly destroyed Mazda, and Jeep-Ford beef
News Roundup: The new Lexus LX 600, a needlessly destroyed Mazda, and Jeep-Ford beef Find out why Jeep’s president “feels sorry” for some Ford Explorer customers Photo by LexusArticle content Welcome to our round-up of the biggest breaking stories on Driving.ca from this past week. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content Here’s what you missed while you were away. Try refreshing your browser, or News Roundup: The new Lexus LX 600, a needlessly destroyed Mazda, and Jeep-Ford beef Back to video Lexus introduces 2022 LX 600 with new trims and trimmings Photo by Lexus The 2022 Lexus LX 600 has arrived with new options for those looking to get more out of their luxury SUV both off-road and on. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below.
Key takeaways from the sixth week of the Elizabeth Holmes trial.
SAN JOSE, Calif. — Was Theranos a small start-up struggling to meet the demands of working with big, sophisticated and powerful corporations? Or was Elizabeth Holmes, the former chief executive of the blood testing company, misleading and deceiving those corporations to get money? That debate was at the heart of testimony in the sixth week of Ms. Holmes’s fraud trial in San Jose. She is charged with 12 counts of fraud and conspiracy to commit fraud. Her partner in business and romance, Ramesh Balwani, was also charged and will be tried separately next year.
Van Gogh Watercolor, Once Seized by Nazis, to be Sold at Auction
A watercolor by Vincent van Gogh, seized by the Nazis during World War II and not publicly exhibited since 1905, is to be sold at auction next month in New York, where experts at Christie’s estimate it could sell for between $20 and $30 million. The proceeds of the sale of the work, “Meules de Blé” (“Wheatstacks”), created by van Gogh in 1888, will be divided between the current owner — the family of Edwin Cox, a Texan oil businessman — and the heirs of two Jewish families whose predecessors owned the work during World War II. In a statement, Giovanna Bertazzoni, Christie’s vice chairman of 20th and 21st century art, called the image of a French farmyard a “tour de force of exceptional quality.” The auction house said it could set a new world auction record for a work on paper by van Gogh. (The highest previous price was about $14.7 million for “La Moisson en Provence” in 1997.) The watercolor was once owned by Max Meirowsky, a Berlin-based manufacturer, who purchased it in 1913.
Can a Carbon-Emitting Iron Ore Tycoon Save the Planet?
That burst of innovation — and the pace of improvement at Fortescue and elsewhere — is one of many factors bolstering Dr. Forrest’s optimism. “Andrew has three things going for him,” said Malcolm Turnbull, a former Australian prime minister, who has known Dr. Forrest for 25 years and recently teamed up with him to support green hydrogen. Similarly, since forming Fortescue Future Industries, a subsidiary funded with 10 percent of the parent company’s profits, Dr. Forrest has hired dozens of scientists and invested in their designs. Green steel, formed entirely with renewable energy, is the Fortescue moonshot. When I visited, Dr. Forrest had asked a few new employees and people who work with his charity, the Minderoo Foundation, to come along.
Squid Game inspires series of 'perverse' late notice letters to debtors
Added: 16.10.2021 1:25 | 32 views | 0 commentsSQUID GAME has inspired a series of "perverse" late notice letters to debtors after the show surged to become Netflix's most-watched series worldwide.
Be careful! China issues warning to Liz Truss about 'new obstacle' in China-UK trade deal
Be careful! China issues warning to Liz Truss about 'new obstacle' in China-UK trade dealAdded: 16.10.2021 9:41 | 7 views | 0 commentsCHINA has sent a grim warning to the UK's Foreign Secretary Liz Truss after she backed Lithuania's support for Taiwan.
Frexit referendum edges closer as Macron rivals play sovereignty card
Added: 16.10.2021 9:01 | 7 views | 0 commentsA FREXIT referendum next year is looking more likely thanks to Emmanuel Macron's rival candidates' campaign pledges to give France more sovereignty over EU laws.
Debate over Black author's book in Texas highlights concerns over critical race theory claims
Added: 16.10.2021 10:17 | 5 views | 0 commentsThe critical race theory debate over Jerry Craft's book highlighted parents' fears that this was going to play out over and over again across the country.
Jonah Hill lost weight. He still doesn't want people talking about it.
Jonah Hill lost weight. He still doesn't want people talking about it. Added: 16.10.2021 9:33 | 5 views | 0 commentsWe tend to think that pointing out dropped pounds is the ultimate way to compliment someone. Actually, it's none of our business.
Rand Paul: Biden’s ‘Big Government Socialism’ brings rising prices, other consequences
Added: 16.10.2021 8:02 | 12 views | 0 commentsU.S. Rand Paul, R-Ky., spoke out Friday night on Fox News’ "The Ingraham Angle" in reaction to what host Laura Ingraham called the Biden administration’s "spend-o-rama" agenda.
Waffle House waitress pulled gun over food complaint, Atlanta customer claims
Added: 16.10.2021 11:08 | 4 views | 0 commentsPolice are investigating a Waffle House customer's claim that a waitress pulled a gun on him after he complained about his food order, according to reports.
With Monday deadline, Hollywood union prepared for 'painful' strike
Added: 16.10.2021 1:26 | 25 views | 0 commentsIATSE President Matthew Loeb says his union representing film and TV crews is prepared for a "painful" strike shutting down Hollywood production — but he's hoping for a deal by Monday.
What we know so far
What we know so farAdded: 16.10.2021 11:16 | 4 views | 0 commentsSource: www.sbs.com.auWhat happened, who the MP was, and what the reaction has been so far. More in www.bbc.co.uk »
Fighting Back Against Woke Capitalism ft. Vivek Ramaswamy
This week Sean and Rachel invite Vivek Ramaswamy, the author of Woke, Inc.: Inside Corporate America’s Social Justice Scam to The Kitchen Table to discuss how woke capitalism has pervaded every aspect of society from the classroom to the boardroom. Ramaswamy gives an inside look on how the “woke industrial complex” grew rapidly after the 2008 financial crash. Plus, he gives insight into how U.S.-China relations fit into the picture. Follow Sean and Rachel on Twitter: @SeanDuffyWI & @RCamposDuffy
Harry and Meghan's 'ethical' investments, explained
So this announcement is an important opportunity to talk about what ethical investing means right now — and how it can be improved. This announcement is an important opportunity to talk about what ethical investing means right now — and how it can be improved. This is the inherent tension with ethical investing of all kinds. Asset managers are supposed to be responsible for the actual interests of the households and pension funds who they serve. One might think that “sustainable investing” would solve this problem, and indeed there’s trillions flowing into “sustainable” portfolios, perhaps on that assumption.
No More Room at the Logistics Warehouse Inn, Prologis Says
The world's largest logistics warehouse operator said publicly on Friday what everyone has sensed and experienced for many months: There is no more space to be had, at least right now. Prologis Inc. (NYSE: PLD) Chairman and CEO Hamid R. Moghadam said in the San Francisco-based third-quarter earnings report that "space in our markets is effectively sold out." Given that Prologis operates 995 million square feet of logistics warehouse space in 19 countries, that represents a lot of markets. The company's core funds from operations, the yardstick by which its financial performance is measured, came in at $1.04 per diluted share in the third quarter, up from 90 cents in the 2020 quarter. In a sign of very robust pricing momentum, Prologis in the third quarter posted a 27.9% "net effective rent" increase over the 2020 period.
Richmond neighbors: Obituaries for October 16
EHLE, Suzanne, passed away in Midlothian, Va., on September 16, 2021, at the age of 91. She will be greatly missed for her unique sense of hum…
Revealed: Newcastle chairman’s links to Saudi ‘anti-corruption’ drive
Yasir al-Rumayyan, the new non-executive chairman of Newcastle United, was involved in a controversial “anti-corruption” campaign in Saudi Arabia that included the transfer of assets on behalf of the crown prince, Mohammed bin Salman. The Saudi-led consortium withdrew its bid to acquire Newcastle in 2020 amid concerns that the PIF was part the Saudi state. US intelligence agencies concluded in an intelligence report that was declassified in February that Prince Mohammed approved Khashoggi’s gruesome murder. Mohammad al-Sheikh, the close adviser to the crown prince, defended the campaign in a 2018 interview on CBS. The name of the charter jet company resurfaced in 2019 in a report by Agnes Callamard, the former UN special rapporteur who investigated the Khashoggi killing.
Railways at risk of ‘master-slave dynamic’
One of Grant Shapps’ top civil servants has said that the Government’s decision to axe rail franchising will create a “master-slave” relationship with train companies in thrall to the state. The remarks, made during an industry Microsoft Teams call on Wednesday, shine a light on the Department for Transport’s vision of the future of the railways. Mr Shapps, Transport Secretary, and Keith Williams, Royal Mail’s chairman and the former boss of British Airways, published their long-awaited review of the railways in May. Great British Railways is intended to bring track and trains under the control of one body. The Government now collects fares and pays operators a flat fee, turning the old franchising model on its head.
Ask the expert: 'I love Alfa Romeos but there's no longer a small one – what should I buy instead?'
Alex Robbins is contributing editor at Telegraph Cars where, as well as responding to readers' queries, he also contributes reviews of new and used cars, together with articles on buying and selling. His knowledge of the used car market informs his many buying guides relating to the best buys in particular sectors, with an emphasis on value for money. Every week he will answer your questions on buying and selling, as well as solving your car problems, whether consumer or mechanical. For consumer and used car advice, or car faults, email CarsAdvice@telegraph.co.uk and include your subscriber number. This week's question...Dear Alex,I am looking to replace my Alfa Romeo Giulietta.
Exclusive-Evergrande's $1.7 billion Hong Kong headquarters sale flops as buyer withdraws -sources
By Julie Zhu, Kane Wu and Clare JimHONGKONG -Chinese state-owned Yuexiu Property has pulled out of a proposed $1.7 billion deal to buy China Evergrande Group’s Hong Kong headquarters building over worries about the developer’s dire financial situation, two sources said. With more than $300 billion in liabilities, it has already missed three rounds of interest payments on its international bonds. Once China’s top-selling developer, Shenzhen-based Evergrande has in recent months sought to raise funds by offloading assets – from properties to stakes in subsidiaries – both in mainland China and in Hong Kong. It also made the property Evergrande’s single largest asset in the city. ($1 = 7.7784 Hong Kong dollars)
Exclusive-How the illicit copper trade is sapping South Africa
While copper theft is not a new phenomenon, the state companies and market players in South Africa say it has surged in recent years. Global demand for copper scrap has boomed due to tight supplies and low inventories, pushing prices to record highs. ITAC, the government agency responsible for export permits, granted copper export permits for 9,956 tonnes of scrap in 2019, a fraction of the 122,817 tonnes in 2012. A spokesperson at the South African Revenue Service declined to comment on how much the stolen scrap metal was costing the country. ‘CONCERN IN INDUSTRY‘Evert Swanepoel, chairman of the Copper Development Association Africa (CDAA), which represents manufacturers that use copper scrap, said the illicit market was driving law-abiding firms out of business.
U.K. Pays Price for Energy Market That Anyone Could Join
(Bloomberg) -- Setting up a gas or power supply company might sound complicated if you’re not in the energy business. It also shows why the most open energy market of any major European economy is now convulsing. What the final tally will be as other companies fail is anyone’s guess, but it will be eye-watering for many households, according to energy market analysts. When it comes to the energy supply market, there’s now the benefit of hindsight, according to Josh Buckland, a former government adviser and now a partner at consultancy Flint Global. The government says it is protecting consumers from higher bills this winter while utilities say it’s crippling them because they have to supply energy at a loss.
3 “Strong Buy” Growth Stocks That Could Hit New Highs
Investors are in the market to make a profit, and that means finding the stocks with proven growth potential. Each of the three stocks below has a Strong Buy rating from the analyst community, and stands to notch more gains on top of its already impressive growth. Zuora (ZUO)We’ll start with a software company, Zuora. Overall, construction is expected to register 15% yoy growth by the end of 2021. (See VVV stock analysis on TipRanks)To find good ideas for growth stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Crypto firms Tether, Bitfinex to pay $42.5 mln to settle US CFTC charges
Cryptocurrency Tether and crypto exchange Bitfinex will pay $42.5 million to settle civil charges from the U.S. Commodity Futures Trading Commission (CFTC) over allegedly making misleading statements and making illegal transactions. Firms doing business as Tether agreed to pay $41 million to resolve CFTC charges they made misleading claims about Tether's cryptocurrency stablecoin, the CFTC said in a statement on Friday. According to the regulator, at various times from June 2016 to late February 2019, Tether made misleading or untrue statements about whether it held sufficient U.S. dollar reserves to fully back up its U.S. dollar tether token. This violated U.S. law and a 2016 settlement with Bitfinex over similar allegations, the CFTC said. Neither Tether or Bitfinex, which are controlled by the same parent company, admitted nor denied the findings.
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US throws out millions of doses of Covid vaccine as world goes wanting
The United States is wasting millions of Covid-19 vaccine doses even as shortages plague many parts of the world. States continue tossing unused shots. The wasted doses represent a small fraction of the number of shots administered in these states – in Louisiana, for instance, 4.4m doses have been given out successfully. Many of the discarded doses came from pharmacies. Now, at least 7.6m discarded doses come from four major pharmacies: Walgreens, CVS, Walmart and Rite Aid.
Key to Biden’s climate agenda likely to be cut because of Democrat's opposition
The $150 billion clean electricity program was the muscle behind Biden’s ambitious climate agenda. The party is still trying to figure out how to pass the budget bill along with a bipartisan $1 trillion infrastructure bill. For weeks, Democratic leaders have vowed that the clean electricity program was a nonnegotiable part of the legislation. We cannot — we don’t have any more time to wait.”Democratic presidents have tried but failed to enact climate change legislation since the Clinton administration. But in recent days, Manchin indicated to the administration that he was now completely opposed to a clean energy program, people familiar with the discussions said.
Key figure in land development scandal to return from US on Monday
Investigators from the Seoul Central District Prosecutors Office carry boxes containing items they seized during a search of Seongnam City Hall in Seongnam, south of Seoul, on Oct. 15, 2021, as part of an investigation into a land development scandal. (Yonhap)A key figure in a sprawling land development scandal is expected to return home from the United States early next week, legal sources said Saturday. Nam played a key role in the residential development project in Seongnam, south of Seoul. He is said to be a close associate of Lee Jae-myung, who is now governor of Gyeonggi Province, which includes Seongnam. Kim and Yoo denied the charges against them.
Covid vaccine stand-off between Chicago mayor, police hits courts
The police union filed its own lawsuit Friday against Lightfoot and Chicago Police Superintendent David Brown that seeks to force arbitration over the matter. Like all city employees, Chicago police officers have been mandated to report their vaccine status to an online portal by midnight Friday. In two videos released this week, Catanzara urged police officers to ignore the order and risk loss of pay. Both state law and the union contract prohibits Chicago police from striking. "We've offered every resource, every public safety resource that's available to the state to offer municipalities to the city of Chicago, so if the city calls us, we'll respond," Pritzker said.
Key to Biden’s Climate Agenda Likely to Be Cut Because of Manchin Opposition
Democratic presidents have tried but failed to enact climate change legislation since the Clinton administration. To avert catastrophe, scientists say nations must keep the average global temperature from increasing 1.5 degrees Celsius above preindustrial levels. “We must have strong climate action in the Build Back Better budget,” she said. Mr. Manchin’s home state, West Virginia, is one of the nation’s top producers of coal and gas. But in recent days Mr. Manchin indicated to the administration that he was now completely opposed to a clean energy program, people familiar with the discussions said.
Milpitas: Stolen vehicle suspect injured in shootout with police
MILPITAS – A stolen vehicle suspect was injured in a shootout with detectives Friday afternoon in Milpitas, police said. The encounter unfolded at 3:41 p.m. at the Milpitas Square Shopping Center on the 400 block of Barber Lane, said Milpitas police Sgt. Speckenheur said detectives were conducting a law enforcement stop on a stolen vehicle when a male suspect began shooting at them, “resulting in a prolonged exchange of gunfire.”The suspect was injured and barricaded himself inside the vehicle, Speckenheuer said. He was later extricated from the vehicle, given first aid and taken to a hospital for treatment. Anyone with information can contact the Milpitas Police Department at 408-586-2400.
Coronavirus numbers in Italy continue to decline
Bebou brace as Hoffenheim thrash Cologne 5-0 in BundesligaCoronavirus numbers in Italy continue to declinePolice officers injured as thousands rally after eviction in BerlinGerman collecting society wants 420m euros from Google for 2022Security police had indications Norway attacker could be dangerousMerkel to meet Erdogan in Istanbul in farewell visitMystery of strange blocks washed up on Brazil's coast finally solvedIs Merkel's childhood home also Berlin's answer to the Hamptons? 'Humankind' - A game where you can win or lose against climate changeCenturies pass, but Regensburg's old bratwurst restaurant remains111 million views: 'Squid Game' has set a new Netflix record - why? Moët Hennessy invites ten artists, recent graduates of the Beaux-Arts de Paris, to its new Paris headquartersNext generation of food packaging: Lessons learnt from GLOPACK projectTaking a Solar TukTuk to the Mobility Congress / Future Hamburg Award winners present their business ideas at the World Congress for Intelligent Transport System in HamburgTradingView hits $3 billion valuation with $298 million investmentElectra Consumer Products sign agreement with 7-Eleven to establish dozens of convenience stores throughout IsraelMichael Jones Joins Treliant to Expand Financial Crimes Compliance Services in the UK, Europe, and the Middle East5GAA shares latest C-V2X developments at ITS World Congress : “5G will have the most revolutionary impact by reducing accidents and saving millions of lives.”C3, the Fastest-Growing Global Food Tech Platform, Secures $10 Million in Strategic Investment from Swiss-based Private Capital Investment Firm Lurra Capital
5 questions hanging over Italy’s new airline
"ITA Airways" is painted on the side of the airliners, and they're decorated with Italy's tricolor flag on the tail. ITA retains the right to use the Alitalia brand in the future if it wants to, and the old website redirects to the new carrier. The sale also means the Alitalia brand can't be bought by a rival — something Ryanair, which is a big player on the Italian market, mischievously said it might try to do. ITA’s chairman Alfredo Altavilla said the airline is giving itself a year to make a deal. Lazzerini has tried to calm worries about the sense of investing in an Italian airline by pointing to other corners of the country's aviation industry that benefit from state cash.
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WH 'may drop plan to replace coal plants from climate spending plans' to sway Senator Joe Manchin
A major part of President Joe Biden's climate change plan could be pulled because of West Virginia Senator Joe Manchin (right). 'He continues to support efforts to combat climate change while protecting American energy independence and ensuring our energy reliability,' Runyon said. The revisions also pose threat to Biden, who will be traveling to Glasgow in the coming weeks for the UN climate change summit. Manchin's revisions could harm the view of the US and climate change - one the world is already wary of following Trump's disregard for climate change'This is our moment. The UN Intergovernmental Panel on Climate Change released a report in August detailing the immediate need to shift away from fossil fuels to avoid catastrophe.
Release!
We know in many cases people get injured and need pain relief. A man in California was killed in a train collision. The engineer at the time of the collision was under the influence of marijuana. Clearly, we need strict and clear laws on operating heavy machinery or operating a vehicle. What an American does in (possessive pronoun) that does not harm others should be legal.
IL Dems propose 14-3 Dem gerrymander
IL-Dems have dropped their proposed House map. While this is not final, expect the final version to be pretty similar. Nevertheless, this should provide Dems with a 14-3 delegation in a neutral political environment. Link to map: davesredistricting.org/... Article on new map: https://t.co/PS7XoqqLqs?amp=1
Florida Covid Reporting irregularities
For instance, all this month, every day, Florida has had either 0, 2 or 3 daily deaths reported. On October 1, 2021 there were 55,011 total deaths in Florida, that day there were 2 deaths. In fact, from October 1 until today, there is a reported whopping 24 daily deaths in Florida over half a month. BUT — then I looked at the total deaths from October 1- October 15 and a strange thing occurs. If you add the 55,011 total deaths on October 1 plus the 24 daily deaths from that same time period, you should end up with 55,035 total deaths as of today….
If Joe Manchin and Sinema want to kill the bill when Schumer brings it up, let them.
Biden can give a HUGE national daily American people outrage at the corruption by GOP and Manchin/Sinema (oil spill polluting companies/environmental crisis corruption). He can then take aggressive executive action plus follow up on aggressive student loan relief. It is imperative we campaign against Sinema/Manchin plus elect better Democrats in 2022 such as from Pennsylvania. The american people need to feel “this is not Biden’s fault.” The American people need to understand Biden is on their side plus the house democrats. Biden can be like a Harry Truman/FDR calling out the do nothing corrupt congress.
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“Biden: We Didn’t Vote for Fossil Fuels”; Declare a Climate Emergency
The “People vs. Fossil Fuels” week long mobilization was organized by Build Back Fossil Free, a coalition of hundreds of Indigenous, Black, environmental, climate justice, youth, and social justice organizations. More than 650 People Arrested During This Week’s “People Vs. Fossil Fuels” Mobilization Demanding Urgent Action to Stop New Fossil Fuel Projects. “In 1854, the great visionary Chief Seattle asked the U.S. Government how it thought it could buy the land or sky. Now 167 years later, the sky is being bought and sold on carbon stock markets in the United States and all over the world,” said Goldtooth. “These carbon markets are targeted schemes that consist of cap and trade, carbon offsets, and carbon taxes that are the primary false solution to climate change.
GOP congressman seems unaware of how unemployment insurance works, so Ocasio-Cortez helps him out
The tweet caught the attention of 10th-level Twitter ninja Alexandria Ocasio-Cortez, who has turned down numerous overtures to join me at Perkins for late-night Sanka bacchanals. x Y’all already did over a month ago despite everyone having data that ending UI doesn’t push people back to work. Not only did ending enhanced unemployment benefits do little to boost hiring, the states that ended the programs early also damaged their own economies. According to a paper released in August from researchers at Columbia, Harvard, the University of Massachusetts-Amherst, and the University of Toronto, the decision to end benefits early actually resulted in a significant financial hit. But since Republicans found a talking point that works for them, they’re going to dry-hump it into humiliated mounds of lint.
Economic Woes: Biden Blames Trump. Trump Blames Biden. They're Both Right.
Simply sign up for a Advocate premium membership and you'll automatically see this data on every article. Poultry is in such short supply that WingStop has re-branded itself as ThighStop "to combat the volatility of chicken wing pricing." In my January 19 column, I predicted that the Biden administration would be "business as usual, as usual." Usually, however, we produce wealth faster than a Trump or Biden can steal it and blow it. Government was always too expensive, but now we've reached the point where we clearly can't afford it at all anymore.
After three years, Michigan state officials acknowledge lead poisoning of Benton Harbor residents
Seven years after the Flint water crisis, which put the health and lives of 90,000 Michigan residents at risk, state officials have acknowledged large-scale lead contamination of Benton Harbor’s water supply. Some Benton Harbor residents’ tests were as high as 700 and 836 parts per billion. While the discovery of lead poisoning in Benton Harbor occurred in 2018, the condition likely predates the stepped-up testing. In a belated gesture, the state has sent more than 26,000 cases of bottled water to Benton Harbor. In 2019, Whitmer gave the Benton Harbor school board an ultimatum: either shut down Benton Harbor High School or the state would assume control of the district and liquidate it.
Regional authorities around Paris, France, demand police intervene to break Transdev bus drivers strike
Transdev bus drivers in the regions of Seine-et-Marne and Val d’Oise, near the French capital, are striking against the plans to open the regional bus network to competition from private providers. A Transdev bus [Credit: Flickr/Semvatac]The board of directors of the Île-de-France bus network met on Monday, chaired by the president of Ile-de-France, the former minister of education and finances, Valerie Pécresse. German railway workers struck for weeks this summer, and private bus drivers have launched strike action in the UK. Everything has been done to freeze our wages.”New bus depots have recently joined the strike, such as at Rambouillet. They were forced to call a strike at the Transdev depots, even though they had negotiated the agreement with management that provides for increases in working hours.
Australian union pushes sell-out deal for Toll truck drivers
Workers at Toll, one of Australia’s largest trucking companies, will vote on an “in-principle” enterprise agreement (EA) negotiated between management and the Transport Workers’ Union (TWU). In this context, the TWU’s promotion of the proposed deal can only be seen as a sell out, not just of Toll workers, but of workers throughout the trucking industry. Toll drivers should reject this in-principle agreement and the TWU’s moves to contain the struggle of workers to individual companies. What has taken place at Toll is part of a growing strike movement, not just in Australia’s trucking industry and ports, but also internationally. A fight to advance the interests of truck drivers at Toll and throughout the Australian trucking industry must be seen in this international context.
UK: Unite and the RMT unions combine to prevent a fightback over pay at Stagecoach
At the Stagecoach bus company, her allotted task has been to prevent 20 separate disputes against pay restraint from becoming national strike action. But it is telling bus drivers to accept pay deals which are below the current rate of inflation of 4.8 percent (RPI). In most cases Stagecoach bus workers have suffered a pay freeze since 2020. It has suspended strike action at two of the three Stagecoach subsidiaries set to take one day strike action on October 18. It reported the company pay offer came with strings to overhaul terms and conditions, including a reduction of sick pay to sick pay to 60 percent of basic pay.
Spain’s PSOE-Podemos government approves anti-worker 2022 budget
Spain’s coalition government of the social-democratic Socialist Party (PSOE) and “left populist” Podemos has approved the outlines of its 2022 budget. María Jesús Montero [Wikimedia Commons]Described in the Spanish media as “the largest public spending effort in Spain’s history,” it proposes €40 billion of investment. While in theory, Spain’s corporate tax rate is 25 percent, many companies pay far less thanks to tax deductions and exemptions. Many companies will continue to pay far less than Spain’s nominal corporate tax rate. While these parties helped the PSOE-Podemos government pass its 2021 budget last December, the largest, the ERC has indicated that it may not vote in favour of the budget this year.
Paulo Freire and the pedagogy of the pseudo-left
This year marks the centenary of the birth of Brazilian literacy educator and international “New Left” figure Paulo Freire (1921-1997). References[1] Andrew J. Kirkendall, Paulo Freire and the Cold War Politics of Literacy (University of North Carolina Press, 2010), p. 15. [2] Paulo Freire, Letters to Cristina: Reflections on My Life and Work (Routledge, 1996), p. 82. [7] Paulo Freire, Pedagogy of the Oppressed (Penguin, 1996), p. 53. [10] Paulo Freire, Pedagogy of Hope: Reliving Pedagogy of the Oppressed (Bloomsbury, 2014), p. 86.
GM workers in Brazil reject contract, continue strike in defiance of union and courts
On Thursday, workers at General Motors in São Caetano do Sul, in São Paulo’s ABC industrial region, voted overwhelmingly to continue their strike initiated on October 1. The strike at the São Caetano plant, which employs 7,600 workers, was declared after months in which GM workers in Brazil had their labor contracts suspended in order to reduce the company’s expenses. By October 1, the workers in São Caetano had been working for more than a month on their expired contract. The massive vote to continue the strike came after weeks of efforts by the São Caetano Metalworkers Union to contain and suppress their struggle. A spokesman for the UAW in Brazil gave a statement at the end of Wednesday’s assembly in São Caetano.
The John Deere strike and the UAW’s lies
More than 10,000 John Deere agricultural and construction equipment workers completed their second day on strike Friday. “The John Deere workers have our support. In Auburn Hills, Michigan, Dana workers reported that the spread of COVID-19 was so bad that a mask mandate was reinstated. Deere workers are being starved on the picket with $275 a week in strike pay, which will not even begin for two weeks. Deere workers have taken an important first step in the formation of the John Deere Workers Rank-and-File Committee.
Epstein Bragged About Gift From Woody Allen Before Raping Russian Model, Lawsuit Says
After the encounter, Doe says, Epstein called her into an office where he berated her for being “closed” to new opportunities. According to the lawsuit, Epstein was angry because Doe “was not more enthusiastic and playful” while massaging him and had refused his sexual demands. “He told Jane that she had bad energy, and he became brusque and rude towards her,” the filing states. On Skype, Epstein asked Doe to send him nude photos and “threatened that there would be negative consequences if she did not,” the document says. The lawsuit says Doe had no contact with Epstein or his underlings after his arrest in July 2019.
U.S. Oil Stocks Are Seriously Undervalued Right Now
Oil prices are now up more than 60% in 2021, while U.S. natural gas prices have jumped 131% over the timeframe. This suggests that oil and gas stocks remain seriously undervalued and could be ready for a catch-up rally. ESG Caps Oil and Gas InvestmentsIndeed, U.S. oil and gas companies are trading at less than half 2014 levels when oil prices last topped $80 per barrel, suggesting they could be seriously undervalued and ready for some catch-up trade. Though less frequently discussed seriously compared to Peak Oil Demand, Peak Oil Supply remains a distinct possibility over the next couple of years mainly due to serious underinvestments in oil and gas. According to Rystad, proven oil and gas reserves by the so-called Big Oil companies, namely ExxonMobil, BP Plc.
Third electricity provider calls it quits in Singapore
SINGAPORE, Oct 16 (Reuters) - Power provider Ohm Energy said on its website that it had exited the retail electricity market in Singapore on Friday, making it the third company to do so over the past few days. It said it had quit because the pricing of its plans, which are lower than regulated tariff, had become unsustainable due to the volatile electricity market. The company is in the process of transferring customers to state-owned electricity provider SP Group. iSwitch Energy, one of Singapore's largest independent electricity retailers, and SilverCloud Energy, which supplies power to commercial, industrial and residential buildings, have also announced their exit from the Singapore market. Open Electricity Market, a website that lets Singapore residents choose an energy supplier, shows only 8 out of the 12 existing retailers offering plans for consumers.
Lowry: America’s supply chain makes no sense
This is welcome news, although it might cause most people to stop and think, “Wait a minute — our ports don’t already operate 24 hours a day?”No, which speaks to the thick layer of irrationality encrusting our supply chain. It is experiencing its worst disruption since the advent of the shipping container era in the late 1950s, driven, at bottom, by the pandemic. A surge in e-commerce, coupled with a labor shortage, helped to a spiraling series of bottlenecks. Ports in Asia operate 24 hours a day, matching the 24-hour-a-day pace of factories, whereas, until now, the Ports of Los Angeles and Long Beach were operating only 16 hours a day. It will be too late to hold this coming Christmas harmless, but will serve us well going forward, whatever the season.
Kahleah Copper is good as gold as Sky takes 2-1 lead in WNBA Finals
Then Copper put on a show, nearly outscoring the Mercury all by herself in the first half. The onslaught started with a baseline dribble-drive layup and-one. The first-time WNBA all-star bounced up from the floor after being bear-hugged by Sophie Cunningham and let out a scream. She ran down the court with three fingers in the air after a second-quarter three-pointer. At one point she simply shook her head at the defense’s faltering efforts.
Carolyn Hax: Boyfriend keeps borrowing money, and she feels mostly alone
Hi Carolyn: Going into the pandemic, my boyfriend and I were in very different financial positions — food industry versus high-paid professional — which was always a bit touchy but we mostly worked it out. Now my job hasn’t changed but he has spent time out of work, and he had little cushion. He’s asked me for loans throughout, and I’ve given him money without any expectation of ever getting repaid. (I can afford it.)
Florida task force makes recommendations on condo safety
The Real Property, Probate and Trust Law Section of the bar formed the task force bringing together lawyers specializing in condominium and association laws. The task force said 912,376 Florida condo units housing more than 2 million people are at least 30 years old, including more than 105,000 older than 50 years and nearly 328,000 built between 40 and 50 years ago. Overall, Florida has more than 1.5 million condo units operated by 27,599 condo associations, the report said. Among recommendations are giving association boards the right to make special assessments for major repairs to protect resident safety without a full association vote. The task force recommends the Legislature not be able to "sweep" the trust fund for other state budget purposes.
US lawmaker blames Boeing leaders for culture that led to crashes
"Senior leaders throughout Boeing are responsible for the culture of concealment that ultimately led to the 737 MAX crashes and the death of 346 innocent people," said Representative Peter DeFazio, who chairs the Transportation and Infrastructure Committee. "Mark Forkner’s indictment should not be the end of the accountability for this colossal and tragic failure," DeFazio said. FORMER BOEING PILOT INDICTED ON CHARGES OF DECEIVING SAFETY REGULATORS ABOUT THE 737 MAX JETLINERThe 737 MAX was grounded in March 2019 after the crash of Ethiopian Airlines Flight 302 which killed all 157 aboard. Robert Clifford, a lawyer representing families of relatives killed in the Ethiopian crash, said the Forkner indictment "is a corporate whitewash... GET FOX BUSINESS ON THE GO BY CLICKING HEREIn January, Boeing agreed to pay more than $2.5 billion in fines and compensation after reaching a deferred prosecution agreement with the U.S. Justice Department over the MAX crashes, which cost Boeing more than $20 billion.
El Salvador explores bitcoin mining powered by volcanoes
The pilot project has inspired a rash of volcano emojis from President Nayib Bukele, who made bitcoin legal tender in September, and promises of cheap, renewable energy for so-called bitcoin "mining." Cheap power and a supportive government are the two critical factors for attracting bitcoin mining operations, said Brandon Arvanaghi, a bitcoin mining consultant. Bitcoin mining in El Salvador would appear to have a supportive government in Bukele, but cheap electricity is so far just a promise. EL SALVADOR WILL BE FIRST COUNTRY TO ADOPT BITCOIN AS LEGAL TENDEREl Salvador imports about one-fifth to one-quarter of its electricity. El Salvador has 23 volcanoes.
'Big Short' investor Michael Burry says he's no longer betting against Tesla, report says
Investor Michael Burry of "The Big Short" fame said he was no longer betting against Tesla Inc and that his position was just a trade, CNBC reported on Friday. Burry's Scion Asset Management said in a regulatory filing in mid-May it had put options on 800,100 Tesla shares as of the end of the first quarter. The actual value of the options position was not known. "No, it was a trade," Burry was quoted as saying in an email to CNBC on Friday, when asked whether he was still shorting Tesla. I was never short tens or hundreds of millions of any of these things through options, as was reported.
Inflation Alert
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation AlertFor credit investors, the specter of inflation should sound the alpha alarm. Given heavy rate sensitive exposure, many asset owners and large investors may be facing a decade of underperformance. So what are ways to play offense in this environment? Our panel discusses the threat and the opportunities.
The Alpha Maverick
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Alpha MaverickChamath Palihapitiya has made a name for himself – an innovative investor, a creative capitalist, and certainly not afraid of speaking his mind even if it causes a little controversy. Whether as NBA team owner, crypto evangelist or space cowboy, his insights, ideas and investments are always noteworthy.
The ESG Boom
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe ESG BoomWith investors and executives aggressively pursuing all things ESG, how can investors make sure they are getting the best ROI. This panel discusses which investments can make a true social impact, as well as boost your returns
Where is Alpha Now?
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhere is Alpha Now? Where is Alpha now? Our panel of the most influential voices in the investing universe discuss where they see the greatest opportunities for alpha now. With central banks on the move, a corporate crackdown in China, the ESG boom gaining momentum, tech valuations near bubble proportions, and a pandemic that continues to linger, we'll span the globe for ideas on where to invest now.
Gaining Alpha Altitude
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGaining Alpha AltitudeStarting off with just $3m in 2008, Altimeter Capital has been gaining alpha altitude at a rapid pace – with AUM now around $15b. While leading the charge, its founder Brad Gerstner has emerged as not only a savvy tech investor, but also as a leader in the DEI space, an innovator in SPACs, and much more. We'll get a flight plan for alpha.
SEC Approves Bitcoin ETF, Opening Crypto to Wider Investor Base
The first product will track bitcoin futures, rather than the price of bitcoin directly, however. The SEC has, in the past, explicitly rejected bitcoin ETF applications, but it does not need to formally approve one. He also anticipates the futures-based ETF launch to act as a bridge to ultimately launching a spot market-based ETF. Long time comingIndustry participants have long sought to launch a bitcoin ETF, with Gemini founders Tyler and Cameron Winklevoss first seeking an ETF in 2013. Gensler’s comments supporting a futures ETF hint that he will not allow a spot market ETF to launch in the near term.
Cramer: Now Is Not the Time to Sell Nucor Steel Stock
Recently, Goldman Sachs downgraded U.S. Steel to 'sell' from 'neutral' and Nucor from 'buy' to 'neutral.' Nucor stock sailed to highs in August, but shares have dropped 20% since. "Goldman Sachs may have a technical analyst somewhere in the firm but I doubt they will weigh in on NUE." Nucor isn't getting bigger for the sake of getting bigger, Topalian said, it's getting bigger to better serve its customers. Nucor is also buying back stock and returning capital to shareholders, all of which makes Nucor a strong company in Cramer’s view.
Law Office of John Q. Gale LLC
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Grasso’s Garage: Jaguar F-Pace is a beauty
BOSTON, MA - SEPTEMBER 15: The Jaguar F-Pace September 15, 2021 in BOSTON, Massachusetts. (Staff Photo By Marc Grasso/MediaNews Group/Boston Herald)BOSTON, MA - SEPTEMBER 15: The Jaguar F-Pace September 15, 2021 in BOSTON, Massachusetts. (Staff Photo By Marc Grasso/MediaNews Group/Boston Herald)BOSTON, MA - SEPTEMBER 15: The Jaguar F-Pace September 15, 2021 in BOSTON, Massachusetts. (Staff Photo By Marc Grasso/MediaNews Group/Boston Herald)BOSTON, MA - SEPTEMBER 15: The Jaguar F-Pace September 15, 2021 in BOSTON, Massachusetts. In Grasso’s Garage this week, the Jaguar F-Pace R Dynamic-S.
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Supply chain crisis adds £1,100 to pensioner bills
Retired households will be nearly £700 worse off by next year as the state pension fails to keep pace with soaring bills and tax charges. In reality the gap will be even wider as, in many retired homes, one or both people do not receive the full state pension. The Government’s controversial decision to break the “triple lock” promise on state pension increases in a bid to keep down costs will leave millions of elderly households worse off. Inflation surged to 3.2pc in August and has been projected to remain at that level in September, the month used in the triple lock calculation. The basic state pension would increase from £137.60 a week to £142 in April as a result.
This unusual technique can eliminate inheritance tax
If opened to the public, stately homes are also eligible for inheritance and capital gains tax breaks. In Ronnie Corbett's case, it might have been better to continue owning the bigger property and pay inheritance tax than to cash in and move to a smaller property. One possible answer is that the aim was to reduce inheritance tax. But the "family home allowance", which extends the overall inheritance tax allowance for couples up to £1m from 2020, has given a bit of scope to avoid both IHT and CGT. This means the new higher £1m inheritance tax threshold has opened up new opportunities for cutting not just death duties but CGT bills too.
New energy deals will cost you £500 more than doing nothing
Customers who buy fixed-tariff energy plans will spend hundreds of pounds more over the next two years than if they had stayed on a “default” contract. The price of fixed-term plans has dramatically risen as wholesale energy costs have soared. Default “variable” tariffs, historically more expensive, are protected by the regulator’s energy price cap. Customers are placed on these deals when fixed-term tariffs end. Even when factoring this in, households will be hundreds of pounds better off staying on a default tariff than fixing prices with their supplier.
Why Premium Bonds are the worst gift a child can receive
Buying Premium Bonds for a child rather than investing the money could leave them thousands of pounds worse off by the time they reach adulthood. Premium Bonds have long been a popular present for children. The same amount invested in Premium Bonds would be worth just £4,025, using the historical prize fund rates which give an average return of 1.25pc. Premium Bonds customers’ chances of winning improve the more bonds they hold. James Blower, of Savings Guru, a consultancy, said: “I really wouldn’t recommend Premium Bonds for children’s savings.
Nuclear analysts say watch China after gaming out Iran talks
That’s the conclusion reached by top security analysts using game theory to forecast the next moves in the star-crossed talks. Nuclear talks have been frozen since the election of conservative cleric Ebrahim Raisi to the Iranian presidency in June but efforts resumed this week to find a way back to the negotiating table. Iran and China have also entered into a 25-year trade deal potentially worth billions of dollars, though the details haven’t been disclosed. While China has repeatedly said that reviving the Iran deal is essential to maintaining nonproliferation norms, the lure of Iranian oil could outweigh concerns that Tehran may secretly develop a nuclear weapon. Meanwhile, Malley announced Friday he was departing on a tour of the Middle East to discuss the nuclear deal among regional players.
Karlie Kloss and Joshua Kushner asking $23.5MIL for sprawling two-story Manhattan penthouse
AdvertisementKarlie Kloss and Joshua Kushner have listed their sprawling two-floor penthouse apartment in Manhattan for a staggering $23.5 million. The master bathroom features stone walls and flooring that match the outside of a lavishly large tub positioned next to the glass-walled shower. The family grew when Karlie became a mother on March 11 of this year, welcoming her firstborn son Levi Joseph with her husband Joshua. Investigative reporter Vicky Ward's book Kushner, Inc. aired out a raft of gossip about Karlie and Josh's romance - and his family's opposition to the match. Although Josh's parents avoided coming face-to-face with her for six years after she began dating their son Karlie was evidently bent on impressing them.
Crypto Miners Are ‘Literally Printing Money,’ Says Wall Street Firm DA Davidson
Davidson, the Wall Street investment banking and research firm, launched research coverage of bitcoin mining companies Core Scientific, Marathon Digital, Riot Blockchain and Hut 8 Mining with buy ratings for all the stocks. Davidson analyst Christopher Brendler sees a “huge opportunity” for the domestic miners, after bitcoin’s sustained rally and China’s sweeping crypto bans. Meanwhile, the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF, or RIGZ, which has heavy exposure to the miners and was launched in July, has gained 47%. “Bitcoin mining stocks are highly (~70%) correlated with bitcoin prices with good reason since BTC not only directly drives reported revenue, but all four also try to hold as much newly-minted bitcoin as possible in their balance sheet,” the analyst wrote. Brendler’s top pick among the miners is Hut 8, and he expects “massive” earnings upside across the whole mining sector.
Why Bitcoin And Ethereum Mining Stock Hut 8 Mining Is Surging Today
Hut 8 Mining Corp (NASDAQ: HUT) is trading significantly higher Friday after DA Davidson initiated coverage on the stock with a Buy rating and announced a price target of $20. Hut 8 Mining is also trading higher amid an increase in the price of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). Hut 8 Mining is an innovation-focused digital asset miner located in Alberta, Canada. The company specializes in Bitcoin and Ethereum mining. HUT Price Action: Hut 8 Mining has traded as high as $11.29 and as low as $3.15 over a 52-week period.
Editor & Publisher honors R-J’s Julie Herron with Operations All-Star award
Julie Herron, prepress manager for the Review-Journal, said it’s the first time she’s received an award of this magnitude, adding that it’s nice to be acknowledged for her work. Las Vegas Review-Journal Prepress Manager Julie Herron at the RJ Thursday, April 15, 2021. Cannon/Las Vegas Review-Journal) @KMCannonPhotoLas Vegas Review-Journal Prepress Manager Julie Herron at the RJ Thursday, April 15, 2021. Cannon/Las Vegas Review-Journal) @KMCannonPhotoEditor & Publisher, a trade magazine covering the newspaper industry, has named the Las Vegas Review-Journal’s Julie Herron as one of three 2021 Operations All-Stars. Herron, prepress manager for the Review-Journal, said it’s the first time she’s received an award of this magnitude, adding that it was nice to be acknowledged for her work.
With MN driver’s license exam stations slow to reopen, complaints pile up
State lawmakers, bus drivers, trucking groups and local elected officials on Friday pressed the Minnesota Division of Driver and Vehicle Services to speed up efforts to reopen driver’s license exam stations around the state. In the interim, Minnesotans have faced significant wait times, long travel times and limited service offerings from the exam stations. State lawmakers in June wrote into law the requirement that the exam stations reopen and put up more than $5 million for a swift transition. “We are absolutely committed to getting 100% of our exam stations open as soon as possible,” Public Safety Commissioner John Harrington told the Senate Transportation Committee on Friday. Lawmakers on the Senate panel urged DVS officials to consider working with the private sector to bring exam services online quicker.
10 Tips for Using Compliance Management Software
This is where compliance management software enters the picture. Keep Up With Compliance Management Software TrainingAny time that you’re operating in an industry where there are strict rules and regulations it is vital to stay compliant. Make sure you go through this checklist when picking out your compliance management software. Use Automatic BackupsAnother tip that will make using your compliance management software much easier and more beneficial is to make use of your automatic backups. Get The Most From Your Compliance Management SystemUsing a compliance management system is a great decision for any type of business or organization.
Americans Revert to Favoring Reduced Government Role
Given a choice, half of Americans say they prefer fewer government services and lower taxes, while 19% want higher taxes and more services. Nineteen percent of Americans say they want more services and more taxes, down from 25% in 2019, the previous high. Relatively few Americans have ever said the government has too little power. Americans are usually least likely to say there is too little regulation of business, including a low of 17% in 2001. That 14-point increase has mainly been offset by a 10-point decline in the percentage saying there is too little regulation.
Michigan aims to replace all Benton Harbor lead pipes in 18 months
BENTON HARBOR, MI — All Benton Harbor lead service lines would be dug up and replaced by April 2023 under a goal announced by Michigan Gov. Michigan @GovWhitmer says the goal is to replace all of Benton Harbor's lead lines in 18 months. The state’s 2022 budget includes $10 million for replacement of lead lines in Benton Harbor. The Berrien County Health Department began providing free tap faucet filters and replacement cartridges for Benton Harbor residents in 2019. “This is what we’ve been waiting for — an “all-hands-on-deck” approach to fix the lead contamination crisis in Benton Harbor,” said Rev.
The Biden administration is poised to weigh in on Twin Metals mine: Here are the options
But environmental groups that oppose Twin Metals are hopeful because of the past views of the major players who are scrutinizing Twin Metals. The administration could continue to defend the Trump administration’s actions in court of first reinstating Twin Metals’ mineral leases and then renewing them for an additional 10 years. Twin Metals submitted its mine operations plan to state and federal regulators in 2019. The last 60-day court extension expires Oct. 20 for the lawsuit challenging the renewal of Twin Metals’ leases. Twin Metals officials say they anticipate the first round of public comments on draft scoping documents sometime in 2022.
Apple removed a popular Quran app in China
Apple has removed Quran Majeed, a popular app for reading and listening to the Quran, from the App Store in China, the BBC reports. The company reportedly removed the app at the request of government officials, a somewhat surprising move given Islam is a protected religion in the People’s Republic of China. Quran Majeed is available for free and “recognized by 25 million Muslim users around the world” according to the app’s developer Pakistan Data Management Services. The app’s removal apparently had nothing to do with its religious content, “according to Apple, our app Quran Majeed has been removed from the China App Store because it includes content that is illegal,” the developer told the BBC. Apple has removed VPN apps that allowed Chinese users to avoid censorship and proactively filtered out apps that mentioned Tiananmen Square, the Dalai Lama, or Taiwanese and Tibetan independence.
Demand for Pearson's online learning offsets COVID hit
The British company said revenue from its Virtual Learning division had grown by 14% in the first nine months of the year and English Language Learning sales rose by 15% as international travel and visa testing resumed. Solid demand for its services helped offset ongoing pressures in Pearson's U.S. Higher Education courseware division, where sales fell 9%, partly due to lower enrolments at community colleges. Trying to broaden its appeal, it is also pitching itself as a consumer-facing group offering training and skills for life beyond its core schools and college remit. Its assessment and qualifications revenue rose 24%. Overall, group underlying revenue rose by 10% for the nine-months, down from 17% in the first six months, due to tough comparatives for the third quarter.
UPDATE 1-Boeing workers stage protest near Seattle over U.S. vaccine mandate
(Adds Boeing comment)By Eric M. JohnsonEVERETT, Wash., Oct 15 (Reuters) - Waving signs like "coercion is not consent," and "stop the mandate," some 200 Boeing Co employees and others staged a protest on Friday over the planemaker's COVID-19 vaccine requirement for U.S. workers. Boeing said on Tuesday it will require https://www.reuters.com/business/aerospace-defense/boeing-will-require-its-125000-us-employees-be-vaccinated-against-covid-19-2021-10-12 its 125,000 U.S. employees to be vaccinated by Dec. 8 under an executive order issued by President Joe Biden for federal contractors. "Advancing the health and safety of our global workforce is fundamental to our values and a core priority every day." "Now that he has issued the Executive Order, it is our responsibility to comply with that order," Spirit Chief Executive Officer Tom Gentile wrote in a memo to employees and seen by Reuters on Friday. Boeing has said its mandate does not apply immediately to its sites in Texas, where Republican Governor Greg Abbott issued an executive order on Monday barring COVID-19 vaccine mandates by any entity, including private employers.
Exxon begins phone campaign to win Texas refinery worker votes for contract - union
HOUSTON (Reuters) - Exxon Mobil Corp managers on Friday began calling workers locked out of the company's Beaumont, Texas, refinery to push for approval of a contract proposal to be voted on early next week, a United Steelworkers (USW) union official said. "The company locked us out six months ago," Gross said. The 650 workers locked out on May 1 at the 369,024 barrel-per-day (bpd) refinery and lubricant-oil plant are scheduled to vote on Tuesday on Exxon's contract offer. The USW opposes opposing Exxon's contract offer, saying it would eliminate job seniority, which gives workers a say in job assignments, and create virtually separate agreements for refinery workers and lubricant plant workers. Exxon has said the agreement is necessary to make the refinery competitive in even low-margin environments.
Fewer homes for sale as listings drop
U.S. home sales and new listings both took a hit in September, and the inventory squeeze continues to drive up prices according to the latest data. Numbers released by Redfin on Friday show closed home sales were down 5% last month from September of last year and new listings were down 9% nationwide. TUCKER CARLSON EXPOSES REAL ESTATE COMPANIES ‘WRECKING’ AMERICA"The severe lack of inventory is restricting home sales," Redfin Chief Economist Daryl Fairweather said in a statement. Meanwhile, the lack of supply continues to drive up competition between buyers, with the number of homes selling above list price hitting 48% in September. That percentage is down from June's record high of 56%, but still 14 percentage points higher than September of 2020.
Kenwood Towne Centre will close on Thanksgiving, extending hours for Christmas shopping
This year, Kenwood Towne Centre will not be open on Thanksgiving Day. To kick off the holiday shopping season, Kenwood Towne Centre will open its doors at 9 a.m. that day. Beginning Dec. 10, the mall will extend its hours until Christmas Eve to give the public more time to shop for gifts. On Christmas Eve, the mall will be open from 9 a.m. to 6 p.m. Individual store and restaurant hours may still vary, so shoppers are encouraged to check on those businesses directly for their operating hours.
Viewpoint: Why Ethiopia's Tigray region is starving, but no famine declared
Its worst-case scenario has come to pass: the war has escalated and there is only a trickle of humanitarian aid - less than 10% of needs - along with a near-complete shutdown in the economy with banks closed and essential supplies blocked. The committee assessed the risk of full-scale famine on this scenario as "medium to high" before the end of September and "high" after that.
Biden’s clean electricity program could be dropped from spending bill – report
The Biden administration has previously said that its clean energy plans would swiftly cut planet-heating emissions, and estimates have suggested that it could save hundreds of thousands of lives from deadly air pollution. The Times reported that Manchin, the centrist Democrat from West Virginia who has been aggressively resisting pieces of Biden’s agenda, has told the administration that he strongly opposes the clean electricity program. If Manchin’s opposition does ultimately kill Biden’s clean electricity program, it would be a huge setback for the administration’s efforts to tackle the climate crisis. The Times noted that Democrats could attempt to move forward with a clean electricity program as its own bill, but that the window of opportunity is closing. Manchin and Arizona Senator Kyrsten Sinema have repeatedly clashed with the Biden administration and progressive Democrats, threatening to derail the president’s ambitious economic package.
COVID-19 is forcing video game companies to rethink remote work
“Personally, any negatives that may exist from remote work are negligible to the massive amount of positives,” Lemos said. Studies have shown that once companies can properly support their production pipelines, remote work makes people even more efficient. Some say that remote work has boosted morale and led to a healthier work-life balance, which has pushed game studios to be more flexible. The last thing we need is more reasons for people to leave it.”Many game companies are still finalizing their plans for remote work post-pandemic. Activision Blizzard Inc., the biggest U.S. video game publisher, is allowing its individual divisions to make decisions on a case-by-case basis.
People with mixed-dose COVID-19 vaccinations will be allowed into U.S., CDC says
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J&J puts talc liabilities into bankruptcy
That transaction created LTL, the new entity saddled with J&J's talc liabilities, according to court papers filed Thursday. J&J, with a market value exceeding $400 billion, said the talc cases would be halted while LTL navigates bankruptcy proceedings. HIGH-STAKES LITIGATIONReuters first reported in July that J&J was exploring offloading its talc liabilities and placing them into bankruptcy. A 2018 Reuters investigation found J&J knew for decades that asbestos, a known carcinogen, lurked in its Baby Powder and other cosmetic talc products. J&J maintains its consumer talc products are safe and confirmed through thousands of tests to be asbestos-free.
Ida flooding victim says Queens not getting federal aid that de Blasio promised
A Hurricane Ida flooding victim that Mayor Bill de Blasio wrapped his arms around in an emotional scene last month called out Hizzoner on the radio Friday, saying the feds failed to deliver the aid he promised. “You hugged me and told me that FEMA would take care of everything,” Woodside resident Julia Nieves told de Blasio during his weekly appearance on WNYC’s ‘Brian Lehrer Show’. “I can’t replace the water heater, a boiler, replace all the walls,” she added. “How does this work for everyone in the community of Woodside, Queens who [was] flooded by Ida,” she concluded plaintively — leaving de Blasio on the defensive and promising the city would intervene. Matthew McDermott“I’m very disappointed that FEMA is only giving people that small amount of money,” he added.
Kourtney Kardashian went berserk searching for Travis Barker’s phone on flight
It was flying hell in business class for Kourtney Kardashian, 42, on her Delta flight from Los Angeles to New York on Wednesday when the reality star frantically searched for a phone. The eldest Kardashian sister raised a stink when boyfriend Travis Barker, 45, dropped his phone between their business-class seats as the plane was departing the tarmac. As the plane was taking off, Kardashian started “frantically searching” for the phone and demanded “five more minutes” when the flight attendant asked her to take her seat, a passenger on the flight told Page Six. They eventually retrieved Barker’s phone after the flight attendant spent “the next two hours… dismantling the chair,” the source said. The couple flew to Italy over the summer for a vacation, after also jetting off to Cabo San Lucas, Mexico.
Watch Friday's full episode of Mad Money with Jim Cramer — October 15, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Friday's full episode of Mad Money with Jim Cramer — October 15, 2021"Mad Money" host and former hedge fund manager, Jim Cramer, provides stock traders with all manner of investing advice.
MeiraGTx May Have a Big Innovation.
MeiraGTx (ticker: MGTX) has several treatments in clinical trials, some of the industry’s best manufacturing centers, and a deep-pocketed partner in Johnson & Johnson (JNJ). And MeiraGTx says it has a technology that could revolutionize genetic medicine by regulating the artificial genes that gene-transfer therapies place in patients’ cells. MeiraGTx has been quietly working on that technology for six years and hasn’t revealed much data. Meira’s riboswitch is a fragment of RNA packaged with the gene inserted into a patient’s cells. Focusing mainly on Meira’s gene therapies, the six analysts covering it rate it a Buy and say that its shares should more than double.
Retail Stocks Are All Over the Place Now. How to Choose Carefully.
After surging to start the year, retail stocks have gotten messier. Things started out great in 2021, with the SPDR S&P Retail ETF (ticker: XRT) gaining 47% through Labor Day. The performance of the stocks in the retail ETF has been anything but uniform. Three stocks Grom rates Buy are Home Depot (HD), Lowe’s (LOW), and Tractor Supply (TSCO). The S&P 500 trades at about 20 times 2022 earnings, while retail stocks in the index trade at closer to 28 times.
Stocks Reflect a Lot of Pessimism. Time for Some Optimism.
Investors, looking for a market correction under every rock, are going to have to prepare for stocks to rally into year end. A rising market should make investors happy. Shortages and logistics costs are going to wreak havoc on third-quarter sales and profit margins for dozens of companies. The problem with all the pessimism is that when everyone is thinking the same thing, it’s already reflected in the stock market. Energy stocks, based on a percentage gain from the low, “are up huge,” but if you look at a chart going back 10 years, energy exchange-traded funds still have much further to go.
'Lawless city?' Worry after Portland police don't stop chaos
Residents frustrated by the latest round of destructive demonstrations Tuesday questioned whether that meant anything goes now in Portland. “Does that mean we are now like a lawless city?” Linda Witt asked during the meeting with police. The legislation in question is House Bill 2928, which prohibits the use of things like pepper spray and rubber bullets for crowd control. “The law clearly allows Portland Police to use effective tools necessary to control violent crowds,” House Minority Leader Christine Drazan told The Associated Press on Friday. Portland has seen ongoing, often violent protests since the murder of George Floyd by police in Minneapolis.
Report: Clean energy program out to satisfy Manchin
By Ella Nilsen | CNNThe Clean Electricity Performance Program, the cornerstone climate policy in Democrats’ massive social safety net package, will likely be dropped from the final budget deal after pushback from Sen. Joe Manchin of West Virginia, three congressional sources told CNN. We’ve been trying,” one Democratic aide with knowledge of the negotiations told CNN. The aide told CNN that Democrats are trying to find ways to restructure the program to fit Manchin’s concerns while still reducing greenhouse gas emissions. Democrats had designed the program to give utilities federal grants to increase their share of electricity from clean sources and penalize those who fail to up their clean electricity. Manchin has been critical of the concept from the beginning, saying it would pay utilities to do something they’re already doing — transition away from fossil fuels.
Meet Caleb Boxx: The Expert Behind a 7-Figure YouTube Powerhouse
By StoryStudioCaleb Boxx is a successful digital entrepreneur and the founder of a YouTube automation company, a 7-figure YouTube powerhouse. YouTube automation is an exceptional business model that allows people to automate their YouTube channels and earn passive incomes without creating videos. One of his significant achievements in creating and growing a YouTube Channel from scratch is earning five figures in less than a month. He shares an ambitious goal with his team to grow one of the world’s largest and most influential YouTube channel media holding companies. Success is not easily acquired, and that’s why Caleb is tirelessly and passionately leading his team, working hard to achieve further greatness.
Police identity pedestrian killed in NE Portland crash
A 65-year-old man has been identified as the pedestrian killed in a Northeast Portland car crash two weeks ago, police said. Portland resident David Randy Lee was found dead near the 5300 block of Northeast Portland Highway at about 7:45 p.m. on Oct. 1. Investigators believe Lee was struck by at least four vehicles, and two of the drivers remained at the scene, police said. Anyone who witnessed or was involved in the crash is asked to email the Traffic Investigations Unit at crimetips@portlandoregon.gov and reference case number 21-274270. The pedestrian, who was identified Friday as 34-year-old Ryan J. Dickenson, was taken to a hospital, where he died.
A burst of inflation reflects higher prices for everything from food to furniture
Another jump in consumer prices last month sent inflation up 5.4% from where it was a year ago, matching the largest increase in 13 years. Excluding the volatile food and energy sectors, core inflation rose 0.2% in September and 4% compared with a year ago. The unexpected burst of inflation reflects sharply higher prices for food and energy, but also for furniture, cars, televisions and many imported goods. Consumer prices rose 0.4% in September from August as the costs of rent and goods climbed. The consumer price index is a measure of the average change over time in the prices paid by urban consumers for goods and services.
El Salvador explores bitcoin mining powered by volcanoes
BERLIN, El Salvador — At a geothermal power plant near El Salvador’s Tecapa volcano, 300 computers whir inside a trailer as they make complex mathematical calculations day and night verifying transactions for the cryptocurrency bitcoin. Cheap power and a supportive government are the two critical factors for attracting bitcoin mining operations, said Brandon Arvanaghi, a bitcoin mining consultant. But the government began restricting mining and in September declared all transactions involving bitcoin and other cryptocurrencies illegal. That has led to a scramble to set up mining operations in other countries. So far, the United States has been a big winner in attracting more bitcoin mining operations, especially the state of Texas, which has bountiful renewable energy and a de-regulated market.
Democrats' reconciliation bill breaks Biden's middle class tax pledge
The legislation costs trillions of dollars over the next decade and will harm working families and many Americans making less than $400,000 per year. Either proposal would violate the Biden middle class tax pledge and increase the costs of gasoline, household energy bills and everyday consumer goods. In reality, the Biden tax plan will impose significant tax increases and new audits on American families making less than $400,000 per year. Working families will see fewer jobs, higher prices, lower wages and reduced life savings under the Democrats' tax hike plan. Alex Hendrie is Director of Tax Policy at Americans for Tax Reform.
Biden’s inflation games will do lasting damage, especially to the elderly and poor
Because in our reality — the one where the president promised to fix everything — the inflation debate is important for a number of reasons. What justification is there for unprecedented spending when inflation is accelerating? Dems have already passed an additional nearly $2 trillion in expenditures in the first six months of the Biden ­administration, and the economy is still underachieving. Xinhua/Sipa USABiden has waved away inflation concerns on numerous ­occasions, once arguing that “no serious economist” was suggesting that “unchecked inflation” was on the way. But Summers seems to believe runaway inflation and bottleneck supply-chain problems pose a serious risk to the economy.
Opinion : Inflation is rising. Democrats must avoid making it worse.
Sen. Joe Manchin III (D-W.Va.), a crucial vote Democrats must get to advance their “reconciliation” bill, has said that he fears large new federal spending programs would stoke inflation. Advocates for the bill have been able to respond, reasonably, that it is not stimulus legislation, in which the government injects borrowed money, much of it from abroad, into the economy to boost flagging demand. Rather, it is a set of structural social and environmental reform programs that Democrats plan to finance with new taxes and savings from prescription drug negotiations. The goal is to make the country fairer and more efficient in the long term. Harvard economist Jason Furman points out that President Biden’s spending plans would net out to provide essentially no added fiscal stimulus.
The great pandemic work-from-home experiment was a remarkable success
Nicholas Bloom, an economist at Stanford University, had been studying working-from-home arrangements for years before corporate America sent its white-collar employees home in droves in March 2020. In a paper published in 2015, for example, he and three co-authors explored what happened when workers at a Shanghai travel company were randomly selected into a work-from-home program: It turned out they were 13 percent more productive. Then suddenly, last year, his niche academic focus was thrust to the center of every business discussion. After fielding numerous calls from executives and reporters to discuss his older work, he said, “it became clear that it would be helpful to get contemporaneous data.” Working with colleagues including José María Barrero, of Mexico’s Autonomous Institute of Technology, and Steven J. Davis, of the University of Chicago, he began a fresh set of studies exploring how the pandemic was reshaping working and living arrangements. He discussed that work recently, in a conversation edited for length and clarity.
Christmas tree manufacturer warns of supply shortages, price increases: 'Go out and buy today'
"What we're saying to consumers is act now, go out and buy today," National Tree Company CEO Chris Butler told "America Reports" Friday. Price increases will be passed onto the consumer with artificial tree costs expecting to rise 20%-30% this fall. CLICK HERE TO GET THE FOX NEWS APP"With this strong demand, consumers are willing to buy them," he said. Seventy-five percent of U.S. households displayed a Christmas tree last year with 85% of those trees being artificial, according to the American Christmas Tree Association. The National Christmas Tree Company's most popular trees are expected to cost between $200 and $300 this year.
Hedge fund manager Mark Yusko sees bitcoin hitting $250,000
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Why bitcoin bull Mark Yusko is on pullback watch
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Tony lays out a trade on Intel ahead of results on Thursday
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTony lays out a trade on Intel ahead of results on ThursdayThe semis trade ahead of Intel earnings. With CNBC's Melissa Lee and the Options Action traders, Carter Worth, Mike Khouw and Tony Zhang.
Cramer's lightning round: I would double down on American Eagle Outfitters
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer's lightning round: I would double down on American Eagle Outfitters"Mad Money" host Jim Cramer answers callers' stock questions at rapid speed during Friday's edition of the lightning round.
Jim Cramer says strong bank earnings have changed the tone of the stock market
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer says strong bank earnings have changed the tone of the stock market"Mad Money" host Jim Cramer said Friday he believes this week's strong quarterly results from major American banks have helped change the tenor of a stock market that just went through a seasonally challenged period.
Cramer's week ahead: I expect a blowout quarter from Tesla
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCramer's week ahead: I expect a blowout quarter from Tesla"Mad Money" host Jim Cramer said he expects electric vehicle maker Tesla to report strong results next week, adding that he's generally turning more constructive on the market.
Jim Cramer's game plan for the trading week of Oct. 18
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer's game plan for the trading week of Oct. 18"Mad Money" host Jim Cramer on Friday looked ahead to next week's calendar, laying out what he believes are the biggest market events.
Cramer’s week ahead: It's time to be constructive as earnings season picks up
Tuesday: Earnings from Johnson & Johnson, Procter & Gamble, United and Netflix; Ulta Beauty analyst meetingJohnson & Johnson Q3 2021 results before the open; conference call at 8:30 a.m. ETProjected EPS: $1.11Projected sales: $18.24 billion Cramer said he's not expecting the chipmaker to deliver an earnings surprise. Friday: Honeywell, American Express and SchlumbergerHoneywell Q3 2021 results before the bell; conference call at 8:30 a.m. ETProjected EPS: $1.99Projected revenue: $8.66 billion American Express Q3 2021 results before the open; conference call at 8:30 a.m. ETProjected EPS: $1.77Projected revenue: $10.53 billion Schlumberger Q3 2021 results before the bell; conference call at 9:30 a.m.
Jim Cramer recaps this week's earnings from major U.S. banks
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer recaps this week's earnings from major U.S. banks"Mad Money" host Jim Cramer on Friday reviewed this week's earnings reports from the six major U.S. banks.
Jim Cramer's guide to investing around the financial preferences of young consumers
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer's guide to investing around the financial preferences of young consumersOn Friday's episode of "Mad Money," host Jim Cramer explained the ways to invest around the financial preferences of younger consumers, such as cryptocurrencies and fintech firms like PayPal and Square.
Am I diversified? Jim Cramer's call
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAm I diversified? Jim Cramer's callOn Friday's episode of "Mad Money," host Jim Cramer analyzed callers' top five stock holdings and offered his opinion on whether their portfolio is adequately diversified.
Disability attorney says Walmart's firing of Down syndrome woman is part of a pattern
The firing of Marlo Spaeth, an employee with Down syndrome who worked at Walmart for nearly 16 years, was not a one-time incident, but rather part of the retailer's pattern, a disability rights attorney said in a court filing Friday. In the document, attorney Monica Murphy describes how she has represented six Wisconsin residents with disabilities, over the past five years, who have faced similar discrimination at Walmart. Murphy is an attorney for Disability Rights Wisconsin, a nonprofit group with a mission of protecting the rights of people with disabilities. Attorneys for the EEOC argued that Walmart wrongfully fired Spaeth rather than making reasonable accommodations for her disability. Among them, she said she represented two employees with disabilities who worked for Walmart for 16 years.
Jim Cramer says strong bank earnings have changed the tone of the stock market
CNBC's Jim Cramer said Friday he believes the tenor on Wall Street has been altered by the recent slate of major bank earnings, providing rays of optimism following a gloomy few weeks for stocks. "The big banks have changed the tone of this entire market," the "Mad Money" host said, referring to the following six firms: JPMorgan, Wells Fargo, Citigroup, Morgan Stanley, Bank of America and Goldman Sachs. The blue-chip Dow Jones Industrial Average, which jumped 1.1% in Friday's session, turned in its best weekly performance since June. "Because the banks report first and because they're so important to the economy, they set the tone for the entire earnings season," Cramer said. "Their strength is a huge reason why the market rallied so hard for the last couple days."
Cramer's lightning round: I would double down on American Eagle Outfitters
Biohaven: "I've been talking up Biohaven ever since they ... basically helped me control my migraine problem. If you know someone or a loved one or you have a problem with migraine, I need check you to check out this drug." American Eagle Outfitters: "I want you to double down. It's one of the reasons we got involved in it because Matthew is such a great analyst; he's with JPMorgan. Disclosure: Cramer's charitable trust owns shares of American Eagle Outfitters.
Over 90 rattlesnakes discovered underneath California home
After receiving a complaint about snakes, a reptile rescue group was surprised to find more than 90 rattlesnakes under a California home. The group said the snakes were likely living in the foundation because the house is located in a rocky area.Oct.
Biden: Bill Clinton is doing 'fine' and will leave hospital 'shortly'
Clinton, 75, was admitted to a Southern California hospital on Tuesday with a non-Covid-related infection. "All health indicators are trending in the right direction, including his white blood count which has decreased significantly," Ureña said. "In order to receive further IV antibiotics, he will remain in the hospital overnight." Clinton was also "administered IV antibiotics and fluids" on Thursday, according to a statement from his physicians. “The California-based medical team has been in constant communication with the President’s New York-based medical team, including his cardiologist.
Musk Gloats Over Beating Bezos on Wealth
Not content with competing over who has the biggest and best spaceship, Elon Musk has taken to goading his (slightly) less wealthy counterpart, Jeff Bezos. It began with a Bezos tweet featuring a critical 1999 Amazon.com story in Barron’s, “Amazon.Bomb.” The Tesla chief responded with a silver-medal emoji, flaunting his place ahead of Bezos in recent rich lists. Musk sits atop the latest Forbes billionaire rankings with a net worth of $209.4 billion, while Bezos, the Amazon and Blue Origin founder, is No. (The Bloomberg Billionaires Index has Musk at $230 billion, after a secondary share sale boosted the value of SpaceX.) China: Risk RisingChinese developer Modern Land asked investors to delay paying a $250 million bond, China Evergrande missed a third bond payment, this one for $148 million, and the central bank said risks are controllable.
Letters to the Editor of Barron’s
I don’t think people are taking into account just how much a very large percentage of our stock market is overpriced. Christopher Galik, On Barrons.comTech TreasuresTo the Editor:Apple and its cohort of mega tech companies are U.S. treasures (“Apple Is Close to Another Milestone: $100 Billion in Profits,” Streetwise, Oct. 8). Therefore, the stock price is adjusted downward by 87 cents. Send letters to: mail@barrons.com. Letters are subject to editing.
'Big Short' investor Burry says he's no longer betting against Tesla - CNBC
The logo of car manufacturer Tesla is seen at a dealership in London(Reuters) - Investor Michael Burry of "The Big Short" fame said he was no longer betting against Tesla Inc and that his position was just a trade, CNBC reported on Friday. Burry's Scion Asset Management said in a regulatory filing in mid-May it had put options on 800,100 Tesla shares as of the end of the first quarter. The actual value of the options position was not known. "No, it was a trade," Burry was quoted as saying in an email to CNBC on Friday, when asked whether he was still shorting Tesla. I was never short tens or hundreds of millions of any of these things through options, as was reported.
Hooters servers take to TikTok to protest skimpy new shorts
Several Hooters servers have taken to TikTok complaining about the new shorter shorts some locations have issued as part of their uniforms, with the resounding message that the skimpy articles don't even qualify as shorts and are more like thong skivvies. TikTok user @amandaa5015 showed off one of her pairs from work with the message, "I actually like the new shorts." Regardless of servers' feelings, it appears wearing their former uniform is not an option if they want to keep their jobs. In a Hooter's policy notice obtained by The New York Post, workers were told that "Starting Oct. 4, all Hooters girls should wear the new shorts when working once they arrive to stores," and that "The old shorts should not be worn." GET FOX BUSINESS ON THE GO BY CLICKING HEREThe company said the "new uniforms were the result of a collaboration with Hooters Girls," and that "these uniforms have been worn for months in several Texas markets and have received overwhelmingly favorable reviews from both Hooters Girls and customers."
Stocks end higher, giving S&P 500 its best week since July
The S&P 500 rose 0.7% for its third straight gain and ended the week 1.8% higher. Leading the way for the S&P 500 was freight deliverer J.B. Hunt Transport Services, which jumped 8.7% after reporting stronger profits for the summer than Wall Street expected. Friday’s gain followed a 1.7% jump for the S&P 500 on Thursday, its best day since March, which was driven by stronger-than-expected earnings reports and encouraging data on the job market. All but one of the 19 companies in the S&P 500 that reported quarterly results this week topped analysts’ profit forecasts. Tech stocks in the S&P 500 fared a little better Friday, matching the broader market with a 0.8% gain.
Levi Strauss Bullish on Next-Gen Retail
Levi Strauss (LEVI) - Get Levi Strauss & Co. Class A Report has high hopes for its emerging next-gen retail locations. Chip Bergh, president and CEO of Levi Strauss, told Jim Cramer on a recent episode of "Mad Money" that these smaller-footprint stores offer customized products for the local market. In 2019, the company launched its first six NextGen pilot stores across Europe and Asia. "I have no special knowledge of what earnings will be for LEVI, but the decline in LEVI now looks mature and with earnings numbers next week, bearish traders may be surprised." The NextGen stores are in addition to Levi's familiar existing outlet stores.
Court docs, arrest shed more light on Los Gatos party mom
“Our investigators suspect (O’Connor) held other parties with local teenagers over the last several months,” according to the Ada County Sheriff’s office. Soon after, O’Connor relocated to nearby Star while awaiting the sale of her family’s $4.7 million home in Los Gatos. There is some indication that while O’Connor was being investigated in Santa Clara County for the Los Gatos parties, word was making its way to where she was living in Idaho. O’Connor had apparently been known in some Los Gatos circles as “the cool mom” ever since her older son was in middle school. Her attorney in Santa Clara County has not returned requests for comment.
Behind on utility bills? Arizona will spend millions to help some people catch up
Arizonans who are behind on utility bills as a summer moratorium on electricity and gas shutoffs expires could get help from the state through a $36 million relief effort. The Arizona Corporation Commission passed the emergency moratorium to prevent people from having their utilities shut off during the peak of summer. “With the utility companies’ collaboration, we will be able to distribute assistance to help customers keep their lights on and their accounts current. "This is a great process and it will help particularly customers who are coming out of this (summer shutoff) moratorium," Zwick said. "When these moratoriums are in place over summer, customers build up some significant arrearages."
Test pilot charged with deceiving FAA labels his indictment ‘a search for a scapegoat’
The indictment alleged Forkner provided the FAA with “materially false, inaccurate and incomplete information” during its certification of Boeing’s prized 737 Max. Forkner joined Boeing as a technical pilot for the 737 Max flight team in 2012 and became the aircraft’s chief technical pilot in 2014. The crashes in Indonesia and Ethiopia led to a 20-month worldwide grounding of the 737 Max fleet. “But they also believe this indictment should spark further criminal inquiry to possible misdeeds by others.”Forkner’s lawyer ended his statement with a plea to others involved in the 737 Max certification. “Help us make Mark’s trial a search for truth, not a search for a scapegoat.”
MPS enrollment has dropped 9% since pandemic, preliminary headcounts show
MPS reported 66,977 students — nearly 4,000 students fewer than the same count last year, and about 6,300 fewer than before the pandemic in September 2019. The number of students attending independent charter schools or receiving taxpayer-funded vouchers to attend private schools, meanwhile, continued to climb. The data released Friday by the state Department of Public Instruction doesn't include other private school students or homeschooled children — data that will be released in January. With low enrollment at MPS, Superintendent Keith Posley said the district is cutting about 120 teaching positions this fall. In one optimistic sign, Posley said enrollment in MPS' 3-year-old program expanded from about 1,000 students last year to 1,500 students this year.
Some workers at several Las Vegas casinos faced vaccination deadline Friday
MGM Resorts International and Westgate implemented new policies in recent months that require some employees to be vaccinated. Audrey Vallapudua, of Las Vegas, receives the Pfizer COVID-19 vaccine during a pop-up vaccination clinic hosted by MGM Resorts International and Immunize Nevada at the former Double Barrel Roadhouse space at Park MGM on Saturday, July 17, 2021, in Las Vegas. (Ellen Schmidt/Las Vegas Review-Journal) @ellenschmidtttStephanie Reyes, of Las Vegas, receives the Pfizer COVID-19 vaccination during a pop-up vaccination clinic hosted by MGM Resorts International and Immunize Nevada at the former Double Barrel Roadhouse space at Park MGM on Saturday, July 17, 2021, in Las Vegas. (Ellen Schmidt/Las Vegas Review-Journal) @ellenschmidtttFriday marks the deadline for certain employees at a number Las Vegas casinos to get vaccinated in order to keep their job. The union represents about 60,000 hospitality workers in Las Vegas and Reno.
Bremer Bank CEO says she opposed bank sale out of community concern, not self-preservation
Jeanne Crain, president and chief executive officer of the Bremer Financial Corporation, briefly took the witness stand in Ramsey County District Court on Friday to explain her opposition to a forced sale of Bremer Bank, one of the Midwest’s largest farm lenders. Established in 1944 by German banker and St. Paul philanthropist Otto Bremer, the Otto Bremer Trust owns 92 percent of the Bremer corporation, which is the holding company for Bremer Bank, a major farm lender in Minnesota, Wisconsin and North Dakota. Trustees have acknowledged that an Oct. 2019 share sale — since frozen by the courts — was designed to unseat her and the board and unload Bremer Bank to new owners. Crain said that as a shareholder approaching retirement age, she’d actually benefit from a bank sale, and doubly so given that as CEO, she would be entitled to a contractually-required severance payment. She said her concern, however, was the direction the bank would take in the event of a hostile takeover.
Hempstead needs to improve and expedite its rent relief program, tenants say
Renters and tenant advocates are protesting the Town of Hempstead's approach to distributing $22.7 million in federal rent relief. Hempstead, along with the towns of Islip and Oyster Bay, launched their own assistance programs. The Long Island Housing Partnership, which is administering the town's program, previously said it would routinely close and reopen the program so it could regularly rank and prioritize applicants based on their vulnerability. Gladys Ruiz, 29, said she didn't find out about the relief program until the rally this week. Arcila missed about six months of her $1,130 rent while paying for the funerals of two brothers who died of COVID-19.
Friday Night Spotlight: Oregon high school football Week 7 schedule, live updates, links
The seventh week of the Oregon high school football season is here and OregonLive will be providing scores, updates and coverage throughout the evening. And while you wait for scores and results, check out a few links from the week. Wells at Franklin, 7:00 p.m.Metro League:Sunset at Westview, 7:00 p.m.Southridge at Mountainside, 7:00 p.m.Jesuit at Aloha, 7:00 p.m.Pacific Conference:Century at Sherwood, 7:00 p.m.McMinnville at Liberty, 7:00 p.m.Glencoe at Newberg, 7:00 p.m.Mt. Southwest Conference:Roseburg at South Medford, 7:00 p.m.North Medford at Sheldon, 7:00 p.m.Non-League:Jefferson at Gresham, 7:00 p.m.Churchill at Sprague, 7:00 p.m. Grants Pass at Beaverton, 7:00 p.m.CLASS 5AIntermountain Conference:Redmond at Pendleton, 7:00 p.m.
Retail sales climb despite rising prices, supply issues
Retail sales rose a seasonally adjusted 0.7% in September from the month before, the U.S. Commerce Department said Friday. “They are coming to enjoy the experience with their families that they hadn’t been able to do in a long time,” said Tiffany Markofsky, chief communications officer at a small toy store chain called Camp. Some of the increased spending by consumers is the direct result of spiking prices. While the spending increases have been broad, the delta variant had has an influence on where Americans are spending money, with more dollars devoted to buying things, rather than plane tickets or dinners out. The monthly retail report covers only about a third of overall consumer spending, however, and doesn’t include services such as haircuts, hotel stays and plane tickets.
Nessel warns Benton Harbor residents to watch for price gouging on bottled water amid lead crisis
Lansing — Michigan Attorney General Dana Nessel on Friday warned residents in Benton Harbor and surrounding communities to be on the lookout for price gouging on bottled water amid the city's lead-tainted water crisis. The attorney general's warning comes after state health officials in late September recommended Benton Harbor residents only use bottled water for drinking, cooking and brushing their teeth. Gretchen Whitmer's office that will continue delivery of bottled water, health care and other services for Benton Harbor residents while pipes are replaced. Whitmer recently signed a budget bill with a $10 million appropriation for Benton Harbor lead pipe replacement. MDHHS said it's working with the Benton Harbor Housing Commission to schedule deliveries to an expanded list of locations next week.
Inflation’s impact on pricing
Nearly half of U.S. homes use natural gas for heat, and they could pay an average $746 this winter, 30% more than a year ago due to inflation. Homes that use electricity for heating could see a 6% increase to $1,268, while homes using heating oil could see a 43% increase — more than $500 — to $1,734. The cost of new cars grew 1.3% in September, and 8.7% compared with a year ago. Prices for household furniture jumped 2.4% in September alone, the biggest increase since 1988. Gas prices jumped 1.2% last month and have soared more than 42% compared with a yearRents rose 0.5% in September, and a measure of home prices climbed 0.4%.
Former Boeing test pilot pleads not guilty in 737 Max case
FORT WORTH, Texas (AP) — A former Boeing test pilot pleaded not guilty Friday to charges that he deceived regulators by withholding information about a key system that played a role in two deadly crashes involving Boeing 737 Max jets. Mark Forkner made his first appearance in federal court in Fort Worth since being indicted on six counts of fraud. Outside the courthouse, his lawyer, David Gerger, said Forkner was a scapegoat. Prosecutors say his actions led the Federal Aviation Administration to remove mention of the system from pilot manuals and training materials. He is the first person to be charged with a crime in connection with the crashes in Indonesia and Ethiopia, which together killed 346 people.
Beasley again the top fundraiser in NC US Senate race
RALEIGH, N.C. (AP) — Former state Supreme Court Chief Justice Cheri Beasley appeared to be the top third-quarter fundraiser for candidates in next year’s U.S. Senate race in North Carolina, according to documents and news releases in advance of Friday’s financial reporting deadline. Former state Sen. Erica Smith was a distant third. Pat McCrory reported Friday that they had raised nearly identical amounts -- each a little over $1 million, with McCrory slightly ahead. Former U.S. Rep. Mark Walker was well behind both of his main GOP competitors, reporting just $122,000 during the quarter. The latest numbers reflect who could be most competitive in a 2022 general election that could determine which party controls a U.S. Senate that is now evenly split 50-50.
Netflix Fires Employee for Leaking Information About Dave Chappelle Specials
The escalating cycle of backlash surrounding Dave Chappelle’s new comedy special has left one Netflix employee without a job. “We have let go of an employee for sharing confidential, commercially sensitive information outside the company,” a Netflix spokesperson said in a statement to Vanity Fair. This employee later acknowledged that they were responsible for distributing the confidential figures outside of Netflix, the spokesperson added. Meanwhile, Bo Burnham’s hit isolation variety special Inside had a $3.9 million price tag, while Squid Game’s was $21.4 million. This week, Netflix chief Ted Sarandos has continued to find himself in hot water, sharing two memos defending Chappelle in a matter of days.
6 denim brands you should have on your radar
advertisement advertisement advertisementDespite a return-to-the-office market filled with workleisure clothing, jeans are still very much a thing. It’s difficult for a staple to go out of style, but the desire to reach for a pair of potentially constricting, form-fitting, elastic-waist-lacking pants has been on the “no thanks” list for a while. Now, though, denim brands have several things going for them: new trend-driven silhouettes, new consumer priorities (think: comfort and sizing), and the opportunity to emphasize new conscientious practices for a more eco-minded customer. advertisementadvertisementadvertisement
Brands That Matter – Custom Logo
$5,600 – $7,300DESCRIPTIONCarry the prestige of being named one of Fast Company’s Brands That Matter to your marketing materials. The logo file is available with payment by credit card and will be supplied by a customer support representative upon completion of your order. All print licenses include a vector-file in EPS format. Digital licenses include a web-ready PNG file. CUSTOMIZABLE OPTIONSCompany Name, Rank, or CategorySPECSFiles include PNG and EPS files.
As Americans avoid flying, airport shops face economic disaster
According to the Airport Restaurant & Retail Association, these businesses are expecting to lose some $3.4 billion by the end of 2021. (Airport real estate is very expensive, so retail footprints are a fraction of what they’d be in the outside world.) Are nonbusiness travelers concerned about their own employment enough to be cut back on what they spend at airport concessions? Rent from restaurants, bars, specialty shops, designer retail, and salons created a major new revenue stream for airports. While airport businesses have the benefit of a captive audience, they’re also spending more to operate: rent and insurance costs are sky-high, as are the fees paid to suppliers who must comply with stringent security measures.
GitLab Announces Pricing of Initial Public Offering
SAN FRANCISCO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- GitLab Inc., the provider of The DevOps Platform, announced today the pricing of its initial public offering of 10,400,000 shares of its Class A common stock at a public offering price of $77.00 per share. Gitlab Inc. will not receive any proceeds from the sale of shares of common stock by the Selling Stockholder. In addition, GitLab Inc. and the Selling Stockholder have granted the underwriters a 30-day option to purchase up to an additional 1,040,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Goldman Sachs & Co. LLC, J.P. Morgan, and BofA Securities are acting as lead book-running managers for the offering. UBS Investment Bank, RBC Capital Markets, Truist Securities and Piper Sandler are acting as joint book-running managers for the offering.
What is Dogecoin? What to know about the cute bitcoin cryptocurrency rival
Bitcoin may be the most famous (and valuable) cryptocurrency but there’s an old dog in town performing new tricks that sent investors scrambling to buy another type of cryptocurrency last week. I’m talking about Dogecoin, which has increased in value a staggering 6,000% since the beginning of the year, and doubled in value last Friday alone. Here’s what you need to know about Dogecoin:
See 34 ingenious, inspirational winners of the 2021 World Changing Ide
For the past five years, Fast Company’s World Changing Ideas Awards have honored the businesses and organizations driving change in the world. This year, the entries reflect a range of exceptional work helping to fight the pandemic and to support people during the crisis—and the necessity of rethinking how society emerges from the past year better than before. We received more than 3,000 entries, an all-time record. The 34 winners and hundreds of other finalists—selected by Fast Company’s editors and reporters—represent the kind of innovative thinking that will help us channel the optimism and hope of this moment into a better future.
How to speak up to HR about DEI
Last summer, amid the uprising following the murder of George Floyd, our company realized it had some work to do. We appointed a Diversity, Equity and Inclusion committee that my cohost Christina Royster is a member of, and hired Joe Johnson, our new Chief People Officer who we spoke to the most recent episode of Hit the Ground Running. Johnson’s view on the glut of DEI openings in the last year; “I think that a lot of organizations are approaching DEI from an optics perspective. While I appreciate his optimism, it can be scary to speak to management when you don’t have a long tenure or as much seniority in the office. That’s why I’m glad that we have a union (Fast Company is part of WGA-East) which lets us bring problems to management and work through them together.
Why your dream job probably doesn’t exist
Few people face more uncertainty than recent college graduates. This year, which many of them spent at home taking classes online, they not only have to contend with the standard questions most young graduates face—where should I work? How do I get a job?—but they have to navigate a new work landscape, including the possibility of remote or hybrid workplaces. The path has never been easy to navigate: When my cohost, Christina Royster, and I graduated several years ago, we faced several hiccups finding the right careers for us. To get our own answers about the challenges recent graduates face and advice on finding the right job, we spoke to Kentucky-based freelance journalist Rainesford Stauffer.
This is who should (and shouldn’t) return to the office
The return to the office has become far more complicated. In this season of the New Way We Work podcast we dive deep into the return to the office and the lingering effects that the past 18 months will have on work life. Moran has been writing about the future of work, remote work, return to office, and all things Work Life for decades. They have cycles that they’ve gotten into over the past year and a half that are going to be hard to interrupt.” One size will not fit all in the return to the office Companies that draw a hard line and require all employees to return to the office will likely see a lot of push back. Were they performing as well as they did in the office?
This app lets hungry people secure their next meal with a text
“There’s 50 million people in our country that don’t know where their next meal is coming from. And they wanted to make the process of getting that food easy to navigate, unlike applying for SNAP benefits or finding food banks to line up at. Individuals simply text “HUNGRY” to a number; during a five-step text process, they choose a local restaurant or grocery store and select a meal, and then pick it up when it’s ready. “If you’re a Bento user, you’re able to declare that you’re a vegan, or you’re vegetarian, or any dietary constraints you have,” Ebeling says. Bento is able to do this more targeted, complex work due to its partnership with Genpact, a professional services firm.
Sign of the times: This startup will store your junk in abandoned offices and restaurants
advertisement advertisement advertisementThe demand for office space is plummeting. Amid these trends, one real estate startup is turning the former into the latter. In her most recent job, she led real estate at the coworking startup Industrious, which has focused on revamping offices and converting unconventional real estate like hotel rooms into coworking spaces. At the same time, demand for storage space is on the rise, a fact some connect to pandemic-related home decluttering, moving, and business closures. Within five months of the site being open, Lau says the storage space is at 90% capacity.
The middle class is being crushed by the housing crisis—and a solution is hiding in plain sight
advertisement advertisement advertisementOn a block sprinkled with vacant lots in Chicago’s East Garfield Park neighborhood, a new piece of modern architecture has made the unlikely jump from design exercise to built project. There was no client or site, but there were a few conditions the architects knew they could design around. The other was the dearth of contemporary housing that was neither luxury nor affordable but rather built to sell to the middle of the housing market. Reschke and Lui showed the design to a local developer, Joseph Root, to get his take. “All that made it very simple to build and execute, which brought down the price,” says Reschke.
Reasons to hope: 16 companies, people, and ideas that might save the planet
As time runs out to prevent climate catastrophe, we’re looking at what we need to do now to safeguard our future. Without much effort, you can find news every day that confirms—over and over—that we are in a climate emergency. This list contains just a few of the recent advances that could be the next technology that can grow into part of a future, clean economy. Some of the items on this list will turn out to be too expensive, too hard to scale, too small in impact to matter. No one piece of technology will save us, but together many of them can be the building blocks that undergird the political solution we need.
I opted out of climbing the career ladder. Here’s why it was the best decision
But shouldn’t a company cofounder aim to be CEO or CTO? At the same time, I consciously decided against following a management career path going for CTO, or the like. Be yourself If you feel you are an expert: Don’t try to be somebody else and don’t let yourself be shoehorned into a management position. Going into a management position without having any passion or talent for management increases the risk that you will become a bad manager. advertisementWhile some of you might intuitively know that people management is not for you, the tricky part is that most people don’t really know this up-front.
The skills you put on your résumé are the most important factor in hiring. Here’s how to make yours stand out
Let’s break it down with some bullet points: Hiring managers’ top priority for 2021 is skills-based hiring. Moving forward, 85% of hiring managers will focus less on candidates’ prior titles and more on job skills and experience. The overwhelming majority of hiring managers says they are important; more than half of hiring managers say they are very important. 88% of hiring managers say they hire based on soft skills, then provide job-specific training. The skills job seekers had cultivated weren’t matching up with the abilities hiring managers needed.
This $10 million fund is courting South Asian women and first-time investors
advertisement advertisement advertisementIn the first half of 2021, venture funding hit a record high of $288 billion, far outstripping global investment during the same period last year. A new fund wants to chip away at this disparity, by centering South Asian women as both investors and founders. The Neythri Futures Fund has raised $10 million for its debut fund from 249 limited partners (LPs), the majority of whom are South Asian women and first-time investors. As she joined women-led investing networks, Sankaran found that she rarely encountered women of color, let alone South Asian women. “In my personal networks, which were predominantly South Asian, I knew plenty of incredible women.”advertisementadvertisement
Social Security COLA update: Benefits are going up, but it’s not all great news for seniors
American retirees who’ve seen meager increases to their Social Security checks for the past decade, and likely just modest ones for their entire retirement, got some exciting news from the government today: The Social Security Administration announced that the roughly 70 million who rely on Social Security and Supplemental Security Income benefits will receive a 5.9% cost-of-living adjustment (COLA) for 2022—the single biggest jump since 1982. For the average Social Security benefits check of $1,565, this would hand that check’s recipient an additional $92 a month . Social Security checks get a cost-of-living adjustment every year, which the agency bases on changes in the consumer price index for urban wage earners and clerical workers (known as the CPI-W). If these hikes level back out next year, the boost to Social Security benefits could prove significant to seniors. For most seniors, Medicare premiums get automatically deducted from Social Security checks.
To stay focused on your work, create a to-do list. Then burn it
advertisementadvertisementIn this era of information overload, it’s time we come to terms with an uncomfortable reality: The to-do list isn’t our friend. Write the list (then ignore it) If you feel like you can’t escape work lately, know you’re not alone. This may be a controversial opinion, but I sometimes tell my employees the to-do list can be most useful as a tool for finding out what you don’t need to do. That’s how I came to adopt my current approach to the to-do list: When you’re overwhelmed, write the list and don’t do anything on it—at least not right away. What’s important is breaking things up.
What If Central Banks Issued Digital Currency?
This is because the system is based on the notion that digital currency issued by commercial banks is convertible into paper cash, which is a central bank liability. What’s different about CBDC and regular digital cash issued by commercial banks is that each CBDC unit of cash will have a unique, unchanging digital identity. It’s that link to paper cash that gives the digital currency issued by commercial banks value and makes it safe to use. But CBDCs are direct liabilities of the central bank, just as paper cash is, which makes CBDCs a safer form of digital money than commercial bank- issued digital money. Instead, they will, essentially, all borrow wholesale from the central bank to finance their lending activities – the central bank thereby becomes the lender of first rather than last resort.
Ask an Expert: Should I Accept a Lower-Level Position?
I landed a great first marketing job right after college, but unfortunately, due to the pandemic, I was laid off in March. Should I be considering taking a lower-level position given the job market right now? Dear G,First of all, I want to congratulate you on the internship offer from the marketing company. However, as you think about your options and evaluate your offer, here are three questions to ask yourself:Will you learn? Ask yourself this question: From a long-term perspective, would you rather work for $10/hour at the right company (i.e.
Daily Mortgage Rates Move Lower | October 15, 2021
Current mortgage rates: 30-year fixed-rate mortgage ratesThe 30-year rate is 3.431%. View Rates for October 15, 2021Current mortgage rates: 15-year fixed-rate mortgage ratesThe 15-year rate is 2.506%. View Rates for October 15, 2021Where are mortgage rates heading this year? Tips for getting the lowest mortgage rate possibleThere is no universal mortgage rate that all borrowers receive. ...Our mortgage rate methodologyMoney’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the most recent business day rates are available for.
Make the Final Months of Student Loan Relief Really Pay Off
Factor Your New Loan Payments into Your Budget Review your budget and student loan repayment plan. A financial adviser, certified student loan expert or your student loan servicer can provide assistance and direction. When the moratorium on student loan payments end, they could pay off the loan and keep the interest. Unfortunately, the CARES Act extension until Jan. 31, 2022, only applies to federal student loans, such as Federal Student Subsidized Loans, Federal Student Unsubsidized Loans, Federal Parent PLUS Loans and Graduate PLUS Loans. The Federal Student Aid site provides the latest updates about the coronavirus student loan relief and its impact on students, borrowers and parents.
What Are Public Benefit Corporations (PBCs)?
Astute investors tracking the initial public offerings (IPOs) of companies such as eyewear maker Warby Parker and green shoe manufacturer Allbirds might have noticed that these companies are registered as public benefit corporations (PBCs). Public Benefit Corporations (PBCs) The PBC corporate structure signals that a business considers a "triple bottom line" – people, planet and profit – extending benefits to stakeholders like communities and employees. Since then, about a dozen publicly traded companies have incorporated as PBCs, and several private PBCs have come public via IPO. Public benefit corporations define the particular benefit purpose aside from shareholder interest. However, this does not mean that financial concerns are secondary to a benefit purpose, nor does it mean that directors are legally liable for failure to meet the benefit purpose.
Average New-Car Price Tops $45,000, an All-Time High
For the first time ever, the average price of a new car has edged past $45,000, according to a new report from Kelley Blue Book and data from TrueCar, a CR partner that provides market analysis and an online marketplace for cars. “We are seeing new transaction prices hit all-time highs,” says Nick Woolard, an analyst with TrueCar. “In September, we saw the average transaction price increase 7.7 percent over a year earlier.”Woolard says that new-car inventory at dealerships is generally pretty thin right now. Over several years, a variety of factors has contributed to pushing up the average new-car price. And the recent scarcity of all models has led to more extreme price increases among traditionally more affordable models.
Stock Market Today: Stocks Zip Higher on Robust Retail Sales, Earnings
They can thank booming retail sales and continued earnings momentum, which set up a fine Friday finish for the equity markets. Looking ahead, Johnson & Johnson is one of the highlights of next week's earnings lineup. Looking ahead, Johnson & Johnson is one of the highlights of next week's earnings lineup. "We just can't get there on valuation, with JBHT trading near long-term averages versus other more cyclical trucking and logistics-related businesses deeply below," he wrote in a note. As discussed today in our free A Step Ahead newsletter, the SEC is reportedly nearing its first approval of a futures-based Bitcoin ETF.
Inflation, energy crisis, strikes – have we gone back to the 1970s?
When will supply chains sort themselves out and what might that mean for inflation? When will supply chains sort themselves out and what might that mean for inflation? Right now, congestion in global supply chains is driving inflation higher. At some point, that will sort itself out. So will that mean an end to high …
Wall Street Sees a Record-Deal Spree as Reason for Optimism
Interest rates are low, private equity firms flush with cash are looking for promising investments, and companies are aggressively pursuing mergers at a breakneck pace. Goldman Sachs has already had the most profitable year in its history — earning $17.7 billion so far — with three months to go. In the most recent quarter, its bankers closed transactions including the $32 billion spinoff of Universal Music Group by the French conglomerate Vivendi and Salesforce.com’s $28.1 billion purchase of Slack Technologies. Those were two of the 10 biggest deals completed in the three-month period ending in September, according to Dealogic. Morgan Stanley also had two top-10 deals: the chip maker Analog Devices’s $20 billion acquisition of a competitor, Maxim Integrated, and the $12.3 billion purchase of Proofpoint, a cybersecurity company, by the private equity firm Thoma Bravo.
Activist hedge fund wants Macy’s to mimic rival Saks’ online strategy
An activist hedge fund that took a stake in Macy’s is is pushing the department-store giant to follow its upscale rival Saks Fifth Avenue’s online playbook, The Post has learned. Saks.com also doubled its marketing budget, which has not only fueled digital sales but benefitted Saks’ physical stores as well. Macy’s Chief Executive Jeff Gennette has said that he expects Macy’s digital sales to reach $10 billion within three years — up from $8 billion currently, according to The Journal. Macy’s online sales have grown dramatically during the pandemic as more people shunned bricks and mortar stores. But Toronto-based Hudson’s Bay Company, which owns Saks Fifth Avenue, continues to own the majority of the luxury retailer’s digital business.
Encampment crackdown driving homeless from park to park as officials debate solutions
“We need to have a strategy to move folks into housing, otherwise this is a problem that just moves down the block,” Silverman said Friday. “I agree with the mission of the pilot — we have to get folks into housing and the supportive services they need — but we have 190 encampments in this city. We need a stronger strategy for the other 187 while we see how this pilot is going to work.”
Watch Friday's full episode of Fast Money — October 15, 2021
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch Friday's full episode of Fast Money — October 15, 2021"Fast Money" is America's post-market show. Hosted by Melissa Lee and a roundtable of top traders, "Fast Money" breaks through the noise of the day, to bring you the actionable news that matters most to investors.
The first bitcoin futures ETF in the U.S. is set to begin trading next week
The bitcoin futures ETF from ProShares will begin trading next week, an amended filing from the company indicated late Friday, marking a milestone moment in the development of the crypto industry in the United States. The Securities and Exchange Commission had not formally approved the creation of bitcoin futures ETF as of Friday afternoon and the agency may never make a formal declaration of approval for it. A person familiar with the SEC's decision-making clarified that the ETF will be allowed to begin trading next week, barring any last minute complaint from the regulator. The ProShares Bitcoin Strategy ETF, which will give exposure to bitcoin futures contracts but not the spot market, will trade under the ticker "BITO." Anticipation of the ETF's listing appeared to boost the price of bitcoin over the past week.
Grayscale Investments close to filing application for spot bitcoin ETF, source says
Grayscale Investments plans on filing an application to convert the world's biggest bitcoin fund into a spot ETF early next week, according to a person with knowledge of the matter. The investment firm had intended to file its application to the Securities and Exchange Commission as soon as the agency allowed efforts by competitors for a futures-based bitcoin ETF, said the person. The Grayscale application begins a 75-day review period, said the source, who declined to be identified because the New York-based company hasn't disclosed its plans. If approved, Grayscale's ETF would be another step in the legitimization of the nascent crypto asset class. Grayscale's spot Bitcoin application, however, represents an investment that is backed by bitcoins, not derivatives tied to it.