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Oil prices jump after EU ban on Russian oil but S&P 500, Dow and NASDAQ are down
The S&P 500 was 1.1% lower in early trading. Highlighting the worries about inflation, oil prices jumped above $119 toward their highest levels since the early days of Russia’s war in Ukraine. Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter. HOW LONG WILL GAS PRICES RISE? For the first time since the dot-com bubble was deflating two decades ago, the S&P 500 tumbled to seven straight losing weeks through mid-May.
The Daily Money: How inflation can hurt homeowners with taxes, insurance
Subscribe to The Daily Money to get the best consumer and financial news from USA TODAY delivered to your inbox every weekday morning. Happy Monday, Daily Money readers. How inflation can hurt homeowners with taxes, insuranceHome prices historically tend to increase when the Consumer Price Index is pushing higher, as is the case now. However, rising prices and inflation don't benefit homeowners in all respects. LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify.
The 9am Bond Report: May 31, 2022
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Rising gas prices and inflation overtake Covid as top travel concern, survey finds
After more than two years of largely staying home due to the pandemic, most Americans are ready to hit the road. Yet inflation and record-breaking gasoline prices are weighing on would-be vacationers, even more than Covid concerns, according to a report. The national average for unleaded gas hit another new high of $4.62 per gallon Tuesday, according to AAA data. Prices are up more than 50% compared to last year. Analysts say gasoline prices usually peak by mid-May, but this year prices at the pump could continue to rise into July and reach about $5 a gallon or more.
We're seeing a 'bull market within a bear market,' says Jim Cramer
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're seeing a 'bull market within a bear market,' says Jim CramerCNBC's Jim Cramer and the 'Squawk on the Street' team discuss markets following the long holiday weekend. Cramer also discusses China's decision to ease some of its stringent Covid-19 lockdowns.
Unilever names activist investor Nelson Peltz to company's board
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUnilever names activist investor Nelson Peltz to company's board'Mad Money' host Jim Cramer and the 'Squawk on the Street' team discuss Unilever's move to name Trian Fund Management CEO Nelson Peltz to its board as a non-executive director.
Use this market opportunity to find high-quality companies, says Jason Trennert
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUse this market opportunity to find high-quality companies, says Jason TrennertJason Trennert, chairman and CEO of Strategas Research Partners, joins CNBC's 'Squawk Box' to discuss markets ahead of the open on Tuesday.
Britain plans new safeguards for stablecoins that go bust in wake of Terra's collapse
The world's biggest stablecoin, tether, saw more than $10 billion in redemptions in May, fueling fears of a 2008-style "bank run." Britain wants to make sure stablecoins don't end up threatening the wider financial system following the collapse of controversial crypto project Terra. The government on Tuesday proposed amending existing rules to manage the failure of stablecoin firms that may pose a "systemic" risk. The proposal is separate from previously announced plans to regulate stablecoins under laws governing electronic payments. The government is looking to implement additional safeguards to existing legislation around insolvency of firms operating key financial market infrastructure.
Market Open: May 31, 2022
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNews Update – Market OpenCNBC brings you fast, accurate, and actionable business news and market updates.
Home prices rose by more than 20% year-over-year in March
(CNN) US home prices continued to surge higher in March, as buyers raced to lock in homes before the average mortgage rate hit 5%. Home prices rose 20.6% in March from the year before, an even higher rate than the 20% growth seen in February, according to the S&P CoreLogic Case-Shiller US National Home Price Index. Sun Belt cities again saw the biggest price increases among the 20 US cities tracked by the index. But for the first time in nearly three years, the city with the most rapid growth in housing prices was not Phoenix. Seventeen of the 20 cities reported higher price increases in the year ending March 2022 versus the year ending February 2022.
Wall St falls on inflation fears; Powell-Biden talks in focus
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 21, 2022. Ten of the 11 major S&P 500 (.SPX) sectors declined in morning trade. "In the U.S., it's a peak technically, but it's much more about the composition of inflation in the next few months." Dexcom Inc (DXCM.O) jumped 7% to the top of S&P 500 index after the glucose monitoring systems maker denied report of merger talks with insulin pump maker Insulet Corp (PODD.O). The S&P index recorded four new 52-week highs and 29 new lows, while the Nasdaq posted 32 new highs and 30 new lows.
Biden to meet with Federal Reserve Chair Powell amid inflation woes
WASHINGTON — President Joe Biden is set to meet with Federal Reserve Chair Jerome Powell to discuss the administration's plan to combat high inflation. The president, however, has pointed to the war in Ukraine and supply chain issues for rising prices for gas and other necessities. He said the Federal Reserve "has a primary responsibility to control inflation," adding that he would not try to influence the board's decisions. "We should level the international taxation playing field so companies no longer have an incentive to shift jobs and profits overseas. To fight inflation rates that have reached 40-year highs, the Federal Reserve raised its core interest rate in early May by 0.5 percent, which was its second hike in two months and the largest increase since 2000.
Stocks With Rising Relative Strength: Invitation Homes
Invitation Homes (INVH) saw a welcome improvement to its Relative Strength (RS) Rating on Tuesday, rising from 70 to 73. X When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. See if Invitation Homes can continue to show renewed price strength and hit that benchmark. YOU MIGHT ALSO LIKE:Stocks With Rising Relative Strength RatingsWhy Should You Use IBD's Relative Strength Rating? How Relative Strength Line Can Help You Judge A StockIdentify Bases And Buy Points With Pattern Recognition From MarketSmith
US consumer confidence slips in May amid stubborn inflation
A customer pumps gas at this Madison, Miss., Sam's Club, after filling up a gasoline container, Tuesday, May 24, 2022. (AP Photo/Rogelio V. Solis)A customer pumps gas at this Madison, Miss., Sam's Club, after filling up a gasoline container, Tuesday, May 24, 2022. Wholesale retail chains stores like Costco and Sam's Club tend to price their gas and diesel competitively against one another while major gas chain prices are usually higher. (AP) —U.S. consumer confidence edged lower for the second consecutive month as Americans’ view of their present and future prospects dimmed in the midst of persistent inflation. The Labor Department reported earlier in May that consumer prices jumped 8.3% last month from a year ago.
Hit by pandemic curbs, India’s quarterly growth slows to 4%
Hit by pandemic curbs, India’s quarterly growth slows to 4%Workers are engaged in the construction of a coastal road in Mumbai, India, Tuesday, May 31, 2022. India’s economic growth, hit by pandemic curbs and price increases, slowed to 4.1% in the January-March quarter, according to figures released Tuesday by the government. India’s economic growth, hit by pandemic curbs and price increases, slowed to 4.1% in the January-March quarter, according to figures released Tuesday by the government. (AP Photo/Rafiq Maqbool)NEW DELHI (AP) — India’s economic growth, hit by pandemic curbs and price increases, slowed to 4.1% in the January-March quarter, according to figures released Tuesday by the government. Last week, rating agency Moody’s trimmed India’s growth forecast to 8.8% from 9.1% for the current fiscal year, which started in April, as rising energy and food prices hit consumer spending.
Stock Upgrades: Motorola Solutions Shows Rising Relative Strength
In a welcome move, Motorola Solutions (MSI) saw its Relative Strength Rating rise from 68 to 71 on Tuesday. X As you try to find the best stocks to buy and watch, keep a close on eye on relative price strength. See if Motorola Solutions can continue to show renewed price strength and hit that benchmark. YOU MIGHT ALSO LIKE:Stocks With Rising Relative Strength RatingsWhy Should You Use IBD's Relative Strength Rating? How Relative Strength Line Can Help You Judge A StockFind Top Stocks Near A Buy Point With IBD Leaderboard
Stock Upgrades: Deere & Company Shows Rising Relative Strength
As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength. The score shows how a stock's price performance over the last 52 weeks stacks up against all the other stocks in our database. YOU MIGHT ALSO LIKE:Which Stocks Are Showing Rising Relative Strength? Why Should You Use IBD's Relative Strength Rating? How Relative Strength Line Can Help You Judge A StockSee How To Reduce Risk, Increase Profits With Swing Trading
Ironwood Pharma Shows Improved Relative Price Performance; Still Shy Of Benchmark
Ironwood Pharma (IRWD) had its Relative Strength (RS) Rating upgraded from 68 to 73 Tuesday -- a welcome improvement, but still shy of the 80 or better score you prefer to see. X When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. The score shows how a stock's price performance over the last 52 weeks stacks up against all the other stocks in our database. Why Should You Use IBD's Relative Strength Rating? How Relative Strength Line Can Help You Judge A StockSee How To Reduce Risk, Increase Profits With Swing Trading
Stock Upgrades: Nustar Energy Shows Rising Relative Strength
On Tuesday, Nustar Energy (NS) earned a positive adjustment to its Relative Strength (RS) Rating, from 70 to 77. X As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength. See if Nustar Energy can continue to show renewed price strength and clear that threshold. YOU MIGHT ALSO LIKE:IBD Stock Rating Upgrades: Rising Relative StrengthWhy Should You Use IBD's Relative Strength Rating? How Relative Strength Line Can Help You Judge A StockIdentify Bases And Buy Points With Pattern Recognition From MarketSmith
Canadian Pacific Ry Sees IBD RS Rating Climb To 71
Canadian Pacific Ry (CP) had its Relative Strength (RS) Rating upgraded from 68 to 71 Tuesday -- a welcome improvement, but still below the 80 or better score you look for. See if Canadian Pacific Ry can continue to rebound and hit that benchmark. Canadian Pacific Ry reported negative growth for both sales and earnings last quarter. YOU MIGHT ALSO LIKE:IBD Stock Rating Upgrades: Rising Relative StrengthWhy Should You Use IBD's Relative Strength Rating? How Relative Strength Line Can Help You Judge A StockSee How To Reduce Risk, Increase Profits With Swing Trading
C N H Industrial Nv Clears Technical Benchmark, Hitting 80-Plus RS Rating
C N H Industrial Nv (CNHI) is one stock that just reached the mark, now earning a score of 84. See How IBD Helps You Make More Money In StocksC N H Industrial Nv is working on a consolidation with a 17.23 entry. C N H Industrial Nv saw both earnings and sales growth rise last quarter. C N H Industrial Nv earns the No. YOU MIGHT ALSO LIKE:Stocks With Rising Relative Strength RatingsWhy Should You Use IBD's Relative Strength Rating?
IBD Rating Upgrades: DXC Technology Shows Improved Price Strength
The Relative Strength (RS) Rating for DXC Technology (DXC) moved into a new percentile Tuesday, as it got a lift from 70 to 77. When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. The grade shows how a stock's price performance over the last 52 weeks stacks up against all the other stocks in our database. YOU MIGHT ALSO LIKE:IBD Stock Rating Upgrades: Rising Relative StrengthWhy Should You Use IBD's Relative Strength Rating? How Relative Strength Line Can Help You Judge A StockEvaluate Any Stock With Stock Ratings, IBD Charts And Stock Checkup
Insperity Shows Rising Price Performance With Jump To 82 RS Rating
On Tuesday, Insperity (NSP) hit a noteworthy performance benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 82, up from 78 the day before. When looking for the best stocks to buy and watch, keep a close on eye on relative price strength. The grade shows how a stock's price performance over the last 52 weeks holds up against all the other stocks in our database. History shows that the market's biggest winners typically have an RS Rating north of 80 as they launch their biggest runs. YOU MIGHT ALSO LIKE:IBD Stock Rating Upgrades: Rising Relative StrengthWhy Should You Use IBD's Relative Strength Rating?
Core & Main Inc Cl A Clears Technical Benchmark, Hitting 80-Plus RS Rating
On Tuesday, Core & Main Inc Cl A (CNM) earned a positive adjustment to its Relative Strength (RS) Rating, from 78 to 84. X When you're researching the best stocks to buy and watch, keep a close on eye on relative price strength. The rating shows how a stock's price movement over the trailing 52 weeks compares to all the other stocks in our database. Why Should You Use IBD's Relative Strength Rating? How Relative Strength Line Can Help You Judge A StockSee How To Reduce Risk, Increase Profits With Swing Trading
Dow falls 400 points as U.S. stocks fall Tuesday morning after Memorial Day weekend
U.S. stocks were down soon after the opening bell Tuesday morning, with the Dow Jones Industrial Average leading the decline after Memorial Day weekend. The Dow Jones Industrial Average was down 408 points, or 1.2%, at around 32,805 DJIA, -0.53% , while the S&P 500 SPX, -0.53% fell around 1% and Nasdaq Composite COMP, -0.40% dipped about 0.8%, according to FactSet data, at last check. Christopher Waller said in a May 30 speech in Frankfurt, Germany that he supports 50-basis-point rate hikes for "several meetings." Waller said, "I am not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2 percent target." The yield on the 10-year Treasury note TMUBMUSD10Y, 2.860% jumped Tuesday morning, rising 11 basis points to around 2.85%, FactSet data show, at last check.
U.S. Consumer Confidence Dips in May
The Conference Board's consumer confidence index fell to 106.4 in May from a revised 108.6 in April, data from the private-research group showed Tuesday. Consumer confidence stands well below prepandemic levels. A strong labor market is helping to support near-term expectations for consumption and keeps confidence from dipping further, economists say. However, a moderation in employment growth in the coming months could further weigh in consumer confidence. "Looking ahead, expect surging prices and additional interest rate hikes to pose continued downside risks to consumer spending this year," she said.
Brazil's Marfrig Shares Rise 4.6% After Main Shareholders Boost Stake
By Jeffrey T. LewisSÃO PAULO--Shares of Brazil's Marfrig Global Foods SA rose 4.6% after the meatpacking company said its main shareholders boosted their stake. The share price rose to 15.49 reais, the equivalent of $3.28, and were down about 33% from the end of 2021 through Monday's close. The benchmark Ibovespa stocks index was up 0.3% at about the same time.
Evli and EAB Group Agree to Merge
By Dominic ChoppingFinnish asset managers Evli Oyj and EAB Group Oyj said Tuesday that they have signed an agreement to merge, having last month announced their intention to explore a possible combination. The deal will see EAB merged into Evli, with EAB shareholders receiving 0.172725 newly issued series B shares in Evli for each EAB shares they own, plus 3 million euros ($3.2 million) in cash distributed equally between the outstanding shares of EAB. The combined entity will continue as Evli Oyj, with Evli Chief Executive Maunu Lehtimaki and the Evli board all holding their positions within the combined company. Evli shareholders would own around 91% of the shares and 99% of the votes in the combined company with EAB shareholders owning the rest. Evli shareholders holding shares representing 85% of the A shares in Evli and 82% of the votes as well as shareholders representing 65% of the shares and votes in EAB have undertaken to vote in favor of the merger.
Frontline Shares Drop 14% After Buying 6 Million Euronav Shares
By Chris WackFrontline Ltd. shares were down 14% to $9.88 Tuesday after the company said it is buying 6 million shares in Euronav N.V., representing almost 3% of the outstanding shares in a privately negotiated share exchange transactions with certain shareholders of Euronav N.V. The shareholders of Euronav N.V. will receive a consideration in shares of Frontline, the company said.
Botswana Economy to Grow in 2022 on Higher Prices, Demand for Diamonds, IMF Says
By George MwangiSpecial to Dow Jones NewswiresBotswana's economy is forecast to grow by 4.3% this year, largely on higher prices and demand for diamonds, the International Monetary Fund said Tuesday. "Growth will depend heavily on the path of commodity prices," IMF mission chief to Botswana Papa N'Diaye said in a statement. "An abrupt slowdown in China or a protracted war in Ukraine could weaken global demand, thus lowering demand for diamonds," he said. However, prolonged sanctions against Russia, the world's largest rough diamond producer according to the IMF, could increase demand and prices of Botswana's diamonds, Mr. N'Diaye said. "Faster tightening of monetary policy in key advanced economies could trigger volatility in global markets, prompt capital outflows, and reduce demand for diamonds," Mr. N'Diaye said.
Katoro, Power Metal Say First Drilling at Haneti Didn't Return Significant Intersections
By Jaime Llinares TaboadaKatoro Gold PLC and Power Metal Resources PLC said Tuesday that its inaugural diamond drilling program on the Haneti nickel-copper-cobalt-platinum group project in Tanzania didn't return economically significant intersections. Katoro said however that the program confirmed presence of nickel and will allow the companies to re-engage with potential project partners.
Johnson & Johnson, Merck share losses contribute to Dow's 200-point fall
Shares of Johnson & Johnson and Merck are trading lower Tuesday morning, dragging the Dow Jones Industrial Average into negative territory. Shares of Johnson & Johnson JNJ, -2.09% and Merck MRK, -1.52% have contributed to the blue-chip gauge's intraday decline, as the Dow DJIA, -0.56% was most recently trading 201 points lower (-0.6%). Johnson & Johnson's shares have fallen $3.99, or 2.2%, while those of Merck have declined $1.56 (1.7%), combining for a roughly 37-point drag on the Dow. Other components contributing significantly to the decline include Coca-Cola KO, -1.48% , Home Depot HD, -1.71% , and 3M MMM, -1.53% . Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
Big Lots chief merchandising officer terminated without cause in wake of disappointing quarterly results
Shares of Big Lots Inc. BIG, -7.39% dove 7.1% toward a 2-year low in morning trading Tuesday, after the discount home essentials retailer disclosed Chief Merchandising Officer Jack Pestello had been terminated without cause. The disclosure comes after the stock tumbled 12.1% on Friday, after the retailer reported a surprise first-quarter loss and big sales miss and provided a downbeat gross margin outlook, as sales trends "materially slowed" in April. On Tuesday, the company said in an 8-K filing with the Securities and Exchange Commission that Pestello's "separation" was effective immediately, and that two senior vice presidents, Kevin Kuehl and Derek Panfil, were named interim co-chief merchandising officers. The company said Pestello's separation would be treated as a "termination without cause" for purposes of the company's severance plan, which in 2021 would have entitled Pestello to a total payout of $2.09 million. Big Lots' stock has plunged 44.4% year to date, while the S&P 500 SPX, -0.57% has dropped 13.5%.
Kirkland's Shares Slump After 1Q Loss, Sales Drop
By Kathryn HardisonKirkland's Inc. shares fell 14% to $5.83 Tuesday after the home-decor retailer reported a first-quarter loss as inflation weighed heavily on consumer demand. The Brentwood, Tennessee-based company said it recorded a loss of 63 cents a share for the 13 weeks to April 13, against earnings of 11 cents a year earlier, while sales fell to $103.3 million from $123.6 million. Comparable sales were down almost 16%.
Blink Charging to Add 600 EV Charging Sites in U.K., Ireland
By Chris WackBlink Charging Co. said its EB Charging wholly owned company entered into an agreement with Q-Park, a parking infrastructure owner and operator in Europe, to deploy nearly 600 charging points across 80 sites in the U.K. and Ireland. The company said the agreement, totaling more than $3.7 million, will initiate EB Charging's rollout of more than 600 charging points across Q-Park's portfolio of parking facilities in the U.K. and Ireland. Installations are due to begin in July, and will include the modernization of the existing charging infrastructure with EB Charging's state-of-the-art hardware. EB Charging will also be responsible for the installation of the EV charging hardware and for the management of the charging provision, including a 24/7 customer support service to Q-Park EV customers. In April, Blink acquired EB Charging, adding more than 1,150 chargers, installed or committed for delivery, to Blink's footprint.
NIO Stock Is on the Rise. 3 Reasons for Today’s Move.
NIO stock is rallying to start the week—and there’s not just one reason but three. NIO (ticker: NIO) stock was up more than 4% in early trading Tuesday, while futures on the S&P 500 and Dow Jones Industrial Average had both fallen about 0.4%. Reason#1: Digitimes reported Tuesday that NIO has been recruiting in the U.S. That could lead to production and sales in America. This doesn’t seem to be the most the most significant move driving Nio stock. NIO delivered almost 26,000 vehicles in the first quarter of 2022, up from about 25,000 in the fourth quarter of 2021.
Netflix Has a Big Problem. Here’s the Math That Might Fix It.
Netflix shares are off 70% this year, due in large part to the streaming-video company’s disastrous first-quarter earnings. Among other things, Netflix lost 200,000 net subscribers in the March quarter—and projected losing two million more in the current one. In a Tuesday note, Citigroup analyst Jason Bazinet laid out how an ad model could drive free-cash-flow growth and revive investor interest in Netflix. Cash flow would rise by $800 million to $3.1 billion a year. So, Netflix’s annual global cash flow could climb by $1.7 billion to $6.7 billion.
Apple Stock Has Had a Dreadful May. The Stock Market Has Held Up.
A person wears a mask while they pass the logo board of the new Apple store in Wuhan, China. Getty ImagesAs Apple stock goes, so goes the stock market—or so we thought. But that wasn’t the case in May, as the S&P 500 looks set to finish the month roughly flat, but Apple is down around 5%. Apple (ticker: AAPL ) comprises nearly 7% of the S&P 500, making it the index’s largest holding and giving the stock an outsize effect on the S&P 500’s final performance.
Dow falls 400 points as U.S. stocks fall Tuesday morning after Memorial Day weekend
U.S. stocks were down soon after the opening bell Tuesday morning, with the Dow Jones Industrial Average leading the decline after Memorial Day weekend. The Dow Jones Industrial Average was down 408 points, or 1.2%, at around 32,805 DJIA, -0.56% , while the S&P 500 SPX, -0.54% fell around 1% and Nasdaq Composite COMP, -0.41% dipped about 0.8%, according to FactSet data, at last check. Christopher Waller said in a May 30 speech in Frankfurt, Germany that he supports 50-basis-point rate hikes for "several meetings." Waller said, "I am not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2 percent target." The yield on the 10-year Treasury note TMUBMUSD10Y, 2.860% jumped Tuesday morning, rising 11 basis points to around 2.85%, FactSet data show, at last check.
Should You Buy or Sell Rivian Stock? What One Analyst Says To Do Now.
Wall Street is sticking with its Buy call for Rivian stock. Mizuho analyst Vijay Rakesh says that current prices were a “good entry point” for Rivian (ticker: RIVN) stock. Rakesh’s price target for Rivian stock is $80 a share, up almost 140% from Friday’s close of $30.96. The average analyst price target is about $942 a share, up about 24% from recent levels. Rivian stock is up about 1.7% in early trading.
Consumer confidence dips on worries over inflation and slowing economy
The numbers: A survey of consumer confidence fell slightly in May to a three-month low of 106.4, reflecting worries about high inflation and a slowdown in the economy. Big picture: The U.S. economy is still growing, but government spending has tapered off and high inflation is forcing the Federal Reserve to jack up interest rates. On the flip side, the strongest labor in decades and rising wages have offset some of the damage from high inflation and allowed consumers to keep spending. Consumer spending is the main driver of the U.S. economy. Consumers don’t “foresee the economy picking up steam in the months ahead,” said Lynn Franco, senior director of economic indicators at the board.
Chicago PMI jumps in May, beating expectations
The Chicago Business Barometer, also known as the Chicago PMI, rose to 60.3 in May from 56.4 in the prior month. Economists polled by the Wall Street Journal forecast a 55.9 reading. The index is produced by the ISM-Chicago with MNI. It is released to subscribers three minutes before its release to the public at 9:45 am Eastern.
Johnson & Johnson, Merck share losses contribute to Dow's 200-point fall
Shares of Johnson & Johnson and Merck are trading lower Tuesday morning, dragging the Dow Jones Industrial Average into negative territory. Shares of Johnson & Johnson JNJ, -2.15% and Merck MRK, -1.56% have contributed to the blue-chip gauge's intraday decline, as the Dow DJIA, -0.58% was most recently trading 201 points lower (-0.6%). Johnson & Johnson's shares have fallen $3.99, or 2.2%, while those of Merck have declined $1.56 (1.7%), combining for a roughly 37-point drag on the Dow. Other components contributing significantly to the decline include Coca-Cola KO, -1.55% , Home Depot HD, -1.67% , and 3M MMM, -1.55% . Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
Big Lots chief merchandising officer terminated without cause in wake of disappointing quarterly results
Shares of Big Lots Inc. BIG, -7.39% dove 7.1% toward a 2-year low in morning trading Tuesday, after the discount home essentials retailer disclosed Chief Merchandising Officer Jack Pestello had been terminated without cause. The disclosure comes after the stock tumbled 12.1% on Friday, after the retailer reported a surprise first-quarter loss and big sales miss and provided a downbeat gross margin outlook, as sales trends "materially slowed" in April. On Tuesday, the company said in an 8-K filing with the Securities and Exchange Commission that Pestello's "separation" was effective immediately, and that two senior vice presidents, Kevin Kuehl and Derek Panfil, were named interim co-chief merchandising officers. The company said Pestello's separation would be treated as a "termination without cause" for purposes of the company's severance plan, which in 2021 would have entitled Pestello to a total payout of $2.09 million. Big Lots' stock has plunged 44.4% year to date, while the S&P 500 SPX, -0.56% has dropped 13.5%.
Shanghai Rolls Out New Stimulus. It Sounds Better Than It Is, Analysts Say.
Shanghai is rolling out a raft of stimulus measures as its Omicron wave and draconian lockdown come to an end. And while many welcome the inclusion of initiatives to boost consumption and assist foreign firms—alongside the usual supply-side efforts—analysts remain skeptical. “There seems to be a fair amount of investor excitement around the new Shanghai measures, if for no other reason than the government is finally addressing the severe falloff in growth with substantive action rather than just pledges,” he told Barron’s. Competitor JD.com (JD) followed with its own sales bonanza, and there are now sales events for Valentine’s Day, Women’s Day, Mother’s Day, Children’s Day, Christmas, I Love You Day, Fever Shopping Festival, Men’s Festival, and numerous more. The bulk of the document resorted to China’s stimulus method-of-choice—supply-side measures such as infrastructure investment and tax cuts for businesses.
Unilever adds P&G activist investor Nelson Peltz as board member
Yahoo Finance Live anchors discuss consumer product giant Unilever adding activist investor Nelson Peltz to its board. Shares of consumer product giant Unilever are up about 6% in the pre-markets, as it announced the addition of hedge fund Tryon Fund Management founder Nelson Peltz as a board member. And Brad, really no surprise here, if you look at Unilever stock price over the past five years, down 22%. Now, I went back, and I looked at what Peltz did at Procter and Gamble because I covered his campaign very extensively. And I think he's going to dust off that playbook here at Unilever.
Stocks open lower after snapping losing streak, lumber futures fall
Yahoo Finance's Jared Blikre discusses how stocks opened on Tuesday and how commodity futures are trading. JARED BLIKRE: Yes, we're a day later to the market here, a little bit of a down draft. You can see we had a little bit of lift off last week, and we're giving back some of those gains. Mortgage rates are finally coming back down a little bit. Jared Blikre, we'll talk to you later.
American Eagle stock declines on Morgan Stanley downgrade
Yahoo Finance Live anchors discuss the decline in stock for American Eagle after Morgan Stanley downgrades its shares. Shares of American Eagle are in focus this morning after Morgan Stanley downgraded its rating on the apparel company from equal weight to underweight and lowered its price target to $8. That $8 price target here is suggesting 40% downside into American Eagle Outfitters. A fundamentally challenged company, you still have to think that GAP is in a worse place than American Eagle Outfitters. Unfortunately, also, a ripple effect going into American Eagle Outfitters, as well.
US STOCKS-Wall St falls on inflation fears; Powell-Biden talks in focus
Ten of the 11 major S&P 500 sectors declined in morning trade. "In the U.S., it's a peak technically, but it's much more about the composition of inflation in the next few months." U.S.-listed shares of Yamana Gold Inc climbed 8.2% after South African miner Gold Fields Ltd agreed to buy the Canadian miner in a $6.7 billion all-share deal. Dexcom Inc jumped 7% to the top of S&P 500 index after the glucose monitoring systems maker denied report of merger talks with insulin pump maker Insulet Corp. The S&P index recorded four new 52-week highs and 29 new lows, while the Nasdaq posted 32 new highs and 30 new lows.
The Daily Money: How inflation can hurt homeowners with taxes, insurance
Subscribe to The Daily Money to get the best consumer and financial news from USA TODAY delivered to your inbox every weekday morning. Happy Monday, Daily Money readers. How inflation can hurt homeowners with taxes, insuranceHome prices historically tend to increase when the Consumer Price Index is pushing higher, as is the case now. LISTEN WHILE YOU WORK: You can hear just about every song quoted in the newsletter on the Daily Money Mood Music playlist on Spotify. This article originally appeared on USA TODAY: The Daily Money: What homeowners need to understand about inflation
Barbara Corcoran's advice to first-time homebuyers: 'Get in the game'
As mortgage rates continue to rise as the Federal Reserve raises interest rates, what should aspiring first-time homebuyers do? "I think you have to get in the game," Barbara Corcoran told Yahoo Finance (video above). The real estate mogul and "Shark Tank" investor added that buyers "really can't sharpshoot a real estate market. (Photo by Ting Shen/Xinhua via Getty Images)As for the state of the housing market overall, Corcoran acknowledged that it's red hot. It costs you more to buy a house, but it's going to keep things a little bit more normal."
Growth stocks like Tesla ‘will rebound’ as inflation eases: Strategist
Motley FoolWhen CEOs offer insights into their industries, it behooves investors to listen. During Sundial Growers' (NASDAQ: SNDL) May 16 earnings call, CEO Zach George quipped that "[Sundial is] in an enviable position as we witness a reckoning taking hold in the Canadian cannabis market," and that "continued aggressive cash consumption by our peers, reduced access to capital, and waning investor risk appetite is likely to accelerate sector rationalization as the industry slowly moves toward the formation of an oligopoly." Bold predictions like those are actionable for investors, and there's more than one reason to believe that change is actually afoot in the cannabis industry.
Biden lays out plan to fight inflation in WSJ op-ed
ReutersASIC (application-specific integrated circuit) chips will drive $2 billion to $2.5 billion in revenue for Broadcom this year, helped by its deals with Meta and partnerships with Alphabet and Microsoft, the analysts said. "We believe these wins are primarily at 5 nanometre and 3 nanometre and will be used to power Meta's metaverse hardware architecture that it will deploy over the next few years," analyst Harlan Sur said. Meta is investing heavily in the metaverse - a virtual space where people interact, work and play - by adding new features to hardware devices that serve as access points to the virtual world.
Biden vows Fed independence ahead of meeting with Powell over inflation battle
President Biden stressed the importance of maintaining the independence of the Federal Reserve ahead of a rare Oval Office meeting with Chairman Jerome Powell amid an inflation crisis that has frustrated Americans. The two will focus on the state of the U.S. economy, particularly soaring consumer prices, when they meet at the White House on Tuesday. Powell has pledged to keep ratcheting up the benchmark interest rate until inflation is "coming down in a clear and convincing way." Biden vowed to refrain from interfering with the U.S. central bank and its war on inflation, despite growing fears on Wall Street that Fed officials may inadvertently trigger a recession with aggressive tightening. My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation," Biden wrote, referring to former President Donald Trump, who frequently attacked the Fed and Powell.
Still time to save: Today's mortgage rates hold steady across all terms | May 31, 2022
Based on data compiled by Credible, mortgage refinance rates have fallen for longer terms and risen for shorter terms since last Friday. Today’s mortgage rates for home purchasesBased on data compiled by Credible, mortgage rates for home purchases have remained unchanged since last Friday. How mortgage rates have changed over timeToday’s mortgage interest rates are well below the highest annual average rate recorded by Freddie Mac — 16.63% in 1981. The historic drop in interest rates means homeowners who have mortgages from 2019 and older could potentially realize significant interest savings by refinancing with one of today’s lower interest rates. How Credible mortgage rates are calculatedChanging economic conditions, central bank policy decisions, investor sentiment, and other factors influence the movement of mortgage rates.
Inflation has not peaked, oil prices will continue to rise: Energy expert
Oil Associates President Andy Lipow argued that inflation has not yet peaked and that higher oil prices are expected following the European Union’s decision to ban the overwhelming majority of Russian imports. Ticker Security Last Change Change % USO UNITED STATES OIL FUND L.P. 85.46 +0.87 +1.03% BNO UNITED STS BRENT OIL FD LP UNIT 33.77 +0.45 +1.35%The higher oil prices come after EU leaders agreed the day before to cut around 90% of all Russian oil imports over the next six months. "What this means is higher oil prices are ahead because this impacts about 2.3 million barrels a day of crude oil and another 1.2 million barrels a day of refined products," Lipow told host Maria Bartiromo. RECORD GAS PRICES FOR THIS LONG ‘UNPRECEDENTED’: AAA"And as the world scrambles for alternative supplies, it means that oil prices have to go up in order to create additional demand destruction to get us back in balance." Lipow forecasted that "we could start approaching $5 a gallon if crude oil prices continue to rise."
Biden’s policies send ‘bad signals’ to investors, markets, says Sen. Kevin Cramer
During an interview on "Mornings with Maria," Tuesday, Sen. Kevin Cramer, R-N.D., slammed President Biden's policies for sending "bad signals" to investors and the marketplace. He also said in his Op-ed that he inherited a very bad economy, that it was very static. But the reality is, he inherited a robust economy, built on a strong foundation, built on lower regulations, lower taxes. He increased regulations… stopped oil development largely in the United States of America, or at least stopped it where it was. And worse than all of that, Maria, I think all of these things, plus many more, send bad signals to investors and to the marketplace.
Eastman Chemical Holds Key Support Area
In this daily bar chart of EMN, below, we can see that prices tested and held the $100 area in September. EMN has recently rallied above the 50-day moving average line and is just a few dollars below the 200-day moving average line. The Moving Average Convergence Divergence (MACD) oscillator has turned upwards and is only slightly below the zero line. In this daily Point and Figure chart of EMN, below, we can see a potential upside price target in the $125 area. In this weekly Point and Figure chart of EMN, below, we can see a possible downside price target in the $85 area.
Was Friday a Game Changer or Just a Timeout for the Bears?
Trend lines improved as well with the S&P 500 (see above) and DJIA turning near-term positive from neutral as the rest shifted from negative to neutral. The percentage of S&P 500 issues trading above their 50-day moving averages (contrarian indicator) rose to 44% and is now neutral. The detrended Rydex Ratio is -2.83 (very bullish)Last week's AAII Bear/Bull Ratio (contrarian indicator) remained very bullish 1.97, dropping from 2.39. S&P 500 Valuation and Treasury YieldsThe forward 12-month consensus earnings estimate from Bloomberg for the S&P 500 has slipped to $235.56 per share. Near-Term OutlookFriday may well have been a game changer regarding relief from the past several days of market weakness.
The Secret to Success in Trading Markets
Actually, the key to success is not really a secret at all, it is simply about a mindset and how you approach trading. For a time, yes it does - but it's not how you make money trading. When the crowd is leaning to one view or opinion it is often far to late to make money trading from that side. It is no different for trading in markets. Most traders won't wait, and that is how they will get hurt.
No Cause for a Pause
There's no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert. READ ARTICLE NOW Already a subscriber? Please Login
Top 5 Most Anticipated Earnings This Week: CRM, GME, CHWY, CRWD, And LULU
Figure 1: Top 5 Most Anticipated Earnings This Week: CRM, GME, CHWY, CRWD, And LULU Earnings Whispers(Read more from Wall Street Memes: GameStop Stock: Is This A Perfect Setup For A Short Squeeze?) GameStop $GME – 06/01 (Post-Market)Consensus EPS Estimates: $-1.22Consensus Revenue Estimates: $1.32BWall Street expects GameStop (GME) - Get GameStop Corp. Class A Report to report a steep loss as part of an overall unimpressive quarter. Chewy $CHWY – 06/01 (Post-Market)Consensus EPS Estimates: $-0.13Consensus Revenue Estimates: $2.41BYet another Ryan Cohen company (Cohen cofounded Chewy) will be reporting next week. But investors aren’t too optimistic about Chewy's (CHWY) - Get Chewy, Inc. Class A Report report either. Crowdstrike $CRWD – 02/06 (Post-Market)Consensus EPS Estimates: $0.23Consensus Revenue Estimates: $464.26 MCrowdstrike's (CRWD) - Get CrowdStrike Holdings, Inc. Class A Report Q1 earnings-per-share consensus of $0.23 implies an impressive 132% YoY growth.
Alibaba Stock: Experts Are Thrilled After BABA’s Earnings
Chinese e-commerce giant Alibaba (BABA) - Get Alibaba Group Holding Ltd. Report recently reported solid Q4 earnings results. Here is what some of Wall Street's experts thought of Alibaba's performance during Q4 earnings. Figure 1: Alibaba Stock: Experts Are Thrilled After BABA’s Earnings Alibaba(Read more from Wall Street Memes: GameStop Stock: Is This A Perfect Setup For A Short Squeeze?) After the company’s "solid" fiscal Q4 earnings, she did trim her price target on BABA by $1, from $177 to $176. However, that price target still represents an attractive 86%+ upside, based on BABA’s market price at the time of this article’s writing ($94.48).
3 Reasons Why Amazon Stock’s Selloff Is Far From Over
Amazon stock has lost almost all its pandemic gains, with shares now sitting close to their 2019 levels. Here, we’ll list the top 3 reasons why Amazon investors should expect choppy seas ahead in the short and mid-terms. Figure 1: 3 Reasons Why Amazon Stock’s Selloff Is Far From Over Unsplash(Read more from Amazon Maven: Amazon Stock In Free Fall: An Opportunity To Double Your Gains?) In a higher interest rate environment, growth stocks like Amazon begin to look far less attractive. (Read more from Amazon Maven: 2 Reasons to Buy Amazon Stock on the Dip)Tough Comps for 2022Last, but certainly not least, it’s important to remember that Amazon might have some trouble trying to beat its 2020 and 2021 results.
How Ford’s electric pickup can power your house for 10 days
Rather it’s the technology that taps the Lightning’s battery pack to power your home or the electric grid itself during increasingly frequent climate-driven blackouts. On this day, Ford had not yet handed over electric trucks to the grape growers — it has a backlog of some 200,000 orders. While electric vehicles are often referred to as batteries on wheels, the Lightning might be better described as a mobile power strip. Ford says the Lightning can fully power an average home for roughly three days. “And some people are just truly, really interested in this product as a backup generator.”She declined to say whether future Ford electric vehicles will feature bi-directional capability.
Philadelphia-area housing market is hot right now
In hot neighborhoods around Philadelphia and nationally, single-family houses are selling quickly — often with multiple bids driving up the price. “If the house is even relatively decent, it’ll sell in two days,” said Andrew Black, a Redfin agent in Philadelphia. “It’s definitely a seller’s market,” said Holly Garber, a BHHS Fox & Roach agent in South Jersey. “If you’ve got the space, if it’s the neighborhood people want, you’re going to have bidding wars, multiple offers. In today’s market, buyers need to know sales prices from six days ago, not six months or a year ago.
Rents expected to grow faster than home prices in 2022
But the cost of housing continues to rise for everyone, and economists expect rents across the country and in the Philadelphia region to grow faster than home prices in 2022. Nationally, November marked the fifth straight month of double-digit rent growth compared with last year, when rents grew more slowly than normal because of the pandemic, according to Realtor.com. Of the country’s 50 largest metropolitan areas, 47 had double-digit rent growth in November. National rent growth reached double digits — 11.5% — for the first time in August, when it began to outpace home price growth, according to Realtor.com. Economists at Realtor.com and Redfin predict that across the country, rents will grow about 7% in 2022, higher than the predicted 3% growth in median home listing prices.
Bidding to rent a home? It’s an unexpected tactic in a competitive market.
In the recent competitive market, home buyers have often found themselves in bidding wars for limited supply. Israel has seen rental bidding wars at small-scale properties since the pandemic started, she said. Although rental bidding doesn’t appear to be a widespread issue, in the last year, about a dozen of Israel’s clients have been asked to bid for rentals. ‘The rental market is very scary’High home sales prices are keeping some renters from becoming homeowners. Offering to pay more rentJune 2020 was the first time Israel of eXp Realty experienced a rental bidding war.
Readers respond: Ask Fred Meyer to ‘make it right’
Stewart Harvey’s letter resonated with me and I’m sure many others (“Digital-only coupons discriminate,” May 24). I’ve also passed up on purchases or discounts because of an inability to copy the code. But I found an alternative, thanks to a helpful Fred Meyer employee. I had just requested help from a man stocking shelves, who tried unsuccessfully to show me how to use the camera on my phone to copy the QR code on a digital deal. It’s so much easier, and each time, Fred Meyer staff have “made it right” by me.
‘We are capping the number of handguns in this country’: Canada handgun freeze would make buying, selling the weapons illegal
Canadian Prime Minister Justin Trudeau’s government introduced legislation Monday that would put a freeze on importing, buying or selling handguns. “We are capping the number of handguns in this country,” Trudeau said.
US consumer confidence slips in May
— U.S. consumer confidence edged lower for the second consecutive month as Americans' view of their present and future prospects dimmed in the midst of persistent inflation. The expectations index, based on consumers’ six-month outlook for income, business and labor market conditions, also declined in May, to 77.5 from 79 in April. The Labor Department reported earlier in May that consumer prices jumped 8.3% last month from a year ago. Rising costs remain the top concern for consumers, as their inflation expectations were mostly unchanged from April’s elevated levels. “Looking ahead, expect surging prices and additional interest rate hikes to pose continued downside risks to consumer spending this year," said Lynn Franco, the Conference Board’s senior director of economic indicators.
Stocks fall on Wall Street, heading for another losing month
Stan ChoeAssociated PressNew York — U.S. stocks are falling Tuesday as Wall Street nears the end of a tumultuous month, bruised by worries about a possible recession, inflation and rising interest rates. Highlighting the worries about inflation, oil prices jumped above $119 toward their highest levels since the early days of Russia’s war in Ukraine. The nearly 60% jumps for oil prices so far this year have been a big contributor to the very high inflation around the world. For the first time since the dot-com bubble was deflating two decades ago, the S&P 500 tumbled to seven straight losing weeks through mid-May. They all combined to bring Wall Street to the brink of what’s called a bear market, where the S&P 500 was on the verge of closing more than 20% below its record.
Biden to meet Fed chair as inflation bites pocketbooks
Zeke MillerAssociated PressWashington — President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks and the president's public approval. It also represents something of a reversal by Biden as inflation has evolved as a threat. Their shared goal is to move the U.S. from its robust rebound and high inflation to low inflation and steady growth. Ahead of the meeting Biden pledged not to interfere in the Fed's decision-making, but suggested that he and Powell are aligned on addressing inflation. "My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation,” Biden wrote.
EU leaders agree to Russian oil ban after compromise with Hungary
EU says deal will effectively cut 90% of oil imports by year-end cutting off key source of Moscow’s funding for the war.
Biden to meet Fed chair as inflation bites US pocketbooks
Updated 3 timesWASHINGTON — President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks and the president’s public approval. Tuesday’s meeting is the first since Biden renominated Powell to lead the central bank and comes weeks after his confirmation for a second term by the Senate. It also represents something of a reversal by Biden as inflation has evolved as a threat. Their shared goal is to move the U.S. from its robust rebound and high inflation to low inflation and steady growth. “My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation,” Biden wrote.
Can I talk to a human? Spain presents customer service bill
Spain’s government wants to end those nerve-shattering, one-sided conversations with a computerized answering service by making it obligatory for companies to offer a real, flesh-and-blood customer service worker when so requested by a caller. That is one among a battery of measures included in a customer service bill presented by Spain’s left-wing coalition government on Tuesday. The bill will need the approval of Spain’s Parliament before it can become law. Providers of basic services, such as utilities, phone and Internet, will have to offer customer service 24 hours a day, 365 days a year. All other companies will have to be provide customer service during working hours.
AP News Summary at 9:34 a.m. EDT
In big bid to punish Moscow, EU bans most Russia oil importsBRUSSELS (AP) — In the most significant effort yet to punish Russia for its war in Ukraine, the European Union agreed to ban the overwhelming majority of Russian oil imports. EU leaders agreed to cut around 90% of all Russian oil imports over the next six months. Uvalde grieves, says goodbyes at visitations, funeralsUVALDE, Texas (AP) — It should have been the first day of a joyous week for Robb Elementary School students — the start of summer break. Hurricane Agatha sets May record, then weakens over MexicoPUERTO ESCONDIDO, Mexico (AP) — Hurricane Agatha has made history as the strongest hurricane ever recorded to come ashore in May during the eastern Pacific hurricane season. Oil traded near $120 per barrel following the agreement by EU leaders to embargo most Russian oil imports into the bloc as part of new sanctions against Moscow.
Japan court: Nuclear plant's tsunami safeguards inadequate
The Sapporo District Court ruled that Hokkaido Electric Power Co. must not operate any of the three reactors at its coastal Tomari nuclear power plant in northern Japan because the inadequate tsunami protection could endanger people's lives. Many of Japan's nuclear power plants have been shut down since the disaster for safety checks and upgrades. The reactors at the Tomari plant have not operated since 2012. About 1,200 people from the area of the Tomari plant and elsewhere filed a lawsuit in late 2012 demanding that it be decommissioned because of inadequate earthquake and tsunami protections. The court also ruled that Hokkaido Electric had failed to adequately explain how it can ensure the safety of spent nuclear fuel inside the reactors.
More homes coming on the market for sale, report finds
Placeholder while article actions loadSome good news for home buyers: More houses are coming on the market, according to a recent report from Realtor.com. Homes spent fewer than six days on the market during the week ending May 14, compared with a year ago. Buyers in many markets face competition from institutional investors who buy homes for single-family home rentals or to improve and sell. The study found that on average, 42 percent of single-family properties purchased by institutional buyers were converted to single-family rentals. For the full report on institutional buyers from NAR, visit cdn.nar.realtor/sites/default/files/documents/2022-impact-of-institutional-buyers-on-home-sales-and-single-family-rentals-05-12-2022.pdf.
BrewDog spends £9m on trying to fix culture problem
BrewDog has forked out £9m on trying to fix its culture problem and ease pressures on staff after facing claims that workers were "burnt out, afraid and miserable." It said it had spent £9m during the year on people, including on an "extensive culture review" and improving salary and benefits for staff. BrewDog said its plans are aimed at accelerating growth, but designed "to relieve resource constraints in certain parts of the business". Mr Watt told the Telegraph there was a mismatch in expectations of what workers were looking for and its culture. BrewDog said its bar division had since returned to profitability, after Covid restrictions were lifted earlier this year.
Bank of England to take over collapsed stablecoin cryptocurrencies
The Bank of England will take over collapsed “stablecoin” companies to prevent a cryptocurrency crash hitting financial stability, under Treasury plans. Stablecoin issuers would be placed into special administration by the Bank to protect consumers if they fail, a Government consultation said on Tuesday. The proposals would mean companies offering stablecoins, cryptocurrencies designed to hold their value, would fall under similar rules as banks and other systemic institutions. The consultation proposed that the Bank would have the power to direct administrators for systemic “digital settlement asset” firms under the Financial Market Infrastructure Special Administration Regime. Under the proposals for stablecoins, the Bank would have to consult with the FCA when appointing administrators.
Deutsche Bank raided in $1tn greenwashing inquiry
Deutsche Bank has been raided for the second time in less than a month, this time over a $1tn greenwashing scandal that has rocked the bank. Regulators in Germany claim that DWS, the bank’s asset management arm, sold investment products worth $1tn as more environmentally friendly and “sustainable” than they actually were. Police raided the headquarters of Deutsche Bank and the DWS office in the city of Frankfurt on Tuesday. The asset manager has repeatedly denied all the allegations. In a separate incident, the German authorities raided the lender at the end of April in an inquiry related to suspected money laundering.
Macron hails ‘defining’ EU measure to sanction Russian oil imports
Macron hails ‘defining’ EU measure to sanction Russian oil imports12:51French President Emmanuel Macron on Tuesday hailed an EU agreement to ban Russian oil imports. Under the new agreement, the EU will now ban the import of Russian oil by sea.
Sanctioned Russian Companies to Be Exempt From Electing Board Members
Russian companies sanctioned by the West will be legally exempt from electing boards of directors, Prime Minister Mikhail Mishustin announced at a government meeting Tuesday. According to Mishustin, the new measure is intended to “stimulate business activity” and help the work of public joint-stock companies that could “find [election of board members] difficult” amid growing sanctions against Russian business magnates. “In certain cases, we also plan to allow [members] of a board of directors to retain their powers without re-election. Mishustin also proposed to extend measures that allow Russian public companies to re-purchase their own shares on the stock exchange. “This decision will allow companies to extend the planning horizon.
PM Petkov: Bulgaria exempted from embargo on oil imports from Russia till end-2024
Share this: FacebookTwitterLinkedInRedditBulgaria has been exempted up to the end of 2024 from the European Union’s partial embargo on oil imports from Russia, Prime Minister Kiril Petkov told reporters in Brussels on May 31. As The Sofia Globe reported earlier, the European Council agreed to the partial embargo – covering crude oil, as well as petroleum products, delivered from Russia into member states, with a temporary exception for crude oil delivered by pipeline – on May 30. Petkov said that the exemption for Bulgaria would be recorded in the detailed conclusions of the European Council, which would be published in two to three days. This would provide time for Bulgaria to adapt its refinery so that it could process other oil, he said. Please support independent journalism by clicking on the orange button below to become a patron of The Sofia Globe on patreon.com.
‘Russia’s Attack on Ukraine Has Undermined the Global Order’: Singapore Prime Minister
‘Russia’s Attack on Ukraine Has Undermined the Global Order’: Singapore Prime MinisterSingapore’s Prime Minister Lee Hsien Loong said that there the Russia–Ukraine war is having a far-reaching impact worldwide, including Singapore, and that Singaporeans are already feeling the impact of the war on the cost of living. “So the fighting will likely go on for quite a while longer, and the stakes are rising,” said Lee. “Russia now sees this not just as a fight in Ukraine, but as a struggle against many Western countries. This is deeply, deeply worrying,” Lee said, adding that Russia has warned of a real danger of World War III. Lee pointed out that what was most fundamental is that Russia’s attack on Ukraine has undermined the global order—the basic rules and norms for countries, big or small—to interact properly with one another.
Oil price rises as EU cuts Russian imports
"We know that rising energy costs are a particular challenge for households which already have severe pressure on their incomes, but smaller businesses shouldn't be left out of the equation either - this is a tough time to be heating offices, and at a time when it's meant to be about rebuilding resilience after the pandemic."
Vietnam floats prospect of resuming nuclear power development
Vietnam's industry minister has told the national assembly developing nuclear power is an "inevitable trend" around the world, signalling that authorities may be considering resuming a plan to construct nuclear power plants after the programme was suspended six years ago. The Southeast Asian country, a regional manufacturing hub, shelved a plan to build its first two nuclear power plants in 2016 following the Fukushima disaster in Japan and due to budget constraints. "Developing nuclear power is an ongoing inevitable trend in the world," Minister of Industry and Trade Nguyen Hong Dien told the National Assembly on Monday, according to a statement posted on the government's website. "We can't develop more coal-fired power plants, while the country's hydropower potential has been fully tapped," Dien said. Dien said plans to develop the country's first nuclear power plants were "suspended, not completely cancelled," according to the government statement.
Live Updates: Europe Seeks New Ways to Aid Ukraine as Fight Rages in East
Ursula von der Leyen, president of the European Commission, and Charles Michel, president of the European Council, in Brussels on Tuesday. Ukraine produces around 12 percent of the world’s wheat, 15 percent of its corn and half its sunflower oil. At the same time, European leaders are working to expand broad economic support to bolster the Ukrainian economy. The European Union will also phase out the offer of various services such as insurance to Russian entities by European Union companies, and ban E.U. firms from insuring Russian oil transfers.
Goldman Sachs’ unlimited vacation plan questioned by analysts: report
Goldman Sachs’ move to give its senior bankers unlimited vacation time is drawing a skeptical response from analysts – with some calling the move a cynical scheme to boost the bank’s bottom line that won’t actually result in stressed-out workers taking more time off. All Goldman employees are now required to take at least 15 days off per year, according to the company’s policy. Bloomberg via Getty ImagesA Goldman Sachs representative did not immediately return a request for further comment. While senior bankers have unlimited vacation, junior employees are still subject to a cap. More recently, Goldman employees have complained about the firm’s rigorous return-to-office plan.
Israel signs historic trade deal with UAE, its biggest with any Arab country
DUBAI, United Arab Emirates — Israel and the United Arab Emirates on Tuesday penned a multi-billion dollar free trade agreement, the latest product of the two countries' historic normalization deal in 2020 known as the Abraham Accords. With a stated target of increasing annual bilateral trade to more than $10 billion over the next five years, the trade agreement is the largest ever between Israel and any Arab country. It covers 96% of the trade between the two Middle Eastern countries, which last year reached $885 million, according to Israel's economy minister. Israel's Minister of Economy and Industry Orna Barbivai and her counterpart, UAE Minister of Economy Abdulla bin Touq Al Marri, signed the deal in Dubai following months of negotiations. The signing opened "a new chapter in the history of the Middle East," Emirati Trade Minister Thani Al Zeyoudi wrote on Twitter.
This 5-minute email hack can help you stand out in the job search—here’s how
"As a hiring manager, when I get a note like that — which is rare — I always read it." "Some organizations will say, 'Do not contact us,'" he adds, but nine times out of ten, it's a smart job search tactic that only takes fives minutes. Then, figure out who the hiring manager for the role is, and who the role reports to. "You want to target one or two levels above the role you're interested in," he explains. It might be tempting to follow up with someone through social media or their personal email if that contact information is more readily available, but Hyman recommends sticking to the person's work email.
CFPB expects more borrowers to default as student loan payments resume
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFPB expects more borrowers to default as student loan payments resumeAs millions of borrowers await President Joe Biden's decision about student loan forgiveness, there's still a great deal of concern among students about being able to repay their debt. CNBC's Sharon Epperson joins 'Squawk Box' with the details.
White House economic advisor Brian Deese on inflation: The U.S. economy is in a period of transition
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhite House economic advisor Brian Deese on inflation: The U.S. economy is in a period of transitionNational Economic Council Director Brian Deese joins CNBC's 'Squawk Box' to discuss the Biden administration's plan to tackle inflation ahead of the president's meeting with Federal Reserve Chair Jerome Powell on Tuesday.
These are the key data points that may determine whether the market is near the bottom
Consider the three main issues moving the market: 1) China: Good news here: the reopening in Shanghai continues, and Beijing has avoided major lockdowns. 3) Inflation: With the consumer price index and core personal consumption expenditures price index reports, there are some signs inflation may be peaking, but we don't know how much it may be slowing. The key data this week will be the ISM manufacturing index out Wednesday, and the ISM services index and the May jobs report out Friday. It's a tricky game: The data needs to show some slowing, but not too much. My old friend Sam Stovall at CFRA Research agrees, noting "we remain skeptical of the rally's sustainability."
Independent Solutions' Paul Meeks explains why he's buying shares of IBM, AT&T and Palo Alto Networks
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndependent Solutions' Paul Meeks explains why he's buying shares of IBM, AT&T and Palo Alto NetworksPaul Meeks, portfolio manager at Independent Solutions Wealth Management, joins CNBC's 'Squawk Box' to break down how he's positioning investment portfolios amid the latest market volatility.
British pound is taking on 'emerging market' characteristics, Bank of America says
Chris Ratcliffe | Bloomberg | Getty ImagesLONDON – Sterling is in danger of becoming an "emerging market" currency as falling growth and growing risks cause investors to flee the pound, according to Bank of America. The preferred means of capitalizing on sterling's "epic" fall from grace for BofA is through the advance of the euro against the pound, Sharma added. The U.K. economy shrank by 0.1% in March and economists are expecting further contractions this year, as the country's cost-of-living crisis entrenches itself. "Whatever the reason, the external trade position will become an increasing focus for markets as the UK economy struggles under the weight of higher inflation and slower growth." U.K. assets are now more expensive than they were in 2021, when inflows to the country were significant, and the pound is increasingly considered less "undervalued" than models suggest, he added.
Crude oil prices climb after EU agrees to ban most Russian imports
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrude oil prices climb after EU agrees to ban most Russian importsJeff Currie, Goldman Sachs global head of commodities, joins CNBC's 'Squawk Box' to discuss oil prices after European Union leaders agreed to cut a major chunk of Russian oil imports by the end of the year.
What Cramer is watching Tuesday — bull in a bear, Biden's plan to fight inflation
DraftKings (DKNG) price target lowered to $28 from $35 at Citi. Burlington Stores (BURL) price target lowered to $220 from $292, says second quarter not shaping up better than the first quarter. RH reports Thursday, price target lowered to $550 from $650 at Bank of America, cites potential wealth contraction. Medtronic (MDT) price target lowered to $109 from $116 at Raymond James. Okta (OKTA) price target lowered to $145 from $260 at RBC Capital ahead of earnings this week.
Home prices surged over 20% in March as interest rates also rose, according to S&P Case-Shiller
Nationally, home prices were 20.6% higher than they were in March 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. Seventeen of the 20 cities reported higher price increases in the year ending March 2022 versus the year ending February 2022. "All 20 cities saw double-digit price increases for the 12 months ended in March, and price growth in 17 cities accelerated relative to February's report." "Mortgages are becoming more expensive as the Federal Reserve has begun to ratchet up interest rates, suggesting that the macroeconomic environment may not support extraordinary home price growth for much longer. Although one can safely predict that price gains will begin to decelerate, the timing of the deceleration is a more difficult call," added Lazzara.
GSK Stock: How It's Spending Up To $3.3 Billion To Square Off With Pfizer, Merck
GlaxoSmithKline (GSK) is squaring off with Pfizer (PFE) and Merck (MRK) after announcing Tuesday a $3.3 billion deal to buy pneumonia vaccine-maker Affinivax. But GSK stock dipped in early trades. In premarket trades on today's stock market, however, GSK stock fell 0.5% near 43.80. GSK Stock: Competing With Pfizer, MerckThe acquisition lines up GlaxoSmithKline to compete with Pfizer and Merck. GSK stock is now forming a flat base with a buy point at 47.07.
DexCom stock leads S&P 500's premarket gainers after denying merger talks, and Insulet stock drops
Shares of DexCom Inc. DXCM, +9.15% surged 8.1% to pace the S&P 500's SPX, -0.99% premarket gainers, after the diabetes care company said it was not currently in "active discussions" regarding a merger. The stock has been dragged down over the past week, closing at a two-year low on Thursday, after Bloomberg reported that DexCom was in talks to buy Insulet Corp. PODD, -14.10% , a maker of insulin-infusion systems. Insulet's stock sank 10.7% in premarket trading. "It is generally our policy not to comment on rumors or speculation, however, in light of recent sustained media and market speculation as well as the upcoming American Diabetes Association conference, we wish to confirm that Dexcom is not in active discussions regarding a merger transaction at this time," DexCom said in a statement Tuesday.
Brace for another selloff if U.S. stocks reach this technical 'danger zone'
And now that U.S. stocks have broken a historic string of weekly losses, market analysts are looking to technical indicators to determine where the “danger zone” for equities might lie. A counter-cyclical rallyInterestingly, Krinsky pointed to a overstretched positioning in the best-performing sectors for stocks (i.e. Following the period of summer chop, Krinsky believes U.S. stocks will eventually move lower to plumb new depths as the fall approaches. This brings us to the CBOE Volatility Index – otherwise known as the ‘VIX’ VIX, +9.41% . According to Krinsky, clients have asked many times why the VIX hasn’t been able to hold above 35 despite a nearly 20% selloff in the S&P 500 from peak to trough.
Yamana Gold Toronto-Listed Shares Rise on $6.7B Gold Fields Deal
By Adriano MarcheseYamana Gold Inc.'s Toronto-listed shares rose in early trading on Tuesday after Gold Fields Ltd. said it agreed to buy it in an all-stock deal that values the Canadian gold producer at $6.7 billion. At 9:34 a.m. ET, Yamana's Canadian shares were trading 5% higher at C$7.09.
Johnson & Johnson, Coca-Cola share losses lead Dow's 450-point fall
Shares of Johnson & Johnson and Coca-Cola are trading lower Tuesday morning, propelling the Dow Jones Industrial Average selloff. The Dow DJIA, -1.07% was most recently trading 450 points lower (-1.3%), as shares of Johnson & Johnson JNJ, -2.88% and Coca-Cola KO, -2.21% are contributing to the blue-chip gauge's intraday decline. Johnson & Johnson's shares are off $5.05 (2.8%) while those of Coca-Cola have declined $1.47, or 2.3%, combining for an approximately 43-point drag on the Dow. Also contributing significantly to the decline are Boeing BA, -2.28% , Honeywell International Inc. HON, -2.16% , and 3M MMM, -2.02% . Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
Yamana Gold stock soars after Gold Fields buyout deal valuing the miner at $6.7 billion
The U.S.-listed shares of Yamana Gold Inc. AUY, +7.16% YRI, +4.74% soared 15.3% in premarket trading Tuesday, after the Canada-based gold and silver miner announced an agreement to be acquired by Gold Fields Ltd. GFI, -19.10% in a stock deal that values Yamana at about $6.7 billion. Under terms of the deal, all Yamana shares will be exchanged for 0.6 Gold Field shares, which based on Friday's closing prices would value Yamana's stock at $7.32 each, a 41.6% premium. Gold Fields' stock slumped 12.6% in premarket trading. The companies are targeting synergies of about $40 million per year from the deal, which is expected to close in the second half of 2022. Yamana's stock has rallied 22.5% year to date through Friday and Gold Fields shares have climbed 11.0%, while gold futures GC00, -0.11% have gained 1.3% and the S&P 500 SPX, -0.98% has shed 12.8%.
JPMorgan Led Banks Through a Great Week. The Stocks Still Face Risks Ahead.
Banks had a great week, and they can thank JPMorgan Chase for that. Not every bank is JPMorgan, however, and investors should be selective in choosing which ones to buy. By the end of the week, JPMorgan stock had gained 12%, its best week since June 2020. The entire banking sector got its mojo back, too, at least for the week, with the SPDR S&P Bank exchange-traded fund (KBE) advancing 7.4%. As for the SPDR S&P Bank ETF, it appears to have found support near $45, roughly where it had been in January 2021.
DexCom stock leads S&P 500's premarket gainers after denying merger talks, and Insulet stock drops
Shares of DexCom Inc. DXCM, +9.15% surged 8.1% to pace the S&P 500's SPX, -0.98% premarket gainers, after the diabetes care company said it was not currently in "active discussions" regarding a merger. The stock has been dragged down over the past week, closing at a two-year low on Thursday, after Bloomberg reported that DexCom was in talks to buy Insulet Corp. PODD, -14.10% , a maker of insulin-infusion systems. Insulet's stock sank 10.7% in premarket trading. "It is generally our policy not to comment on rumors or speculation, however, in light of recent sustained media and market speculation as well as the upcoming American Diabetes Association conference, we wish to confirm that Dexcom is not in active discussions regarding a merger transaction at this time," DexCom said in a statement Tuesday.
Brace for another selloff if U.S. stocks reach this technical 'danger zone'
And now that U.S. stocks have broken a historic string of weekly losses, market analysts are looking to technical indicators to determine where the “danger zone” for equities might lie. A counter-cyclical rallyInterestingly, Krinsky pointed to a overstretched positioning in the best-performing sectors for stocks (i.e. Following the period of summer chop, Krinsky believes U.S. stocks will eventually move lower to plumb new depths as the fall approaches. This brings us to the CBOE Volatility Index – otherwise known as the ‘VIX’ VIX, +9.37% . According to Krinsky, clients have asked many times why the VIX hasn’t been able to hold above 35 despite a nearly 20% selloff in the S&P 500 from peak to trough.
Alibaba, JD.Com, and Other Chinese Stocks Are Rising. China Is Lifting Covid Restrictions.
Alibaba was rising along with the other U.S.-listed Chinese stocks. Qilai Shen/BloombergChinese companies listed in the U.S. rose on Tuesday as Covid-19 lockdown measures in China eased and the country released better-than-expected economic data. The ADR of e-commerce player Alibaba’s (ticker: BABA) was up 5% to $97.30 on Monday, while its peer JD.com (JD) rose almost 7% to $57.25 in premarket trading. Electric-car maker NIO (NIO) was up 5% to $17.37 in the early hours and internet giant Baidu (BIDU) jumped 6.5% to $148.13.
AMC stock soars again with record-setting 'Top Gun: Maverick' providing a boost
Shares of AMC Entertainment Holdings Inc. extended their recent rocket ride higher, with Tuesday’s rally fueled by the record-setting weekend box office performance by “Top Gun: Maverick.”The stock AMC, -0.41% ran up 10.1% in premarket trading, after already soaring 38.9% over the past three days. Just prior to the current win streak, the stock was trading at levels seen before the “meme”-stock rally that had kicked off a year ago.
Johnson & Johnson, Coca-Cola share losses lead Dow's 450-point fall
Shares of Johnson & Johnson and Coca-Cola are trading lower Tuesday morning, propelling the Dow Jones Industrial Average selloff. The Dow DJIA, -1.07% was most recently trading 450 points lower (-1.3%), as shares of Johnson & Johnson JNJ, -2.88% and Coca-Cola KO, -2.18% are contributing to the blue-chip gauge's intraday decline. Johnson & Johnson's shares are off $5.05 (2.8%) while those of Coca-Cola have declined $1.47, or 2.3%, combining for an approximately 43-point drag on the Dow. Also contributing significantly to the decline are Boeing BA, -2.35% , Honeywell International Inc. HON, -2.16% , and 3M MMM, -2.01% . Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
UPDATE 1-Franklin Resources to buy European credit manager Alcentra from BNY Mellon
(Adds details on deal closing, background)May 31 (Reuters) - Franklin Resources Inc on Tuesday agreed to buy European credit manager Alcentra from Bank of New York Mellon Corp, as the investment management firm looks to expand its footprint in the alternative credit market. Alternative credit refers to a line of financing that generally focuses on sectors, such as real estate, which offer lesser liquidity. Individual investors typically do not have access to alternative credit funds, except through mutual funds. In November, asset manager T Rowe Price announced a $4.2 billion deal to buy fund manager Oak Hill Advisors. It manages nearly $38 billion of assets.
U.S. home prices rise at new record rate, Case-Shiller shows
The numbers: U.S. home prices rose again in March even as higher mortgage rates began to bite, leaving prices at all-time highs. The big picture: The record increases in home prices over the past few years is bound to slow with the Federal Reserve raising interest rates. High prices and higher mortgage rates have made buying a home more unaffordable. Key details: The year-over-year increase in the 20-city Case Shiller prices index bested the previous record of 20.3% in February. Still, prices were up 12.9% in Washington, which had the smallest year-over-year gain.
Brace for another selloff if U.S. stocks reach this technical 'danger zone'
And now that U.S. stocks have broken a historic string of weekly losses, market analysts are looking to technical indicators to determine where the “danger zone” for equities might lie. A counter-cyclical rallyInterestingly, Krinsky pointed to a overstretched positioning in the best-performing sectors for stocks (i.e. Following the period of summer chop, Krinsky believes U.S. stocks will eventually move lower to plumb new depths as the fall approaches. This brings us to the CBOE Volatility Index – otherwise known as the ‘VIX’ VIX, +9.37% . According to Krinsky, clients have asked many times why the VIX hasn’t been able to hold above 35 despite a nearly 20% selloff in the S&P 500 from peak to trough.
Bonfire Ventures secures $230M for two new funds targeting B2B software startups
Bonfire Ventures, a Los Angeles venture capital firm, invests in seed-stage business-to-business software companies and aims to change the odds so that more than the average 33% of companies in this sector make it to Series A. We are looking for software companies with a strong narrative that we think can become iconic brands with products that buyers cannot live without. I'm very grateful that my career has steered me, and then we steer the firm to focus on B2B software. Software companies have never been small, so I'm grateful that we are where we are in this climate. We are going company by company engaging with each founding team to make sure that we are comfortable, collectively, with the investments that the businesses are making and giving those founders the best perspective and guidance.
Biden to meet with Fed Chair Powell over inflation
TipRanksAfter 7 weeks of straight losses, the markets went into the long weekend on positive note: their best single week since 2020. The S&P 500 added more than 6% wiping away its losses from the month of May. The sudden drop in value, combined with the even more sudden bullish shift, even if it is temporary, has brought out the discount shoppers of the equity world. ‘Buy the dip’ is a real thing, and frequently successful path toward long-term portfolio gains, and the current environment is ripe for t
How to stop inflation from squeezing your wallet
Although inflation is impacting a majority of Americans, one personal finance expert says it's no reason to panic. Her comments come on the heels of a recent survey that revealed an overwhelming 80% of Americans reported inflation impacts their daily lives. Cruze then shared tips and tricks to stop surging prices from squeezing your wallet. If you are not being intentional with where your paycheck is going, then you're going to spend money that you don't tend to spend," Cruze explained. "Really looking at your needs versus your wants, putting dollar amounts next to all the categories you spend money on," she continued.
We're Initiating a Position in the Energy Sector
After you receive this alert, we will buy 295 shares of Energy Select Sector SPDR Fund (XLE) at or near $90. All of this points to further increases in both demand and prices for oil, gasoline and other forms of energy compared to recent expectations. This is prompting us to get off the sideline and initiate a starter position in XLE shares, which similar to our position in the First Trust Nasdaq Cybersecurity ETF (CIBR) , affords the portfolio wider spread and very liquid exposure to the energy sector (oil, gas, and consumable fuels) rather than owning one particular stock. As oil prices either move higher or remain near current levels for a sustained period of time, we will look to revisit that price target. In keeping with a Two rating, we will look to build out the XLE position either on pullbacks or on signs our price target needs to be adjusted higher.
Inflation May Have Peaked, but Is the Fed Done Tightening?
non-profitable tech stocks, are down 60% to 80% from their highs, so investors are jittery in not missing the bottom. The Fed is now in a rate-tightening phase at a time when inflation is averaging in the range of 8% to 10% year over year. We may have seen the peak in inflation at around 8%, but that is not to say inflation will not stay higher for longer at an uncomfortable level. Even if inflation is starting to come down, the Fed will not stop until it gets the rate to the more reasonable 2%-3% range. To say the Fed is done raising rates when the market has rallied 8% is misleading.
Legalizing hemp on the Navajo Nation could be good for business, but would marijuana follow?
A hemp farm leads to lawsThe history of hemp on the Navajo Nation took a turn about three years ago. “Marijuana has always been a prohibited substance on the Navajo Nation, this remains true regardless of any changes to state marijuana laws in Arizona, New Mexico or Utah.”Within the three states the Navajo Nation spans, marijuana laws vary. The annual Indigenious Hemp Conference is held on the White Earth Reservation in Minnesota, where hemp cultivation is legal. If there is a regulation in place for retail on the Navajo Nation, the tribe would need to develop that taxing law on public marijuana sales on Navajo Nation land. The siblings believe the Navajo Nation government used scare tactics around hemp and set the tribe back 10 years.
North Avenue Market, a food hall coming to Milwaukee's west side, is to have a September grand opening. Its tenant line-up is emerging.
A food hall in Milwaukee's west side Uptown Crossing neighborhood has its grand opening in September as its tenant line-up comes into focus. North Avenue Market, 5900 W. North Ave., is under construction, with a former Associated Bank branch being converted into a home for several local food and drink providers. "We are incredibly excited about the project and are getting closer to opening," said Chris Harris Morse, North Avenue Market owner. The $2.2 million North Avenue Market is being financed in part with a $1.86 million loan that was approved in August by Milwaukee Economic Development Corp., a nonprofit business lender. North Avenue Market expects to attract most of its customers from such nearby neighborhoods as Uptown Crossing, Washington Heights and East Tosa.
Dear Doctor: Is an air bubble in an IV line cause for concern?
As I waited to pass out, I noticed a large air bubble slowly moving down the IV line toward my arm. I got concerned about an air embolism and called the nurse over, who pooh-poohed my concern: “It’s just an air bubble! She then pinched the line shut and turned the drip back on and flicked the line a few more times, until the air bubble floated into the IV bag and wobbled to the top. She released her pinch on the IV line and said: “There. An air bubble might be 0.2 cc and still look pretty significant in the IV tubing.
Can I talk to a human? Spain presents customer service bill
Spain’s government wants to end those nerve-shattering, one-sided conversations with a computerized answering service by making it obligatory for companies to offer a real, flesh-and-blood customer service worker when so requested by a caller. That is one among a battery of measures included in a customer service bill presented by Spain’s left-wing coalition government on Tuesday. The bill would also seek to do away with long wait times by forcing companies to answer calls within three minutes. Providers of basic services, such as utilities, phone and Internet, will have to offer customer service 24 hours a day, 365 days a year. All other companies will have to be provide customer service during working hours.
US, Canadian regulators tie hepatitis cases to strawberries
Dee-Ann DurbinAssociated PressU.S. and Canadian regulators are investigating a hepatitis outbreak that may be linked to fresh organic strawberries. In Canada, the affected strawberries were sold between March 5-9 at Co-op stores in Alberta and Saskatchewan. The potentially affected strawberries are past their shelf life, but health officials say consumers who purchased them and froze them to eat later should throw them away. Mexico-based FreshKampo, which grew the strawberries, said in a statement Sunday that it is working with regulators to determine how the problem occurred. Consumers who ate the potentially affected berries in the last two weeks and have not been vaccinated against hepatitis A should immediately consult with a physician, the FDA said.
Eurozone inflation hits record 8.1% amid rising energy costs
Kelvin ChanAssociated PressLondon — Eurozone inflation hit a record 8.1% in May amid surging energy and food costs fueled in part by Russia's war in Ukraine. Inflation in the eurozone is now at its highest level since recordkeeping for the euro began in 1997. Energy prices jumped 39.2%, highlighting how the war and the accompanying global energy crunch are making life more expensive for the eurozone’s 343 million people. Strong global demand following the COVID-19 pandemic and a cautious approach to increasing production from oil cartel OPEC have lifted energy prices. The European Union earlier this month slashed its economic growth forecast for the 27-nation bloc amid the prospect of a drawn-out Russian-Ukraine war and extended disruptions to energy supplies.
Elite San Jose private school faces a public challenge -- housing
The Harker School boasts of a world-class reputation built over a century, regularly sending graduates to Stanford, Harvard and other elite universities. But the private school in San Jose shares a problem common to its public-school brethren throughout the Bay Area — the lack of affordable housing for teachers. I was upset,” said Jane Kenney, an energetic 84-year-old who has lived in the same Troy Drive apartment for 25 years. The Harker School pays teachers competitive wages, but not as high as some public schools in the Bay Area, Yager said. They don’t know what the future will hold, but they expect to pay twice their current $1,200 rent to find a comparable San Jose apartment.
EU ban sends oil close $120 a barrel, US stock futures slip
NEW YORK (AP) — U.S. markets headed lower before Tuesday's opening bell after the European Union agreed to embargo most Russian oil imports by the year’s end, sparking a fresh spike in oil prices. Oil prices, up almost 60% this year, rose another 3% and neared $120 per barrel early Tuesday after the EU said it would embargo most Russian oil imports because of its brutal invasion of Ukraine. The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. Benchmark U.S. crude oil gained $3.52 to $118.59 per barrel in electronic trading on the New York Mercantile Exchange. Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter.
Toobin on SCOTUS leak investigation: 'You can understand why the clerks are freaking out'
The court's moves are unprecedented and the most striking development to date in the investigation into who might have provided Politico with the draft opinion it published on May 2.
What does EU’s partial oil ban mean for Russia and rest of Europe?
Oil transported through the critical Druzhba (“friendship”) pipeline will be exempt from the ban, a key concession to Hungary, which is heavily dependent on Russian oil. Motorists and businesses will see higher prices at the pumps, as the embargo feeds into higher oil prices. Oil prices have already risen more than 55% this year and are at their highest levels since 2008. Before the war, Russia supplied 40% of EU gas but EU leaders have promised to gradually phase this out. That step is far from assured and will be even harder than talks on the unfinished oil embargo.
Hungarian police raid 24 homes linked to money laundering network
Police in Budapest have dismantled a criminal organisation involved in industrial-scale money laundering and fraud, according to Europol. Officers descended on 24 homes in the Hungarian capital on May 9. The suspects opened bank accounts in the names of these companies to be used in a wider money laundering scheme. The accounts received transfers from others in different countries, then sent them on to still others. In total, Europol said, they were aware of 44 people believed to be involved in the scheme.
Inflation heats up in France and across Europe
Inflation heats up in France and across EuropeAudio 05:43 Audio 05:4305:43 BUSINESS DAILY © FRANCE 24By: Bryan QUINNFrench inflation comes in higher than expected at 5.2 percent at May, with consumer prices also on the rise across the continent, driven by skyrocketing food and fuel costs. We take a closer look at how French consumers are looking for discounts in supermarkets. Also, we see how the fashion industry's sustainability efforts continue to fall short.
NY AG Letitia James is cooking up a lawsuit that could bring down Trump's business empire
New York's attorney general, Letitia James, isn't seeking criminal charges against Donald Trump. Letitia James v. Donald Trump, Eric Trump, and beyondThe top of any lawsuit would read "People of the State of New York, by Letitia James, Attorney General of the State of New York," as set by law. Donald Trump, Ivanka Trump, and Donald Trump Jr. have not said whether they would follow suit or whether they would continue to appeal the attorney general's subpoenas for their testimony. And where appropriate, the state attorney general can seek a judge's order dissolving the business — the so-called corporate death penalty. James' office has also repeatedly cited — though less frequently — the state's Martin Act, more mundanely known as New York General Business Law Article 23-A.
Russian central bank plays down role of dollar and euro at home and globally
May 31 (Reuters) - Russia's central bank said on Tuesday that the role of the dollar and the euro as global currencies would decline as central banks rethink their strategies after the West froze Russian reserves, suggesting it could consider imposing negative rates for dollar and euro deposits. As of late 2021, the Russian central bank held $131.5 billion of its reserves in gold, while the remainder of the $612.9 billion reserves was held in foreign currency assets. The central bank said the share of foreign currency liabilities Russian banks had has declined recently as clients stepped up withdrawal of funds from their currency accounts, while the share of banks' foreign currency assets has increased. To speed up the process, Russia could consider imposing negative interest rates on deposits held in dollar and euros, the central bank said. The central bank also said in the report that Russian private investors have become the stock market's main driving force amid trading restrictions for non-residents.
Eurozone inflation hits its highest level since the creation of the euro in 1999.
As inflation rates have climbed, the European Central Bank has sped up its policy response and said that the era of negative interest rates could be over as soon as September. European leaders reached a political deal early Tuesday morning on an embargo on most Russian oil imports, a once unthinkable measure that is aimed at punishing Russia but that economists say will also further hurt European households and industry by pushing prices even higher. Germany, Europe’s biggest economy, has been among the hardest hit, with inflation there rising 8.7 percent. France (5.8 percent), Spain (8.5 percent) and Italy (7.3 percent) also saw consumer prices continue a monthslong climb, prompting lawmakers in those countries to offer caps on energy prices or rebates for low-income households to offset the cost of gas and diesel. In Germany, starting in June, for example, the government will offer reductions for the price of gas at the pump and a monthly $10 ticket for public transport across the country.
Biden wants to rebuild the EPA. He doesn’t have the money to do it.
At the beginning of his term, Biden asked Congress for a big boost to the EPA’s budget, from $9.2 billion to $11.2 billion. “We have to rebuild the agency.”One area where the EPA is scaling back — rather than rebuilding — is monitoring air pollution. In Houston, the EPA is set to close a regional laboratory and relocate it to Ada, Okla., to save money on office space. “I’m happy to see the EPA budget shrink in real terms,” said Myron Ebell, the director of the Center for Energy and Environment at the Competitive Enterprise Institute, a conservative think tank, who oversaw the EPA transition under Trump. “You have all this money going through EPA because of the infrastructure law, and no real authorization to hire up to staff the infrastructure programs,” said David Coursen, a former EPA attorney and a member of the nonprofit Environmental Protection Network.
The one gun step Democrats can take on their own
AdvertisementPresident Biden has tapped Steve Dettelbach to lead ATF, the federal agency tasked with enforcing gun laws and prosecuting illicit activity, including gun trafficking. The ATF is mandated, in part, to disrupt gun violence and illegal gun purchases and sales. AdvertisementFurthermore, gun dealers don't have to turn over gun sale information and gun inventory to the government. The National Rifle Association has long worked to weaken the agency and gun control groups say the Tiahrt amendment has made it difficult for ATF to enforce current gun laws. The latest on Senate gun bill discussionsA bipartisan group of senators will continue to work on compromise gun legislation this week even as the Senate is out of Washington for the Memorial Day recess.
Russia-Ukraine war live updates Russia seizes half of key city Severodonetsk; E.U. bans most Russian oil
Under the agreement, Govor will acquire McDonald’s entire restaurant portfolio and operate the restaurants under a new brand. He previously operated 25 McDonald’s restaurants in Siberia. The first McDonald’s in Russia opened in January 1990 when the country was still part of the Soviet Union. The company temporarily closed its restaurants in Russia on March 8 following Russia’s invasion of Ukraine. In his letter, Kempczinski did not rule out a return to Russia, although he did not specify what would have to change for McDonald’s to return.
Opinion | Can anything save the U.S. economy from a recession?
Wall Street executives, normally an upbeat bunch, are warning of a “very, very high risk” of recession. Americans rate the economy as badly as they did the Great Recession, largely because of inflation at 40-year highs. Less clear-cut is how to save the country from recession when the United States appears to be returning to a have/have-not economy. Voters might not like today’s economy and high prices, but they have boosted their spending every month this year. AdvertisementAs recession warnings pile up, it is important to keep in mind what matters to the real economy: hiring and consumer spending.
Here are Tuesday's biggest analyst calls of the day: Tesla, Dish, Nio, Zoom, Rivian, Imax & more
Morgan Stanley names Nio a tactical research idea Morgan Stanley said the China electric vehicle company is well positioned as China begins to reopen. Daiwa upgrades Zoom to outperform from underperform Daiwa said investors should buy the dip on the stock. Morgan Stanley names Trane a top pick Morgan Stanley said on Tuesday that it's taking a more "defensive view" of the heating and air conditioning company. Credit Suisse initiates Sherwin-Williams as underperform Credit Suisse said the paint company could be negatively affected by higher interest rates. Morgan Stanley downgrades American Eagle Outfitters to underweight from equal weight Morgan Stanley said in its downgrade of American Eagle that it sees more "sales & margin misses."
Don't sound the all-clear in stocks just yet, Morgan Stanley's Mike Wilson says
The stock market may have trimmed its recent losses, but investors can't relax just yet, according to Morgan Stanley chief U.S. equity strategist Mike Wilson. Last week, the S & P 500 climbed 6.6% to break a seven-week slump. However, Wilson said in a note to clients on Tuesday that the recovery looks more like a bear market rally that is already running out of steam. "Outside of a peace agreement in Ukraine, it's difficult to construct a case for more than a bear market rally, which could carry another 5%, in our view," Wilson wrote. Nasdaq and small cap stocks, which fell more than the S & P 500 during the spring decline, could see stronger rallies on a percentage basis, he said.
How much are large employers disclosing about diversity, equity and inclusion?
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow much are large employers disclosing about diversity, equity and inclusion? Ashley Marchand Orme, Just Capital corporate equity director, joins CNBC's 'Squawk Box' to break down the findings from Just Capital's 2022 corporate racial equity tracker.
Jon Najarian: Have we reached a tradeable bottom yet?
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJon Najarian: Have we reached a tradeable bottom yet? Jon Najarian, Co-Founder of MarketRebellion.com, joins Worldwide Exchange to discuss options action and washouts.
Anneka Treon: We're starting to see inflation expectations rolling over
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAnneka Treon: We're starting to see inflation expectations rolling overAnneka Treon, Managing Director of Equities at Kempen, joins Worldwide Exchange to discuss moderating inflation and demand destrcution.
Katz: This market is truly impossible to predict in the short-term
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKatz: This market is truly impossible to predict in the short-termDavid Katz of Matrix Asset Advisors says investors should look for companies that have an attractive valuation and then buy the weakness, don't chase rallies.
Pethokoukis: The main thing Biden can do is state publicly he supports the Fed in the fight against inflation
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPethokoukis: The main thing Biden can do is state publicly he supports the Fed in the fight against inflationJames Pethokoukis of the American Enterprise Institute discusses what the Fed and the Biden administration can conceivably do to help reduce inflation, as the president and Fed chair Jerome Powell get set to meet at the White House.
The Pre-Market Rundown 2: May 31, 2022
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Pre-Market Rundown 2CNBC brings you fast, accurate, and actionable business news and market updates.
5 things to know before the stock market opens Tuesday
Bond prices fall, 10-year yield tops 2.8%U.S. Treasury yields climbed Tuesday, with the yield on the benchmark 10-year note rising as high as 10 basis points to reach 2.855%. The action in the bond market came as preliminary data for May showed euro zone inflation hitting yet another record high and oil prices rose. Oil rises as EU reaches deal to ban most Russian crude importsA general view of oil tanks in the Transneft-Kozmino Port near the far eastern town of Nakhodka, Russia. U.S. benchmark West Texas Intermediate crude futures for July climbed more than 3%, trading as high as $119.43 per barrel. The August contract for international benchmark Brent crude was higher by about 1.65% to $119.54 per barrel.
Stocks making the biggest moves premarket: Yamana Gold, Credit Suisse, Unilever and more
Yamana Gold shareholders will receive 0.6 Gold Field shares for each share they now hold. Yamana surged 14.9% in the premarket while Gold Fields tumbled 11.8%. Credit Suisse (CS) – Credit Suisse denied a Reuters report that it is mulling various options to raise capital after a series of losses. Credit Suisse lost 3.8% in premarket action. Sherwin-Williams (SHW) – The paint company's shares slipped 2.3% in premarket trading after Credit Suisse initiated coverage with an "underperform" rating.
How to beat the market: Go ask a robot
But for a small subset of specialized hedge funds known as quants, the chaos of 2022 has unleashed a windfall. "Macro hedge funds experienced a historic quarter," says Kenneth J. Heinz, HFR's president. After all, the hedge funds making headlines lately are most notable for their losses. Melvin Capital, once one of Wall Street's most successful hedge funds, announced earlier this month that it is shutting down. In the first quarter of this year, institutional investors allocated the largest amount of new capital to hedge funds since 2015, according to HFR.
India shows no sign of slowing its purchase of Russian oil
New Delhi (CNN Business) India's appetite for cheap Russian oil is swelling, even as the West continues to hit Moscow with unprecedented sanctions. Russian Crude flows to India are expected to reach 3.36 million metric tonnes in May, according to estimates from Refinitiv. Overall, the country has received 4.8 million metric tonnes of discounted Russian oil since the Ukraine war started, Refinitiv added. Part of the reason for the price disparity: The West has shunned Russian oil. On Monday, the EU agreed to ban 90% of Russian oil imports by the end of the year.
Biden and Fed Chair Powell to discuss inflation crisis on Tuesday
U.S. President Joe Biden announces the nomination of Federal Reserve Chair Jerome Powell for a second four-year term, and Federal Reserve board member Lael Brainard to serve as vice chair, as Powell stands by in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, U.S., November 22, 2021. REUTERS/Kevin Lamarque/File PhotoMay 31 (Reuters) - U.S. President Biden will meet Federal Reserve Chair Jerome Powell on Tuesday as historic inflation continues to drain Americans’ pocketbooks. Inflation is just one of many crises facing this White house, from gun violence to Russia's invasion of Ukraine. In a Wall Street Journal opinion piece published Monday, Biden said the Federal Reserve's main role was to control inflation. Biden said his "predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation.
28 Products You Need If Your Pet Has Taken Over Your Home
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Factbox: Who is buying Russian crude oil and who has stopped
read moreENEOSJapan's biggest refiner (5020.T) has stopped buying crude oil from Russia, and plans to source alternative supplies from the Middle East. read moreHELLENIC PETROLEUM (HEPr.AT)Greece's biggest oil refiner has stopped buying Russian crude, replacing it with additional supplies from Saudi Arabia and other countries. read moreNESTE (NESTE.HE)From the start of April, the Finnish refiner has replaced about 85% of the Russian crude oil with other crudes, and said it will not enter in new deals to buy Russian oil. REPSOL (REP.MC)The Spanish company has stopped buying Russian crude oil in the spot market. SHELL (SHEL.L)The world's largest petroleum trader has stopped buying Russian crude and refined products, including blended fuels.
‘My top economic priority’: Biden op-ed lays out plan to fight inflation
On Tuesday afternoon, Biden is scheduled to hold an Oval Office meeting with Federal Reserve Chairman Jerome Powell, and on Friday, Biden will deliver remarks on the much-anticipated May jobs report. The April jobs report showed that the United States added 428,000 jobs last month, keeping the unemployment rate at 3.6 percent — just above the lowest level in a half-century. The Labor Department also reported that inflation slowed last month after seven months of gains. “I have appointed highly qualified people from both parties to lead that institution,” Biden wrote. “The economic policy choices we make today will determine whether a sustained recovery that benefits all Americans is possible,” Biden wrote.
Russia halts gas supply to the Netherlands
Gazprom said it was suspending gas deliveries to the Netherlands due to its failure to pay in rubles | Nikolay Doychinov/AFP via Getty ImagesRussia's Gazprom on Tuesday morning confirmed it was "completely suspend[ing] gas supplies" to Dutch company GasTerra "due to failure to pay in rubles." That contract provided for 2 billion cubic meters of gas to be delivered through October 1. Natural gas flows through the Russia-to-Germany Nord Stream pipeline were down 5 percent early this morning, with volumes into the NEL pipeline carrying gas on to the Netherlands down 8 million cubic meters, according to Tom Marzec-Manser, head of gas analytics at ICIS. The Netherlands' climate ministry said Monday no supply interruptions to customers were expected, as GasTerra had purchased alternate gas volumes as a backup. Dutch storage facilities also currently hold some 5.5 billion cubic meters of gas, according to live data.
Oil prices jump after E.U. leaders agree to ban most Russian crude imports
leaders reached an agreement late Monday to ban 90 percent of Russian crude by the end of the year. Hungary is a major user of Russian oil and its leader, Viktor Orban, has been on friendly terms with Russia’s Vladimir Putin. Charles Michel, president of the European Council, said the move would immediately hit 75 percent of Russian oil imports. The European Council added that in case of “sudden interruptions” of supply, “emergency measures” will be introduced to ensure security of supply. Roughly 36 percent of the E.U.’s oil imports come from Russia, a country that plays an outsized role in global oil markets.
S&P 500: Investors Pile Into 10 Stocks To Catch Market's Upswing
The rally is an indication that while S&P 500 investors are piling back into growth stocks, they're not going for the obvious bounce-backs. The S&P 500 is up 5.4% in just three days, and the SPDR Portfolio S&P 500 Growth ETF (SPYG) is up 7.2%. Investors Eager To Jump Back Into S&P 500Investors piling back into the S&P 500? Take the top stock in the three-day S&P 500 rally: Dollar Tree. Top S&P 500 Stocks In RallyThey're all up more than 17% in just three trading daysCompany Ticker 3-day rally YTD ch.
Canada GDP Growth Slows to 3.1% in 1Q
Traders were anticipating much faster growth, with market expectations set for a 5.5% annualized advance, according to economists at TD Securities. However, the GDP report was in line with the Bank of Canada's forecast, which anticipated 3.0% growth in the January-to-March period. Growth was revised slightly lower in the fourth quarter, with data now indicating GDP rose 6.6% annualized versus a previous estimate of 6.7%. Canada also released monthly GDP data Tuesday, and that report indicated economic activity in March rose 0.7%, compared to a revised 0.9% advance in the previous month. The data agency also revised January's GDP data, and now indicates the economy shrank 0.2% as opposed to a previously reported 0.2% gain.
Janux Therapeutics Investigational New Drug Application Accepted by FDA
By Robb M. StewartJanux Therapeutics Inc. said it plans to launch an early-stage clinical trial in the second half of the year for its lead product candidate after U.S. regulators cleared its investigational new drug application for the metastatic castration-resistant prostate cancer treatment. Janux said the U.S. Food and Drug Administration cleared the application for JANX007, its lead novel T cell engager therapeutic from its TRACTr platform. Unlike existing novel T cell engager approaches to prostate cancer that have been limited to-date by dose-limiting toxicities, poor pharmacokinetic profiles and attenuated efficacy, JANX007 is designed as a safer, highly potent anti-tumor approach to metastatic castration-resistant prostate cancer, Janux said. With acceptance of the investigational new drug application, Janux said it is on track to advance JANX007 into the clinic in the second half of the year for a Phase 1 trial. Write to Robb M. Stewart at robb.stewart@wsj.com
Alexandria Real Estate Raises Quarterly Dividend by 2.6% >ARE
By Colin KellaherAlexandria Real Estate Equities Inc. on Tuesday said its board raised the quarterly dividend by 2.6%, to $1.18 from $1.15. The new payout, equal to $4.72 a year, represents an annual yield of about 2.8% based on Friday's closing price of $168.59, up from 2.73%.
Hawaiian Airlines parent boosts revenue outlook, cuts CASM estimate
Hawaiian Airlines parent Hawaiian Holdings Inc. HA, +8.09% now expects second-quarter revenue to be down 4.5% to 7.5% from the same period in pre-pandemic 2019, an improvement from previous guidance of down 8% to 12%. The air carrier also updated its capacity guidance to be down 11.5% to 13.5% vs. 2019 from down 11.5% to 14.5%. The company also raised its fuel price per gallon estimate to $3.76 from $3.59, and updated its estimate for costs per available seat mile (CASM), excluding fuel, to up 15.5% to 17.5% vs. 2019 from up 16.5% from 19.5%. The stock, which slipped 0.3% in premarket trading, has slipped 1.9% year to date through Friday, while the U.S. Global Jets JETS, +2.74% has eased 2.3% and the S&P 500 SPX, +2.47% has shed 12.8%.
‘At our age should we do this?’ We’re retired, have $5 million in savings and earn $7,000 a month. Should we spend over $2.1 million to build our dream home?
We have $3 million in retirement savings, a 401(k), stocks, bonds and cash, and the $2.1 million is in addition to this. We think this would be a better investment for the $2.1 million instead of putting it into the stock market or bond market. If you built a home worth $3 million in Comal County, Texas, your annual property tax bill would be nearly $40,000, according to data from SmartAsset. But in nearby Hays County, the tax bill would be $62,400. “This automatically limits the school taxes to the amount you paid in the year you qualified for an over 65 property tax exemption.”Still, you could be looking at quite a substantial property tax bill, even after factoring in these exemptions.
Buy Bristol Myers Stock. The Pharma Company’s Rally Is Just Getting Started.
Bristol Myers Squibb has been a bright spot in a very tough market—and the stock’s move higher may just be getting started. Sales of the drug, which hit $12.8 billion in 2021, made up about 28% of the company’s total revenue. Bristol has already been getting new drugs approved for sale. “Getting Opdualag helped [the stock], but even more important was that they got mavacamten approved,” says Tim Anderson, an analyst at Wolfe Research. “The catalyst is investors getting more comfortable with Bristol’s pipeline,” says Dan Eye, chief investment officer of Fort Pitt Capital Group, which owns the stock.
'Should we wait to see how the market plays out?' I want to purchase a rental home. Is this a good time?
Is it a good time to buy an investment home to rent out, or should we wait off on it? Should we wait to see how the market plays out for another year or so? It’s only if you needed to offload the property in a down market that you’d encounter trouble. To be sure, there are other ways you could diversify your portfolio than buying a rental property. Gagliardi, for instance, suggests looking into buying shares of publicly-traded real-estate investment trusts.
Euro-Zone Inflation Hits Record as ECB Mulls How Quickly to Hike
Slovakia’s Peter Kazimir, who holds a centrist position in the ECB rate setting body, told Reuters on Tuesday that while his baseline scenario for July is a quarter-point hike, he’s open to talk about a 50 basis-point move. Italian bonds lagged, with equivalent yields rising 13 basis points to 3.13%, while the euro fell 0.7% to $1.07. Money markets added to ECB rate-hike wagers, pricing 119 basis points of tightening by December. A European Commission survey this week showed inflation concerns among consumers retreating, though remaining double the average level since 2000. (Updates with Kazimir in sixth paragraph)Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.
TotalEnergies, Equinor, and Other Oil Companies With Attractive Dividends
Some of Europe’s lesser-known integrated oil companies might be worth considering for investors who want to take advantage of this year’s surge in prices. Following Russia’s invasion of Ukraine in February, most oil companies have seen their valuations increase as crude prices spiked above $100 a barrel for the first time since 2014. But shares of three smaller companies— TotalEnergies (TTE.France), Repsol (REP.Spain), and Equinor (EQNR.Norway)—are up sharply against a backdrop of falling stock markets. ESG investors are now realizing that oil companies have money to invest in, and much to gain from, the transition to a low-carbon future. Banco Santander rates it a Hold with a target price of €50.90, and it has a dividend yield of 5.4%.
Big talk and big money: Texas con duped dozens into believing they were investing in events like a Rihanna tour and the Mayweather-Pacquiao fight
The swindle always began with a flashy show of wealth and the mention of a well-known celebrity who was an investor. But according to federal authorities, there was no assistant and Johnson wasn’t involved in staging any events — the money went right into his pockets. “For over ten years, the defendant made his living swindling people out of money – lots of people and lots of money,” prosecutors wrote in court papers arguing for the stiffest sentence possible. None of it was true, prosecutors said, and all the trappings of wealth Johnson showed had been paid for with money he had stolen from others. Prosecutors say many of Johnson’s victims lost their life savings, had their credit ruined or were forced into foreclosure or bankruptcy as a result of his schemes.
Today’s Mortgage Rates Move Lower Again | May 31, 2022
The rate on a 15-year fixed-rate mortgage moved up to 4.487%, while a 5/1 adjustable-rate mortgage is up to 4.24%The latest rate on a 30-year fixed-rate mortgage is 5.606%. Today’s 30-year fixed-rate mortgage ratesThe 30-year rate is 5.606%. View Rates for May 31, 2022Where 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.
‘Johnny Williams’ was a honeybee-loving philanthropist. Then his arrest revealed a dark past
Johnny Williams carried himself through the countryside of Puerto Rico like a wealthy but down-to-earth “gringo” with a generous heart. A wanted poster for Vincent D’Monte, aka ‘Johnny Williams.’“He acted surprised,” Antonio Torres, chief deputy U.S. marshal in Puerto Rico, told the AP. So just who was Williams/D’Monte and what precisely was his connection to Karma Honey Project? The Karma Honey Project website features a TV news report in which Galek and “Williams” are credited with coming up with the idea for Karma Honey Project. The night before D’Monte’s arrest, a new organization was registered in Puerto Rico under the name of Karma Project PR Inc..
Limited cash-out vs. no-cash-out refinance: Which one is right for you?
If you don’t need to take out a large amount of cash at closing, a limited cash-out refinance or no-cash-out refinance are two possible options. One of the primary differences between a limited cash-out refinance versus a no-cash-out refinance is that Fannie Mae sets the guidelines for limited cash-out refinances, whereas no-cash-out refinances use Freddie Mac’s rules. HOW TO GET THE BEST MORTGAGE REFINANCE RATESWhen does a no-cash-out refinance make sense? Limited cash-out refinance vs. no-cash-out refinanceIf you want to take out a small amount of cash at closing, applying for either a limited cash-out or no-cash-out refinance could make sense. Unlike a limited cash-out refinance or a no-cash-out refinance, there’s no standard limit.
Europe inflation spikes to record 8.1%, matching US
Inflation among the 19 countries that use the Euro spiked to 8.1% in May, setting a new record and matching the U.S.Eurozone inflation rose from 7.4% in April, surging past predictions that it would land at 7.7%. Inflation spikes have struck nearly all world economies in recent months, with the U.S. and U.K. each setting 40-year record highs in March and April. U.K. consumer price inflation hit 9% for the first time since 1982 in April, and the U.S. hit 8.5% inflation in March. President Joe Biden has faced similar struggles in the U.S., saying that lowering inflation is his top economic priority . Biden delivered a speech blaming the inflation crisis on both the COVID-19 pandemic and Russia in mid-May.
A Look at Salesforce Ahead of Earnings
Salesforce, Inc. (CRM) , the cloud-based software company, is due to report their latest quarterly figures after the close of trading Tuesday. CRM is still trading below the declining 50-day moving average line as well as the bearish 200-day line. The Moving Average Convergence Divergence (MACD) has crossed to the upside for a cover shorts buy signal. The 40-week moving average line has a negative slope. Bottom-line strategy: I have no special knowledge of what CRM will report to shareholders but aggressive traders could probe the long side of CRM ahead of earnings.
Take Your Trading Cues From These Index Moving Averages
SPY, ARKK, ZM, SPOT, TWLO, NTLA Stocks quotes in this article: QQQLast week ended on a high note, with the S&P 500, Nasdaq and Russell 2000 gaining between 2.5% and 3.25%. The futures indicate a soft open here on Tuesday morning, but regardless of how we start the day, my view from last Friday is unchangedBecause it's impossible to say how far the current bounce will go or if we're beginning a new bull trend, le...
Does California have enough water for lots of new homes? Yes, experts say
“A lot of that opportunity we can use to house people.”Most of California’s water isn’t used by people going about their daily lives at home or work. Those efforts have been incredibly effective.”Nevertheless, the report found that Californians still waste a lot of water. But experts said these circumstances do not apply in urban areas of the state with broader and more diverse options for water. But his housing department has set a new goal for the building of 2.5 million homes over the next eight years to meet California’s needs. What is needed in the short term and years from now is different, said Ellen Hanak, director of the Public Policy Institute of California’s Water Policy Center.
More than half of California community colleges refuse to drop dead-end remedial courses
Medina first enrolled in remedial courses at East Los Angeles Community College in 2005 after an assessment test placed him three classes below college level. Before the new policy, in California and elsewhere, half the nation’s community college students were placed in remedial classes in math or English , according to Complete College America. And those failures are more than offset by the thousands fewer who are failing remedial courses. If remedial courses are offered, these advocates say, too many students will choose them instead of the corequisite courses. Los Rios administrators ultimately agreed, and now say they are removing all remedial courses for the upcoming fall term.
L.A. school board races like no other in recent memory: less spending, little mudslinging
Two years ago, independent spending on school board races leading into the primary reached about $8.5 million. Rivas, 48, conducts research, develops policy and works as a community liaison for school board member Jackie Goldberg, a labor ally. Among all the candidates, Rivas — whose varied career in education-related fields included work overseeing charters — embodies the strongest anti-charter sentiment. In 2019, Rivas was among a large group that ran for the open school board seat in District 5. Vilardi-Espinosa has views that align closely with the teachers union, but differs with union leaders in her support of school police.
Inflation is chewing up Coloradans' spending power. How are consumers coping?
The year Ketner graduated, inflation ran 8.5% in metro Denver, according to the Consumer Price Index. Consumer inflation in metro Denver went from a tepid 2% in 2020, to a still modest 3.5% in 2021, to 9.1% in early 2022. Officially, rents rose at a 6.5% annual rate in March in metro Denver, per the CPI. But the University of Denver and the Apartment Association of Metro Denver clocked a 14.4% increase in rents in the first quarter. The survey found that Colorado businesses were having a much harder time passing on rising costs to consumers than businesses nationally.
In Englewood, food leaders look ahead in wake of Whole Foods’ planned departure. ‘We need more options.’
When Whole Foods leaves, the agreement requires a new grocery store to be up and running within 18 months. Artwork lines the wall at Go Green Community Fresh Market in Chicago's Englewood neighborhood on May 25, 2022. The company hired a community engagement specialist, Cecile DeMello, to help build ties with the Englewood community. Englewood community leaders said that though the closure announcement saddened them, they weren’t wholly surprised by the news. “For me, one grocery store within blocks and blocks is not to say the complete solution, we need more options.
In gun trafficking’s new frontier, man charged with manufacturing ghost guns in South Side apartment
J.B. Pritzker signed a bill into law making the selling or owning of ghost guns illegal in Illinois. People assembling ghost guns also are able to avoid background checks the state requires to obtain a firearm. In Chicago and nationwide, the number of ghost guns used in crimes has drastically increased over the past several years. He was quickly apprehended and the weapon was found to be a ghost gun. Also this month, a student at Oak Park River Forest High School was arrested and charged with bringing a loaded ghost gun to school.
Connecticut and Millstone say the deal keeping the nuclear power plant open looks even better now. Here’s why.
James Go, superintendent of operations support at the Millstone Power Station in Waterford, stands before a spent nuclear rod storage area on May 20. It’s an ironic twist as consumers and businesses struggle with the highest energy prices in decades. State Energy and Environmental Commissioner Katie Dykes and Dominion Energy Inc., owner of the Millstone Power Station in Waterford, say a 2019 deal looks better now than at the time of the agreement. Nuclear power plants that complained their bottom line was hit hard by low natural gas prices “are doing very well as we see the rise in natural gas prices,” Snitchler said. U.S. Energy Secretary Jennifer Granholm, left, and state Energy and Environmental Protection Commissioner Katie Dykes at the Millstone Power Station on May 20.
Biden to meet Fed chair as inflation bites pocketbooks
President Joe Biden participates in a magnolia tree planting ceremony on the South Lawn of the White House in Washington, Monday, May 30, 2022. (AP Photo/Andrew Harnik)President Joe Biden participates in a magnolia tree planting ceremony on the South Lawn of the White House in Washington, Monday, May 30, 2022. (AP Photo/Andrew Harnik)WASHINGTON (AP) — President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks. While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief. “My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation,” Biden wrote.
As food and fuel costs rise, there is no doubt the poorest are hardest hit | Phillip Inman
The regulator’s gloomy outlook fuelled fears that an even higher figure is coming down the track when the cap is revised in early 2023, such is the momentum propelling gas and electricity prices higher. Disentangling Monroe’s food inflation monitor from the basket of pasta, potatoes and sausages used by the ONS is difficult. According to the United Nations’ FAO food price index, prices have climbed by about 20% so far this year. Another factor keeping factory-made goods prices high is China imposing draconian lockdowns on manufacturing centres and ports amid outbreaks of Covid-19. All it will take is for energy costs hitting households to wallop businesses and the FSB prediction will be disturbingly accurate.
EU embargo on Russian oil will cut 90% of imports, says Ursula von der Leyen – video
The EU has agreed to an embargo on most Russian oil imports after late-night talks at a summit in Brussels. Ursula von der Leyen, the president of the European Commission, said the ban would 'effectively cut around 90% of oil imports from Russia to the EU by the end of the year' because Germany and Poland had committed to renounce deliveries via a pipeline to their territory. The sanctions package also targeted Russia's largest bank, Sberbank, and three Russian state broadcasters
Justin Trudeau announces handgun freeze in Canada and five-round limit on magazines – video
Canada’s government will legislate for a national freeze on handgun ownership that would stop people buying and selling them anywhere in the country. 'The day this legislation goes into effect, it will no longer be possible to buy, sell, transfer or import handguns in Canada,' said the prime minister, Justin Trudeau. The government will also require long-gun magazines to be altered so that they can hold no more than five rounds, and will ban the sale and transfer of large-capacity magazines
Cryptocurrency 2022: What impact does Bitcoin have on the environment?
Analysis by the University of Cambridge suggests the Bitcoin network uses more than 121 terawatt-hours (TWh) annually, which would rank it in the top 30 electricity consumers worldwide if it were a country. The energy demands have been fuelled by the surging price of Bitcoin in recent months, which has seen it rise to more than $42,000 today. The amount of energy Bitcoin's network consumes did not rise to serious prominence until 2017, when a major price rally drastically pushed up its energy needs to the level of a small country. Bitcoin miners therefore gravitate to where electricity is cheapest, meaning the fundamental issue is not with Bitcoin but with a lack of cheap renewable energy production. This trend is expected to continue, according to projections from the International Renewable Energy Agency, which reported last year that renewable energy sources are increasingly more cost-efficient than fossil fuels.
COVID: China's largest city Shanghai to begin reopening after two months in lockdown
Shanghai will begin to ease COVID-19 restrictions from midnight after two months in lockdown - longer than had been planned. Read more: Is China's Shanghai lockdown an overreaction? Please use Chrome browser for a more accessible video player 0:47 Shanghai residents break out of buildingsEconomists warned that only abandoning "zero COVID" will give confidence to a sustained economic recovery. "Shanghai's phased-in reopening may only represent a respite rather than a turning point," said experts at Nomura. "The real turning point will be marked by a shift in China's stance on its zero COVID strategy rather than headline COVID caseloads, the easing of some lockdowns or monthly activity data."
Video: Shocking moment shoplifters ransack Sephora store in LA
Video: Shocking moment shoplifters ransack Sephora store in Los Angeles and fill trash bags with beauty products before calmly walking away as employees look helplessly onShocking moment shoplifters ransack Sephora store in Los Angeles before calmly strolling away as employees look helplessly on.
Astonishing moment POLICE OFFICER reads TUI statement to furious passengers after flight cancelled
And many arrived at the airport or even at the gate to learn their flight had been delayed for hours or cancelled completely. Julian Knight, chairman of the Commons Digital, Culture, Media and Sport committee, told the Evening Standard: 'They [the aviation industry] need to get a grip and now. A spokeswoman for the Government insisted the aviation industry is 'responsible for making sure they have enough staff to meet demand'. The aviation industry is suffering from staff shortages after thousands were let go during the coronavirus pandemic. Arts minister Lord Parkinson of Whitley Bay acknowledged that cancelled flights and long queues at UK airports are 'causing a lot of distress for people, particularly in half-term'.
Russian cenbank downplays role of dollar, euro at home and globally
May 31 (Reuters) - The role of the dollar and the euro as global currencies is set to decline as central banks rethink their strategies after the West froze Russian reserves, Russia's central bank said on Tuesday, suggesting it could consider imposing negative rates for dollar and euro deposits. Register now for FREE unlimited access to Reuters.com Register"One could expect an increase in demand for gold and a decline in the U.S. dollar's and the euro's role as reserve assets," the Russian central bank said in a report on financial stability. As of May 20, Russia's reserves slipped to $583.4 billion. To speed up the decline in foreign currencies' share in the Russian banking sector, Russia could consider imposing negative interest rates on banks' deposits in dollar and euros, the central bank said. The central bank also said in the report that Russian private investors have become the main steering power on the stock market amid restrictions for non-residents to trade on Russian markets.
Israel, UAE boost ties with free trade pact
It was signed in Dubai by Minister of Economy and Industry Orna Barbivai and her counterpart, UAE Minister of Economy Abdulla bin Touq Al Marri, after months of negotiations. The UAE predicted the Comprehensive Economic Partnership Agreement would boost annual bilateral trade to more than $10 billion within five years. Emirati trade minister Thani Al Zeyoudi said the deal had written "a new chapter in the history of the Middle East". MORE DEALSThe deal marked the UAE's second free trade pact after it signed a similar accord with India in February. Israel and the UAE established ties in September 2020 in a U.S.-brokered deal that broke with decades of Arab policy that had called for a Palestinian state before ties with Israel.
Canadian Prime Minister Justin Trudeau announces legislation freezing the sale of guns
Canadian Prime Minister Justin Trudeau announces legislation freezing the sale of gunsCanadian Prime Minister Justin Trudeau’s government introduced legislation that would put a freeze on buying, selling or importing handguns.
Bitcoin meant equity for Black, LGBTQ+ investors. Where does the Crypto Crash leave things?
May was the month that cryptocurrencies — the digital darlings touted from Twitter to Reddit, and by billionaires and superstars — plunged to earth. Bitcoin, the most popular of those assets, lost 19% of its value within a week, dropping to its lowest value since October 2020. Ethereum plummeted by nearly 27%, and some of the so-called stablecoins, pegged to commodities like the U.S. dollar, became nearly worthless.
Would I burn bridges by accepting a counteroffer and turning down a new job? Ask HR
Question: Upon turning in my notice at my job, my employer offered me a salary increase of 10% above my pending position and 27% above my current position. – LidiaJohnny C. Taylor Jr.: In today’s ultra-competitive job market, it is common for an employer to counter an employee’s new job offer with a salary increase. Now that recreational marijuana use is legal in New Jersey, can we still screen for marijuana in drug testing? – ReillyTaylor: The legalization of recreational marijuana does not necessarily change what employers can do in terms of drug testing. • Or an employer could take it a step further and remove drug testing from the hiring process entirely.
Biden and Fed chair Powell are set to meet as inflation dogs the global economy.
Image President Biden nominated Jerome H. Powell last year for a second term as Federal Reserve chair. Credit... Al Drago for The New York TimesPresident Biden will meet with Jerome H. Powell, the Federal Reserve chair, at the White House on Tuesday to discuss the state of the U.S. and global economy at a challenging moment. Inflation in the United States is running near its fastest pace in four decades, with prices rising for gas, food and rent. Americans have become pessimistic about the economy and their own financial prospects as their paychecks have failed to keep up with inflation. While Mr. Biden has announced some measures aimed at reducing costs, he has made clear that he is relying on the Fed, which is independent of the White House, to help tame inflation.
'A merger of equals': Firmenich CEO Ghostine on DSM deal
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'A merger of equals': Firmenich CEO Ghostine on DSM dealFirmenich CEO Gilbert Ghostine describes the company's deal with sector peer DSM as a "merger of equals."
This electric vehicle stock is poised for a comeback as China lockdowns ease, Morgan Stanley says
Shutdowns in China have hit Nio hard, but the electric vehicle maker is ready for a rebound which could come as soon as the next 15 days, according to Morgan Stanley. China's Covid lockdowns pummeled the electric automaker in recent months, shutting down production, suppressing vehicle sales, and delaying the launch of new models. This could lead to big gains in the near term for Nio, Morgan Stanley said. Nio has fallen 47.7% since the start of 2022, but the analyst thinks the stock is likely to rebound. The bank has a $34 price target and overweight rating on the stock, meaning shares could potentially more than double from Friday's close price.
This is how much you should budget on food and housing if you make $50,000 per year
Food and shelter are two necessary items in every household. With prices rising around the country, it's helpful to think of how you can adjust your budget to pay for these essentials. CNBC crunched the numbers for a person making $50,000 per year to give you an idea of how best you can meet those essential expenses. Check out this video to learn what your household spending should look like every month. CHECK OUT: Meet a 34-year-old who has sold over 11,000 items on Etsy and makes nearly $3,500/month in passive income with Acorns+CNBCDisclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
Small business wage growth remains strong, says Paychex CEO Marty Mucci
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmall business wage growth remains strong, says Paychex CEO Marty MucciMarty Mucci, chairman and CEO of Paychex, joins CNBC's 'Squawk Box' to break down small business wage growth, hiring and more.
The market appears fairly priced here, says GenTrust's Mimi Duff
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market appears fairly priced here, says GenTrust's Mimi DuffAnthony Woodside, senior strategist for active fixed income at LGIM America, and Mimi Duff, investment professional at GenTrust, join CNBC's 'Squawk Box' following the long holiday weekend to discuss markets and potential rate hikes from the Federal Reserve.
Breaking International News & Views
Euro zone inflation rose to another record high in May, boosting government bond yields as markets saw the data as a challenge to the European Central Bank's view that gradual interest rate increases from July will be enough to tame fast price growth. undefined ago
Russia oil sanctions to burden strained supplies: Reuters poll
Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. A survey of 33 economists and analysts forecast Brent crude would average $101.89 a barrel in 2022, a slight increase from the $100.16 consensus in the previous poll published in April. Register now for FREE unlimited access to Reuters.com RegisterU.S. crude was seen averaging $97.82 a barrel in 2022 compared with the prior $96.21 forecast. More Russian oil is headed towards Asia as many countries, including the United States, ban oil imports from Moscow over its invasion of Ukraine, while the European Union also agreed on Monday to cut 90% of oil imports from Russia by the end of this year. China oil demandDespite Western calls for a faster increase in oil production to tame surging prices, OPEC+ is expected to stick to last year's deal in its June 2 meeting.
Breakingviews: Oil embargo will hurt Putin more than EU
REUTERS/Dado Ruvic/IllustrationMILAN, May 31 Reuters Breakingviews) - After some hesitation, the European Union has decided to ban most Russian oil imports. The partial embargo is intended to allow naysayer Hungary and other landlocked countries to continue to import Russian oil via pipeline. The EU has been importing between 3 and 3.7 million barrels of Russian Urals oil per day, says Rystad Energy. The EU oil embargo will hurt Russia more than Europe. Some 10% of imports will be temporarily exempt from the EU embargo to help landlocked countries Hungary, Slovakia and the Czech Republic.
Kirkland's Swings to 1Q Loss Amid Waning Demand, Higher Costs
By Will FeuerKirkland's Inc. swung to a first-quarter loss and saw sales fall as inflation and other concerns weighed on consumer demand for home furnishings. The retailer of home decor and furnishings posted a first-quarter loss of $7.9 million, compared with a profit of $1.7 million a year earlier. Loss was 63 cents a share, compared with a profit of 11 cents a share.
Sprott Taps Whitney George as Next CEO
By Adriano MarcheseSprott Inc. has appointed Whitney George to lead the company as chief executive officer, effective June 30. The Canadian investment manager, which focuses on precious metals and real assets investing, said Mr. George, currently the company's president, will succeed Peter Grosskopf. Mr. Grosskopf will focus on his roles as CEO of Sprott Capital Partners as well as advisor to Sprott's private resource strategies, the company said. Mr. George joined the company in 2015 and has served in a number of roles including chief investment officer of Sprott asset management since 2018 and as president of company since 2019. Prior to joining Sprott, he spent 23 years in senior roles at New York-based Royce & Associates LLC, Sprott said.
Zentalis Pharmaceuticals Promotes Co-Founder Cam Gallagher to President
By Mary de WetZentalis Pharmaceuticals Inc. said Tuesday that it has promoted Cam Gallagher, a co-founder of the company, to president. Mr. Gallagher will report to Chief Executive Kimberly Blackwell, who was elevated to the role two weeks ago.
Premarket Movers: Yamana Gold, AMC Entertainment Hldgs, Fox Cl A
With U.S. stock markets set to open in two hours, Yamana Gold (AUY) was up 15.3% in pre-market trading, and AMC Entertainment Hldgs (AMC) was up 7.9%. Fox Cl A (FOXA), Yum China Holdings (YUMC), and Coinbase Global (COIN) were all posting gains of at least 5%. Textron (TXT) and CBRE Group (CBRE) had posted declines, falling 4.1% and 3.0%, respectively. Meanwhile S&P 500 futures were up 0.39% , with futures for the Dow Jones Industrial Average rising 0.44%.
Video: EU Leaders Pledge to Ban Nearly All Russian Oil Imports
European Union leaders took a big step in the economic fight against Moscow over its invasion of Ukraine by agreeing to block 90% of Russian oil imports by year-end. The embargo faced opposition from countries highly dependent on Russian crude, especially Hungary. Photo: Olivier Matthys/Associated Press
Premarket Movers: Yamana Gold, AMC Entertainment Hldgs, Fox Cl A
With U.S. stock markets set to open in two hours, Yamana Gold (AUY) was up 15.3% in pre-market trading, and AMC Entertainment Hldgs (AMC) was up 7.9%. Fox Cl A (FOXA), Yum China Holdings (YUMC), and Coinbase Global (COIN) were all posting gains of at least 5%. Meanwhile S&P 500 futures were up 0.39% , with futures for the Dow Jones Industrial Average rising 0.44%. U.S. stock markets open for trading at 9:30 a.m. Data source: Dow Jones Market Data, FactSet.
Here's what Goldman Sachs sees as the next big there-is-no-alternative-trade
That brings us to our call of the day from Goldman Sachs, who sees a budding “there-is-no-alternative” trade in commodities. Equities are now negatively correlated with inflation expectations, suggesting investors are even more worried about the risk to stocks and valuations. So convinced is Goldman, the bank’s portfolio strategy team is keeping overweight recommendations only on commodities and cash for the next quarter. Goldman sees the next leg higher for prices coming from hoarding across the space. “Though muddled macro risks are more two-sided today than in the immediate aftermath of the invasion, now is not the time to shift expectations for commodities outperformance, in our view,” the Goldman team said.
Sealed Air Names Henry Keizer Chairman
By Michael DabaieSealed Air named Henry Keizer as chairman, succeeding Jerry Whitaker, who will continue as a board member. He has served on packaging company Sealed Air's board since 2017 and was most recently chair of the audit committee. "SEE is making bold moves to become a world-class, digitally driven company automating sustainable packaging solutions. Sealed Air recently introduced prismiq, a digital packaging brand for design services, digital printing and smart packaging. The company earlier this year acquired Foxpak Flexibles Ltd., a privately-owned Irish packaging solutions company for digital printing on flexible packaging.
Gold on track for second straight monthly loss
Gold futures lost ground Tuesday, with the yellow metal on track for a second straight monthly loss after a surge by the U.S. dollar in May. Gold for August delivery GC00, -0.25% GCQ22, -0.25% was down $5.20, or 0.3%, at $1,852.10 an ounce, on track for a 3.1% monthly fall based on the most actively traded contract. Gold was facing a headwind “from the firmer U.S. dollar and significantly rising bond yields,” said Daniel Briesemann, commodity analyst at Commerzbank, in a Tuesday note. The ICE U.S. Dollar Index DXY, +0.24% , a measure of the currency against a basket of six major rivals, rose 0.3%. The index was on track for a 1% monthly fall after hitting a nearly 20-year high in early May.
Taylor Morrison doubles stock repurchase program, lasting through 2023
Taylor Morrison Home Corp. TMHC, +1.02% announced Tuesday that it will double the authorization for its stock repurchase program to $500 million from $250 million. The new program represents about 14.5% of the homebuilder's market capitalization of $3.45 billion as of Friday's stock closing price. The company said the program runs through Dec. 31, 2023. "The increase in our share repurchase authorization provides us with enhanced flexibility to create value for our shareholders and reinforces the meaningful opportunity we see in our equity," said Chief Executive Sheryl Palmer. The stock, which is still inactive in premarket trading, has shed 17.5% year to date, while the iShares U.S. Home Construction ETF ITB, +1.99% has tumbled 26.5% and the S&P 500 SPX, +2.47% has lost 12.8%.
This insurance policy could protect your retirement portfolio -- but is it worth it?
“A CDA is an insurance policy that guarantees to continue making income payments if you run out of savings. You pay an annual fee for the insurance and spend your money free of the fear that a stock market crash will ruin your retirement. A retiree can buy portfolio insurance for a decade and if they get lucky and markets do well, they can drop the insurance and live happily ever after.”CDAs also work well for financial advisers who are uncomfortable using annuities with their clients. For instance, the insurance company behind the CDA will have rules about how your assets can be allocated and invested. “My hope is that an advising firm will recognize the value of providing retirement income insurance as an option to investors,” said Finke.
Gold on track for second straight monthly loss
Gold futures lost ground Tuesday, with the yellow metal on track for a second straight monthly loss after a surge by the U.S. dollar in May. Gold for August delivery GC00, -0.26% GCQ22, -0.26% was down $5.20, or 0.3%, at $1,852.10 an ounce, on track for a 3.1% monthly fall based on the most actively traded contract. Gold was facing a headwind “from the firmer U.S. dollar and significantly rising bond yields,” said Daniel Briesemann, commodity analyst at Commerzbank, in a Tuesday note. The ICE U.S. Dollar Index DXY, +0.24% , a measure of the currency against a basket of six major rivals, rose 0.3%. The index was on track for a 1% monthly fall after hitting a nearly 20-year high in early May.
Here's what Goldman Sachs sees as the next big there-is-no-alternative-trade
That brings us to our call of the day from Goldman Sachs, who sees a budding “there-is-no-alternative” trade in commodities. Equities are now negatively correlated with inflation expectations, suggesting investors are even more worried about the risk to stocks and valuations. So convinced is Goldman, the bank’s portfolio strategy team is keeping overweight recommendations only on commodities and cash for the next quarter. Goldman sees the next leg higher for prices coming from hoarding across the space. “Though muddled macro risks are more two-sided today than in the immediate aftermath of the invasion, now is not the time to shift expectations for commodities outperformance, in our view,” the Goldman team said.
Deutsche Bank, DWS offices raided over greenwashing allegations
The Frankfurt offices of Deutsche Bank AG DB, +0.54% and its asset-management subsidiary DWS Group DWS, -2.71% were searched by authorities on Tuesday over allegations of greenwashing at DWS. Around 50 agents of the city’s public prosecutor’s office, alongside German market regulator Bafin and the Federal Criminal Police Office had been deployed Tuesday morning, a spokeswoman for Frankfurt prosecutor’s office said.
Here's what Goldman Sachs sees as the next big there-is-no-alternative-trade
That brings us to our call of the day from Goldman Sachs, who sees a budding “there-is-no-alternative” trade in commodities. Equities are now negatively correlated with inflation expectations, suggesting investors are even more worried about the risk to stocks and valuations. So convinced is Goldman, the bank’s portfolio strategy team is keeping overweight recommendations only on commodities and cash for the next quarter. Goldman sees the next leg higher for prices coming from hoarding across the space. “Though muddled macro risks are more two-sided today than in the immediate aftermath of the invasion, now is not the time to shift expectations for commodities outperformance, in our view,” the Goldman team said.
Tesla’s Shanghai Plant Is Back To 70%. Delivery Estimates Look Too High.
Tesla second quarter delivery estimates still look too high. Tesla produced roughly 10,000 vehicles at the Shanghai plant in April and delivered just 1,500 of them. Both numbers look a little high. Those numbers look like they were set before Covid-19 impacted Chinese production. The Shanghai situation, as well as how frequently analyst numbers get update, make the second quarter delivery figure a wild card.
Gold on track for second straight monthly loss
Gold futures lost ground Tuesday, with the yellow metal on track for a second straight monthly loss after a surge by the U.S. dollar in May. Gold for August delivery GC00, -0.25% GCQ22, -0.25% was down $5.20, or 0.3%, at $1,852.10 an ounce, on track for a 3.1% monthly fall based on the most actively traded contract. Gold was facing a headwind “from the firmer U.S. dollar and significantly rising bond yields,” said Daniel Briesemann, commodity analyst at Commerzbank, in a Tuesday note. The ICE U.S. Dollar Index DXY, +0.24% , a measure of the currency against a basket of six major rivals, rose 0.3%. The index was on track for a 1% monthly fall after hitting a nearly 20-year high in early May.
US STOCKS-Futures slip on inflation fears, eyes on Powell-Biden talks
Stock markets have sold off sharply this year against the backdrop of the Ukraine conflict, surging COVID-19 cases in China and tightening financial conditions. All the three major U.S. indexes last week snapped their longest weekly losing streak in decades as signs of peaking inflation and consumer resiliency brought back buyers into the market. The benchmark S&P 500 added 0.6% this month following an 8.8% plunge in April, while the blue-chip Dow rose 0.7%. The tech-heavy Nasdaq was set for its second straight monthly loss, down 1.7% in May, as high-growth stocks tend to underperform when interest rates rise. ET, Dow e-minis were down 165 points, or 0.5%, S&P 500 e-minis were down 18 points, or 0.43%, and Nasdaq 100 e-minis were down 7.25 points, or 0.06%.
UPDATE 1-Euro zone inflation hits new record, adding to case for big ECB rate hikes
"The inflation problem in the euro area is getting worse," said Commerzbank economist Christoph Weil. "Today's price data once again increase the pressure on the ECB to end its ultra-loose monetary policy." Euro zone government bond yields rose, because the data boosted expectations that the ECB might accelerate its policy tightening path. Hoping to tame inflation, ECB President Christine Lagarde and Chief Economist Philip Lane have already flagged 25 basis point rises in the deposit rate - now minus 0.5% - in July and September. The ECB will next meet on June 9, when it will formally end a bond purchase scheme from the end of June and continue to signal rate hikes.
U.S. Senator Warren plans bill to crack down on blank check deals
Senator Elizabeth Warren is planning a bill to crack down on the special purpose acquisition company, or SPAC, industry after a "proliferation" of bad deals that have often resulted in huge losses for investors, according to a report to be released Tuesday seen by Reuters. “This investigation found that Wall Street insiders have used SPACs as their own personal piggy banks while retail investors have suffered," Warren said in a prepared statement. Story continuesIf finalized, SEC rules proposed in March would largely close current loopholes by offering SPAC investors protections similar to those they would receive during the IPO process. It would expand the definition of underwriter to include any party that facilitates the takeover of the target company, increasing legal liability for financial institutions, SPAC sponsors and boards, and the target company. The bill would also increase the disclosures required in relation to the target takeover.
Kirkland's shares fall premarket after company swings to Q1 loss and all metrics fall short of estimates
The company's adjusted per-share loss came to 62 cents, far wider than the 26 cent loss FactSet consensus. Sales fell to $103.3 million from $123.6 million a year ago, also below the $108.0 million FactSet consensus. Same-store sales were down 15.8%, compared with a FactSet consensus for a decline of just 13.4%. But the company said it's suspending its timelines and targets as it expects the challenging near-term outlook for consumer spending will continue to weigh. Shares have fallen 55% in the year to date, while the S&P 500 SPX, +2.47% has fallen 13%.
Bitcoin meant equity for Black, LGBTQ+ investors. Where does the Crypto Crash leave things?
For investors from communities who've traditionally faced discrimination, cryptocurrency has been seen as a path to economic equity. Black, Latino, LGBTQ see bridge to wealth through crypto: Black, Latino, LGBTQ investors see crypto investments like bitcoin as 'a new path' to wealth and equityStory continuesTo buy crypto, TikTok is not enough: TikTok shows Gen Z how to buy bitcoin and crypto. Then the crypto market plunged, and his employee began to question why he should bother investing at all. “I don't want to see people of color left behind by the crypto market,'' Ortega says. This article originally appeared on USA TODAY: Crypto Crash: Bitcoin's drop may rattle investors who saw it as equity
Stocks: We 'have reached peak bearishness' amid recession and Fed fears, Citi says
"Over the near term, our high level takeaway is that the equity markets have reached a peak bearishness related to Fed expectations and recession risk," Citi Strategist Scott Chronert wrote in a new note to clients. Chronert listed several factors behind his call, mostly related to market sentiment hitting extreme pessimism. The sharp underperformance of social sentiment stocks, non-earning names and other more speculative trades basically was hinting at this already. Market sentiment was also supported by the defense of the U.S. economy by CEOs at the World Economic Forum. Read the latest financial and business news from Yahoo FinanceFollow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Fears of a U.S. recession in 2022 are overblown: Goldman Sachs
Goldman Sachs, which previously estimated that there was a 35% chance of a recession within two years, is reiterating that a recession in the U.S. is not inevitable despite what stocks say. "While our growth forecast has long been below consensus, we believe fears of declining economic activity this year will prove overblown unless new negative shocks materialize," Goldman Sachs Chief Economist Jan Hatzius wrote in a note to clients. "Despite the market narrative of declining business activity and sharply lower management confidence," Hatzius added, "the activity measures of the surveys available for April and May indicate a deceleration rather than a collapse." While most top execs noted that business had slowed recently amid inflation and supply chain challenges, they collectively discounted a recession later this year. Read the latest financial and business news from Yahoo FinanceFollow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
China continues to dismantle missing tycoon Xiao Jianhua's financial empire
Rongtong Fund Management, which was once part of Xiao Jianhua's Tomorrow Group, has unveiled a management reshuffle, marking its official exit from the missing Chinese magnate's embattled financial empire. Chengtong acquired a majority stake in New Times Securities after the government took over the brokerage from Tomorrow Group. In its heyday, Xiao's Tomorrow Group owned stakes in 44 financial institutions, whose total value was estimated at 3 trillion yuan. Baoshang Bank, a key pillar of Xiao Jianhua's Tomorrow Group, was declared bankrupt in 2020. Photo: Reuters alt=Baoshang Bank, a key pillar of Xiao Jianhua's Tomorrow Group, was declared bankrupt in 2020.
Alabama couple search for country escape on 'American Dream Home'
This week, "American Dream Home" introduced viewers to Aly and Tyler, as the couple searched the community of Oneonta, Alabama, for their country escape. And at the time we filmed with the couple, homes were going for about $135 a square foot. "In the time since filming, the demand for small farms and recreational properties has continued to grow. "The price point and amount of space you get in this area of the country is very affordable." Still, the price point and amount of space you get in this area of the country is very affordable.
Where Are We Now? The Week Ahead, EU Oil Ban, Waller's Words, S&P 500 Earnings
Thus, if all goes according to what is currently "the plan," 90% of all Russian oil imports to the EU will be covered by this ban by year's end. At this late point (almost final), the S&P 500 in aggregate, experienced earnings growth of 9.2% (y/y) for the quarter on revenue growth of 13.6%. This is well above the consensus view for earnings growth of 4.6% and revenue growth of 10.7% as the quarter began. Sticking with FactSet, and looking ahead, current consensus for the second (current) quarter is for S&P 500 earnings growth of 4.1% on revenue growth of 9.7%, Expectations for the full calendar year are for earnings growth of 10.1% on revenue growth of 10.2%. Last week also took the S&P 500 from trading at just 16.4 times forward-looking earnings up to 17.1 times.
Articles by Ryan Koory, Vice President of Economics, Mercaris
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As Demand Surges for Organic Food, New Price Risks Emerge
Graphic: Organic Food SalesFollowing growing consumer demand, the footprint of U.S. organic agriculture has expanded. For U.S. organic corn markets, the role of imports has slowly fallen over the past five years. While this has reduced the U.S. organic corn market’s exposure to foreign supply risk, it has not isolated it from other forms of price volatility. Following a better-than-expected harvest, U.S. organic corn supplies surpassed demand expectations over the 2019/20 marketing year. This plunged prices into a year-long bearish retraction, ultimately pressing organic corn prices to 10-year lows.
Stock Market Today - 5/31: Stock Futures Lower As Inflation Concerns Resurface: Oil Surges On EU Russian Crude Ban
Fed Chairman Jerome Powell is also slated to meet President Joe Biden in the White House on Tuesday to discuss the state of inflation. Global oil prices extended recent gains Tuesday after European Union officials reached an agreement to ban all imports of seaborne Russian crude over the next six months. WTI contracts for July delivery, which are tightly linked to U.S. gas prices, were marked $2.01 higher from Friday's close at $118.87 per barrel. Brent crude contracts for the same month, the global pricing benchmark, were last seen $1.93 higher on the session at $123.60 per barrel. Futures linked to the tech-focused Nasdaq, which id down 23.4% for the year, are looking at 3 point opening bell bump.
Yamana Gold Stock Surges After $6.7 Billion Gold Fields Takeover Deal
"Combined with Yamana, Gold Fields will boast an industry leading portfolio of high-quality, long-life flagship assets that span some of the world’s most established gold mining jurisdictions," said CEO Chris Griffith. Yamana Gold (YRI) shares surged higher Tuesday after the Canada-based gold producer agreed to a $6.7 billion takeover by South Africa's Gold Fields (GFIOF) . Gold Fields investors will own 61% of the combined group, which includes the Canadian Malartic mine -- the country's largest -- with Yamana shareholders holding the remaining 39%. "Yamana and Gold Fields also have complementary corporate cultures and values with an ESG-first operating model with a strong focus on supporting host communities and environmental stewardship," he added. Gold Fields shares, meanwhile, slumped 12.6% to $10.66 each.
G-III Apparel: You Might Not Know Its Name - You Know Its Brands
Stocks quotes in this article: GIIIMost investors are not familiar with G-III Apparel (GIII) . The company, though, sells many iconic, well-loved, name brandsIn the decade ended Jan31, 2022, G-III's major business metrics all surged to new all-time recordsPer share cash flow and earnings each expanded by about 230%. Continuous shareholders more than doubled their money yet their ga...
Focus on Support Levels, New Lows and Sector Rotation
Crude oil prices are spiking higher to start the week as European Union leaders agreed to cut oil purchases from Russia. Gas prices are hitting record highs and European inflation is hitting a record 8.1%, which is causing concerns of stagflation to build once again. If recent lows hold and there is not a big spike in stocks hitting new 12-month lows, then we will have some technical confirmation that a solid low is forming. The market can afford to give back some gains at this point, but watch support and watch to see what happens with new highs and new lows. The focus is on sector rotation and not the indexes.
So charming in Berkeley
This two-bedroom home with two updated bathrooms is bathed in sunlight and features spacious rooms with period built-ins. The living room and dining room flow to the bright and airy eat-in kitchen. An architect-designed detached art studio/office is above the garage, which has been converted for storage/workshop space. This property is just one block to Solano Avenue shops and restaurants and Walk Score states it’s a “Walker’s Paradise” 96, so leave the car at home! Visit: 1614Capistrano.com for more informationListed by: Red Oak Realty’s Ann Plant & Lynn Signorelli DRE#613099, 2021710 (510) 381-2101
State task force urges government, businesses to unite behind ‘quality jobs’
Task force members were drawn from academia, business, labor and government. The Illinois Future of Work Act of 2021 created the task force. Other opportunities exist in areas such as clean energy and transportation, and the task force called for policies that would ensure traditionally marginalized groups get fair access to jobs. Other labor trends the task force mentioned included a continued decline in the percentage of workers represented by a union and the growth of gig work. The report also said employers should be transparent about data collected from its work force and give staff the chance to opt out of some surveillance.
How Ford’s Electric Pickup Can Power Your House for 10 Days
Rather it’s the technology that taps the Lightning’s battery pack to power your home or the electric grid itself during increasingly frequent climate-driven blackouts. On this day, Ford had not yet handed over electric trucks to the grape growers — it has a backlog of some 200,000 orders. While electric vehicles are often referred to as batteries on wheels, the Lightning might be better described as a mobile power strip. Ford says the Lightning can fully power an average home for roughly three days. “And some people are just truly, really interested in this product as a backup generator.”She declined to say whether future Ford electric vehicles will feature bi-directional capability.
Drivers pay £44 in tax every time they fill up the tank
Drivers are now paying an average £44 in tax every time they fill their tank with petrol, analysis has found. Prices at the pumps have risen sharply across the globe, but motorists in the UK also face one of the largest tax burdens in Europe. UK drivers paid 80p a litre in taxes on unleaded petrol last month, the analysis shows. Diesel car drivers are also now spending more than £45 in tax when they fill up. The Chancellor said the cut would save the average UK driver £100, a van driver £200 and a haulier about £1,500 over the 12-month period.
Britain's £2bn bill to battle threat of winter power rationing
Eighteen miles off the coast of Yorkshire, and more than a mile underneath the seabed, lies a gigantic sandstone reservoir where 70pc of the UK’s gas reserves were once held. Now, however, as Vladimir Putin’s threats to Europe’s gas supplies loom large, the ageing structure may be brought out of retirement, with ministers trying to brace Britain’s energy system against disruptions. But the warning underlines concerns about the strain on gas supplies and a resultant surge in wholesale prices and household energy bills. In the race to secure Britain a critical winter gas reserve, Business Secretary Kwasi Kwarteng is understood to have held discussions with Centrica about reviving the mothballed Rough facility. Following the outbreak of the Ukraine war, European gas supplies are tighter than ever - having already been stretched by the surge in demand as the pandemic receded.
Inflation hits 6.9%, highest level since 1986 - ISTAT - English
(ANSA) - ROME, MAY 31 - Italy's annual inflation rate climbed to 6.9% this month, the highest level since it stood at 7% March 1986, according to a preliminary estimate released by ISTAT on Tuesday. That was up from an annual inflation rate of 6% in April. The national statistics agency said an additional acceleration in energy prices, from +39.5% to +42.2%, fuelled the rise in the overall inflation rate. It said its consumer-price index was up by 0.9% in month-on-month terms. The agency said the increase in its trolley index of frequently bought items such as food and household goods rose from 5.7% in April to 6.7% this month, again the highest level since March 1986, when it was 7.2%.
French economy shrank unexpectedly in first quarter amid surging inflation
The facade of the Bank of France headquarters in Paris on March 12, 2018. France's economy shrank unexpectedly in the first quarter as consumers struggled to cope with surging inflation, official data showed on Tuesday, putting pressure on President Emmanuel Macron heading into legislative elections this month. Advertising Read moreThe INSEE statistics agency said the euro zone's second-biggest economy contracted 0.2% in the three months through March from the previous quarter. France's central bank chief said on Tuesday the latest data on prices only boosted the case for the European Central Bank to exit its exceptional monetary stimulus when its governing council meets next week. "The latest inflation figures for May in France and other countries confirm the increase we expected and the need for a progressive but resolute monetary policy normalisation," Bank of France Governor Francois Villeroy de Galhau said.
China’s e-commerce giants, led by Alibaba and JD.com, kick off promotions for midyear 618 shopping festival
This year’s edition of China’s annual 618 shopping festival is expected to serve as a barometer to measure consumer spending nationwide amid the country’s faltering economy. Illustration: Shutterstock
China economy: Beijing unveils detailed stimulus plan to offset coronavirus damage
China has released a new stimulus package to offset economic damage caused by fresh coronavirus outbreaks.
UK credit card borrowing soars by most since 2005 as cost-of-living squeeze tightens
The BoE said credit card borrowing was 11.6% higher than in April 2021, marking the biggest increase since November 2005. Overall consumer credit, which includes personal loans and car finance deals, rose by 5.7% in annual terms, the fastest growth since February 2020. Register now for FREE unlimited access to Reuters.com RegisterThe increase in borrowing came despite business surveys showing signs of a marked slowdown in demand, particularly among consumer-facing companies. UK credit card borrowing rises at fastest pace since 2005The BoE figures are not adjusted for inflation which hit a 40-year high of 9% in April, so some of the increase in borrowing likely reflects a price effect. Mortgage lender Halifax reported annual price growth slowed to 10.8% in April after hitting a nearly 15-year high of 11.2% in February.
Russia's Lavrov to meet GCC ministers in Riyadh on Wednesday, say officials
RIYADH, May 31 (Reuters) - Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet foreign ministers from Gulf Cooperation Council (GCC) states, two Gulf officials said on Tuesday. Lavrov, who was in Bahrain on Tuesday, is expected to meet ministers from Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Qatar and Bahrain in the GCC headquarters in Riyadh, the officials said, asking not to be named. The focus of the talks was not clear, although the officials said the six Gulf ministers would also hold an online meeting with Ukrainian Foreign Minister Dmytro Kuleba later on Wednesday. U.S. President Joe Biden and his team have been considering making a stop in Saudi Arabia and Israel after he travels to summits in Germany and Spain in late June, sources have said. Two senior U.S. officials visited Saudi Arabia last week for talks that covered energy and other issues but did not include calls for boosting Saudi oil exports, the White House said.
Oil prices' bull run continues as EU agrees to ban Russian oil supply
By Shadia NasrallaLONDON (Reuters) -Oil prices extended a bull run on Tuesday after the EU agreed to a partial ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of peak U.S. and European summer driving season. Both July-loading contracts are set to end May as the sixth straight month of rising prices. The embargo exempts pipeline oil from Russia as a concession to Hungary. "As two-third of the Russian crude oil exports are seaborne around 1.5 million barrels per day (bpd) of oil will need to be replaced by the EU," PVM analyst Tamas Varga said. Oil prices draw further support as Shanghai has announced an end to its two-month-long COVID-19 lockdown, and will allow the vast majority of people in China's largest city to leave their homes and drive their cars from Wednesday.
Gazprom to stop supplying gas to Dutch trading giant
Russian gas company Gazprom is to stop supplying gas to Dutch trading firm GasTerra from tomorrow because of a dispute over payments. The dispute centres on Russian president Putin’s insistence that foreign countries pay for their gas supplies in roubles. The company supplies gas to local authorities, energy firms and big industrial customers. The cabinet also said earlier that it has no plans to start using gas from the Groningen fields, which are currently being closed down, to replace Russian gas. Denmark’s biggest utility company Orsted is also faced with being cut off from Russian gas supplies from May 31.
China faces a nearly $1 trillion funding gap. It will need more debt to fill it.
Nomura estimates a funding gap of about 6 trillion yuan ($895.52 billion) — roughly 2.5 trillion yuan in decreased revenue due to tax refunds and weaker economic production, and another 3.5 trillion yuan of lost land sales revenue. They estimate a funding gap of about 6 trillion yuan ($895.52 billion) — roughly 2.5 trillion yuan in decreased revenue due to tax refunds and weaker economic production, and another 3.5 trillion yuan of lost land sales revenue. Eight of China's 31 province-level regions saw a drop in fiscal revenue during that time, the ministry said, without naming them. In 2021, Tibet was the only province-level region to see a decline in fiscal revenue, according to Wind. Land sales don't create deficit pressure, she said, noting that "more pressure will come from infrastructure spending, tax cut allocation."
Eurozone inflation reaches record 8.1% in May
Inflation in the 19 countries of the eurozone soared to 8.1% in May from 7.4% in April, figures showed on Tuesday, exceeding previous expections. Food prices soared by 7.5%, while prices for other goods — such as clothing, appliances, cars, computers and books — were up 4.2% and the cost for services rose 3.5%. Germany's inflation rate reached 7.9% in May, according to data published on Monday by the German statistical agency Destatis. Early in May, the US Federal Reserve raised interest rates by half a percentage point for the first time since 2000 in a bid to combat soaring inflation. That came at the same time the Bank of England raised its interest rates to a 13-year high.
Canada to cap market for handguns with new law
Canada to cap market for handguns with new lawCanadian Prime Minister Justin Trudeau’s government introduced legislation Monday that would put a freeze on importing, buying or selling handguns. The regulations are expected to be enacted this fall.
How a Florida Power Project Flew Under the Regulatory Radar
“The whole energy policy dynamic in Florida has alienated the public interest,” said E. Leon Jacobs Jr., a former chairman of the Florida Public Service Commission who was elected president of the Southern Alliance for Clean Energy, a nonprofit environmental organization, in September 2020. Transmission data collected by the U.S. Department of Energy highlights how unusual 161-kilovolt lines are, particularly over long distances. Just 3 percent of all transmission lines in the country are 161 kilovolts, and they average five miles in length, said Mr. McCullough, who reviewed the data. The Public Service Commission, responsible for ensuring that utility investments are prudent and avoid economic waste, declined to comment about the transmission line, its funding or Florida Power & Light’s practices, noting that the rate case could be appealed. Mr. Gentry did, however, take part in negotiations regarding the rate case that included the transmission project.
After a Bumper 2021, Companies Might Struggle to Increase Profits
As a result, profit margins, which measure how much money a business makes on each dollar of sales, rose well above the prepandemic average. On the whole, companies made an estimated $200 billion in additional operating profits last year because of that increase in margins. And now there are good reasons for investors to be concerned about profits. And corporate executives are warning that the supply chain problems that may have helped them boost profits last year have become a burden. Particularly worrisome to investors are signs that demand for some goods and services is flattening or even falling.
Wall Street’s Losing Streak Ends, but Uncertainty That Drove It Lingers
Those were gains fueled by near-zero interest rates, slashed to that level by the Fed in March 2020. All of these factors have led economists to slash their expectations for economic growth in the United States. “The world is repricing for the end of extraordinarily low interest rates and extraordinarily accommodative monetary policy,” said David Lefkowitz, head of equities for the Americas at UBS Global Wealth Management. “A lot of wealth has been destroyed in the last five months,” said Russ Koesterich, portfolio manager of the BlackRock Global Allocation Fund. “That has an effect on corporate sentiment and hiring and investing plans by companies.
Home sellers in hot markets are dropping prices as demand wanes
Price drops are "becoming increasingly common" in some of the most popular housing markets across the United States. Although the price drops are becoming more common, they are the result of rising mortgage rates, which is pricing out buyers and driving down demand. Cape Coral, Florida, was not far behind, with 33% of sellers dropping the price of their homes, according to Redfin. "For home sellers in these markets, the sharp increase in mortgage rates has knocked some of the wind out of a housing market that had been super-charged by surging migration," according to Redfin. In fact, those aforementioned sellers are "driving the national rate of price drops to its highest level since October 2019," according to Redfin.
Markets point to a lower open following last week's bounce
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets point to a lower open following last week's bounceWall Street is pointed toward a mostly lower open as traders return from the long holiday weekend. CNBC's Bertha Coombs breaks down the market action ahead.
Daiwa double upgrades Zoom, says market retreat presents a good entry point
The recent market sell-off that's hard-hit the technology sector offers a "good entry point" for shares of Zoom Video , Daiwa Capital Markets said. He also sees strengths in the company's core business model. "We recommend that our clients overweight shares of ZM as we think that near-term market growth expectations have tempered," Bersey wrote. "Strategically, we think investors should focus on the company's core business as we believe that ZM's valuation is highly dependent on its core business performance." Shares of Zoom have plummeted 40% since the start of the year, but Daiwa thinks the stock is poised to bounce back.
The Pre-Markets Rundown: May 31, 2022
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNews Update – Pre-MarketsCNBC brings you fast, accurate, and actionable business news and market updates.
Morgan Stanley downgrades American Eagle, sees big discounts ahead for the retailer
Shares of American Eagle Outfitters have cratered 48.3% this year, and further downside is in store, according to Morgan Stanley. Analyst Kimberly Greenberger downgraded the retail stock to underweight from equal weight, citing risks to margins and sales. Greenberger also slashed her price target on American Eagle to $8 per share from $22, implying downside of nearly 39%. American Eagle recently reported quarterly results that missed analyst expectations. Between that and "outsized orders" spurred by supply chain delays, Greenberger believes American Eagle will have extra inventory which could force the company to increase promotions and discounts.
Euro zone inflation hits new record, adding to case for big ECB rate hikes
BRUSSELS, May 31 (Reuters) - Euro zone inflation rose to yet another record high in May, challenging the European Central Bank view that gradual interest rate increases from July will be enough to tame stubbornly high price growth. Hoping to tame inflation, ECB President Christine Lagarde and chief economist Philip Lane have already flagged 25 basis point increases in the ECB's minus 0.5% deposit rate in July and September. But some policymakers and economists doubt this will be enough, especially since underlying inflation is showing no signs of abating. The problem is that once high energy prices seep into the economy, inflation broadens out and gets entrenched, eventually getting perpetuated via a price-wage spiral. The ECB will next meet on June 9 where it will formally end a bond purchases scheme at the end of June and continue to signal the rate hikes.
PotlatchDeltic to Buy CatchMark For More Than $600 Million
By Will FeuerPotlatchdeltic Corp., a real-estate investment trust focused on owning timberland, has agreed to buy rival CatchMark Timber Trust Inc. in an all-stock deal that values CatchMark at more than $600 million. The combined company is expected to have a market valuation of more than $4 billion. It will own about 2.2 million acres of timberlands, including 626,000 acres in Idaho and over 1.5 million acres in the U.S. South.
Allegion Names Stone President, CEO as Petratis Retires >ALLE
By Colin KellaherAllegion PLC on Tuesday said David Petratis, who has led the provider of security products and solution since its spinoff from Ingersoll Rand in late 2013, plans to retire as president and chief executive. The Dublin-based company said John Stone, who has been president of Deere & Co.'s construction, forestry and power systems business since July 2020, will succeed Mr. Petratis as president and CEO, effective July 11.
CatchMark Shares Jump 25% After PotlatchDeltic Buyout Offer
By Will FeuerShares of CatchMark Timber Trust Inc. jumped about 25% in premarket trading Tuesday after the company agreed a takeover offer from rival real-estate investment trust PotlatchDeltic Corp.Based on Friday's closing prices, the all-stock deal values CatchMark at $12.88 a share, a 55% premium to CatchMark's share price as of the close of business on May 27, the companies said.
Yamana Gold N.Y.-Listed Shares Higher in Premarket on Gold Fields' $6.7B Deal
By Adriano MarcheseYamana Gold Inc.'s New York-listed shares jumped in premarket trading Tuesday after South Africa-based mining company Gold Fields Ltd. said it agreed to buy it in an all-stock deal that values the Canadian company at $6.7 billion. At 6:17 a.m. ET, Yamana's shares were trading 17% higher at $5.17.
TherapeuticsMD to Be Acquired by EW Healthcare Partners >TXMD
By Colin KellaherTherapeuticsMD Inc. on Tuesday said it agreed to be acquired by private-equity firm EW Healthcare Partners at a total enterprise value of about $177 million. An affiliate of EW will pay $10 a share in cash for TherapeuticsMD, more than four times Friday's closing price of $2.14 for the Boca Raton, Fla., company.
Biden pledges Fed independence ahead of meeting with Powell
President Joe Biden has pledged he will refrain from meddling on interest-rate policy ahead of a meeting with Federal Reserve Chair Jerome Powell. In an op-ed in The Wall Street Journal, Biden said he would stand aside and let the Fed do its job — though he also put the blame for rising prices on the institution.
Gold Fields to buy Yamana Gold in $6.7 billion stock deal
Gold Fields Ltd. GFI, -13.26% GFI, +4.10% said Tuesday that it has agreed to buy Yamana Gold Inc. in an all-stock deal that values the Canadian company at $6.7 billion. Under the deal, which has the support of the Yamana Gold YRI, +2.58% AUY, -0.96% board, accepting Yamana Gold shareholders will get 0.6 of a Gold Fields share for each share held, the company said.
Yamana Gold Stock Surges on $6.7 Billion Gold Fields Deal
Yamana Gold holders would receive 0.6 Gold Fields share for each share outstanding under terms of the proposed takeover. David Gray/AFP/Getty ImagesYamana Gold stock surged on Tuesday after South Africa’s Gold Fields agreed to buy the Canadian precious metals miner in an all-share offer valuing the company at $6.7 billion. Under the terms of the deal, Yamana Gold (ticker: AUY) shareholders will receive 0.6 of a Gold Fields (GFI) share for each Yamana share outstanding, the company said in a statement. The offer represents a 34% premium to Yamana’s average share price over the past 10 days.
CatchMark stock soars after PotlatchDeltic buyout deal at a 55% premium
Shares of CatchMark Timber Trust Inc. CTT, +3.69% shot up 27.7% in premarket trading Tuesday, after the timberlands investment company agreed to be acquired by real estate investment trust (REIT) PotlatchDeltic Corp. PCH, +2.98% in a stock deal valuing CatchMark at about $634.3 million. Under terms of the deal, CatchMark shareholders will receive 0.23 PotlatchDeltic shares for each CatchMark shares they own. Based on Friday's closing prices, that values CatchMark shares at about $12.88 each, which represents a 55% premium. "In addition, the location of CatchMark's land near large population centers provides attractive rural real estate sales opportunities." PotlatchDeltic shares, which rallied 3.9% premarket, have lost 7.0% year to date through Friday and CatchMark's stock has slipped 4.7%, while the S&P 500 SPX, +2.47% has dropped 12.8%.
FOREX-Euro's losses deepen after inflation data
Rising inflation is usually considered a precursor to tighter monetary policy. Against the dollar, the euro extended its drop to fall 0.6% to $1.0777 before trimming some losses. On a monthly basis, the single currency was up nearly 2%, its best monthly gain in a year. The euro's losses propped up the dollar, which also benefited from a surge in U.S. Treasury yields. The dollar index was at 101.71, up 0.4% on the day, having fallen to a five-week low of 101.29 overnight.
Treasuries Slide as Inflation Concern Eats Away at May Rally
(Bloomberg) -- Treasuries slumped as renewed inflation fears halted a rally that has put the securities on course for their first monthly gain since November. Yields on US three-, five,- seven- and 10-year notes jumped 11 to 12 basis points after having fallen for most of the past three weeks. Benchmark 10-year yields rose two basis points to 1.08%, while the rate on equivalent Italian debt rose as much as 9 basis points to 3.09%, its highest since May 10. Money markets maintained ECB rate-hike wagers steady, pricing 115 basis points of tightening by December. Fed Governor Waller, who on Monday argued for more rate hikes until price pressures recede, supports 50 basis points increases at “several” meetings.
I’m the chief economist of Redfin. Here are 5 you should know about the housing market now
Redfin chief economist Daryl Fairweather shares her thoughts and predictions on the housing market. Peak home buying season is in full swing, and many aspiring homebuyers are wondering: What should I know about the housing market if want to buy? Also see: This story is part of a series where we ask prominent real estate economists about the housing market. Here’s what the senior economist for Realtor.com told us about the housing market now. Home price growth may slow soonAs for home price growth, she expects that to slow soon, given rising mortgage rates.
Blackstone’s New Twist on Private Credit Will Open Up Billions
If it succeeds, the private equity powerhouse stands to draw billions to the fast-growing and risky world of private credit. Most Read from BloombergRegulators last week approved Blackstone’s application to start a private credit fund in Europe with a structure similar to an open-end mutual fund. The key difference is that it can run in perpetuity, unlike traditional private credit funds that have a fixed lifespan. The Blackstone Private Credit fund was opened up to American investors in 2021 and has ballooned to $37.8 billion. Blackstone Targets $5 Billion for Asia Private Credit BusinessBy selling riskier private credit products to individuals, instead of institutions, Blackstone may attract more scrutiny from regulators.
New York-based Digital Asset to help Japan's financial giant SBI develop 'smart yen'
The firm has recently made a strategic investment in Digital Asset, a New York-based startup known for building enterprise blockchain solutions, it said in an announcement. The undisclosed round adds to the $300 million in funding that Digital Asset has raised since its founding in 2014 from the likes of IBM and Goldman Sachs, which is tokenizing assets with help from the blockchain company. The objective of the partnership is to bring programmable money, or digital money that can be coded to act in a certain way based on predetermined conditions, into the Japanese market, said Digital Asset in a separate statement. The programmable money is tentatively called "smart yen" and will be using Daml, the smart contract language created by Digital Asset and known for playing a role in the Australian Securities Exchange's distributed ledger technology (DLT) platform. It made a key acquisition move in mid-May when it scooped up a controlling stake in the Japanese crypto exchange BITPoint.
Bonds Fall, Stocks Slide as Inflation Fears Mount: Markets Wrap
(Bloomberg) -- Stocks and US equity futures dropped, while bonds fell Tuesday as euro-zone inflation accelerated to a fresh all-time high, intensifying the debate at the European Central Bank about how rapidly to raise interest rates. Europe’s Stoxx 600 Index was set to snap four days of gains, retreating from a one-month high. Treasury yields climbed across the curve, joining Monday’s selloff in German bunds and European bonds. Brent crude oil rose above $120 a barrel after the European Union agreed to pursue a partial ban on Russian oil. Euro-zone consumer prices jumped 8.1% from a year earlier in May, exceeding the 7.8% median estimate in a Bloomberg survey.
The next reopening trade has arrived: Morning Brief
Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. After the market close on Thursday, Bloomberg Opinion columnist Conor Sen flagged the divergent stories told in earnings reports from Ulta Beauty (ULTA) and Gap (GPS) released that afternoon. It's in this divide that we see what this reopening trade 2.0 — or is it 3.0 by now? Rihanna celebrates the launch of Fenty Beauty at ULTA Beauty on March 12, 2022 in Los Angeles, California. And for the time being, the changes in these consumption choices continue to count as new phases of an ever evolving reopening trade.
Morgan Stanley Says Record Crypto Venture Capital Investment to Slow
Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12. Crypto companies raised a record $30 billion of venture capital (VC) last year and the number of deals in the sector remains elevated despite the recent fall in cryptocurrency markets, Morgan Stanley (MS) said in a report Tuesday. Venture capital is a form of private equity investing where financing is given to startup companies and small businesses with high growth potential. Plentiful U.S. dollar liquidity and rising crypto prices fueled record VC investment in the sector last year, with more than 1,800 deals, the note said. Investment in crypto was 7% of all venture capital investment globally, it added.
Bear Market Rally or Start of Something Bigger?
Is it a bear market? If you think the media, which somewhere along the line defined a bear market as down 20%, then I suppose we're not in a bear market. I have said many times here that I think the bear market started in the first quarter of 2021 since that is when the majority of stocks peaked and began their downtrends. If my definition is correct - and there is no rule that says it is - but if it is, then we are almost 18 months into this bear market. So, is this a bear market rally or the start of something bigger?
Oil Leaps As EU Agrees Russian Crude Ban; U.S. Gas Prices Hit Fresh Record High
An EU ban covering around 90% of Russian crude exports has oil prices on the march Tuesday, with U.S. gasoline prices quoted at a fresh all-time high. Global oil prices extended recent gains Tuesday after European Union officials reached an agreement to ban all imports of seaborne Russian crude phased-in over the next six months. WTI contracts for July delivery, which are tightly linked to U.S. gas prices, were marked $2.01 higher from Friday's close at $118.87 per barrel. Brent crude contracts for the same month, the global pricing benchmark, were last seen $1.93 higher on the session at $123.60 per barrel. Exxon Mobil (XOM) - Get Exxon Mobil Corporation Report shares were marked 1% higher in pre-market trading to indicate an opening bell price of $98.57 each, while its small rivals Chevron (CVX) - Get Chevron Corporation Report and Occidental Petroleum (OXY) - Get Occidental Petroleum Corporation Report rose 0.8% and 2.7% respectively.
Stocks Lower As Inflation Roars, Week Ahead, Oil, Tesla and Top Gun - Five Things You Must Know
Fed Chairman Jerome Powell is also slated to meet President Joe Biden in the White House on Tuesday to discuss the state of inflation. Futures linked to the tech-focused Nasdaq, which id down 23.4% for the year, are looking at 45 point opening bell dip. Gigafactory 3, as the Shanghai plant is known, will hit 70% of its pre-Covid output pace of around 2,600 cars per week this week, Reuters reported Tuesday citing a company memo. Tesla shares were marked 1.5% higher in premarket trading to indicate an opening bell price of $770.84 each. AMC shares were marked 3.05% higher in pre-market trading to indicate an opening bell price of $14.87 each.
In Franklin County's hot housing market, older homeowners struggling| Opinion
As property values rise in Franklin County’s hot housing market, the older adult population is increasingly at a financial crossroads. Among those 65 and older in Franklin County, 23% of owner-occupied households and 57% of renter occupied households are housing cost-burdened. Current programs like the Homestead Exemption, Franklin County’s Property Tax Assistance Program, and the Franklin County treasurer’s Budget Payment Plan are important and critical to older adults in Franklin County. Older homeowners are our neighbors, our parents, our friends, and integral parts of our community. We should do everything we can to support housing stability for current and future older adults in Franklin County.
Carlson: How did an OKC native & Millwood alum become Stephen Curry's stylist? Here's the scoop
Sherri McMullen has no idea what Steph Curry will do in the NBA Finals. But McMullen is a reminder these teams have branches spreading out in all directions, roots running this way and that. Earlier this year when Steph Curry wanted to highlight Black designers with his outfits during Black History Month, McMullen got the call. 'Kind of like the NBA game show'McMullen had made a name for herself before she started styling Steph Curry. But McMullen admits a stylist styling herself can be difficult.
In major blow, EU bans imports of most Russian oil
BRUSSELS (AP) — In the most significant effort yet to punish Russia for its war in Ukraine, the European Union agreed to ban the overwhelming majority of Russian oil imports after tense negotiations that exposed the cracks in European unity. In a move unthinkable just months ago, EU leaders agreed late Monday to cut around 90% of all Russian oil imports over the next six months. And Russian energy giant Gazprom announced it would cut natural gas supplies to Dutch trader GasTerra on Tuesday and it is considering cutting off Denmark. Hungary gets more than 60% of its oil from Russia and depends on crude that comes through the Soviet-era Druzhba pipeline. The EU estimated that could mean around 90% of Russian oil — the majority of it brought into Europe by sea — is banned by the end of the year.
Canada plans to freeze handgun sales in wake of US school shooting
Canada could freeze handgun sales under a new law proposed by Prime Minister Justin Trudeau on Monday, in the wake of the latest mass shooting in the US. "We're introducing legislation to implement a national freeze on handgun ownership," Mr Trudeau told a news conference, joined by dozens of families and friends of victims of gun violence. Days after Canada's worst mass shooting left 23 people dead in rural Nova Scotia in April 2020, the government banned 1,500 types of military-grade or assault-style firearms. But Mr Trudeau acknowledged on Monday that gun violence continues to rise. The government's statistics agency reported last week that firearms-related violent crimes account for less than three per cent of all violent crimes in Canada.
Royal Mail faces official investigation over failure to deliver letters on time
Royal Mail is being investigated by regulators for failing to deliver first and second class post on time. This was, however, an improvement on the previous year, when one in four letters and parcels breached the legislative minimum. At the time, Royal Mail chiefs blamed the "exceptional ongoing effects" of the pandemic for its performance. Royal Mail has admitted that its "performance needs to improve" and said more than 86 per cent of first class mail delivered by the next working day in the last week of April. Before the pandemic, Royal Mail delivered 92.6pc of first class mail within one working day and was previously fined £1.5m by Ofcom for failing to meet its first class delivery target of 93 per cent by the next working day.
Bitcoin price: ‘Relief’ as cryptocurrency surges 18% from year’s low
Bitcoin’s price shot up by about eight per cent in the last week, taking its price nearly 18 per cent above its lowest mark this year of about $26,700. The overall crypto market has also grown by about three per cent in the last day. The crypto market crash earlier this month saw over $1.5tn wiped from the market with several analysts warning another “crypto winter” similar to 2018 could be underway. Bitcoin started showing some signs of recovery in the week following the crash and reclaimed a $600bn market capitalisation on Tuesday. Bitcoin looking towards $36,000, possibly $40,000, providing Bitcoin remains above the recent $25,400 low,” Tony Sycamore, a market analyst from City Index, said on Tuesday.
Canada's Trudeau announces plan for national freeze on handguns
OTTAWA – Canadian Prime Minister Justin Trudeau said Monday his government was introducing new legislation to implement a “national freeze” on handgun ownership and prevent people from buying and selling handguns anywhere in the country. “The day this legislation goes into effect it will no longer be possible to buy, sell, transfer or import handguns in Canada,” Trudeau told reporters. If passed, the freeze on handguns is expected to come into force in the autumn. The killing last week of 19 children and two teachers at an elementary school in Texas in the United States has fed concern about gun violence worldwide. “Other than using firearms for sport shooting and hunting, there is no reason anyone in Canada should need guns in their everyday lives,” Trudeau told reporters at a briefing.
ISTAT revises up 1st-quarter GDP figure to 0.1% - English
(ANSA) - ROME, MAY 31 - ISTAT said Tuesday that Italy's GDP rose by 0.1% in the first quarter with respect to the previous three months and by 6.2% compared to the same period last year. The national statistics agency explained that it had revised up the figure after reporting negative growth of 0.2% in quarter-on-quarter terms in its preliminary estimate last month. ISTAT said consumer spending dropped by 0.6% compared to the final quarter of 2021 but increased by 5.2% in year-on-year terms. The carry-over annual GDP growth for 2022 is equal to +2.6%, it said.
Israel, UAE sign historic free trade deal
Israel and the United Arab Emirates signed a free trade agreement on Tuesday in Dubai, Israel's ambassador to the UAE said on Twitter. "Done," diplomat Amir Hayek wrote, replying to another tweet he posted earlier saying, "the UAE and Israel will sign FTA in the next hour." Historic dealThe trade deal is Israel's first with an Arab country. For oil-rich UAE, the deal with Israel is its second bilateral free trade agreement after signing a similar accord with India in February. According to Emirati Trade Minister Thani al Zeyoudi, the free trade deal will push the value of non-oil bilateral trade between Israel and the UAE beyond $10 billion (€9.3 billion) within five years.
Japan court rules against restarting nuclear power plant in Hokkaido
The Sapporo District Court ruled that Hokkaido Electric Power Co. should not resume operation of all three reactors at its Tomari nuclear plant in the suit filed in November 2011. But the court rejected that the plant be decommissioned as requested by some 1,200 plaintiffs including local residents, in the first ruling on the scrapping of a nuclear power station. Hokkaido Electric Power said it cannot accept the ruling and will "promptly" file an appeal. It is the third court ruling for a nuclear plant to be suspended, with other district courts ordering the suspension of the Oi nuclear power plant's No. Related coverage:Japan's top court orders TEPCO to pay damages over Fukushima nuclear crisisCancer compensation claim by ex-Fukushima plant worker rejectedGov't, TEPCO ordered to pay 278 mil.
#VogueBookClub: Conversas entre amigos, de Sally Rooney
Chegou-me por uma recomendação que me fez acreditar que me apaixonaria imediatamente com as personagens (ficcionais, mas realistas). De alguma forma, Conversations with Friends conseguiu superar o que é, para mim, a realidade necessária. O resultado é um conjunto de quatro personagens, mas nenhuma delas likeable o suficiente, todas com demasiados defeitos e vícios, humanas demais. Pontuação:O Vogue Book Club é uma rubrica semanal. Neste espaço, um membro da equipa da Vogue Portugal propõe-se refletir, ou apenas comentar, um livro - seja uma novidade literária ou um clássico arrebatador.
Why do we have to wait so long for a COVID-fighting nasal spray?
advertisementadvertisementCurrently, there are a dozen intranasal COVID-19 vaccines at some stage of human clinical trials, and more than 30 in preclinical studies in animals. (The only currently FDA-approved nasal vaccine of any type, AstraZeneca’s FluMist, uses a different formulation.) “Our plan is to move quickly and follow the sort of pathway that was used for the intramuscular vaccines,” Saltzman says. “The nasal vaccines have gotten no such aggressive support. Most experts foresee a more typical development timeline for intranasal vaccines, meaning approval could still be two, three, or more years out.
Whisper it – but perhaps the UK stockmarket deserves to be cheap
The UK market has had a rough decade The UK has outperformed all comers this year. The globalisation of businesses has also made overseas companies, particularly American, much more familiar. The classic explanation of the UK’s poor historic performance is that it is a “value” rather than a “growth” market. Nick Train, manager of Finsbury Growth & Income Trust, asks “are UK companies undervalued?” pointing to four growth companies in the UK that trade on far lower valuations than overseas comparators. There is an alternative explanation which is uncomfortable for Train and all UK investors; that UK shares are undervalued for a very good reason.
Don’t Let Changing Jobs Derail Your Retirement Plans
What’s concerning here is how workers think a job change could affect their retirement security:• 60% worry a new job would reduce the amount they can save for retirement. If you’re close to the deadline – or if you’re not – it could affect how you want to proceed with a potential job change. Please note that Allianz Life Insurance Company of North America, its affiliated companies, and their representatives and employees do not give fiduciary, tax or legal advice. Products are issued by Allianz Life Insurance Company of North America. Allianz Life Insurance Company of New York, an affiliate of Allianz Life Insurance Company of North America, can offer insurance products in the state of New York.
Three funds to cash in on today’s real-estate megatrends
Impact Healthcare Reit ( LSE: IHR ) owns a portfolio of 126 high-quality care homes across the UK. It leases the care homes to operators on long leases, which are 100% inflation-linked. UK real-estate equities have delivered stellar performances over the past decade, outperforming many asset classes, including equities, corporate bonds and gilts. To help spot the real-estate beneficiaries of the next decade it pays to identify the enduring socio-economic megatrends that will continue to shape the investment landscape. It seeks to create a competitive advantage by offering its tenants good-value homes with a high level of service.
Nail salon workers fight for safer workplaces, higher pay, full set of changes
After New York passed sweeping reforms to the nail salon industry, workers are asking for improved working conditions, including better pay, treatment and ventilation. Nearly 85% of nail technicians are women and 88% are foreign-born, the study said. When nail salon worker Bina KC caught COVID-19, she thought her employer would have some consideration after she toiled many hours manicuring, pedicuring, and other tasks at the Manhattan nail salon. Instead, she heard nothing, leaving her hurt and pondering her working conditions and pay. She earned the minimum wage of $15 in the city, but it would be siphoned off after owners adjusted hours.
A human rights movement 'disguised as a coffee shop' employs and empowers people with disabilities
The founder of Bitty & Beau's Coffee believes if her workers are seen, stereotypes will shatter. Now, look what I can do,” said O’Donnell, who recently began work as a barista at Bitty and Beau’s Coffee, a coffee shop that primarily employs people with intellectual and developmental disabilities. Wright describes Bitty & Beau's Coffee, which has grown into a chain, as a human rights movement “disguised as a coffee shop.”Her first shop was in Wilmington, North Carolina. Shift thinking 'from charity to prosperity'Every Bitty and Beau’s Coffee employee receives at least minimum wage, with room for advancement through promotions and raises. Bitty and Beau's Coffee works with its employees to determine their hours, and give their full-time employees benefits.
James Biden — presidential brother, family helper, political wild card
“You need to call me now,” James Biden wrote on Oct. 1, 2017. “Talk to a real person who knows me,” James Biden said, then offered, “Guess what? Hunter Biden did not respond to several requests for comment sent through his attorney, and the White House declined to comment. “Hunter Biden wasn’t the only Biden family member who had connections to the [Chinese] communist regime,” Grassley said in a recent floor speech. I will do better from my end, and start acting like a real friend and partner,” James Biden wrote.
More homes coming on the market for sale, report finds
Placeholder while article actions loadSome good news for home buyers: More houses are coming on the market, according to a recent report from Realtor.com. Homes spent fewer six days on the market during the week ending May 14 compared with a year ago. Buyers in many markets face competition from institutional investors who buy homes for single-family home rentals or to improve and sell. The study found that on average, 42 percent of single-family properties purchased by institutional buyers were converted to single-family rentals. For the full report on institutional buyers from NAR, visit cdn.nar.realtor/sites/default/files/documents/2022-impact-of-institutional-buyers-on-home-sales-and-single-family-rentals-05-12-2022.pdf.
Don't buy these 8 foods at Costco, experts say
Costco can be a great place to find good deals on the foods you eat every day. But there are a few areas where your local grocery store or a big box store like Walmart and Target can offer better value for your money. That's primarily why Charlene Haugsven, founder of MyFrugalAdventures.com, tells CNBC Make It, "Just because Costco has it doesn't mean it's a bargain." However, the reason grocery experts put these items in the "don't buy" category comes down to the size. Cereal, especially the name brand variety, is also often a good buy at your local grocery store, big box store and even at the drugstore.
Euro zone inflation hits yet another record high as food and energy prices soar
Prices in the euro zone continued their march higher in May, hitting a record high for the seventh month in a row. Inflation came in at 8.1% for the month, according to preliminary figures from Europe's statistics office Tuesday, up from April's record high of 7.4% and higher than expectations of 7.8%. However, even without energy and food prices, inflation increased from 3.5% to 3.8%, Eurostat added. EU leaders agreed late Monday to ban 90% of Russian crude oil by the end of the year, sending prices higher. Earlier this month, European Central Bank President Christine Lagarde said she was anticipating a rate rise at the central bank's meeting in July.
Russian rouble weakens past 63 vs dollar after EU sanctions
May 31 (Reuters) - The Russian rouble firmed past 61 against the dollar on Tuesday but soon slipped back towards 64 as capital controls provided support and concerns about new European sanctions dragged the market lower. read moreAt 0732 GMT, the rouble was 1.5% weaker against the dollar at 63.09 . Boosted by capital controls, the rouble had risen to become the world's best-performing currency so far this year until last week's slide. New gas payment terms for EU consumers that require conversion of foreign currency into roubles and a fall in imports have also supported the rouble. read moreFor Russian equities guide seeFor Russian treasury bonds seeRegister now for FREE unlimited access to Reuters.com RegisterReporting by Reuters; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.
Eurozone inflation jumps to new record at 8.1 percent
Energy prices continue to drive inflation up, adding pressure on the ECB | Ina Fassbender/AFP via Getty ImagesFRANKFURT – Eurozone inflation rose to a new record high of 8.1 percent in May from 7.4 percent in April, further aggravating the cost-of-living-crisis across the continent, preliminary Eurostat data showed Tuesday. Inflation once again exceeded the 7.7 percent median forecast and is set to spark fresh calls for the European Central Bank to act more aggressively to rein in price pressures. Core inflation — which excludes volatile components such as food, energy, alcohol and tobacco — strengthened considerably to 3.8 percent in May from 3.5 percent in April. Core inflation is watched closely as a key indicator for domestic price pressures and as a signal that external price shocks are becoming entrenched. Inflation pressures varied significantly across the region.
Eurozone inflation hits record 8.1% amid rising energy costs
Inflation hit a new record of 8.1% for the 19 countries that use the euro powered by surging energy costs boosted by the Russia-Ukraine war. Inflation hit a new record of 8.1% for the 19 countries that use the euro powered by surging energy costs boosted by the Russia-Ukraine war. (AP Photo/Manu Fernandez, File)LONDON (AP) — Inflation in the 19 countries that use the euro currency hit a record 8.1% in May amid surging energy costs prompted in part by Russia’s war in Ukraine , authorities said Tuesday. Annual inflation in the eurozone soared past the previous record of 7.4% reached in March and April, according to the latest data from European Union statistics agency Eurostat. Energy prices jumped 39.2%, highlighting how the war and the accompanying global energy crunch are making life more expensive for the eurozone’s 343 million people.
In major blow, EU bans imports of most Russian oil
In a move unthinkable just months ago, EU leaders agreed late Monday to cut around 90% of all Russian oil imports over the next six months. And Russian energy giant Gazprom announced it would cut natural gas supplies to Dutch trader GasTerra on Tuesday and it is considering cutting off Denmark. Hungary gets more than 60% of its oil from Russia and depends on crude that comes through the Soviet-era Druzhba pipeline. The EU estimated that could mean around 90% of Russian oil — the majority of it brought into Europe by sea — is banned by the end of the year. As part of the measure, Germany and Poland agreed to stop using oil from the northern branch of the Druzhba pipeline.
Equinor Recommends Election of Michael D. Lewis to Board, Anne Drinkwater as Deputy Chairwoman
By Dominic ChoppingNorwegian energy group Equinor ASA said Tuesday that the nomination committee recommended the company's corporate assembly elect Michael D. Lewis as a new member of its board of directors and Anne Drinkwater as deputy chairwoman of the board. Michael D. Lewis is chief executive of E.ON UK PLC and has previously served as CEO and chief operating officer of E.ON Climate & Renewables GmbH. He has also worked as equity analyst, strategy analyst and environmental specialist and environmental scientist in other companies. The company's nomination committee also recommended the re-election of Jon Erik Reinhardsen as chairman and re-election of Anne Drinkwater, Bjorn Tore Godal, Rebekka Glasser Herlofsen, Jonathan Lewis, Finn Bjorn Ruyter and Tove Andersen as shareholder-elected members of the board of directors, it said. Write to Dominic Chopping at dominic.chopping@wsj.com
What GM’s idea for an EV with two charging ports says about the car market
Lasers, conveyor belts, and tear gas: car companies and their patentsFirst, a quick note on patents: Automakers are some of the most aggressive users of America’s patent system. Tesla, TSLA, +7.33% not kidding you here, holds a patent for a laser windshield cleaning system. Toyota TM, +0.79% holds a patent for an in-car fragrance system that can also dispense tear gas for self-defense. Ford F, +3.89% holds a patent for a conveyor belt that brings items from the trunk to the front seat. Electrical charging is complicated and not as simple as 800-volt batteries charging twice as fast as 400-volt batteries.
Eurozone Inflation Rises to 8.1% in May
By Maria MartinezThe eurozone's annual rate of inflation accelerated again in May, reaching its highest level in history. Consumer prices rose 8.1% on year in May after climbing 7.4% in April, according to a first estimate released Tuesday by Eurostat, the European Union's statistics agency. Economists polled by The Wall Street Journal had forecast eurozone inflation at 7.6% in May.
GSK to pay up to $3.3 billion for biopharma Affinivax
GSK PLC said Tuesday that it has agreed to buy clinical-stage biopharmaceutical company Affinivax, Inc. for up to $3.3 billion. The healthcare company GSK, -0.81% GSK, +0.22% said that it will pay $2.1 billion upfront and up to $1.2 billion in potential development milestones and that the deal is expected to close in the third quarter.
Lanxess and DSM each rally after inking deals
Advent will hold at least 60% in the joint venture, Lanxess said. The DSM engineering-materials business, which would become part of the joint venture, also represents yearly sales of around EUR1.5 billion and an operating-profit margin of around 20%, Lanxess said. DSM DSM, +6.52% shares were up 7.7% in early trading Tuesday. Lanxess added that it can divest its stake in the joint venture to Advent at the same valuation after three years. With its innovative products, the joint venture will be able to play a key role in shaping future developments–for example in the field of electromobility,” he said.
New laws and more affordable lenders could upend the payday loan market
For many, a payday loan may seem like the only way to get necessary cash. In some states, new laws mean better loansThere is currently no federal law for maximum interest rates on small-dollar loans; rather, states decide whether to cap payday loan rates. A study by The Pew Charitable Trusts released in April found that even under the reforms, payday lenders continued to operate, but with safer loans. “The fact that banks are starting to offer small loans could upend the entire payday loan marketplace,” Horowitz says. Here are a few borrowing options to consider before getting a payday loan.
Eight top plug-in hybrids for $40,000 or less
The move to electrification includes an increasing number of plug-in hybrid vehicles (PHEVs). 2022 Ford Escape SE Plug-in HybridStarting price: $35,190Electric range: 37 miles (520 miles total)Hybrid mode fuel economy: 40 mpg city/highway combinedThe Ford F, +3.89% Escape SE Plug-in Hybrid is a crossover with seating for five and good cargo room. 2022 Hyundai Ioniq Plug-in HybridThe Hyundai Ioniq HyundaiStarting price: $26,800Electric range: 29 miles (620 miles total)Hybrid mode fuel economy: 52 mpg city/highway combinedThe Hyundai Ioniq Plug-in Hybrid is a roomy compact car that has generous cargo space. In addition to great fuel economy, the Prius Prime also has great flexibility for cargo thanks to its hatchback design. Check out: 7 off-the-radar places worth stopping on a California road tripBest new PHEVs under $40,000:2022 Ford Escape SE Plug-in Hybrid 2022 Hyundai Tucson Plug-in Hybrid 2022 Hyundai Santa Fe Plug-in Hybrid 2022 Hyundai Ioniq Plug-in Hybrid 2022 Kia Niro Plug-In Hybrid 2022 Toyota Prius Prime 2022 Mitsubishi Outlander PHEV 2022 Subaru Crosstrek HybridThis story originally ran on KBB.com.
Euro zone inflation hits new record, adding to case for big ECB rate hikes
BRUSSELS (Reuters) - Euro zone inflation rose to yet another record high in May, challenging the European Central Bank view that gradual interest rate increases from July will be enough to tame stubbornly high price growth. Hoping to tame inflation, ECB President Christine Lagarde and chief economist Philip Lane have already flagged 25 basis point increases in the ECB's minus 0.5% deposit rate in July and September. But some policymakers and economists doubt this will be enough, especially since underlying inflation is showing no signs of abating. The problem is that once high energy prices seep into the economy, inflation broadens out and gets entrenched, eventually getting perpetuated via a price-wage spiral. The ECB will next meet on June 9 where it will formally end a bond purchases scheme at the end of June and continue to signal the rate hikes.
The stress caused by debt can do emotional and physical harm; how to get help
Here are stories of people who’ve tackled debt and managed the stress that comes with it. ‘I can’t sleep, thinking about it’Debt-related stress can be the source of several physical concerns, like elevated heart rate and blood pressure, insomnia and digestive issues. For Kristin Stones, debt was a dark cloud that hung over her marriage from the outset. For Stones and her husband, enrolling in a financial course gave them the tools they needed to tackle debt. For Stones and her husband, enrolling in a financial course gave them the tools they needed to tackle debt.
Bitcoin Rallies Past $31,000. One Analyst Says the Worst May Be Over.
Bitcoin prices have rallied past the key $30,000 level. One analyst outlined that the worst of the bear market for digital assets could be over. The price of Bitcoin rose 3% over the past 24 hours to above $31,500. While Bitcoin continues to trade at less than half its November 2021 all-time high near $69,000, the largest crypto was holding firmly above the key $30,000 level. Building on a Monday rally, Bitcoin remains well off its lows of about $26,000 reached in the depths of a selloff this month.
U.S. stock futures ease after a three-day break with Biden and Powell set to talk about inflation
U.S. stock futures edged lower Tuesday after a three-day break, cooling a recent rally as bond yields were rising again. Interest-rate policy will be in the spotlight with President Joe Biden set to meet Fed Chair Jerome Powell in the afternoon. In an op-ed in The Wall Street Journal, Biden said he would not seek to influence the Fed’s decisions. Waller said he supports half-point rate increases until there are signs inflation is cooling toward its 2% target. The core reading of the Fed’s preferred inflation gauge was 4.9% in April.
Eurozone inflation rises to 8.1% in May
The eurozone’s annual rate of inflation accelerated again in May, reaching its highest level in history. Consumer prices rose 8.1% on year in May after climbing 7.4% in April, according to a first estimate released Tuesday by Eurostat, the European Union’s statistics agency. Economists polled by The Wall Street Journal had forecast eurozone inflation at 7.6% in May.
Oil price hits $124 as EU bans most Russian imports
The oil price soared to a two-month high after European Union nations agreed on a partial ban on oil imports from Russia following its invasion of Ukraine. Photo: Kenzo Tribouillard/AFP via GettyThe oil price soared to a two-month high after European Union nations agreed on a partial ban on oil imports from Russia following its invasion of Ukraine. It will allow a ban on oil imports from #Russia. The sanctions will immediately impact 75% of Russian oil imports. Oil prices have also been driven up by the lifting of pandemic restrictions in the world's biggest importer, China.
Shanghai moves toward ending its costly 2-month COVID-19 lockdown
Shanghai authorities say they will take some major steps Wednesday toward reopening China’s largest city after a two-month COVID-19 lockdown that has throttled the national economy and largely bottled up millions of people in their homes. “The epidemic has been effectively controlled,” she said, adding that the city would start the process of fully restoring work and life Wednesday. Shanghai recorded 29 new coronavirus cases Monday, continuing a steady decline from more than 20,000 a day in April. Outdoor tourist sites will start reopening Wednesday, with indoor sites set to follow in late June, the Shanghai tourism authority said. The city imposed limited lockdowns, but nothing near a citywide level, in a much smaller outbreak that appears to be on the wane.
Overturn jurors' decision, Theranos founder tells judge; stocks lower, oil, gas higher
Dollar Tree, Ulta Beauty and Ross Stores were among the week's biggest winners in the S&P 500, gaining at least 20% apiece. For months, worries about high inflation and the path of Federal Reserve rate increases have weighed on the market. Major indexes built on those gains late last week and then surged Friday, ending the week near their session highs. Concerns about economic growth have lingered, driving government bond yields lower, off the highs hit earlier in May. The yield on the benchmark 10-year U.S. Treasury note dropped to 2.748% Friday and has fallen for three consecutive weeks.
Warehouse proposed for vacant Grumman office building in Bethpage
A California development company wants to demolish a former Grumman office building in Bethpage to make way for a 239,000-square-foot warehouse, executives said. Prologis Inc., a public company based in San Francisco, has signed an agreement to purchase 600 Grumman Rd. On the property, near the vacant 218,150-square-foot office building, is a historic Navy F-14 Tomcat fighter jet that was built by aerospace giant Grumman Corp. in Bethpage in 1992. As for the proposed building, Prologis development director Jonathan Payne said it could house one or more tenants and create a minimum of 10 to 50 jobs. It is the 711th of the 712 F-14s built on Long Island in the 1980s and 1990s.
World stocks mixed, oil prices trade near $120 a barrel
World shares were mixed Tuesday after the European Union agreed to embargo most Russian oil imports by the year’s end, sparking a fresh spike in oil prices. Oil prices were trading near $120 per barrel following the agreement by EU leaders to embargo most Russian oil imports into the bloc as part of new sanctions against Moscow. The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. Benchmark U.S. crude oil gained $4.07 to $119.14 per barrel in electronic trading on the New York Mercantile Exchange. Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter.
New asset management firm seeks to depoliticize corporate boardrooms
Now Ramaswamy has started a new Greater Columbus-based asset management company, called Strive Assessment Management, that he says will do on the opposite. His firm has raised more than $20 million from some of the biggest names in business to back him. "The mission of the company is to restore the voice of the everyday citizen," said Ramaswamy, who co-founded the company with Anson Frericks this year. "The eye-opening moment for me was actually that there isn’t a diversity of opinions and voices reflected in today’s institutional asset management industry," he said. The company's offices are in Dublin for now as the two fill out their staff, which now has 10 employees.
Chick-fil-A is planning to expand into a new area of Louisville. Here's where
A popular fast food restaurant specializing in chicken sandwiches is planned for a main thoroughfare in far southern Jefferson County. A free-standing, nearly 5,000-square-foot Chick-fil-A restaurant could be coming to 10501 Preston Highway, according to commercial building permit plans recently filed with Louisville Metro government. The restaurant would include a drive-thru and is estimated to cost $1.2 million, according to the permit filing. Others push to save 'beautiful parking'“While we are still early in the process, Chick-fil-A is happy to share that we are actively pursuing a new location at 10501 Preston Hwy," reads a statement from the company. Other area Chick-fil-A restaurants include storefronts in Bashford Manor, St. Matthews, at Mall St. Matthews, Jeffersontown and Pleasure Ridge Park in Kentucky and in Clarksville, New Albany and Jeffersonville in Southern Indiana.
The boozy lunch is back – don’t knock it until you try it
But the high-living doesn’t stop at the Bordeaux, which is merely the mid-point of the long, boozy lunch currently enjoying a spirited revival. This roaring midweek lunchtime trade is happily propped up by TWATs - so-named for working in the capital on Tuesdays, Wednesdays and Thursdays. Capitalising on socialising opportunities during their limited days in the City, hybrid working means this cohort ‘come in to go out’ - and don't hold back when they do. Two hours (and bottles) into lunch, he considers whether to take his afternoon call remotely, as he’s “quite loose”. They want to enjoy themselves.”That means fillet over bavette, and Mersault over Macon, another restaurateur reports of the new midweek boozy lunch.
Parents risking retirement as children now need £53k to buy first home
Sophia Guy-White, of lender Generation Home, said parents' retirement pots were "under increasing pressure" from inflation. "It is unsurprising that many will have to think twice before helping their children onto the property ladder," she added. The triple lock was suspended this year and pensions only rose by 3.1pc last month, whilst inflation almost hit double figures. "Those drawing an income from a drawdown arrangement will need to take market performance and their own income needs into account before making a larger withdrawal. Taking too much now could leave them with less income in future," said Ms Morrissey.
Billionaire activist Nelson Peltz joins Unilever board
It comes months after it first emerged that Trian was building a stake in Unilever. The company revealed on Tuesday that Trian currently holds a 1.5pc stake, making it Unilever's fourth largest shareholder. Mr Peltz said he believed Unilever was a company with "significant potential”. It comes amid mounting pressure on Unilever executives, who have faced criticism from leading shareholders for the company’s focus on promoting its so-called “social purpose”. Unilever has also faced mounting pressure over its strategy, in the wake of a failed £50bn attempt to buy GlaxoSmithKline's consumer health division.
Explainer: Why is the EU struggling to agree Russian oil sanctions?
By Kate AbnettBRUSSELS – European Union countries are struggling to agree oil sanctions against Russia over its invasion of Ukraine, nearly four weeks after the European Commission proposed them. The proposal included an import ban on all Russian oil – sea-borne and pipeline, crude oil and refined products. However, reliance on Russian crude varies significantly between EU countries, and so does their ability to replace Russian supplies with alternatives. As a result, the EU is struggling to find an oil sanctions package that all states accept. It says halting Russian oil imports would pummel its land-locked economy because it cannot easily get oil from elsewhere.
Japan approves ¥2.7 trillion extra budget bill to fend off inflation
Amid growing concern that inflation will drag down Japan’s economic recovery, parliament on Tuesday approved an extra budget designed to assuage the impact of soaring prices for oil and other commodities. The entire ¥2.7 trillion ($21.13 billion) budget, which will be financed by government bonds, is being directed toward a ¥6.2 trillion emergency relief package put together by the administration of Prime Minister Fumio Kishida to fend off rising prices. The Russia-Ukraine war has intensified global inflation, while the yen’s value has nosedived in the past few months, inflicting the additional burden of higher import costs.
Seoul shares end higher on foreign buying amid eased recession, China woes
(Yonhap)South Korean stocks closed higher for a third consecutive day Tuesday as foreigners scooped up local equities amid eased concerns over a global recession and China's economic slowdown, analysts said. Trading volume was moderate at 649.8 million shares worth 13.64 trillion won ($11 billion) with gainers outpacing decliners 544 to 291. Foreigners bought a net 1.06 trillion won worth of local stocks, the largest since the 1.12 trillion won net purchase on Aug. 31 of last year. Both individual and institutional investors were net sellers, offloading about 509 billion won and 585 billion won, respectively. 1 automaker Hyundai Motor closed 1.07 up to 189,500 won, and its affiliate Kia rose 2.51 percent to 85,700 won.
Russia widens Europe gas cuts as Gazprom halts Dutch trader's supply
A 3D printed natural gas pipeline is placed in front of displayed Gazprom logo in this illustration taken February 8, 2022. read moreThe move comes a day after Denmark flagged a potential end to its Russian gas supply and the European Union's toughest measure yet against Russia for its invasion of Ukraine, an agreement to halt sea-borne imports of its oil. read moreGasTerra, which buys and trades gas on behalf of the Dutch government, said it had contracted elsewhere for the 2 billion cubic metres (bcm) of gas it had expected to receive from Gazprom through October. Danish firm Orsted (ORSTED.CO) on Monday warned that Gazprom Export could also halt its supply but it too said such a move would not immediately put Denmark's gas supplies at risk. read moreThe gas supply cuts have boosted already high gas prices, turbocharging inflation and spurring European governments and companies to chase alternative supply and the infrastructure to handle it, including floating storage and regasification units (FSRUs).
Shanghai is poised to ease restrictions as infections fall.
The digital design studio ustwo relocated during the pandemic from Lower Manhattan to Brooklyn, where about two-thirds of its employees live. But remote work has fundamentally reshaped the way people work and diminished the dominance of the corporate workplace. Managers embraced flexible work arrangements, letting employees decide when they want to work in person. Before the pandemic, workers in New York City had the longest one-way commute on average in the country, nearly 38 minutes. Before the pandemic, office towers sustained an entire ecosystem of coffee shops, retailers and restaurants.
Activist Investor Nelson Peltz Takes a Seat on Unilever’s Board
LONDON – In a widely anticipated move, the activist investor Nelson Peltz has become a non-executive director of Unilever, and a member of its compensation committee, sending Unilever’s shares up 7.5 percent to 37.58 pounds in early morning trading. Peltz is the billionaire CEO and a founding partner of Trian Fund Management, an activist hedge fund. At one point, Unilever’s share price spiked 6 percent on reports that Trian had taken a stake in the company. It is also expecting Peltz and the Trian team to urge Unilever to split into independent operating units. The British media reported earlier this year that Peltz and his team could easily take a similar approach at Unilever.
Labor markets are much more 'overheated' in the U.S. and UK than in Europe, says Goldman Sachs
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLabor markets are much more 'overheated' in the U.S. and UK than in Europe, says Goldman SachsJari Stehn chief European economist at Goldman Sachs, discusses the diverging outlooks for labor markets and monetary policy across major economies.
U.S. Treasury yields climb as investors look ahead to economic data
The yield on the benchmark 10-year Treasury note was up 5 basis points to 2.803% at 3:55 a.m. The yield on the 30-year Treasury bond rose 3 basis points to 3.007%. Yields move inversely to prices and 1 basis point is equal to 0.01%. U.S. Treasury yields climbed on Tuesday morning as investors continued to monitor economic data. This week, investor focus will be on jobs data, with the closely watched nonfarm payrolls report due out on Friday.
Fire at Omaha chemical plant forces residents to evacuate their homes
A major fire tore through a chemical plant near downtown Omaha on Monday night, forcing some residents in the area to evacuate their homes and leaving hundreds without power. In photos shared by the Omaha Fire Department, smoke could be seen billowing out from the Nox-Crete facility, which manufactures chemical products, according to its website. In a tweet, the Omaha Fire Department said a nearby community center had been opened up to provide shelter to those forced to evacuate their homes. Nearly 2,500 customers were without power in neighborhoods near the scene of the fire on Monday night, according to ABC affiliate KETV, which is based in Omaha. By early Tuesday morning, the total number of outages in Omaha had dropped to fewer than 250, according to the Omaha Public Power District's website.
Russia's Lavrov to meet with GCC ministers in Riyadh on Wednesday -officials
RIYADH, May 31 (Reuters) - Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet with foreign ministers of the Gulf Cooperation Council countries (GCC), two Gulf officials said on Tuesday. Lavrov is expected to meet with ministers of Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Bahrain and Qatar in the GCC headquarters in Riyadh, said the officials, asking not to be named. It was unclear what the meeting will focus on, but the officials said the six Gulf ministers will also hold an online meeting with Ukraine's foreign minister, Dmytro Kuleba, later on Wednesday. Two senior U.S. officials, Brett McGurk, Biden’s top White House adviser on the Middle East, and Amos Hochstein, the State Department’s energy envoy, visited Saudi Arabia last week. The two officials discussed Iran, global energy supplies and other regional issues with Saudi officials but did not ask for an increase in Saudi oil exports, the White House said.
Oil prices extend gains after EU bans most Russia oil imports
REUTERS/Dado Ruvic/IllustrationSINGAPORE, May 31 (Reuters) - Oil prices extended gains on Tuesday after the EU agreed to slash oil imports from Russia, fuelling worries of a tighter market already strained for supply amid rising demand ahead of peak U.S. and European summer driving season. read more"It is definitely very bullish for the oil price, building on supply tensions. The oil price is now heading to the highs in March," said Tina Teng, market analyst at CMC Markets. The reopening of China is also underpinning prices, Teng added. Oil prices soared in March to their highest since 2008 and have risen more than 55% so far this year.
SwingTrader Watch List
The SwingTrader watch list will let you sneak a peek. However, even some of the best setups might not make it onto our current trades list with an alert to subscribers. We treat the current trades list like a portfolio. But, we might keep them on the watch list since the earnings report could provide a catalyst for action. Just remember, when pasting symbols, click on an open area in the stock list but not the symbol area.
Carbon Transition Gets $1.8 Mln Seismic-Data Licensing Contract
By Dominic ChoppingCarbon Transition ASA said Tuesday that it has entered into a new multi-client seismic-data licensing contract worth $1.8 million with an undisclosed customer. The energy-transition investment company said that under the contract, the customer will license certain data from Carbon Transition's Utsira multi-client survey in Norway.
Camellia 2021 Pretax Profit, Revenue Fell; Sees Rise in Profit for 2022
By Sabela OjeaCamellia PLC on Tuesday reported a decline in pretax profit and revenue for 2021, and said that its 2022 performance has started well. The London-listed agricultural group posted a pretax profit of 7.1 million pounds ($9 million) compared with GBP7.8 million a year earlier.
Emmerson 2021 Pretax Loss Widened
By Michael SusinEmmerson PLC said Tuesday that pretax loss for 2021 widened on higher costs, but that a rise in potash prices has reinforced the potential of its Khemisset potash project. The potash-development company said pretax loss came in at $2.8 million compared with a loss of $1.9 million the previous year.
Zambeef Products' Shares Rose on Significantly Higher 1H EPS Views
By Sabela OjeaShares in Zambeef Products PLC rose on Thursday after the company said it expects to end the first half of fiscal 2022 with a significantly higher earnings per share. The Zambia-based cold-chain food producer, which has a listing in London, said that total basis earnings per share for the six months ended March 31 is expected to nearly triple from the same period the prior year.
Nuformix Chairman Alastair Riddell Steps Down
By Michael SusinNuformix PLC said Tuesday that Chairman Alastair Riddell has stepped down with immediate effect to take an executive role with another company. The U.K. pharmaceutical company said the board is reviewing the business's management requirements, while it continues to be supported through outsourced operations.
Unilever Appoints Activist Investor Nelson Peltz to Board -- Update
By Michael SusinUnilever PLC said Tuesday that it has appointed activist investor Nelson Peltz as a nonexecutive director with effect from July 20. Mr. Peltz runs the activist hedgefund Trian Fund Management LP, which holds a stake of around 1.5% in Unilever. The fund had potentially been adding pressure to the packaged-food and consumer-goods giant since its failed $68 billion bid for GlaxoSmithKline PLC's consumer-health business in January. Trian Fund also said it will disclose further information regarding its investment in Unilever at an appropriate time. "Unilever has significant potential and Trian looks forward to working collaboratively with Unilever's management and board to help drive the company's strategy, operations, sustainability and shareholder value," Trian said.
Lanxess Shares Jump on Advent JV to Buy DSM Unit
At 0745 GMT, Lanxess shares were up 11.5% to EUR43.51. Advent will hold at least 60% in the joint venture, Lanxess said. Lanxess added that it can divest its stake in the joint venture to Advent at the same valuation after three years. The deal, which materially reduced debt for Lanxess, represents a significant positive, Jefferies analysts said in a research note. With its innovative products, the joint venture will be able to play a key role in shaping future developments--for example in the field of electromobility," he said.
German Jobless Claims Fell by Less Than Expected in May
By Maria MartinezJobless claims in Germany fell by less than expected in May as the labor-market recovery lost steam. The Federal Employment Agency said Tuesday that jobless claims fell by 4,000 on month after declining by 13,000 in April. Economists polled by The Wall Street Journal had forecast a decline of 15,000.
Gensource Potash Approves Stephen Dyer as Nonexecutive Chairman
By Joe HoppeGensource Potash Corp. said Tuesday that it has approved Stephen Dyer as its nonexecutive board chairman. The Canadian potash company noted that Mr. Dyer--who joined the board a year prior with the intention of transitioning into the chairman role--has experience in corporate governance and expertise in the fertilizer industry.
Italy's Economy Grew Marginally in the First Quarter
By Xavier FontdegloriaThe Italian economy expanded slightly in the first quarter of the year as a sharp uptick in business investment offset falls in household consumption and net foreign trade. Italy's economy--the eurozone's third-largest--grew by 0.1% in the first quarter compared with the previous three-month period, the Italian statistics agency Istat said Tuesday. This marks a significant upward revision from the preliminary estimate reported on April 29, which pointed to a 0.2% on-quarter contraction. In 2021's fourth quarter, Italian gross domestic product expanded by 0.7%. Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
Allied Minds Chairman to Remain on Board Until June 15
By Sabela OjeaAllied Minds PLC said Tuesday that Chairman Harry Rein will now remain in the role until June 15. The intellectual-property commercialization company's 2021 earnings are now anticipated to be published on that date, it said.
eEnergy Group Increases Ownership in MY ZeERO Platform After Restructure
By Joe HoppeeEnergy Group PLC said Tuesday that it has increased its ownership in its MY ZeERO smart metering and analytics platform to 85.5% from 51%. The U.K. energy-services provider said it has completed a restructuring that simplifies the ownership structure and will allow its subsidiary, eEnergy Insights Ltd.--the entity that holds MY ZeERO--to be further integrated into its operations.
Treasury yields climb after Waller says half-point rate hikes will continue until inflation subsides
What Treasury yields are doingThe yield on the 10-year Treasury TMUBMUSD10Y, 2.823% rose 7.5 basis points to 2.82%. rose 7.5 basis points to 2.82%. The yield on the 2-year Treasury TMUBMUSD02Y, 2.540% rose 7 basis points to 2.54%. rose 7 basis points to 2.54%. The yield on the 30-year Treasury TMUBMUSD30Y, 3.023% also rose 7 basis points, to 3.04%.
Crude futures hit two-month high above $118 after EU ban on Russian oil
Oil prices surged to two-month highs on Tuesday, after the European Union reached an agreement that is poised to ban most of Russian oil by the end of the year. Ozkardeskaya said the “relentless positive pressure” on oil prices on both sides of the Atlantic was worry, even as U.S. inflation figures have been easing. Front-month Brent crude for July has gained more than 11% this month, with July West Texas Intermediate crude up 9.9%. It’s the biggest monthly rise since January for each as well. Also boosting prices was news of easing restrictions in China, the world’s biggest crude importer.
China Stocks Cap Longest Winning Run Since June as Curbs Eased
(Bloomberg) -- Chinese stocks rose for a fifth day after the financial hub of Shanghai further eased virus-related curbs and data showed a gradual improvement in the nation’s factory activity. Most Read from BloombergThe CSI 300 Index closed 1.6% higher, leading gains in Asia and capping its longest rising streak since June last year. Meanwhile, latest data showed China’s daily virus cases fell below 100 for the first time since early March. Data early on Tuesday showed the official manufacturing purchasing managers index rose to 49.6 in May from 47.4 in April. Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.
Oil Prices Surge After EU Agrees to Ban Most Russian Crude Imports
The global oil price rose above $120 a barrel after European Union leaders agreed to a partial ban on Russian oil imports and China started lifting Covid-19 restrictions. Brent crude, the international benchmark, rose 3.4% to $123.44 a barrel, the highest levels since March. Soaring energy prices this year are stoking the fastest inflation in decades, undermining consumer spending and economic growth while also prompting central banks to tighten policy. EU leaders agreed on Monday to cut most oil imports from Russia by the end of 2022 as part of new sanctions on Moscow in the wake of its invasion of Ukraine. The ban will cover Russian oil brought by sea, allowing a temporary exemption for oil delivered from Russia by pipeline.
Ukraine Latest: EU Agrees to Ban Most Russian Oil, Split On Gas
EU leaders hailed the breakthrough but divisions quickly surfaced over where to go after the sixth package of sanctions is implemented. “The impact of an oil ban is much bigger for Russia than for gas. Russian Stocks Drop Third Day on EU Oil Ban (9:30 a.m.)Russia’s equity benchmark fell for a third consecutive session on Tuesday after European Union leaders agreed to pursue a partial ban on Russian oil. EU leaders agreed to pursue a partial embargo on Russian crude oil shipped by sea, potentially costing Putin up to $10 billion a year in lost export revenue. The latest round of EU sanctions would forbid buying oil from Russia delivered by sea but includes a temporary exemption for pipelines.
FTSE outperforms as Russia cuts off gas supplies to Netherlands
The FTSE rose 0.2% after opening as Russia's Gazprom announced it had stopped delivering gas to the Netherlands. Photo: Michael ProbstThe FTSE 100 (^FTSE) was outperforming against its peers on Tuesday as Russia cut off gas supply to the Netherlands amid a payment row. It came as Russia's Gazprom (GAZP.ME) announced it had stopped delivering gas to the Netherlands after Dutch gas trader GasTerra refused to pay them in roubles. GasTerra, which is partially owned by the Dutch state, said it had "decided not to comply with Gazprom's one-sided payment requirements". The Netherlands has relied on Russia for 15% of its gas supply, however GasTerra said it had anticipated the cut in supply by buying gas from other providers.
Tech Entrepreneur Marius Grigoras Connects IoT to Blockchain
Celebrated tech entrepreneur Marius Grigoras has done just that, connecting IoT to the blockchain and paving the way for a new age of digitization. Before starting BH Network, Marius had been in the industry for a long while. Marius is leveraging IoT and blockchain to build excellent customer relationships and growing technical teams. Through BH Network, he develops the internet for freelancers and leads the business world into the future. He says his goal is to one day make BH Network a top Elrond incubator in the ecosystem.
Live: EU leaders return to the summit table after backing watered-down Russian oil ban
European Union leaders are set to discuss the bloc's defence and food security as a consequence of Russia's war in Ukraine after agreeing on a deal to wean themselves off Russian oil. It took 26 days but EU leaders finally managed to come to a compromise on the sixth round of sanctions targeting Moscow which should result in imports of Russian crude oil being cut by up to 90% by the end of the year. The deal, announced just before midnight, represents a significant win for Hungary and other landlocked member states which secured a carve-out and can continue to import Russian oil via pipeline. Follow the live developments from day two of the summit in the blog below:
UK cancels P&O Ferries contract over job cuts
(Refiles to remove duplicated par)LONDON -Britain says it has cancelled a contract with P&O Ferries “with immediate effect” in its latest action against the DP World-owned company following its decision to axe hundreds of staff earlier this year. It comes after P&O Ferries, whose ships sail across the English Channel, North Sea and Irish Sea, laid off nearly 800 workers in March and then went on to hire cheaper agency staff, sparking criticism from trade unions and politicians alike. “We stand against firms who exploit loopholes and undermine workers’ rights,” interior minister Priti Patel said https://twitter.com/ukhomeoffice/status/1531325105413947392?t=Ge72lzEsZuJgwZXAvgExbw&s=08 on Twitter announcing the cancellation late on Monday. Transport minister Grant Shapps has since set out plans to introduce legislation to ensure ferry operators using British ports pay the national minimum wage, while a criminal investigation into P&O Ferries’ move has been launched. P&O Ferries, which has a fleet of more than 20 ships and operates over 30,000 sailings a year, did not immediately respond to a Reuters request for a comment on the contract termination.
Life in the shopping 'slow lane' helping older residents stay independent
As grocery retailers chase speed and efficiency through technology, a few are bucking the trend by launching “slow lanes” for those who are not capable of blitzing through a self-checkout. Maiya Takizawa, a regional supermarket chain in the city of Takizawa, Iwate Prefecture, has taken up the cause for older residents and those who are not interested in high-paced modern life, with those who have special needs a particular focus.
Don’t miss out on TikTok opportunities: SOON ENT CEO
Park Chang-woo, founder and CEO of multichannel networking firm Soon Ent, said businesses should not misunderstand TikTok and must grab opportunities the platform presents.Speaking at The Korea Herald’s Global Business Forum on Wednesday, Park emphasized that TikTok, a short-form video hosting service owned by Chinese company ByteDance, is more than an alternative to video-streaming juggernaut YouTube. “Customers usually know what they want and search for it, but on platforms like TikTok you want to buy products that influencers are using and quite often make an impulse buy,” Park said. In 2016, he founded a performance production company, but saw an opportunity when two of the company artists began gathering followers exponentially at the end of 2017.The company now has 85 content creators under its roster who together have 310 million followers. Out of the still-growing roster, eight content creators are in the top 20 ranking on TikTok in terms of follower numbers in South Korea. Ten content creators have more than 10 million followers, including No.2 WonJeong, with 44.1 million users.
Sievierodonetsk ceasefire broken, French journalist killed
This also applies to the export of grain from Ukrainian ports," the Kremlin said in a statement. Maritime traffic in the Black Sea has been disrupted since the start of the Russian invasion at the end of February. The export of Ukrainian grain, in particular, has been severely hampered, and this has contributed to increased global food insecurity, as Kyiv is a major agricultural exporter. Ukraine and Western countries accuse Moscow of blocking Ukrainian Black Sea ports, a charge Russian officials deny. Turkey, which shares the Black Sea with Russia, has tried to maintain good relations with Moscow, while selling military drones to Ukraine.
India's import of discounted Russian oil on record high, oil climbs above $121 per barrel. Top 10 updates
India received 34 million barrels of discounted Russian oil since Moscow invaded Ukraine, according to Reuters report citing Refinitiv Eikon data. India received 24 million barrels of Russian crude just this month, up from 7.2 million barrels in April and about 3 million in March, and is expected to receive about 28 million barrels in June, according to reports. India's oil imports from Russia have been rising since February, as Asia's third largest economy and the world's third biggest oil importer, turned to deeply discounted Russian oil, mostly Urals crude, to cut its imports bill. Additionally, oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased Covid-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports, according to Reuters . EU countries failed to agree on a Russian oil import ban despite last-minute haggling before the summit got under way in Brussels.
Russia-Ukraine war live updates E.U. bans most Russian oil; Moscow at ‘maximum’ strength in Donbas
Dutch energy company GasTerra announced it will stop importing gas from Russia’s state-owned Gazprom starting Tuesday due to the Kremlin’s demand that payments be made in rubles, which the firm said runs afoul of E.U. The move means GasTerra will not receive about 2 billion cubic meters of gas it expected to receive through Oct. 1, when the contract ends. It is unclear whether Europe’s gas market will be able to absorb the loss of supply without serious consequences, GasTerra said in a news release. This is because to do so would risk breaching sanctions imposed by the E.U.,” the company said. Paying in rubles would involve opening an account in Moscow that would be controlled by the Russian regime, a combination that poses “too great a risk,” GasTerra said.
'Doge is my savings account': This 33-year-old is no longer a 'dogecoin millionaire'–but he's still buying the dips
But investor Glauber Contessoto, whose dogecoin holdings previously surpassed a value of $1 million, isn't worried. The coin hit 16 cents Tuesday morning before inching up to 17 cents. Now, with dogecoin trading around 17 cents, he continues to buy the dip. Last week, he bought over $5,300 worth of dogecoin when it was around 17 cents, he said. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09.
Goldman Sachs: Expect 25-basis-point hikes from the ECB to 1.5% in June 2023
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs: Expect 25-basis-point hikes from the ECB to 1.5% in June 2023Jari Stehn, chief European economist at Goldman Sachs, discusses euro zone inflation and the European Central Bank's path of monetary policy normalization.
Morning Bid: Fever pitch
A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 18, 2022. REUTERS/Andrew KellyA look at the day ahead in markets from Saikat Chatterjee. Register now for FREE unlimited access to Reuters.com RegisterThat has decisively turned the mood music in favour of the bears. Oil prices extended gains on the latest developments with Brent crude topping a fresh two-month high at $122.80 per barrel. Key developments that should provide more direction to markets on Tuesday:Credit Suisse weighs options to strengthen capital.
Britons step up supermarket visits in search for value
LONDON, May 31 (Reuters) - Britons' visits to supermarket stores rose 7% year-on-year in the four weeks to May 21 as they shopped around for the best prices amid a worsening cost of living crisis, market researcher NielsenIQ said on Tuesday. "The upside for supermarkets is that shoppers may be more inclined to dine in at home as budgets get squeezed." NielsenIQ said total grocery sales at UK supermarkets rose 0.6% year-on-year over the four-week period, driven by a 2.3% increase in the final week. The market researcher said the forthcoming Platinum Jubilee bank holiday weekend should give a welcome, if short-term, boost to grocery sales. Register now for FREE unlimited access to Reuters.com RegisterReporting by James Davey; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.
Israel signs major free trade deal with Gulf state UAE
Israel signed a free trade agreement with the United Arab Emirates on Tuesday, its first big trade accord with an Arab state and a move aimed at boosting trade between the two Middle East nations. The pact was signed by Israel’s Minister of Economy and Industry Orna Barbiva and her counterpart, UAE Minister of Economy Abdulla bin Touq Al Marri, after months of negotiations. “Done,” Israel’s Ambassador to the UAE Amir Hayek said on Twitter, replying to another tweet he posted earlier saying “the UAE and Israel will sign FTA in the next hour.”For oil-rich UAE, the deal with Israel is its second bilateral free trade agreement after signing a similar accord with India in February. The UAE has been aggressively pursuing these deals in a bid to strengthen its economy following the hit it took from the coronavirus pandemic. Israel and the UAE established ties in September 2020 in a U.S.-brokered deal that broke with decades of Arab policy that had called for a Palestinian state before ties with Israel.
GYG Sees 2022 Performance In Line With Views
By Michael SusinGYG PLC said Tuesday that it is confident in achieving its performance objectives for 2022 after a positive first quarter. The London-listed yacht-maintenance company said its performance in the first quarter of 2022 was strong and in line with the board's views, despite macroeconomic pressures.
Shanghai eases into gradually reopening from its COVID-19 lockdown
Shanghai eases into gradually reopening from its COVID-19 lockdownEnlarge this image toggle caption Ng Han Guan/AP Ng Han Guan/APBEIJING — Shanghai authorities say they will take some major steps Wednesday toward reopening China's largest city after a two-month COVID-19 lockdown that has throttled the national economy and largely bottled up millions of people in their homes. Schools will partially reopen on a voluntary basis for students and shopping malls, supermarkets, convenience stores and drug stores will continue to reopen gradually with no more than 75% of their total capacity. Officials, who set June 1 as the target date for reopening earlier in May, appear ready to accelerate what has been a gradual easing in recent days. Shanghai recorded 29 new cases on Monday, continuing a steady decline from more than 20,000 a day in April. The city imposed limited lockdowns, but nothing near a citywide level, in a much smaller outbreak that appears to be on the wane.
PCF Group Is in Takeover Talks With Castle Trust Capital
By Ian WalkerPCF Group PLC said Tuesday that it is in early-stage talks over a possible takeover by Castle Trust Capital PLC in a deal that would give shareholders a minority stake in the enlarged group. The London-listed specialist lender said it is now in an offer period as defined by the U.K. Takeover Panel.
Royal DSM to Combine With Firmenich in 1H 2023 -- Update
By Joe HoppeRoyal DSM NV said Tuesday that it plans to merge with fragrance-and-flavor company Firmenich SA to create DSM-Firmenich, with completion of the transaction and listing on Euronext Amsterdam expected in the first half of 2023. The Dutch nutrition, health and bioscience company said its shareholders would own in aggregate 65.5% of the enlarged company, while Firmenich shareholders will hold the outstanding stake. After DSM shareholders exchange shares, Firmenich stock holders will exchange shares in the company for DSM-Firmenich shares and EUR3.5 billion in cash, the companies said. DSM Chairman Thomas Leysen will become chairman of DSM-Firmenich, and Firmenich Chairman Patrick Firmenich will become vice chairman. DSM's co-chief executives, Geraldine Matchett and Dimitri de Vreeze, will be named co-CEOs of the new company, the companies said.
France's Economy Contracted in 1Q
By Xavier FontdegloriaThe French economy contracted in the first quarter of the year as consumer spending dropped amid high inflation. Gross domestic product in the eurozone's second-largest economy fell by 0.2% from January to March compared with the preceding quarter, according to a revised estimate published Tuesday by the French statistics agency Insee.
SAS 2Q Rev SEK7.05B
By Dominic ChoppingSTOCKHOLM--SAS AB said Tuesday that it sees pent-up demand with healthy underlying demand for business and leisure travel, but cautioned that it has made limited progress in talks with stakeholders over its transformation plans. The carrier's net loss narrowed in the fiscal second-quarter, that runs to April 30, to SEK1.52 billion from a loss of SEK2.41 billion as revenue rose to SEK7.05 billion from SEK1.93 billion. Analysts polled by FactSet had expected a net loss of SEK1.41 billion on revenue of SEK6.8 billion. Given the ongoing geopolitical situation in eastern Europe and the lingering effects of Covid-19, it is impossible to provide any financial guidance for the coming fiscal year, SAS said. Write to Dominic Chopping at dominic.chopping@wsj.com
Sportech Five-Month Business Was In Line; CEO to Step Down
By Kyle MorrisSportech PLC said Tuesday that business for the first five months of 2022 has been in line with the board's expectations and that Chief Executive Andrew Lindley will step down. The London-listed betting-technology company continues to experience a high rate of growth, but pari-mutuel wagering and food-and-beverage sales continue to be affected by the pandemic, with business remaining below 2019 levels, the company said.
CPPGroup Lowers Expectations on Contract Extension Terms, Project Problems
By Joe HoppeCPPGroup PLC said Tuesday that contract extension negotiations in India have ended positively, but will reduce 2022 Ebitda expectations that have been further lowered by issues identified in its change management program. The London-listed global product-and-services company said in securing the extension to the end of 2024 it has improved certainty over a portion of future revenues. However, the upfront nature of the new terms will hit earnings expectations this year. Through a review of its change management program, the company found that several of its projects will take longer, cost more to implement and secure fewer benefits than originally expected. It expects to recover 2022 earnings shortfall through the contract extension, however reduced benefits and additional costs from the change management program have hit 2022 and 2023 expectations.
Chill Brands Aims to Raise Around GBP480,000 via Open Share Placing to Shareholders
By Sabela OjeaChill Brands Group PLC said Tuesday that it is launching an open share placing to shareholders to raise up to 483,673 pounds ($611,991). The London-listed cannabidiol-products company said it will issue up to 4.0 million open offer units.
B&M European Value Retail FY 2022 Earnings Mostly Flat; Appoints Next CEO -- Update
The convenience retailer posted a pretax profit of 525 million pounds ($664.3 million) for the year ended March 26, compared with GBP525.4 million a year earlier. It had been expected to post a pretax profit for the year of GBP521.1 million, taken from FactSet and based on eight analysts estimates. Revenue had been expected to decline to GBP4.75 billion, taken from FactSet and based on 17 analysts' estimates. The FTSE 100-listed company said adjusted earnings before interest, taxes, depreciation and amortization declined to GBP619 million from GBP626 million. That figure is expected to decline further in fiscal 2023, to a range between GBP550 million and GBP600 million.
Edenville Energy Agrees to Terminate Contract With Operator of Tanzania Coal Project
By Kyle MorrisEdenville Energy PLC said Tuesday that it has agreed with Nextgen Coalmine Ltd. to terminate a contract for the operation of its Rukwa Coal Project in TanzaniaThe AIM-listed company said it has resumed full control of the site and mining operations. All mining equipment has been brought back into service, and an additional pre-strip excavator has been added to the fleet, it said.
Billington Performing in Line With Market Views in 2022 Amid Contract Wins
By Joe HoppeBillington Holdings PLC said Tuesday that 2022 has started positively, performing in line with market views and securing a number of contracts. The structural steel-and-engineering specialist said the new year began well following a year of partial recovery from the coronavirus pandemic in 2021, and that it was meeting market views despite macroeconomic headwinds, particularly in material availability, price volatility and inflationary pressures. It didn't provide any figures.
Turkey 1Q GDP Grew 7.3% on Year
By Maria MartinezTurkey's economy grew 7.3% on year in the first quarter, statistics office Turkstat said Tuesday, though inflation reached a two-decade high in April and the value of its currency is declining. Growth in the quarter was supported by private consumption, up 19.5% on year, Turkstat data showed, propelled by the lifting of Covid-19 restrictions. Government consumption rose 0.9% and gross fixed capital formation rose 1.1%.
Sibanye-Stillwater Appoints Americas, Southern Africa Chief Regional Officers
By Sabela OjeaSibanye-Stillwater Ltd. said Tuesday that it has appointed two new chief regional officers for the Americas and Southern Africa. The Johannesburg-listed precious metals miner said that it has appointed Charles Carter as its Americas chief regional officer effective from June 1.
PCF Group Set to Raise Up to $12 Mln in Share Subscription, Open Offer
This represents a 41% discount to its closing share price of 8.5 pence on Monday. The subscription shares would represent around 21.9% of the company's existing issued share capital, and if it proceeds, Somers's ownership will increase to 73.3%. The shareholder has also indicated that it will support a further subscription of GBP1.5 million in late June. PCF said it will also raise additional capital through an open offer, which Somers isn't expected to participate in and on the same terms as the subscription. This will be structured to ensure shareholders' holdings aren't diluted by the subscription, if they take up their rights to participate.
Unilever Appoints Activist Investor Nelson Peltz as Nonexecutive Director
By Michael SusinUnilever PLC said Tuesday that it has appointed activist investor Nelson Peltz as a nonexecutive director with effect from July 20. Mr. Peltz runs the activist hedge fund Trian Fund Management LP, which holds a stake of around 1.5% in Unilever.
Russia's Sberbank says working as usual despite new EU sanctions
May 31 (Reuters) - Russia's largest lender Sberbank said on Tuesday new European sanctions would not impact its operations after European Union leaders agreed to cut bank that was already under sanctions from the SWIFT messaging system. "We are working as usual despite the new sanctions," Sberbank said in a statement, adding that the main restrictions on its operations have already been in place. The United States in April imposed sanctions on Sberbank, which has over 110 individual customers and holds one-third of Russia's total banking assets. Back then, Sberbank also said the penalties won't have a significant impact on its operations. Russian operations do not depend on SWIFT and will be carried out by the bank in standard mode," Sberbank said on Tuesday.
French inflation in May at highest since September 1985
France’s annual rate of inflation has risen in May at a faster pace than in April, beating forecasts and posting the highest reading since September 1985, according to preliminary data released by French statistics office Insee on Tuesday. Consumer prices rose 5.2% on year measured by national standards, against the 5.1% forecast by economists in a Wall Street Journal poll. They rose 4.8% on year in April.
Lanxess, Advent to buy DSM’s engineering business in $4 billion deal
Lanxess AG said Tuesday that it would join with private-equity firm Advent International Corp. to buy Royal DSM NV’s DSM, +9.34% engineering-materials business for around 3.7 billion euros ($3.99 billion) and create a new venture for high-performance plastics. The announcement came after the Netherlands-based DSM said earlier Tuesday that it would merge with Swiss fragrance company Firmenich SA to create a company with a EUR25 billion market cap.
Cruise Stocks Have Sunk. Only Two Have Seen Large Insider Buys.
Carnival (ticker: CCL), Royal Caribbean (RCL), and Norwegian Cruise Line Holdings (NCLH) have seen shares take on water year to date, falling 31%, 24%, and 22%, respectively. He purchased the stock through a partnership that now owns 489,917 Norwegian shares, and Galbut owns another 66,403 shares in a personal account. He now owns 870,950 Carnival shares. It’s Weisenburger’s first purchase of Carnival stock since April 2020, when he bought $10 million of the shares. The analyst rates Carnival at Sell, and has Hold ratings on Royal Caribbean and Norwegian.
Russia cuts off gas supplies to Netherlands - live updates
GazpromRussia's Gazprom has stopped delivering gas to the Netherlands, after Dutch gas trader GasTerra said it had refused to comply with demands to pay the company in roubles. Russia has already cut supplies into Poland, Finland and Bulgaria after energy giant Gazprom introduced new requirements over gas payments. Gazprom said it had fully cut off the supplies to GasTerra, which buys and trades gas on behalf of the Dutch government. The Netherlands has relied on Russia for 15pc of its gas supply - something which will now have to rapidly switch as Gazprom cuts supply. Other European countries are also hugely dependant on Russia for their supply too, as the below chart shows:06:49 AMRussia cuts gas supply to the Netherlands over payment rowRussia's Gazprom has stopped delivering gas to the Netherlands, after Dutch gas trader GasTerra refused to pay in roubles.
Singapore DPM Heng Swee Keat warns retail investors against cryptocurrency trading
Singapore Deputy Prime Minister Heng Swee Keat warns retail investors against cryptocurrencies during the Asia Tech Summit on 31 May 2022. (PHOTO: Roslan RAHMAN / AFP)SINGAPORE — Singapore’s deputy prime minister Heng Swee Keat warned retail investors to “steer clear” of cryptocurrencies following the recent Terra Luna crash which saw investors losing life savings. The DPM’s warnings to retail investors echoes calls from The Monetary Authority of Singapore which has consistently warned the public against trading in cryptocurrencies. The meltdown triggered knock-on effects on Bitcoin and other cryptocurrencies, Heng noted. Story continuesTokenisationHowever the digital asset ecosystem comprised a range of services beyond cryptocurrency trading and the Singapore government remained “keen to work with blockchain and digital asset players to encourage innovation, and build up trust in the sector,” he said.
Why Some Artists Are Launching Their NFT Collections on Mintra Instead of OpenSea
This is where Mintra steps in as the greenest NFT marketplace for artists and creators around the world. Mintra comprises top-level crypto experts who share a similar futuristic vision of a sustainable NFT marketplace. The more this community grows, the better it is for the NFT marketplace and the environment we breathe in. With this admirable initiative, Mintra is on its way to becoming PulseChain’s premiere NFT marketplace. $MINT is the token or exchangeable currency on the Mintra NFT marketplace.
Asian stocks mixed, oil prices trade near $120 a barrel
Oil prices were trading near $120 per barrel following an agreement by European Union leaders to embargo most Russian oil imports into the bloc by the end of end of the year. Benchmark U.S. crude oil gained $3.43 to $118.50 per barrel in electronic trading on the New York Mercantile Exchange. The Shanghai Composite index gained 0.8% to 3,174.42 and Hong Kong's Hang Seng edged 1% higher, to 21,332.72. The future for the Dow Jones Industrial Average future rose 0.1%. Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter.
Car ownership falls as drivers hit by surging cost of fuel
Used car prices have surged as a result, rising 22pc in the past year alone according to the website Auto Trader. The SMMT is concerned that slowing delivery of new models will hold back efforts to ditch fossil fuels. Most of the remainder, 95.7pc of cars, are still powered purely by petrol or diesel. Despite slipping off the best-buy chart amid speculation that production may be coming to an end, the Ford Fiesta is the most common car on UK roads, with 1.55m vehicles, followed by the larger Focus at 1.15m. The Vauxhall Corsa and Volkswagen Golf each have more than 1m cars on UK roads.
Russia cuts off gas supplies to Netherlands
Russia's Gazprom has stopped delivering gas to the Netherlands, after Dutch gas trader GasTerra said it had refused to comply with demands to pay the company in roubles. Russia has already cut supplies into Poland, Finland and Bulgaria after energy giant Gazprom introduced new requirements over gas payments. President Vladimir Putin has demanded that rouble accounts be set up in a Russian bank as part of the settlement scheme - something which companies have said risks breaching sanctions. Gazprom said it had fully cut off the supplies to GasTerra, which buys and trades gas on behalf of the Dutch government.
Britons step up supermarket visits in search for value
LONDON – Britons’ visits to supermarket stores rose 7% year-on-year in the four weeks to May 21 as they shopped around for the best prices amid a worsening cost of living crisis, market researcher NielsenIQ said on Tuesday. British households are facing a squeeze on their disposable income, with inflation hitting a 40-year peak of 9% in April and projected to rise further. To cushion the blow, the government last week announced a 15 billion pound ($19 billion) package of support for households struggling to meet soaring energy bills. The market researcher said the forthcoming Platinum Jubilee bank holiday weekend should give a welcome, if short-term, boost to grocery sales. NielsenIQ said over the 12 weeks to May 21, total sales fell 1.7% year-on-year, with market leader Tesco, Marks & Spencer, German-owned discounters Aldi and Lidl and the Co-operative all gaining market share.
Britain's GSK to buy Affinivax for up to $3.3 billion in vaccines push
-GSK said on Tuesday it would pay up to $3.3 billion to acquire privately held biopharmaceutical firm Affinivax to bolster its vaccine pipeline, a key area of focus as the British drugmaker prepares to separate its consumer unit. GSK, the world’s largest vaccine maker by sales, has been under pressure to shore up its pipeline. Last month, it indicated an appetite for further deals after spending $1.9 billion to buy Sierra Oncology to bolster its cancer business. U.S.-based Affinivax is developing next-generation vaccines, the company said, the most advanced of which are for pneumococcal diseases, including pneumonia, meningitis and sinusitis. GSK will pay Affinivax $2.1 billion upfront and up to $1.2 billion in potential development milestones.
UK retailer B&M names CEO Arora's successor; warns on profit margin
-British discount retailer B&M on Tuesday named finance chief Alex Russo as the successor to long-time Chief Executive Officer Simon Arora, who is retiring next year. The retailer, which sells everything from food to homewares, gardening and do-it-yourself products, warned of lower profit margins this year as customers spend less on discretionary products due to red-hot inflation and the cost-of-living crisis. B&M reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of 619 million pounds ($780.44 million) for the year ended March 26. This financial year’s core profit is expected to range between 550 million to 600 million pounds, lower than last year but still ahead of pre-pandemic levels. The group, whose full name is B&M European Value Retail, operates over 1,100 stores across the United Kingdom and France.
Russia faces deepest economic crisis in a generation, but many have yet to feel it
For Oleg Kechin, owner of a chain of barbershops, forecasts that Russia will be plunged into its deepest economic crisis in a generation feel overdone. U.S. President Joe Biden may have promised that Western sanctions would wreak economic havoc in Russia, but Kechin’s business is still drawing in customers in the town of Saransk, which lies 510 kilometers (320 miles) southeast of Moscow.
Chinese banks overflow with cash that nobody wants to borrow
Chinese authorities are facing an uphill battle convincing companies and households to boost borrowing as long as COVID-19 outbreaks and lockdowns continue to crush confidence. After loan growth weakened in April to the worst level in almost five years, several indicators suggest the data for May won’t be much better. Housing sales have continued to slump, indicating a lack of appetite for mortgages and subdued credit demand among real estate firms. Struggling to find enough clients, banks have been swapping bills with each other just so they can meet regulatory requirements for corporate lending.
Sapporo District Court rules against reactor restart at Hokkaido nuclear power plant
The Sapporo District Court on Tuesday ordered a nuclear power plant in Hokkaido to remain halted in response to a request by over 1,000 plaintiffs concerned about safety, in a rare decision issued while an operator was seeking permission from authorities for a restart. The court ruled that Hokkaido Electric Power Co. should not resume operations at all three reactors at its Tomari Nuclear Power Plant west of Sapporo. | KYODOThe plaintiffs argued there are active faults near the Tomari plant and in the nearby sea — and that the operator could be underestimating the size of potential earthquakes when designing the reactors’ quake resistance. They claimed soil liquefaction could occur around seawalls near the plant in the event of an earthquake and that the utility has not taken sufficient measures to protect against tsunami. The power company countered that there are no active faults around the nuclear complex or in the nearby sea, and that the possibility of soil liquefaction is low.
Behind the hype of cryptocurrencies
Cryptocurrencies is one of the most volatile financial products in the world with forms of the digital currency endorse and advertised by celebrities, daring you to invest in the brave new world. Tonight's episode of Four Corners investigates what lies behind the slick marketing and big promises to examine if it's a fad, fraud or the future.
‘Jeonse’ no more? More Koreans opt for monthly rentals under debt burden
Monthly lease contracts exceeded half of South Korea’s home rentals and surpassed “jeonse” transactions for the first time in April, government data showed Tuesday, mostly due to greater debt burden sparked by soaring interest rates on loans.Of the total 258,313 lease transactions for apartments and houses, 50.4 percent of them were for monthly rentals in April, according to the Ministry of Land, Infrastructure and Transport. Tenants have to pay back higher interest rates to banks than monthly rents to house owners,” said Kim In-man, head of the Kim In-man Real Estate Research Center. The new laws were intended to protect tenants from landlords, but instead pushed homeowners to switch from jeonse to monthly rents.However, with President Yoon Suk-yeol’s inauguration, sales of apartments and houses have started to rebound amid growing hopes for relaxed regulations in the real estate market. It is by far the most expensive apartment sold this year.The average price per 3.3 square meters of Yongsan-gu apartments also exceeded 60 million won for the first time. The figure jumped from April’s 59.2 million won to 60.1 million won in May.By Byun Hye-jin ( hyejin2@heraldcorp.com
S. Korea has best EV infrastructure per unit in world: report
South Korea has the most established electric vehicle charging infrastructure per unit in the world, a report by an autonomous intergovernmental organization said Tuesday.The latest findings released in the Global EV Outlook 2022 by the Paris-based International Energy Agency showed that South Korea had 2.6 EVs per charging point last year.A charging point refers to the number of sockets that can charge vehicles at the same time.Among the 20 countries included in the report, South Korea had the best EV per charging point ratio last year as the world average in 2021 was 9.5 EVs per charging point.Europe showed 15.5 EVs per charging point and China 7.2 EVs per charging point.South Korea also showed the highest average kW per EV ratio with 6.5kW per EV while the worldwide average stood at 2.4kW per EV.The Chinese and European markets are pulling the global averages downwards with 3.8 kW per EV and 1.0kW per EV respectively.But slow chargers with an output of less than 22kW still account for a large portion of the options available in South Korea.Last year, the country had 105 thousand chargers available among which 86 percent of them were slow chargers and only 14 percent were fast chargers.Slow charger installations were on the upswing last year as compared to 2020.In 2021, the number of slow chargers increased by 67 percent on-year while fast chargers increased by 53 percent on-year.Globally, on the other hand, slow chargers account for 68 percent of EV chargers while fast chargers account for 32 percent.The auto industry says there must be much more fast chargers available to have more EVs fully charged in a short amount of time as stocks of EVs are augmenting.In response, Hyundai Motor Group established 20 E-pit fast charging stations with a total of 120 charging points each with up to 350Kw charging capacity last year.The E-pit chargers can charge an EV twice as fast as other fast chargers.Hyundai Motor Group also recently announced a partnership with Lotte Group
Amid escalating uncertainty, output, spending, investment drop in April
According to Statistics Korea, industrial output decreased by 0.7 percent in April on-month, private consumption (also called retail sales) by 0.2 percent and facilities investment by 7.5 percent. The manufacturing segment saw output decline by 3.1 percent on-month. Nevertheless, output in the service segment rose by 1.4 percent on-month on the back of eased social distancing. Facilities investment dropped by 7.5 percent in April, greater than the 2.2 percent on-month decline in March. Meanwhile, the main index gauging the current economic situation fell for the second consecutive month in a possible sign that economic growth momentum may have peaked, Statistics Korea data showed.
Caution: Exchange students ‘may be restricted from entering the Hanyang Zone for safety reasons’
A group of exchange students at Hanyang University on Wednesday had to face an overtly discriminatory caution sign written in red when they arrived at the university to get tickets for the university’s annual festival.About a hundred foreign exchange students waited in line to get tickets to enter the festival’s main performances, featuring popular celebrities including Psy.However, they were told that they were barred from the “Hanyang Zone,” the area directly facing the stage in the semicircle amphitheater. The exclusive zone was reserved for full-time, non-exchange undergraduates of the university.The caution sign said, “Exchange students can’t get tickets.” It also said, “Even if you have a ticket (bracelet) or a stamp, you may be restricted from entering the Hanyang Zone for safety reasons.”Foreign exchange students were informed of the restrictions in the morning, only after they arrived at the university. According to a 21-year-old female exchange student who asked for anonymity, many exchange students were frustrated. They could not understand why they weren’t allowed to enter the designated area for undergraduate students, since they too pay tuition.Foreign students added that they were particularly frustrated after they saw the caution sign that said that foreign exchange students could not enter the zone due to “safety reasons.”The sign was telling exchange students that they are a danger, the female exchange student told The Korea Herald.“We are annoyed and we felt discriminated against,” she said.According to Hanyang exchange students, no university official intervened despite the confrontation between exchange students and the event’s staff, which went on for several hours.In the meantime, the undergraduate student union, which is in charge of organizing the festival, apologized about the wording on the sign, saying that it was made in a rush.However, on barring foreign exchange students from the Hanyang Zone, the undergraduate student union said the d
China Takes Advantage of Russia-Ukraine War, Increases Aluminium Exports to Europe
Last month, China increased its rebate on value-added tax (VAT) for exports of semi-fabricated aluminium or semiconductors to 16, reported Financial Post. The proliferation of shipments of Chinese aluminium, lead and zinc to Europe, Turkey and even the United States, suggests a new dynamic may be evolving. Under this new dynamic China is turning from the world's largest metals buyer to the largest supplier. However, the Dutch multinational firm's financial and economic analysis wing said aluminium production had recovered faster than expected. It also pointed out the data showing Chinese exports of primary aluminium and aluminium products at 5.97 lakh tonnes, outstripping 1.97 lakh tonnes of imports, as per the media outlet.
Oil giant Rosneft plans to pay out record dividends amid intensifying sanctions — and Russia stands to be the biggest winner
Russian oil giant Rosneft has recommended record high dividends for 2021. As Rosneft is a state-owned company, the Russian state would be the biggest winner from the payouts. As Rosneft is a state-owned company, the Russian state would be the biggest winner from the payouts. Rosneft's dividend recommendation came on the same day the European Union agreed to cut 90% of Russian oil imports by the end of 2022. Russian state-owned gas giant Gazprom also proposed its highest-ever dividend payout last Thursday on the back of record profits.
First cargo ship leaves Mariupol since Russia took the city - separatist leader
© Reuters/ALEXANDER ERMOCHENKO A cargo ship is loaded with steel rolls at the Port of Mariupol(Reuters) -A ship has left the Ukrainian port of Mariupol for the first time since Russia took the city and is headed east to Russia with a load of metal, the Russian-backed separatist leader of the Ukrainian breakaway region of Donetsk said on Tuesday. © Reuters/ALEXANDER ERMOCHENKO A cargo ship is loaded with steel rolls at the Port of MariupolUkraine said the shipment of metal to Russia from Mariupol, whose capture gave Moscow an overland bridge linking mainland Russia and pro-Russian separatist territory to annexed-Crimea, amounted to looting. "Today 2,500 tons of hot-rolled sheets left the port of Mariupol," Denis Pushilin, the leader of the self-proclaimed Donetsk People's Republic, wrote on the Telegram messaging app. Russia seized full control of Mariupol earlier this month when more than 2,400 Ukrainian fighters surrendered at the besieged Azovstal steelworks. © Reuters/ALEXANDER ERMOCHENKO A floating crane is seen at the Port of Mariupol(Reporting by Reuters; editing by Guy Faulconbridge)© Reuters/ALEXANDER ERMOCHENKO A cargo ship is loaded with steel rolls at the Port of Mariupol
Russian oil: EU agrees compromise deal on banning imports
Russia will look for new markets, but in terms of oil that's not a quick fix. The infrastructure isn't in place to reorient oil exports from Europe to Asia, for example. And if it does sell to Asia - it will have to do so at a discounted price.
The Children of Agent Orange
Read Our Methodology Using data from the VA’s Agent Orange Registry, we analyzed the relationship between Agent Orange and birth defects. Blackledge believes his exposure to Agent Orange may have sickened his children born after the war. Mike Ryan also had an ugly rash, called chloracne, that’s considered a signature effect of Agent Orange exposure. As part of the effort, information was gathered about each vet and entered into a newly established Agent Orange Registry. Schwartz said more needs to be done about Agent Orange and its impact on the children of veterans.
NJ college graduate pays off $70K in student loans by starting used book business
from Rutgers University — he studied psychology and biology — with $70,000 in student loans, he told Fox News Digital in an interview. FLORIDA-BASED MOM PAYS OFF $40K IN STUDENT DEBT AFTER LIVING ‘PAYCHECK TO PAYCHECK’"The profit would keep coming in, and it kept growing," he said. By the end of 2020, Oza had made $115,000 from his side business — which covered his student loans in full, and then some. The small business owner has since switched career paths. Oza also shared additional tips for anyone needing extra income or cash to pay down their student debt.
Goldman Sachs discusses the stressors in China's property market
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs discusses the stressors in China's property marketKenneth Ho of the investment bank weighs in on China's property sector and its broader economy.
EU secures compromise on Russian oil ban; Kremlin claims it now controls a third of key Donbas city. Follow our live updates
The European Union has agreed on a plan to block more than two-thirds of Russian oil imports as part of new punitive measures against the Kremlin. European Commission President Ursula von der Leyen said the move would effectively cut around 90% of oil imports from Russia to the bloc by the end of the year. The EU has also agreed on sanctions to cut Russia's largest bank, Sberbank, from the SWIFT messaging system and to ban three more state-owned broadcasters. Meanwhile, Russia has claimed it now controls one-third of the city of Sievierodonetsk as the Kremlin's troops continue their offensive in the Donbas region.
European stocks set for cautious open as investors watch inflation data
LONDON — European stocks are set for a tepid open on Tuesday after a hot German inflation reading reignited concerns about the pace of monetary tightening from central banks. Britain's FTSE 100 is seen around 4 points lower at 7,596, Germany's DAX is set to open around 51 points lower at 14,525 and France's CAC 40 is expected to slip by around 18 points to 6,544. Fresh data on Monday showed that German EU-harmonized inflation came in at an annual 8.7% in May, significantly outstripping analyst expectations of 8.0% in a Reuters poll and marking a sharp incline from the 7.8% seen in April. May's initial flash inflation prints are due from France, Italy and the broader euro zone on Tuesday. Investors will be watching closely for indications as to the speed and scale of interest rate hikes that may be required from the European Central Bank from July onward.
Decline in China's factory activity slows as COVID curbs ease
The official manufacturing purchasing managers' index (PMI) rose to 49.6 in May from 47.4 in April, the National Bureau of Statistics (NBS) said on Tuesday, beating forecasts in a Reuters poll for 48.6. China's factory slowdown is affecting production lines in other major Asian economies with both Japan and South Korea reporting sharp declines in output. The sub-index for production rose to 49.7 in May from 44.4 in April while the new orders subindex rose to 48.2 from 42.6. read moreSheana Yue, an economist at Capital Economics, said although activity has started to rebound as COVID-19 curbs ease, the recovery is likely to remain tepid. China's official composite PMI, which includes both manufacturing and services activity, stood at 48.4, up from 42.7.
Test case Zambia exposes China's rookie status on debt relief - sources
Zambia became in 2020 the first country to default in the COVID-19 pandemic era, struggling under a debt burden worth 120% of GDP. Its external debt topped $17 billion at the end of 2021, of which a third was owed to China, according to Zambian government data. The source added that the finance ministry was in particular looking out for China's development banks, through which much of Chinese credit is extended. Zambia's finance minister has repeatedly said he hopes the negotiations will be concluded by the end of June, a timetable analysts deem ambitious. "Our debt burden is choking our country's growth potential and the debt restructuring exercise is becoming more urgent day by day," Zambia's finance ministry said in an emailed statement in response to questions about China's role in the debt process.
China vows new financial tools to support drive to carbon neutrality
REUTERS/David GraySHANGHAI, May 31 (Reuters) - China's government said it will expand its range of financial tools and make greater use of fiscal and taxation policies to support the shift towards carbon neutrality. The new guidelines are aimed at creating "a fiscal and taxation policy system that promotes the efficient use of resources and green, low-carbon development," the ministry quoted an unnamed official as saying. The ministry also aims to build an "incentive and restraint mechanism" to encourage green and low-carbon practices among local governments, the official said. Import tariffs should also be adjusted to meet low-carbon development requirements, it said. The ministry also said more financial policy support would be given to the construction of carbon sinks, the protection of forests and grasslands, as well as climate change adaptation.
Chinese Utilities Shares Rise on Easing Lockdowns, PMI Data Beat
Shanghai-listed ENN Natural Gas Co. added 3.7% to 17.84 yuan (US$2.68). China Resources Power Holdings Co. Ltd. gained 7.0% to HK$15.2, Huaneng Power International Inc. rose 6.8% to HK$3.92 and China Power International Development Ltd. added 8.0% to HK$3.91. More cities across the country emerged from lockdowns and officials announced measures to boost the sluggish economy, feeding the demand for electricity and natural gas. Citigroup analysts said the outlook for natural gas utilities was now brighter. Higher gas sales margins may be sustainable given that gas retail prices are expected to remain elevated even during the nonpeak months of April to October, they added.
GSK to Buy Affinivax for Up to $3.3 Bln
By Kyle MorrisGSK PLC said Tuesday that it has agreed to buy clinical-stage biopharmaceutical company Affinivax, Inc. for up to $3.3 billion. The healthcare company said that it will pay $2.1 billion upfront and up to $1.2 billion in potential development milestones and that the deal is expected to close in the third quarter.
China’s manufacturing activity contracted again in May
BEIJING–Readings of Chinese factory and service-sector activity improved in May, as more cities across the country emerged from lockdowns and officials took steps to boost a sluggish economy, though the gauges indicated contraction in economic activity. China’s official manufacturing purchasing managers index rose to 49.6 in May, the National Bureau of Statistics said Tuesday, picking up from 47.4 in April and beating the median forecast of 48.9 by economists polled by The Wall Street Journal. The result is still below the 50 mark that separates expansion from contraction and marks the third straight month of activity contraction.
GLOBAL MARKETS-Asian stocks perk up as China hopes overshadow inflation fears
Outside of China, however, things were mixed amid persistent worries about global inflation. S&P 500 futures rose 0.2%, FTSE futures were unchanged and Euro STOXX 50 futures fell 0.2%. "I am advocating 50 (basis point hikes) on the table every meeting until we see substantial reductions in inflation. Fed funds futures fell sharply in Asia, as investors braced for relentless interest rate rises that would push the benchmark rate towards 3% by mid 2023. China's benchmark Shanghai Composite Index was up 1%, while the Hong Kong benchmark edged 0.6% higher.
China moves to speed up local government bond issuance in bid to buoy economy
China’s finance ministry has asked local governments to speed up the issuance of special-purpose bonds by the end of June in a bid to provide more support to its cooling economy. The ministry said in a meeting Monday that local governments should “basically complete” issuance of special-purpose bonds for 2022 by the end of June and use the raised funds by the end of August. The special-purpose bond is a type of debt raised to fund government-led infrastructure projects. Monday’s call to accelerate the use of the funds is expected to quickly expand government-led spending and buoy investment and other economic activity. Major economic indicators retreated sharply in April when China locked down its biggest commercial center, Shanghai.
Gold Fields to buy Yamana Gold in $6.7 billion stock deal
Gold Fields Ltd. GFI, +3.01% GFI, +4.10% said Tuesday that it has agreed to buy Yamana Gold Inc. in an all-stock deal that values the Canadian company at $6.7 billion. Under the deal, which has the support of the Yamana Gold YRI, +2.58% AUY, -0.96% board, accepting Yamana Gold shareholders will get 0.6 of a Gold Fields share for each share held, the company said.
Shanghai moves toward ending 2-month COVID-19 lockdown
BEIJING (AP) — Shanghai authorities say they will take some major steps Wednesday toward reopening China’s largest city after a two-month COVID-19 lockdown that has throttled the national economy and largely bottled up millions of people in their homes. Shanghai recorded 29 new cases on Monday, continuing a steady decline from more than 20,000 a day in April. Authorities imposed a suffocating citywide lockdown under China’s “zero-COVID” strategy that aims to snuff out any outbreak with mass testing and isolation at centralized facilities of anyone who is infected. Schools will reopen for the final two years of high school and the third year of middle school, but students can decide whether to attend in person. The city imposed limited lockdowns, but nothing near a citywide level, in a much smaller outbreak that appears to be on the wane.
Gold Fields to Buy Canada’s Yamana for About $7 Billion
(Bloomberg) -- Gold Fields Ltd. agreed to buy Canada’s Yamana Gold Inc. for about $7 billion in shares as the South African miner expands in the Americas. Most Read from BloombergJohannesburg-based Gold Fields will offer 0.6 of one of its shares for each Yamana share, the company said in a statement. Yamana has mines in Canada, Argentina, Chile and Brazil, and Gold Fields said the deal fits with its strategy of expanding in “mining friendly” jurisdictions across the Americas. Read: Gold Fields Eyes Americas Expansion Despite Populist MovesThe tie-up is the latest in a revived shift toward consolidation in the gold industry over the past year. Gold Fields shareholders would own about 61% of the combined company, Yamana investors would hold 39%, and the company will remain headquartered in Johannesburg.
MORNING BID-Fever pitch
A look at the day ahead in markets from Saikat Chatterjee. German consumer prices rose by a whopping 8.7% and Spanish inflation rates resumed their upward march, setting the stage for another record eurozone aggregate inflation data for May with a Reuters poll expecting a print of 7.7%. Oil prices extended gains on the latest developments with Brent crude topping a fresh two-month high at $122.80 per barrel. Key developments that should provide more direction to markets on Tuesday:Story continuesCredit Suisse weighs options to strengthen capital. Canada: March and Q1 GDP, U.S. consumer confidenceGazprom suspends gas deliveries to Dutch trader GasTerra(Reporting by Saikat Chatterjee; Editing by Danilo Masoni)
Royal DSM to merge with Firmenich
Royal DSM NV said Tuesday that it plans to merge with fragrance and flavor company Firmenich SA to create DSM-Firmenich, with completion and listing on Euronext Amsterdam expected in the first half of 2023. The Dutch nutrition, health and bioscience company said following the merger its shareholders will own in aggregate 65.5% of the enlarged company, while Firmenich shareholders will hold the outstanding stake. The deal implies an enlarged market capitalization of 25.3 billion euros ($27.27 billion).
Russia says it's cutting off its natural-gas supply to the Netherlands as the Dutch refuse to pay in rubles. Denmark could be next.
The Netherlands and Denmark face natural gas supply cuts from Gazprom as they have rejected Russian President Vladimir Putin's demand for payments in rubles. Dennis Grombkowski/Getty ImagesGazprom is set to cut natural-gas supply to the Netherlands as Dutch trader GasTerra has refused to pay in rubles. Russian energy giant Gazprom is set to cut natural gas supply to Netherlands on Tuesday, as Dutch trader GasTerra has refused to make payments in rubles. Denmark could be nextIn neighboring Denmark, power company Orsted is also warning about a Gazprom natural gas supply cut as it too is refusing to pay in rubles. Not all of Europe is ready to go off Russian natural gas right now.
Ukraine war: How reliant is the EU on Russian oil and what are the consequences of banning it?
While it imports more gas (40%) than oil from Russia, the EU is considerably more reliant on Russian oil than its Western allies. Please use Chrome browser for a more accessible video player 1:22 EU to ban Russian oil by end of year"This will be a complete import ban on all Russian oil, seaborne and pipeline, crude and refined," she told the EU parliament in Strasbourg. Its main export is Urals, a medium sour crude oil used to make heavy oil products such as diesel and fuel oil. Oil refineries across the EU consume about 1.23 million barrels of Russian oil a day - but some countries use more than others. The Netherlands, which used 22% Russian oil before the invasion, could also struggle amid failures to build up sufficient diverse alternatives.
Europe's dash for gas puts Australia's LNG import plans at risk
Europe’s race to replace Russian gas supply has threatened Australia’s plans for five gas import terminals as they compete for key infrastructure, raising the risk of a supply shortfall in Australia’s populous southeast in the next two years. France, Germany and the Netherlands among others will need to import liquefied natural gas (LNG) to replace gas transported by pipeline from Russia, which has been hit by sanctions due to the Ukraine conflict.
Nancy Pelosi's husband was leaving a dinner party at a friend's house when he was arrested for DUI
Nancy Pelosi's husband Paul had been at a dinner party hosted by a friend on Saturday night and was driving a short distance home when he crashed, it emerged on Monday. In a statement on Monday, Paul Pelosi's lawyer said: 'Mr. Paul Pelosi was driving in this direction on Walnut Lane in Oakville, California. Paul Pelosi on May 16Neighboring vineyards have told in the past how the couple throws lavish parties for Silicon Valley executives. Nancy and Paul Pelosi's vineyard in St Helena, Napa, is one of the many properties they own
Russian Banks to Share Clients’ Biometric Data With the State – Kommersant
The Russian government is requiring banks to share their clients’ biometric data with the state’s database amid concerns over surveillance, data storage and privacy rights, the Kommersant business daily reported Tuesday. Russia’s Unified Biometric System (UBS), which is accessible to Russia’s police and intelligence services, was created in 2018 to allow the use of facial recognition for online banking. Kommersant reported that authorities had sent a directive to at least four major state banks in May requiring them to share their clients’ biometric data with UBS. Russia assigned UBS “state system” status in December, and in January the Communications Ministry drafted legislation opening a channel to transfer bank clients’ biometric data into the database. Lawmakers said at the time that the data transfer norms would enter into force in September 2022.
Fake crypto exchange operators arrested for duping victims out of W1.7b
Four people have been arrested for scamming a total 1.7 billion won ($1.3 million) out of investors who transferred money on a fake cryptocurrency exchange, South Korean police said Tuesday.The four, recently taken into police custody, are suspected of operating the fake crypto exchange that tricked investors into thinking they were actually trading coins and gold. According to recent police data submitted to Rep. Yun Chang-hyun of the People Power Party, the total damage from crypto-related crimes came to 3.87 trillion won in the first 11 months of last year, increasing 14-fold from the previous year. The total damage for the entire 2020 came to 213.6 billion won.Police also arrested 814 scammers suspected of carrying out a combined 226 cases of crypto-related crimes from January to November last year. Though the full extent of the damage is yet unknown, financial authorities said 280,000 Korean investors saw almost $38 billion wiped out from their balance sheets in the first week of the price fall in May.So far, 81 South Korean investors who invested in the two troubled tokens of Terraform Labs have sued Kwon and the firm’s co-founder Daniel Shin, with their damages amounting to a combined 8.1 billion won, official documents show. The complaints have been filed with the Seoul Southern District Prosecutors’ Office for alleged fraud.
Residents move into controversial high-rises near UNESCO-listed royal tombs
Newly built high-rise apartments are seen in Geomdan, a new town in Incheon, near the Jangneung royal tombs, Tuesday. (Yonhap)Despite an ongoing lawsuit, residents of apartments near the UNESCO-listed Jangneung royal tombs in Gimpo, Gyeonggi Province, began moving into their new homes on Tuesday. The Seo-gu Incheon Metropolitan City Office on Monday approved Daekwang Construction’s high-rises for occupancy. This was in response to the Cultural Heritage Administration’s filing of complaints against the three companies with police in September last year. A view of Gyeyangsan is partially blocked by new apartments in Gimpo, Gyeonggi Province, as seen from the Jangneung royal tombs last December.
A Formula for Public Ownership
× Expand STRF/STAR MAX/IPx Abbott, maker of Similac baby formula, has about 48 percent market share in the U.S.Here’s what we’ve learned this week about the baby formula scandal. Abbott, maker of Similac, has about 48 percent market share, which is a scandal all by itself. The source of the information on the Abbott plant was a 34-page whistleblower document by a former Abbott employee released by Rep. Rosa DeLauro. Meanwhile, the second-largest maker of baby formula, Reckitt Benckiser Group, the producer of Enfamil, is in negotiations to sell its baby formula business to a private equity company. As the shortage demonstrated when one major plant shut down, the baby formula industry is one of America’s most concentrated, with a duopoly controlling most of the market.
China gains from Russia-Ukraine war, increases aluminium exports to Europe
Last month, China increased its rebate on value-added tax (VAT) for exports of semi-fabricated aluminium or semiconductors to 16, reported Financial Post. The proliferation of shipments of Chinese aluminium, lead and zinc to Europe, Turkey and even the United States, suggests a new dynamic may be evolving. Under this new dynamic China is turning from the world's largest metals buyer to the largest supplier. However, the Dutch multinational firm's financial and economic analysis wing said aluminium production had recovered faster than expected. It also pointed out the data showing Chinese exports of primary aluminium and aluminium products at 5.97 lakh tonnes, outstripping 1.97 lakh tonnes of imports, as per the media outlet.
McDonald's new brand name in Russia could be 'Fun and Tasty'
McDonald's in Russia has registered possible brand names for the firm taking over its fast-food restaurants there, including "Fun and Tasty" and "The Same One," patent filings showed on Friday. Govor will operate the brand under a new name in Russia, and other franchisees will be given the option of working under the new brand. McDonald's MCD had announced earlier this month that it would leave Russia altogether in response to the nation's military campaign in Ukraine and the subsequent wave of Western outrage and sanctions. The company, which owns 84% of its restaurants in Russia, is one of the biggest international brands to leave since the February invasion. Initially in March, shortly after the war began, McDonald's followed other Western companies in temporarily shutting down its restaurants in Russia.
Sri Lanka Seeks Another $500 Million Credit From India For Fuel: Report
Sri Lanka crisis: The credit line is in addition to $500 million extended previously, a report said(File)Amid the continuing economic crisis in the country, Sri Lanka is in talks with India for another credit line of $500 million for fuel imports. This issue was discussed when Sri Lankan High Commissioner to India Milinda Moragoda met with Finance Minister Nirmala Sitharaman last week, Daily Mirror newspaper reported. The credit line is in addition to $500 million extended previously, the report said. According to the Sri Lankan daily, India offered another $1 billion line of credit for essential imports. "I expressed our country's appreciation for the support India has extended during this difficult period.
Indian and Chinese stock markets could grow fourfold by 2050, Abrdn CEO says
Indian and Chinese stock market capitalization may grow fourfold by 2050 as Asia turns from "laggard to leader" in the climate transition, according to Abrdn CEO Stephen Bird. He also noted that the region's share of the global economy has become eight times larger than it was during the Asia Financial Crisis of 1997. "Capital markets have also evolved and the region has switched from being mostly a destination for foreign investors to one where local investors dominate its markets," Bird said. He added that "the next 30 years looks to be every bit as exciting as the last," and recommended investors remain calm during periods of volatility, keeping their "eye on the long game." Chinese stocks have endured a bruising year as President Xi Jinping's "zero-Covid" strategy has stifled economic activity and caused supply chain bottlenecks that have rippled through global markets.
Top crypto firms go on the hunt for acquisition targets as market crashes
Two top cryptocurrency companies, Ripple and FTX, told CNBC that they're on the lookout for acquisitions as the industry hopes to drive growth through buying other firms. It is a sign that some crypto firms feel that they're large enough and well capitalized to splash the cash on acquisitions. Harrison said that FTX U.S. will look for companies which will help them acquire more users or regulatory licenses. Earlier this month, CNBC reported that FTX is looking for brokerage start-ups to acquire to push further into stock trading. "I think there'll be an uptick in M&A in the blockchain and crypto space.
Gold slips as yields, dollar climb; set for second monthly dip
A one kilo Swiss gold bar and US dollars gold coins are pictured in Paris on February 20, 2020. Gold prices fell on Tuesday as U.S. bond yields firmed and the dollar strengthened, with bullion heading for a second straight monthly loss for the first time since March 2021. Higher U.S. 10-year Treasury yields lower the appeal of zero-yield gold, while a stronger dollar makes greenback-priced bullion more expensive for overseas buyers. Spot gold fell 0.3% to $1,849.92 per ounce by 0229 GMT, bringing its monthly loss to 2.4% so far, and is the biggest loss since September. Platinum fell 0.5% to $954.48, but is still set for its first monthly gain in three at about 2.5%.
Euro edges down but set for largest monthly gain in a year
In addition, "There are a number of ECB officials speaking tonight, no doubt talking up the prospects of higher European interest rates," they said in a note to clients. The euro is also set for a 2.2% gain in May, which would be its biggest monthly rise in a year. The index measures the greenback against six peers with the largest weighting given to the euro. Sterling was at $1.263 and set for a monthly gain of 0.5% versus the dollar, its first monthly rise in 2022. The yen was at 128.15 per dollar, softer on the day, but set for its strongest month since July last year.
China's economy is improving, but it's 'not good enough,' says analyst
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economy is improving, but it's 'not good enough,' says analystBo Zhuang of Loomis Sayles says the government's GDP growth target of around 5.5% is "definitely out of reach."
Cryptoverse: Will you grow old with bitcoin?
A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. Indeed bitcoin is trading at around $30,000, down 60% from a peak of $69,000 in November. Nonetheless, crypto investors and analysts are watching like hawks for any indication that bitcoin could bounce back. Bitcoin funds, including exchange-traded funds (ETFs) saw the largest outflow since May 2021, JP Morgan said, adding that its position proxy for Chicago Mercantile Exchange bitcoin futures was approaching oversold territory. Using a model based on the volatility ratio of bitcoin to gold, the team estimate "fair value" for bitcoin at $38,000.
Fashion industry risks falling short of green goals, Business of Fashion report says
People stand next to the window of a fashion boutique in a shopping district in Tokyo, Japan, May 30, 2016. "You’ve got some front runners making small steps of progress but fundamentally the big picture is that the industry is wildly underperforming," Sarah Kent, chief sustainability correspondent of The Business of Fashion told Reuters. Register now for FREE unlimited access to Reuters.com RegisterIt its second annual report, the Business of Fashion Sustainable Index 2022, the online publication analyzed publicly-disclosed information of companies in three categories - luxury, sportswear and high street fashion. Lowest scoring companies were all newcomers to the list, with sportswear and high street fashion companies at the bottom. The industry needs to develop alternative business models, the report suggested.
U.S. wheat crop hit by dry winter then soggy spring, adding to global tightness
Gary Millershaski, a farmer and scout on the Wheat Quality Council's Kansas wheat tour, inspects winter wheat stunted by drought near Syracuse, Kansas, U.S., May 18, 2022. read moreThere are two wheat crops in the United States: spring wheat planted now, and winter wheat planted in autumn that will be harvested soon. The problems with the spring wheat planting faced by farmers like Grotberg come after drought hit the winter wheat crop in Kansas, the top growing state. SLOWEST SPRING PLANTING SINCE 1996Soggy spring weather has all but ensured that the northern U.S. Plains breadbasket will not produce a bumper crop this year. "If North Dakota is not able to get a substantial amount in, it's just going to wreak more havoc on the global market."
Global refiners falter in efforts to keep up with demand
The number of barrels processed daily slumped to 78 million bpd in April, lowest since May 2021, far below the pre-pandemic average of 82.1 million bpd. Operating U.S. refiners are running full-tilt to meet demand, especially for exports, which have surged to more than 6 million bpd, a record. Outages are currently about 1.5 million bpd, and 1.3 million bpd will likely stay offline through the end of 2022, J.P. Morgan analysts said. China's throughput dropped to 13.1 million bpd in April, the IEA said, down from 14.2 million bpd in 2021. Margins for producing fuels have risen sharply in the last few months, as refining capacity has shut and global demand has increased.
Shanghai moves toward ending 2-month COVID-19 lockdown
An elderly resident waits outside a bank as bank workers receive food supplies as banking services reopen after pandemic measure lockdown are lifted, Tuesday, May 31, 2022, in Beijing. (AP Photo/Ng Han Guan)An elderly resident waits outside a bank as bank workers receive food supplies as banking services reopen after pandemic measure lockdown are lifted, Tuesday, May 31, 2022, in Beijing. (AP Photo/Ng Han Guan)BEIJING (AP) — Shanghai authorities say they will take some major steps Wednesday toward reopening China’s largest city after a two-month COVID-19 lockdown that has throttled the national economy and largely bottled up millions of people in their homes. Authorities imposed a suffocating citywide lockdown under China’s “zero-COVID” strategy that aims to snuff out any outbreak with mass testing and isolation at centralized facilities of anyone who is infected. The city imposed limited lockdowns, but nothing near a citywide level, in a much smaller outbreak that appears to be on the wane.
German Rapeseed Cash Prices - May 30
German rapeseed offers from Stonex Financial Europe S.A. Quoted in euros a metric ton. Offer Franco Lower Rhine May 22 926.00 Jul/Aug, ex crop 22 831.00 Nov 22 836.00 Feb 23 841.00 Franco Hamburg May 22 922.00 Jul/Aug, ex crop 22 827.00 Nov 22 832.00 Feb 23 837.00 FOB Mittelkanal May 22 921.00 Jul/Aug, ex crop 22 826.00 Nov 22 831.00 Feb 23 836.00
Asian stocks mixed after China manufacturing improves, oil prices surge
Asian shares were mixed Tuesday after reports showed China’s manufacturing slowdown is moderating as anti-virus curbs on businesses in Shanghai and Beijing ease. Oil prices were trading above $115 per barrel following an agreement by European Union leaders to embargo most Russian oil imports into the bloc by the end of end of the year. The Shanghai Composite index SHCOMP, +0.88% gained 0.7% to 3,172.73 and Hong Kong’s Hang Seng HSI, +0.63% rose 0.4% to 21,215.26. Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter. Wheat prices W00, -2.14% are up about 50% and corn prices are up 30%.
Case-Shiller Home Price Index Is Out Today. What to Expect.
But data due out today is unlikely to show a significant slowdown in price growth. More recent data show that prices continued to rise in April, even as higher mortgage rates have made monthly payments for a home more expensive. The median price of an existing home, however, was 14.8% higher than the year prior. The median price of a new home was 19.6% higher than the year prior. The median monthly mortgage payment applied for nationally in April was $1,889, the Mortgage Bankers Association said last week.
The Stock Market Is on Pace to End Lower in May. It Could Be a Good Thing.
The stock market is down for May. The S&P 500 is down about 0.1% for May, though it was down much more a few days ago, with May officially closing out on Tuesday. Part of the market weakness in May could have been related to the adage “sell in May and go away.” The stock market tends to perform poorly in the second full month of spring. Already, the stock market has begun to show some signs of life. The S&P 500 has risen 8% from its intraday low for the year, hit Friday, May 20.
Fashion industry risks falling short of green goals, Business of Fashion report says
PARIS (Reuters) - Despite incremental improvement from some sector leaders, the fashion industry's 30 largest listed companies risk falling short of social and environmental targets of the Paris climate agreement and UN Sustainable Development Goals, a report from the Business of Fashion showed Tuesday. "You’ve got some front runners making small steps of progress but fundamentally the big picture is that the industry is wildly underperforming," Sarah Kent, chief sustainability correspondent of The Business of Fashion told Reuters. It its second annual report, the Business of Fashion Sustainable Index 2022, the online publication analyzed publicly-disclosed information of companies in three categories - luxury, sportswear and high street fashion. Lowest scoring companies were all newcomers to the list, with sportswear and high street fashion companies at the bottom. Story continuesThe industry needs to develop alternative business models, the report suggested.
Chinese Banks Overflow With Cash That Nobody Wants to Borrow
Struggling to find enough clients, banks have been swapping bills with each other just so they can meet regulatory requirements for corporate lending. The scenario is a challenging one for policy makers, who are pushing banks to lend more. It’s also pushed banks to lower mortgage rates and called on them to stabilize lending in the property sector. Bank RatesFalling rates on a type of short-term interbank loan is one sign that banks aren’t lending much to corporates. (Updates with May PMI figures, rebound in bank rates.)
Cryptoverse: Will you grow old with bitcoin?
Cryptoverse: Will you grow old with bitcoin? FILE PHOTO: A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in ParisBy Jamie McGeever(Reuters) - If you assumed crypto was just a young person's game, think again. Nonetheless, crypto investors and analysts are watching like hawks for any indication that bitcoin could bounce back. Bitcoin funds, including exchange-traded funds (ETFs) saw the largest outflow since May 2021, JP Morgan said, adding that its position proxy for Chicago Mercantile Exchange bitcoin futures was approaching oversold territory. Story continuesUsing a model based on the volatility ratio of bitcoin to gold, the team estimate "fair value" for bitcoin at $38,000.
Asian stocks mixed after China manufacturing improves, oil prices surge
Asian shares were mixed Tuesday after reports showed China’s manufacturing slowdown is moderating as anti-virus curbs on businesses in Shanghai and Beijing ease. Oil prices were trading above $115 per barrel following an agreement by European Union leaders to embargo most Russian oil imports into the bloc by the end of end of the year. The Shanghai Composite index SHCOMP, +0.88% gained 0.7% to 3,172.73 and Hong Kong’s Hang Seng HSI, +0.63% rose 0.4% to 21,215.26. Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter. Wheat prices W00, -2.14% are up about 50% and corn prices are up 30%.
Down More Than 40%: Analysts Say These 2 Beaten-Down Stocks Are Oversold
If you can get people more comfortable in the fundamental narrative going forward, I think that stocks are cheap enough to buy." Not to mention substantial upside potential is on the table here. The company’s revenues in 2021 came to $33.3 million, a gain of 60% over the $20.8 million reported in 2020. In a key metric that bodes well for the company’s future, iSun reported a work backlog of $128.3 million as of the end of 1Q22. With the 2022 project delay into 2023, there is potential that ISUN could construct a meaningful portion of two ~110MW projects with revenue potential of ~$1/W, or ~$220mn in revenue.
Biden to meet Fed chair as inflation bites pocketbooks
WASHINGTON (AP) — President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks. The White House said the pair would discuss the state of the U.S. and global economy and especially inflation, described as Biden's “top economic priority." The inflation figure was below the four-decade high of 6.6% set in March. While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief. Powell has signaled that the Fed will likely raise its benchmark rate by a half-point in both June and July — twice the size of the usual rate increase.
West Midlands to get research hub for next generation electric car batteries
An electric car research centre is to be built in the West Midlands as Britain's automotive industry seeks to develop next-generation batteries in the scramble to ditch fossil fuels. The £200m facility in Coleshill, east of Birmingham, is being built by Britishvolt, with backing from the Californian property company Prologis. It will research and manufacture high-performance power packs for manufacturers which could include the likes of Aston Martin. The plant will deliver about 1.2 gigawatt hours of batteries per year initially and is being built without backing from the taxpayer. Andy Street, the mayor of the West Midlands, hailed the investment as a “seismic vote of confidence both in the future of our region and our automotive prowess”.
Britain's biggest bank issues 'urgent warning' over new scam
Britain's largest bank has issued an urgent warning following a spike in a new scam targetted at those struggling with the cost of living. Lloyds Bank said it had seen a 90pc surge in so-called "advance fee" frauds in which scammers pose as a legitimate firm and demand money upfront for a loan. Victims have lost an average of £231, the bank said. The scam sees fraudsters contact victims who have entered their details into a seemingly professional website after searching for a loan online. Lloyds said scammers were posing as representatives of legitimate loan companies – even sending documents to back up their claims.
Property sellers slash asking prices by a fifth as market slows
Property sellers in southern England are being forced to cut asking prices by 10pc as the housing market slows, while vendors in other regions have slashed values by as much as a fifth. The share of homes advertised with discounts jumped across Britain this month as buyers call time on the property market boom, according to property website Zoopla. The biggest discounts were concentrated in the markets that recorded the steepest house price growth in the last two years. In Scotland, the share of sellers cutting prices by more than 5pc surged from 2.8pc to 3.4pc in the month to May 22. The second largest average price cut was in Wales.
Ukraine live: EU leaders agree to ban 90% of Russian oil by year-end
EU leaders agreed on Monday night to ban most Russian oil from the bloc's markets by the end of the year. The embargo will target only seaborne imports, however, and excludes supplies coming in by pipelines, after strong opposition by Hungary. Meanwhile, Ukrainian President Volodymyr Zelenskyy said Russia's blockade of Ukrainian sea ports was preventing Kyiv from exporting 22 million tons of grain, and accused the country of deliberately creating this problem to cause suffering elsewhere. Follow Tuesday's developments as they unfold in our live blog below.
Biden says job growth may diminish by TWO-THIRDS as economy 'transitions' to stable growth
The president will meet the chairman of the Federal Reserve, Jerome Powell, on Tuesday to discuss ways to bring inflation down. Real wages adjusted for inflation decreased 0.1 percent on the month, despite a nominal increase of 0.3 percent in average hourly earnings. Over the past year, real earnings have dropped 2.6 percent even though average hourly earnings are up 5.5 percent. 'During this transition, growth will look different. 'The U.S. economy may grow faster this year than China's economy for the first time since 1976,' he said.
LG Chem, China’s Huayou Cobalt set up JV for cathode production
LG Chem said Tuesday it has set up a joint venture with Tianjin B&M Science and Technology, a materials subsidiary of Chinese miner Huayou Cobalt, to secure a stable supply of key materials for high-nickel cathodes in its latest push for electric vehicle batteries.Under the deal signed on Monday in Seoul, B&M is securing a 49 percent stake in LG Chem’s existing cathode-making unit in Gumi, North Gyeongsang Province, supplying essential materials for nickel, cobalt, manganese, and aluminum (NCMA) cathodes.Due to their chemical composition, NCMA cathodes boast a higher density of nickel at 89 percent and allow a longer driving range for EVs.With production set to start in the latter half of 2024, the joint venture’s production capacity is expected to reach 60,000 metric tons per year, which can power some 500,000 full-electric EVs.The two firms agreed to invest about 500 billion won ($403 million) by 2025.LG Chem said the latest deal is a win-win for both companies. LG Chem secures a stable supply of battery materials amid rising costs, while B&M is making inroads into overseas markets.“Through this joint venture, we have further consolidated our vertical supply chain integration from key materials to cathodes,” said LG Chem CEO Shin Hak-cheol. “We will continue to grow as a global battery materials producer equipped with both high quality and price competitiveness.”By Lee Ji-yoon ( jylee@heraldcorp.com
Russia says it's cutting off its natural-gas supply to the Netherlands as the Dutch refuse to pay in rubles. Denmark could be next.
Gazprom is set to cut natural-gas supply to the Netherlands as Dutch trader GasTerra has refused to pay in rubles. Denmark could be nextIn neighboring Denmark, power company Orsted is also warning about a Gazprom natural gas supply cut as it too is refusing to pay in rubles. Gazprom has already cut off gas supply to Poland, Bulgaria and Finland, as they have all refused to pay in rubles. Not all of Europe is ready to go off Russian natural gas right now. Some major buyers like Italy's Eni and Germany's Uniper have opened accounts at Gazprombank to meet Russian payment demands.
Unionized workers at Victoria Starbucks ‘steaming mad’ after wage increases not extended to location
Workers at a Starbucks in Victoria are calling out Starbucks Canada after the company refused to extend wage increases to the unionized staff at the Douglas Street location. Despite having successfully unionizing, the Douglas Street store feels that Starbucks Canada has engaged in “anti-union tactics” to discourage other employees from following suit. Email AddressSign Up“What we see from Starbucks is nothing more than retaliation on their workers for joining a union. “There are zero reasons for these investments not to be extended to our members at the Douglas Street store in Victoria. CHEK has reached out to Starbucks Canada for a comment on the Douglas Store situation and is currently awaiting a response.
Russian oil: EU agrees compromise deal on banning imports
But in practice, European Commission President Ursula von der Leyen said the scope of the ban would be wider, because Germany and Poland have volunteered to wind down their own pipeline imports by the end of this year.
In these locations, a gallon of gas costs more than the federal minimum wage
Take the handful of locations where a gallon of regular fuel now costs as much as the federal minimum wage of $7.25. Granted, the minimum wage in California is far above the federal minimum wage, with workers in the state earning at least $14 an hour, but paying $7.25 a gallon or more still takes a chunk out of the typical paycheck. — Patrick De Haan ??? (@GasBuddyGuy) May 30, 2022On average, California drivers are paying more for gas than drivers in any other state — an average of $6.15 gallon, according to AAA. Unfortunately, analysts aren't forecasting that gas prices will recede anytime soon. Borenstein of Berkeley recently told CBS News that he doesn't foresee $2 or $3 per gallon gas anytime soon.
Organic strawberries likely cause of hepatitis A outbreak in U.S., Canada
Placeholder while article actions loadA multistate outbreak of hepatitis A infections in the United States and Canada is likely to have been sparked by contaminated organic strawberries sold in leading grocery stores, the Food and Drug Administration warned, urging customers to throw out any uneaten batches that may have been frozen for later consumption. At least 12 people had been hospitalized with the highly contagious virus that can cause fever, nausea, stomach pain and fatigue. Those who reported infections in California, Minnesota and Canada said they had purchased either FreshKampo or HEB-branded berries before falling sick. Fruit from FreshKampo is sold in the Middle East and Europe, as well, according to the company’s website. AdvertisementHEB, in a statement on its website announcing the recall, said it has not received or sold organic strawberries from the supplier under investigation since April 16 — but that anyone who has purchased organic strawberries during the FDA’s review period should throw them away or return them to the place of purchase.
The unrealized Promise of clean GeoThermal Energy: A TED Talk
Jamie Beard is the founder and executive director of Project InnerSpace, a non-profit focused on expanding the use of geothermal energy around the world. Previously, she founded and served as executive director for the Geothermal Entrepreneurship Organization, a U.S. Department of Energy-funded program that recruits talent from the fossil fuel industry to launch geothermal energy startups. You know, that's what's really, really exciting about it to me. (SOUNDBITE OF TED TALK) BEARD: The core of the earth is 6,000 degrees Celsius. We need to ramp up and switch over to clean energy sources ASAP — as fast as humanly, and technologically possible.
The Greatest Hoax in the History of Education; Diane Ravitch
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Hunter Biden's Chinese Firm Invested $1 Billion Into World's Largest Greenhouse Gas Emitter
China produces and uses 50% of the coal used. While it has signed on to the Paris Climate Accords, it need not reduce coal use until 2030. Joe Biden has recommitted the USA to the Climate Accords. Hunter Biden has huge investments in Chinese coal. Americans are, once again, being scammed by our political leaders.
World Drought Gets Worse - Cities Ration
On a worldwide basis, drought's impact on water reservoirs on every continent is chilling. A report from the Atlantic Council in 2021 "emphasized the impacts of drought on Ukraine's grain exports, noting that they had 'fallen sharply year-on-year during the current season due to smaller harvests caused by severe drought conditions.' 3According to the European Commission: "A severe drought has been affecting northern Italy and the Po River basin in particular." In the US, according to the Palmer Drought index, severe-to-extreme drought is affecting 38% of the contiguous US as of March 2022. But an historic drought of the Parana River dried much of it out; its waters are in the lowest level since 1944.
Russian crude oil and South Asian politics
Russian oil is being supplied to Sri Lanka to produce fuel at its sole refinery as the bankrupt nation faces crippling shortages of everything from gasoline to diesel, Bloomberg reported Friday. Sri Lanka is the latest Asian nation to accept Russian crude after Moscow's invasion of Ukraine prompted widespread condemnation and sanctions. Not surprisingly, India's Minister of Commerce & Industry, Piyush Goyal defended India's purchase of Russian oil. External Affairs Minister S Jaishankar remarked last month, in response to criticism of India's purchase of Russian oil, that India's entire purchases of Russian oil for a month were less than what Europe did in one afternoon. "Despite being part of the Quad, India sustained pressure from the US and bought discounted Russian oil to provide relief to the masses."
Trader Joe’s cut retirement benefits during pandemic
Workers at the major grocery chain Trader Joe’s saw their retirement benefits slashed during the pandemic. The exterior of a Trader Joe's store [Photo by Flickr/Mike Mozart / CC BY 4.0Typically, Trader Joe’s workers receive contributions to their 401(k) plan as a lump sum equal to 10 percent of their wage. For the average Trader Joe’s worker the cut to retirement benefits is equivalent to a pay cut of around $1,500-$2,000/year. In the letter, the organizing committee stated, “Trader Joe’s has continued to slash our benefits as our wages stagnate and our safety concerns go unaddressed. Trader Joe’s workers interested in learning more about rank-and-file committees, should contact us for more information.
Central banks tighten interest rates amid warnings of social crisis
According to the analysis by the FT, there have been more than 60 interest rate increases by central banks in the past three months, the most since the start of 2000. The interest rate hikes are being led by the US Federal Reserve and the Bank of England. Money is flowing back to the major financial markets while emerging market bonds record their largest losses in more than three decades. That means more monetary policy tightening and central banks will continue until something breaks, either the economy or the market.”Some of the biggest rate rises have come in Latin America as central banks attempt to stop the outflow of capital. The interest rate in Brazil has been raised 10 times in the past year and now stands at 12.75 percent compared to just 2 percent in March 2021.
Mexico accepts U.S. request for labor probe into Panasonic
A logo of Panasonic Corp is pictured at the Combined Exhibition of Advanced Technologies at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai/File PhotoMEXICO CITY, May 30 (Reuters) - Mexico's Economy Ministry has accepted a U.S. request to probe alleged labor abuses at a Panasonic (6752.T) auto parts plant in the northern border city of Reynosa, it said on Monday. The request from the U.S. Trade Representative (USTR) earlier this month marked the third U.S. labor complaint under a new trade deal that aims to improve workplace conditions in Mexico. read moreMexico's Economy Ministry said it sent its response on Thursday and will review the case with the Labor Ministry to determine if worker rights had been violated under the 2020 United States-Mexico-Canada Agreement (USMCA). The Mexican union that petitioned for the inquiry, SNITIS, has accused Panasonic of signing a union contract behind workers' backs and of firing several dozen employees who protested.
Biden to meet Fed chair as inflation bites pocketbooks
President Joe Biden participates in a magnolia tree planting ceremony on the South Lawn of the White House in Washington, Monday, May 30, 2022. (AP Photo/Andrew Harnik)President Joe Biden participates in a magnolia tree planting ceremony on the South Lawn of the White House in Washington, Monday, May 30, 2022. (AP Photo/Andrew Harnik)WASHINGTON (AP) — President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks. ADVERTISEMENTThe inflation figure was below the four-decade high of 6.6% set in March. While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief.
Mexico accepts U.S. request for labor probe into Panasonic
FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 in ChibaMEXICO CITY (Reuters) - Mexico's Economy Ministry has accepted a U.S. request to probe alleged labor abuses at a Panasonic auto parts plant in the northern border city of Reynosa, it said on Monday. The request from the U.S. Trade Representative (USTR) earlier this month marked the third U.S. labor complaint under a new trade deal that aims to improve workplace conditions in Mexico. Mexico's Economy Ministry said it sent its response on Thursday and will review the case with the Labor Ministry to determine if worker rights had been violated under the 2020 United States-Mexico-Canada Agreement (USMCA). The Mexican union that petitioned for the inquiry, SNITIS, has accused Panasonic of signing a union contract behind workers' backs and of firing several dozen employees who protested. Panasonic Corp of North America said it "respects and supports" rights to free association and collective bargaining and that it did not believe they had been denied.
CR Capital Mulls Take-Private of Manuka Honey Maker Comvita
(Bloomberg) -- CR Capital Management is weighing a bid to take New Zealand-listed honey maker Comvita Ltd. private, according to people familiar with the matter. CR Capital has about 6.6% shares in the Te Puke-based company, according to data compiled by Bloomberg. Comvita, founded in 1974, develops and sells products made of Manuka honey, propolis and olive leaf extract, its website shows. Should CR Capital succeed in taking Comvita private, it intends to list Comvita again in another location and Hong Kong is among venues under consideration, the people said. Considerations are at an early stage and there’s no certainty CR Capital would go through with the privatization, the people said.
Chicago homicides in 2022: 228 people have been slain. Here’s how that compares with previous years.
(Terrence Antonio James/Chicago Tribune)Information about homicides is released daily by the city of Chicago. The release of homicide victims’ names is delayed by two weeks to allow time for the victims’ families to be notified of a death by Chicago police. Austin leads all community areas with the most homicides so far in 2022 — 18 . Where each homicide has occurred so far in 2022 Through May 28, 2022 Sources: City of Chicago, Tribune reportingChicago’s homicide victims in 2022 are often young, Black and male . Most homicide victims in Chicago die as the result of gunshot wounds .
Dr. Roach: Does air bubble in IV cause harm?
Keith RoachTo Your HealthDear Dr. Roach: A few years ago, when being prepped for a colonoscopy and gastroscopy, I had an IV line inserted into my right arm with a sedative in it. As I waited to pass out, I noticed a large air bubble slowly moving down the IV line toward my arm. I got concerned about an air embolism and called the nurse over, who pooh-poohed my concern: “It’s just an air bubble! She released her pinch on the IV line and said: “There. An air bubble might be 0.2 cc and still look pretty significant in the IV tubing.
Asian stocks mixed, oil prices shoot past $115
Asian shares were mixed Tuesday after reports showed China’s manufacturing slowdown is moderating as anti-virus curbs on businesses in Shanghai and Beijing ease. Oil prices were trading above $115 per barrel following an agreement by European Union leaders to embargo most Russian oil imports into the bloc by the end of end of the year. The The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. Benchmark U.S. crude oil gained $2.77 to $117.84 per barrel in electronic trading on the New York Mercantile Exchange. Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter.
Fancy £20k and a new job? The roles paying out the highest signing-on bonuses
Desperate employers fighting for staff in Britain's increasingly tight jobs market are being forced to stump up tens of thousands of pounds in sign-on bonuses and other perks. Over 12,000 advertised vacancies are offering "golden handshake" deals worth up to £20,000, according to research by job search engine Adzuna. Some of our senior guys got £10,000 to £15,000 sign-on bonuses,” he said. These bonuses can range from £1,000 to as much as £10,000, and take in a range of positions across the country, including fully remote roles, according to Adzuna. Of the 12,710 UK vacancies included in the data, the top sectors for sign-on bonuses include healthcare and nursing (4,244 vacancies advertising bonuses), social work (3,150), sales (1,743), hospitality and catering (818), and teaching (591).
‘My husband was a secret gambler who lost us six figures and our home’
The first things to go are easy: the expensive wine, Sky TV, plans for a boiling water tap in the kitchen. In my marriage, the days settled into a stressful routine that we papered over with “normal” family life. Or when you hide your wallet every night so he doesn’t nick your debit card to play poker on his phone. Still, I kept helping my husband hide and avoid his problem and convinced myself it was all just about money, that he wasn’t an addict. Here’s the thing about gambling addiction: it’s just like other addictions in that you can’t control it.
San Jose man faces up to 30 years in prison for smuggling US aviation tech from NASA contractor to China
If convicted, Soong faces a maximum sentence of 30 years in prison and more than $1 million in fines. A man from San Jose, California, has been charged with smuggling and violating export control laws after allegedly sending sensitive aeronautics software to a public university in Beijing. Soong allegedly exported CIFER, a software package for producing unmanned aircraft. Soong allegedly received payment from this intermediary after arranging for CIFER’s transfer and having its passcodes sent to Beihang. Soong has been charged with a violation of the International Emergency Economic Powers Act (IEEPA) and one count of smuggling.
China's factory activity falls at slower pace as Covid curbs ease
An employee operates a spinning machine at a textile factory on May 26, 2022 in China. China's factory activity contracted at a slower pace in May as Covid-19 curbs in major manufacturing hubs were relaxed, but movement controls still depressed domestic demand, restrained production and weighed on the economy in the second quarter. China's factory activity contracted at a slower pace in May as Covid-19 curbs in major manufacturing hubs were relaxed, but movement controls still depressed domestic demand, restrained production and weighed on the economy in the second quarter. Though restrictions implemented in the major manufacturing hubs of Shanghai and in the northeast eased in May, analysts said the resumption in output was slow, restrained by sluggish domestic consumption and softening global demand. That would add more pressure on exports which lost momentum this year, casting a shadow on the economic rebound.
Stocks dip, bonds drop as German surprise renews inflation fears
REUTERS/Kim Kyung-HoonSINGAPORE, May 31 (Reuters) - Stocks wobbled and bonds fell in Asia, while the dollar rose on Tuesday after a hot inflation reading in Germany heightened nerves about the pace and scale of looming interest rate hikes. In equities, S&P 500 futures gave up early gains to fall back to flat early in the Asian session, and Nasdaq 100 futures were up 0.4%. Factory output in the third-largest economy, Japan, also dropped sharply in April as Chinese demand withered, data on Tuesday showed. read more"I am advocating 50 (basis point hikes) on the table every meeting until we see substantial reductions in inflation. Oil prices rose after the European Union agreed to slash oil imports from Russia by the end of 2022. read moreU.S. crude futures rose to $117.70 a barrel.
Asian stocks mixed, oil prices shoot past $115
Asian shares were mixed Tuesday after reports showed China's manufacturing slowdown is moderating as anti-virus curbs on businesses in Shanghai and Beijing ease. Asian shares were mixed Tuesday after reports showed China's manufacturing slowdown is moderating as anti-virus curbs on businesses in Shanghai and Beijing ease. (AP Photo/Kin Cheung)Asian shares were mixed Tuesday after reports showed China’s manufacturing slowdown is moderating as anti-virus curbs on businesses in Shanghai and Beijing ease. Oil prices were trading above $115 per barrel following an agreement by European Union leaders to embargo most Russian oil imports into the bloc by the end of end of the year. Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter.
Macquarie Asset Management Raises $4.2 Bln for Asia-Pacific Infrastructure Fund
By Clarence LeongMacquarie Group Ltd.'s asset-management arm closed a US$4.2 billion Asia-Pacific regional infrastructure fund that exceeded the US$3.0 billion target. Including the latest fundraising, Macquarie Asset Management now manages more than US$15 billion in capital dedicated to investing in Asia-Pacific infrastructure, it said Tuesday. The fund is the third in a series and has received commitments from global institutional investors, including pension funds, insurance companies and sovereign-wealth funds, it said. "While the markets within this region are truly diverse, the investable landscape has broadened materially as we see some common themes driving new opportunities, including digitization, decarbonization and sustainability," said Verena Lim, head of investments for the Macquarie Asia-Pacific Infrastructure Fund series. As of March, Macquarie said it had 197 billion Australian dollars (US$141.76 billion) of global infrastructure assets under management.
Australian Building Approvals Fell in April
By James GlynnSYDNEY--Australian building approvals fell 2.4% in seasonally adjusted terms in April, following a 19.2% drop in March, the Australian Bureau of Statistics said Tuesday. The decline in the total number of dwellings approved was driven by approvals for private-sector dwellings excluding houses, which fell 6.1%, it said.
China's Manufacturing Activity Contracted Again in May
BEIJING--Readings of Chinese factory and service-sector activity improved in May, as more cities across the country emerged from lockdowns and officials took steps to boost a sluggish economy, though the gauges indicated contraction in economic activity. China's official manufacturing purchasing managers index rose to 49.6 in May, the National Bureau of Statistics said Tuesday, picking up from 47.4 in April and beating the median forecast of 48.9 by economists polled by The Wall Street Journal. The result is still below the 50 mark that separates expansion from contraction and marks the third straight month of activity contraction.
Mexico’s Fuel Subsidy Is Costing More Than Oil Export Gains
In a statement late Monday, the Finance Ministry said that the calculations used in Bloomberg’s article overestimated the costs of the subsidy and underestimated the revenue from oil. Before the publication of the story, a spokesperson from the Finance Ministry didn’t respond to requests for comment. Fuel prices have surged to record highs in the US in recent days as refiners can barely keep up with a rebound in demand after the lows seen during the pandemic. The analysis also considers the subsidy for premium gasoline, regular gasoline and diesel set for April and May. Read More: AMLO Says Mexico to Refine Less Crude and Export More on Rally(Updates with Finance Ministry statement starting in fifth paragraph.)
Richard Li-Backed Insurer FWD Is Said to Postpone Hong Kong IPO
(Bloomberg) -- FWD Group Holdings Ltd., the Asian insurer backed by Hong Kong billionaire Richard Li, has decided to postpone its Hong Kong initial public offering due to market volatility, according to people familiar with the matter. FWD this month won approval for its Hong Kong IPO but hadn’t decided when to launch the share sale, Bloomberg News has reported. The insurer was seeking to raise about $1 billion, people familiar with the matter have said. FWD filed an application for the first-time share sale in February after deciding to switch its listing venue to Hong Kong from the US, where it had filed for an IPO that could have raised as much as $3 billion. Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.
Pimco fund added to Russia credit default swap exposure ahead of Ukraine war
The credit default swaps act as insurance contracts that Pimco would pay out to counterparties if Russia is deemed to have failed to pay its debts. Russia sovereign debt has plunged in value since the war began, and trading on credit default swaps indicates about a 90% chance that the country will default on its foreign debt within the next year. Credit default swaps covered a net $3.1 billion of Russian debt as of last month, according to the Depository Trust & Clearing Corp.It’s possible that Pimco made money on other trades linked to Russia. Pimco also owned more than $1 billion of Russian corporate and sovereign debt at the start of the year. The Russia exposure amounts to a small part of the $2.2 trillion that Newport Beach-based Pimco managed at the end of 2021.
Asian stocks mixed, oil prices shoot past $115
Asian shares were mixed Tuesday after reports showed China’s manufacturing slowdown is moderating as anti-virus curbs on businesses in Shanghai and Beijing ease. Oil prices were trading above $115 per barrel following an agreement by European Union leaders to embargo most Russian oil imports into the bloc by the end of end of the year. The The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. Benchmark U.S. crude oil gained $2.77 to $117.84 per barrel in electronic trading on the New York Mercantile Exchange. Crude oil prices are up 60% this year due to fears about disruptions in supplies from Russia, the second-biggest global exporter.
Biden highlights Fed inflation role ahead of Powell meeting on Tuesday
WASHINGTON (Reuters) -U.S President Joe Biden said the Federal Reserve has a primary responsibility to control inflation and vowed not to seek "to influence its decisions inappropriately" ahead of a meeting with the central bank chief on Tuesday. Biden will meet Federal Reserve Chair Jerome Powell to discuss the state of American and global economy, the White House said late on Sunday. In a Wall Street Journal opinion piece published Monday, Biden said the Federal Reserve's main role was to control inflation. Biden said his "predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation. It faces a difficult task in dampening demand in the economy enough to curb inflation while not causing a recession.
Giant deep ocean turbine trial offers hope of endless green power
Power-hungry, fossil-fuel dependent Japan has successfully tested a system that could provide a constant, steady form of renewable energy, regardless of the wind or the sun. For more than a decade, heavy machinery maker IHI Corp. has been developing a subsea turbine that harnesses the energy in deep ocean currents and converts it into a steady and reliable source of electricity. The giant machine resembles an airplane, with two counter-rotating turbine fans in place of jets, and a central “fuselage” housing a buoyancy adjustment system. Called Kairyu, the 330-ton prototype is designed to be anchored to the sea floor at a depth of 30-50 meters.
Vietnam creating business environment for long-term investments: ambassador
“It’s an opportunity for Korean companies to expand investment and business cooperation in Vietnam in the medium to long term,” he said. The ambassador added that Vietnam is developing a transparent, competitive and unified energy market system with diverse business methods and ownership forms. According to Tung, Vietnam is focusing on developing high-tech and core technology industries for the Fourth Industrial Revolution. The ambassador introduced the three pillars of Vietnam’s National Digital Transformation Vision Programme -- digital government, digital economy and digital society – approved in 2020. Vietnamese Ambassador to Korea Nguyen Vu Tung introduces Vietnam’s business potential at the second edition of the Global Biz Forum at the Ambassador Hotel in Seoul, May 25.
Hurricane Agatha makes landfall in Mexico tourist towns with 105mph winds
Torrential rains and howling winds from Hurricane Agatha whipped palm trees and drove tourists and residents into shelters in a region that is sparsely populated except for a handful of small communities along the shore. Agatha made landfall about 5 miles west of Puerto Angel as a strong Category 2 storm, with maximum sustained winds of 105 mph. Tourists in Puerto Escondido, Mexico, film the winds and rain of Hurricane Agatha as the storm makes landfall in southern Mexico on MondayPalm trees are tossed in the wind as Hurricane Agatha lands in the tourist towns of southern Mexico with 105mph windsWaves driven by Hurricane Agatha pound the beaches of Puerto Escondido, Mexico. A beach in Huatulco, Mexico, as Hurricane Agatha makes landfall on Monday. Waves had intensified a day before the hurricane made landfallPalm trees whip in the wind as Hurricane Agatha strikes Huatulco, Mexico, on Monday.
Oil prices jump after EU leaders agree to ban most Russian crude imports
EU leaders reached an agreement to ban 90% of Russian crude by the end of 2022. Oil prices jumped after EU leaders reached an agreement late Monday to ban 90% of Russian crude by the end of the year. Hungary is a major user of Russian oil and its leader, Viktor Orban, has been on friendly terms with Russia's Vladimir Putin. Charles Michel, president of the European Council, said the move would immediately hit 75% of Russian oil imports. The embargo is part of the European Union's sixth sanctions package on Russia since it invaded Ukraine.
Japan carmakers output falls 21% in April, hit by China lockdowns
Eight Japanese carmakers' global production in April declined by a combined 21% from the same month a year ago, at 1.63 million vehicles, with output dragged lower by Covid-19 lockdowns in China, according to announcements released Monday. Production declined versus the previous year for the second consecutive month as COVID-19 outbreaks continued to haunt China. Procuring car parts became difficult as strict lockdowns were imposed in Shanghai and other cities. Out of the eight manufacturers — Toyota, Nissan, Honda, Mitsubishi, Suzuki, Mazda, Subaru and Daihatsu — seven recorded drops in global auto production. Mitsubishi posted a 31% decrease to 53,000 cars.
EU leaders agree to Russian oil ban after compromise with Hungary
EU says deal will effectively cut 90 percent of oil imports by year-end cutting off key source of Moscow’s funding for Ukraine war. The 27-nation organisation has spent weeks haggling over a complete ban on Russian oil but encountered stubborn resistance from Hungarian Prime Minister Viktor Orban who said an embargo would destroy his country’s economy. “Agreement to ban export of Russian oil to the EU. Two-thirds of the Russian oil imported into the EU is delivered by tanker and one third by the Druzhba pipeline. Zelenskyy’s criticism of the EUIn a video address to the summit earlier, Ukrainian President Volodymyr Zelenskyy chastised EU leaders for being too soft on Moscow.
Biden to meet Federal Reserve chair as inflation bites pocketbooks
President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks. The meeting will be the first since Biden renominated Powell to lead the central bank and comes weeks after his confirmation for a second term by the Senate. The inflation figure was below the four-decade high of 6.6% set in March. While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief. That concern has caused sharp drops in stock prices in the past two months, though markets rallied last week.
E-commerce in Southeast Asia is still in an early stage of adoption, says venture capital firm
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailE-commerce in Southeast Asia is still in an early stage of adoption, says venture capital firmChua Kee Lock of Vertex Holdings says the internet economy will likely grow at a pace of 20% to 25% over the next several years.
Investment banks pick their top stocks to buy in the 'beaten down' tech sector
Analysts at leading investment banks say a number of tech stocks present compelling buying opportunities right now — with some more than 30% off their 52-week highs. It screened for "Beaten-down Tech stocks with strong FCF [free cash flow]" which are down more than 30% from 52-week highs. BofA said it took around a decade for the tech sector to recover after the dotcom crash of 2000, during which time "investors forgot about tech." Strategists at UBS also said it may be time to buy tech stocks , in a research note published May 27. "Global tech stocks have fallen since April on growth concerns," they noted.
There's been a shift in supply chains from 'just in time' to 'just in case,' says logistics firm
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's been a shift in supply chains from 'just in time' to 'just in case,' says logistics firmMark Manduca of GXO says supply chain bottlenecks have been appearing in places that people didn't know existed.
China's factory activity falls at slower pace as COVID curbs ease
That would add more pressure on exports which lost momentum this year, casting a shadow on the economic rebound. Profits at China's industrial firms fell at their fastest pace in two years last month as high raw material prices and supply chain chaos eroded margins. read moreIn line with the weakness in the factory sector, services remained soft. The official non-manufacturing PMI in May improved to 47.8 from 41.9 in April. read moreChina's official composite PMI, which includes both manufacturing and services activity, stood at 48.4, compared with 42.7 in April.
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European Union leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, resolving adeadlock with Hungary over the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago. 12:27 AM UTC
Central banks: Too big to fail, but failing yet again
For most of last year, the West’s central bankers were convinced that spikes in prices were transitory and manageable. But now, with inflation reaching 40-year highs, and the specter of stagflation looming, central bankers are coming under sharp criticism for their complacency. The bankers say the pandemic and the war in Ukraine are black swan events that would defy any modeling, however sophisticated. The seeds of doubt regarding central bank independence — which “only became a cornerstone of central banking in the late 20th century,” according to American economist Paul Wachtel and former President of the Central Bank of Argentina Mario Blejer — were actually planted more than a decade ago. The dramatic expansion of the objectives and powers of central banks had taken them away from their main role of targeting inflation, he suggested.
How Ukraine keeps the lights on in wartime
It was immediately clear, he said, that the power grid uncoupling would become permanent: "I understood that we will have no way back to the Russian grid." Fuel and power generators were also among the "top priority" items requested by Ukraine, according to the country's mission to the EU. Both organizations receive regular updates from Ukraine's energy ministry about the supplies needed to fix broken systems and infrastructure. Paying the billsBeyond the physical damage to its infrastructure, Ukraine's power system is facing a massive drop-off in revenues as a result of low demand. “Ukraine presents a great opportunity to buy a decarbonized electricity," said Kudrytskiy, noting that the move would help Ukraine keep its power sector alive.
Australia's Current-Account Surplus Narrowed in First Quarter
By James GlynnSYDNEY--Australia recorded its narrowest current-account surplus since late 2019 in the first quarter as imports jumped, a result that is set to drag on economic growth. The current-account surplus decreased by 5.7 billion Australian dollars (US$4.10 billion) from the fourth quarter of 2021 to a seasonally-adjusted A$7.53 billion in the first quarter of this year, the Australian Bureau of Statistics said Tuesday.
China Moves to Speed Up Local Government Bond Issuance in Bid to Buoy Economy
China's finance ministry has asked local governments to speed up the issuance of special-purpose bonds by the end of June in a bid to provide more support to its cooling economy. The ministry said in a meeting Monday that local governments should "basically complete" issuance of special-purpose bonds for 2022 by the end of June and use the raised funds by the end of August. The special-purpose bond is a type of debt raised to fund government-led infrastructure projects. Monday's call to accelerate the use of the funds is expected to quickly expand government-led spending and buoy investment and other economic activity. Major economic indicators retreated sharply in April when China locked down its biggest commercial center, Shanghai.
CapitaLand Investment Commits to Net Zero Emissions by 2050
By Yongchang ChinCapitaLand Investment Ltd. aims to become a net zero company by 2050, a move that will see the property developer invest in initiatives to mitigate its carbon emissions. The company also aims to reduce its absolute scope 1 and 2 greenhouse gas emissions--those from directly controlled sources and energy use--by 46% by 2030 compared with 2019 levels, in accordance with the goals of the Paris Agreement. Its original 2030 target was to cut emissions by 28% from 2019 levels.
FOREX-Euro edges down but set for largest monthly gain in a year
In addition, "There are a number of ECB officials speaking tonight, no doubt talking up the prospects of higher European interest rates," they said in a note to clients. The euro is also set for a 2.2% gain in May, which would be its biggest monthly rise in a year. The index measures the greenback against six peers with the largest weighting given to the euro. Sterling was at $1.263 and set for a monthly gain of 0.5% versus the dollar, its first monthly rise in 2022. The yen was at 128.15 per dollar, softer on the day, but set for its strongest month since July last year.
Euro edges down but set for largest monthly gain in a year
In addition, "There are a number of ECB officials speaking tonight, no doubt talking up the prospects of higher European interest rates," they said in a note to clients. The euro is also set for a 2.2% gain in May, which would be its biggest monthly rise in a year. The index measures the greenback against six peers with the largest weighting given to the euro. Sterling was at $1.263 and set for a monthly gain of 0.5% versus the dollar, its first monthly rise in 2022. The yen was at 128.15 per dollar, softer on the day, but set for its strongest month since July last year.
Oil Powers to Sixth Monthly Gain as EU Set to Curb Russian Flows
The package also proposes a ban on insurance related to shipping oil to third countries, people familiar with the deal said. Brent and US benchmark West Texas Intermediate are on course to close out sixth monthly climbs in May. Oil prices have also been lifted as US motorists kick off the nation’s busy summer-driving season just as authorities in China loosen anti-virus curbs that had hurt energy consumption. Under the deal, the country would continue to receive Russian oil via pipeline. The oil market is steeply backwardated, a bullish pattern marked by near-term prices trading at a substantial premium to longer-dated ones.
Inpex Shares Hit 11-Year High as Oil Prices Rise
By Kosaku NariokaInpex Corp. shares rose sharply to hit an 11-year high Tuesday morning after oil prices jumped to their highest level in more than two months, improving the Japanese oil explorer's earnings prospects. The company's shares were recently 5.8% higher after rising as much as 6.4% to 1,682 yen earlier, their highest intraday level since April 2011.
Sam Bankman-Fried has more than $2 billion ready to bankroll acquisitions — and if they're as 'cheap' as Robinhood, that's a good thing
Sam Bankman-Fried cofounded FTX in 2019 and is its CEO. FTXFTX boss Sam Bankman-Fried says he's amassed more than $2 billion to bankroll acquisitions. Cryptocurrency billionaire Sam Bankman-Fried says FTX has amassed more than $2 billion to spend on acquisitions and stakes in other companies. News of Bankman-Fried's 7.6% position in Robinhood Markets helped push the online brokerage's stock price up as much as 30% earlier this month. Its stock price has steadily fallen from $38 per share on its market debut to about $10 today, per Yahoo Finance.
US Gasoline Surges to Fresh Record in Another Blow to Drivers
(Bloomberg) -- US gasoline prices surged to another fresh record, the latest blow to motorists heading into the summer driving season. Most Read from BloombergAverage retail prices in the US reached $4.619 per gallon as of Monday, according to the latest data from the American Automobile Association. However, costs have continued to rise, adding fresh pain at the pump for drivers. Nymex gasoline futures also gained in trading on Monday morning, reaching as high as 403.33 cents a gallon -- in what would be another record if they settled at that level. Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.
Smart ring that acts as wallet and key gets backing from big Japanese firms
Itochu Corp., Mitsubishi UFJ Financial Group Inc. and other companies are investing in Evering, a chip-embedded smart ring that can act as a wallet and a key, people with knowledge of the matter said. Evering is backed by MTG Co., a listed Japanese health and beauty company. MTG struck a contract with Visa Inc. last year and began selling rings in Japan, which cost about ¥20,000 ($158) apiece, including tax.
EU leaders back push to ban most Russia oil over Putin’s war
European Union leaders agreed to pursue a partial ban on Russian oil, paving the way for a sixth package of sanctions to punish Russia and its president, Vladimir Putin, for the invasion of Ukraine. The sanctions would forbid the purchase of crude oil and petroleum products from Russia delivered to member states by sea but include a temporary exemption for pipeline crude, European Council President Charles Michel said late Monday during a summit in Brussels.
Japan's April factory output slumps in worrying sign for economy
Japan’s factories posted a sharp fall in output in April as China’s COVID-19 lockdowns and wider supply disruptions took a heavy toll on manufacturers, clouding the outlook for the trade-reliant economy. Separate data showed retail sales posted the largest rise in nearly a year as consumers stepped up spending after the government eased pandemic curbs, withstanding pressure from wider price rises that threaten to hurt demand.
China economy: manufacturing, services activity outlook improves but remains in contraction
China’s official non-manufacturing PMI, which measures business sentiment in the services and construction sectors, rose to 47.8 from 41.9 in April. Photo: Xinhua
Four leases signed at One Battery Park Plaza
Four leases totaling nearly 94,000 square feet have been signed at the Rudin Family’s and Allianz Real Estate’s One Battery Park Plaza. The deals bring the 870,000 square-foot tower to 93 percent leased. Nationwide Mutual Insurance Co. took 38,187 square feet through a 9,880 square-foot direct lease with Rudin and a 28,307 square-foot sublease with Liberty Mutual. In another move within FiDi, law firm Cullen and Dykman will leave 44 Wall St. for 28,307 square feet at One Battery Park Plaza. And law firm Abrams, Gorelick, Friedman & Jacobson renewed on 78,775 square feet.
Mexican President's 'Mayan Train' multi-billion dollar project dealt new legal blow
FILE PHOTO - Mexico's President Andres Manuel Lopez Obrador attends a news conference at a military base in Apodaca, on the outskirts of Monterrey, Mexico May 13, 2022. REUTERS/Daniel BecerrilMEXICO CITY, May 30 (Reuters) - A Mexican Court ruling that indefinitely suspended construction of President Andres Manuel Lopez Obrador's flagship "Mayan Train" rail project over environmental concerns was welcomed by activists on Monday. The 1,470-km (910-mile) railway project, which has been trumpeted by Lopez Obrador as a cornerstone of his plans to develop the country's poorer southern states, aims to link tourist hot spots and spur development on the Yucatan Peninsula. The court's ban on further construction stands "only until the project's Environmental Impact Statement...is fully resolved," said Fonatur. Nonetheless, the ruling is a setback for Lopez Obrador, who has pledged to complete the railway by the end of 2023 and says the railway has created 105,000 jobs.
Sri Lankan woman rickshaw driver has to queue 12 hours, or more, for fuel
"Sometimes I join a line about 3 p.m. but only get fuel about 12 hours later. "A couple of times I made it to the front of the queue only to have the fuel run out." REUTERS/Adnan AbidiGONAPOLA, Sri Lanka, May 31 (Reuters) - Lasanda Deepthi, a 43-year-old Sri Lankan woman, plans her day around fuel queues. A woman auto-rickshaw driver is a rare sight on the island of 22 million people off the southern coast of India. "Sometimes I join a line about 3 p.m. but only get fuel about 12 hours later.
Japan's jobless rate falls to 2.5% in April - govt
Job seekers attend orientation sessions at company booths during a job fair held for fresh graduates in Tokyo, Japan, March 20, 2016. REUTERS/Yuya ShinoTOKYO, May 31 (Reuters) - Japan's jobless rate fell to 2.5% in April, while the availability of jobs increased, government data showed on Tuesday. The seasonally adjusted unemployment rate was lower than the 2.6% reported for March, which was also the median forecast for April in a Reuters poll of economists. The jobs-to-applicants ratio was 1.23 in April, labour ministry data showed, in line with a Reuters poll forecast and rising 0.01 point from the previous month's 1.22. For a table on the data, go to the internal affairs ministry's website: http://www.stat.go.jp/english/data/roudou/index.htm(Note: The jobs-to-applicants ratio and new job offers can be seen in Japanese on the labour ministry's website)Register now for FREE unlimited access to Reuters.com RegisterReporting by Kentaro Sugiyama; Writing by Kantaro Komiya; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Bonds Rally Everywhere in May With Bulls Saying Selloff Is Over
Bonds Rally Everywhere in May With Bulls Saying Selloff Is Over(Bloomberg) -- Bonds in almost every corner of the $63 trillion global debt market are bouncing back as investors begin to see value once again in fixed-income assets. Investors point to a bevy of reasons for the recovery. “I expect global bonds to deliver positive returns for the rest of this year,” said Akira Takei, a global fixed-income money manager at Asset Management One Co. in Tokyo, who has been buying Treasuries. “Yields have fallen from their peaks because more and more investors see value in bonds. At the same time, JPMorgan Asset Management, Morgan Stanley and Pacific Investment Management Co. have all gone on record saying the worst of the global debt selloff looks to be over.
1 dead after single-vehicle crash in Las Vegas
One person died Monday afternoon after a crash in central Las Vegas. (Las Vegas Review-Journal)A man died Monday afternoon after a crash in central Las Vegas. Police were called to East Desert Inn Road and Arapaho Circle at 4:01 p.m., Metropolitan Police Department Lt. Brian Boxler said, after reports that a vehicle had gone off the road and crashed into a wall. The driver of the vehicle was pronounced dead at the scene, Boxler said. Desert Inn was closed in both directions at 5:30 p.m. while police continued to investigate.
US, Canadian regulators tie hepatitis cases to fresh organic strawberries
U.S. and Canadian regulators are investigating a hepatitis outbreak that may be linked to fresh organic strawberries. In Canada, the affected strawberries were sold between March 5-9 at Co-op stores in Alberta and Saskatchewan. The potentially affected strawberries are past their shelf life, but health officials say consumers who purchased them and froze them to eat later should throw them away. Mexico-based FreshKampo, which grew the strawberries, said in a statement Sunday that it is working with regulators to determine how the problem occurred. Consumers who ate the potentially affected berries in the last two weeks and have not been vaccinated against hepatitis A should immediately consult with a physician, the FDA said.
Unspent value on prepaid coffee cards record W270b -- mostly from Starbucks
About 92 percent of the unredeemed balance -- 250 billion won out of the 270 billion won -- came from Starbucks Korea, according to the report. Unspent stored value refers to the balance that is charged on gift cards and vouchers issued by the coffeehouses, but is not redeemed or refunded. The figure for Starbucks Korea is based on its earnings at the end of 2021, as it did not submit data for first quarter of this year. Industry insiders speculate that Starbucks‘ actual numbers would have increased to approximately 300 billion won. “Leading companies should come up with policies to refund or save the remaining balance to improve customer inconvenience,” he added.
Kakao to implement ‘metaverse work’
Kakao's logo (Kakao)All Kakao employees will be required to work remotely for at least four days a week from July as part of a new “metaverse work” system, the IT giant said Monday. During the testing period of the new working system, which will begin from July 1, employees are to work from outside the office for four days a week. The IT company has come up with the metaverse work system after having switched to remote working since the COVID-19 pandemic began in February 2020. About a dozen of Kakao’s subsidiaries including Kakao Games, Kakao Mobility and Kakao Bank will switch to the metaverse work system in phases. The metaverse work system, which is centered around connection, will help our crew’s efficient work and we support it becoming a culture that spreads throughout the Kakao community,” said Kakao CEO Namkoong Whon.
Terraform Labs Korea dissolved in 2021 to allegedly evade taxes: reports
Terraform Labs CEO Do Kwon (YouTube Screencap)Terraform Labs, the Singapore-based company behind the troubled coins terraUSD and luna, had shut down its South Korean branch last year to allegedly evade paying taxes, local news reports showed Monday. Reports also found that the company technically dissolved its South Korean branch months before the shutdown was officially announced. The report fueled speculation that Terraform Labs CEO Do Kwon closed the branch to avoid paying taxes he owes to the Korean government, worth a reported total of 100 billion won ($80.1 million). The crash resulted in almost $38 billion getting wiped out from some 280,000 Korean investors’ balance sheets in the first week of the fall. So far, 81 South Korean investors who invested in the two troubled Terraform Labs coins have sued Kwon and the firm’s co-founder Daniel Shin, with damages amounting to a combined 8.1 billion won, official documents show.
Korea to lift tariff on food imports, raise LTV for first home seekers
A core measure is levying a zero percent tariff for a quota of items food, including wheat, flour, cooking oil, processed eggs and pork, until the end of this year. The government will also impose a zero percent tariff on cooking oil and flour, from the current 5 percent and 3 percent, respectively. The zero percent tariff on these items by year-end will be implemented in the coming days, while the same tariff cuts on processed eggs will be extended from the current temporary exemption. A 30 percent cut in the consumption tax on the purchase of passenger cars was supposed to expire this June. He called for market participants’ perseverance, stressing that “high consumer price growth has mainly been attributed to external factors.”By Kim Yon-se (kys@heraldcorp.com)
Seoul shares open tad lower amid continued recession woes
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Tuesday. The Korea Composite Stock Price Index lost 1.33 points, or 0.05 percent, to 2,668.33 in the first 15 minutes of a choppy trading. Large-cap stocks lost ground across the board, with market heavyweight Samsung Electronics dipping more than 1 percent. Top player Hyundai Motor rose 0.5 percent, and leading chemical manufacturer LG Chem gained more than 1 percent. The local currency had been trading at 1,235.70 won against the US dollar as of 9:15 a.m., up 2.9 won from Monday's close.
S. Korea suffers falls in production, consumption, investment in April
Facility investment fell 7.5 percent in April, larger than a 2.2 percent on-month decline in March. Economic growth momentum showed sputtering movements," Eo Woon-sun, a senior official at the statistics agency, told reporters. The main index gauging the current economic situations fell for the second straight month in a possible sign that economic growth momentum may have peaked. High inflation erodes people's purchasing power, thereby hampering consumption and economic growth. Inflation growth is widely expected to exceed 5 percent in May after a 4.8 percent on-year spike in April, the fastest rise in more than 13 years.
China foreign business sentiment reaches ‘tipping point’ as zero-Covid dents confidence, erodes attraction
The British Chamber of Commerce in China called for “predicable and proportionate” measures to be applied under China’s zero-Covid policy to mitigate disruption to mobility and manufacturing activities. Photo: Reuters
Asia-Pacific stocks mixed as investors await China's factory activity data for May
SINGAPORE — Shares in Asia-Pacific were mixed in Tuesday morning trade as investors await the release of official Chinese factory activity data for May. The Nikkei 225 in Japan dipped 0.12% in early trade while the Topix index declined 0.14%. Over in South Korea, the Kospi hovered fractionally higher. Australian stocks were little changed as the S&P/ASX 200 stuck close to the flatline. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.07% higher.
With inflation near 40-year highs, one fund manager reveals his top stocks to beat soaring prices
Real returns are being eroded as inflation soars — but fund manager Brian Arcese has a number of stock picks he thinks are effective inflation hedges. Nevertheless, inflation remains at an elevated level, and continues to be a source of volatility for investors. Arcese is a portfolio manager at Foord Asset Management, a boutique investment firm with $8 billion of assets under management. Speaking to CNBC on Monday , he noted that beating inflation over time has been "a hallmark" of what the Foord International Fund does. Commodities as an inflation hedge Around 20% of the Foord International Fund is directly exposed to commodities, through a mix of commodity-linked equities and physical commodities.
UK business confidence ticks higher in May - Lloyds Bank
The Lloyds Bank Business Barometer rose in May to 38% from 33% in April, its first increase since February, despite worries about a slowing economy. Register now for FREE unlimited access to Reuters.com RegisterThe Lloyds survey brought mixed news on inflation pressures. Some 16% of firms intend to raise pay by 4% or more in the coming year - high by the standards of the Lloyds survey. "Business confidence improved this month and firms in general seem able to rebuild some of their margins through price increases," said Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking. The Lloyds survey showed the improvement in business confidence was strongest in London.
Canadian prime minister proposes ‘national freeze’ on handgun sales
Trudeau’s office said new regulations to “help stop the growth of personally owned handguns in Canada” were expected to come into force this fall. Trudeau also announced a gun buyback program to offer “fair compensation” to the owners and businesses affected by a 2020 law banning assault-style firearms. Trudeau, who’s been prime minister since 2015, described the ban on handgun sales as an attempt to “cap the market” on handguns and protect bystanders. “People should be free to go to the supermarket, their school or their place of worship without fear,” he said. Canada reported 743 homicides in 2020, the highest number since 1991, and it reported its highest homicide rate since 2005.
Kenya Central Bank Raises Key Lending Rate
By George MwangiNAIROBI--Kenya's central bank on Tuesday raised its key lending rate to 7.50% from 7.0% to curb rising inflation, Gov. Patrick Njoroge said. The rate was cut by 25 basis points in March 2020 in order to mitigate the adverse effects of the Covid-19 pandemic.
Australian Consumer Confidence Down 0.1% Last Week, ANZ Roy Morgan Says
By James GlynnSYDNEY--Australian consumer confidence was little changed last week, with consumers largely ignoring the federal election on May 21 which saw the Australian Labor Party form a government for the first time in nearly a decade. Consumer confidence dropped by 0.1% over the week, according to a survey by pollster Roy Morgan and ANZ Bank.
U.S. house price inflation to cool as buyers sidelined by higher rates: Reuters poll
Supported by near-zero borrowing costs and a rush by existing homeowners to find more space, average U.S. house prices have soared by over one-third since the pandemic started. The May 10-30 poll of 28 property analysts showed U.S. house prices would rise 10.3% on an average this year based on the Case/Shiller index. "Young families are already struggling to find a single-family home they can afford, and the increase in mortgage rates will only worsen this problem." However, only a handful of contributors predicted prices would fall next year or in 2024. With consumer inflation at around a four-decade high and rising interest rates and 30-year mortgage rates, housing market activity has already slowed sharply.
Stock Splits Calendar - Yahoo Finance
Suze Orman: This is the only asset class with a track record of 'earning more than inflation' — here are 3 simple ways to get exposure for the rest of 2022
Southampton students, director of food services talk importance of free food program in schools
Southampton students, director of food services talk importance of free food program in schoolsIn March 2020, the USDA issued waivers to provide free breakfast and lunch for all students nationwide during the COVID-19 pandemic. Southampton High School students, along with the district's director of food services, talk about the importance of the program, which expires June 30. Credit: Randee Daddona
Tucson homes for big families
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How to rescue the world's biggest cargo ships
The Kota Kado, a 230m-long container ship, had run aground outside the port of Hong Kong. When typhoons were forecast to batter the grounded ship, Sloane made the decision to stay on board overnight with a skeleton crew. The world's cargo ships, which transport around 90% of global trade, do not always make it to their destination without incident. According to the Safety and Shipping Review by insurance company Allianz, 27 cargo vessels were lost in major incidents during 2021, and 357 during the past decade. But when a ship weighing tens or hundreds of thousands of tonnes gets stuck somewhere, how do you free it?
UK business confidence ticks higher in May - Lloyds Bank
The Lloyds Bank Business Barometer rose in May to 38% from 33% in April, its first increase since February, despite worries about a slowing economy. The Lloyds survey brought mixed news on inflation pressures. Some 16% of firms intend to raise pay by 4% or more in the coming year – high by the standards of the Lloyds survey. “Business confidence improved this month and firms in general seem able to rebuild some of their margins through price increases,” said Hann-Ju Ho, senior economist at Lloyds Bank Commercial Banking. The Lloyds survey showed the improvement in business confidence was strongest in London.
UK audit shake-up targets big firms after spate of corporate failures
The new law would create a more powerful regulator, the Audit, Reporting and Governance Authority (ARGA), to push through changes set out by government. In the meantime, the current watchdog, the Financial Reporting Council (FRC), will have powers to vet audit companies and ban failing auditors, the ministry said. Directors of premium listed companies would also have to state why they think their internal controls are effective. This would be done under Britain’s “comply or explain” corporate governance code, which the FRC can change without legislation. “Lessons from Carillion and other recent company failures have been ignored, with little emphasis now on tightening internal controls and modernising corporate governance,” said Michael Izza, chief executive of ICAEW, a professional accounting body.
Handgun freeze in Canada and five-round limit on magazines
Canada’s government is to legislate for a national freeze on handgun ownership that would prevent people buying and selling them anywhere in the country. “The day this legislation goes into effect it will no longer be possible to buy, sell, transfer or import handguns in Canada,” said the prime minister, Justin Trudeau. If passed, the freeze on handguns is expected to come into force in the autumn. The killing of 19 children and two teachers at an elementary school in Texas in the United States has fed concern about gun violence worldwide. Canada already has significantly stronger gun ownership restrictions than its neighbour to the south.
European leaders reach an agreement on a Russian oil ban, a significant measure aimed at cracking down on Moscow
European Union leaders reached an agreement on Monday over a Russian oil ban. The significant measure is aimed at punishing Russian leadership for its invasion of Ukraine. The ban will cut some 90% of oil imports from Russia to the EU by the end of 2022. "This will effectively cut around 90% of oil imports from Russia to the EU by the end of the year," European Commission President Ursula von der Leyen said in a tweet on Monday. Since Russia's invasion in February, the United Nations has recorded 4,074 civilian deaths and 4,826 civilian injuries in Ukraine.
Canada introduces law to freeze handgun sales, ban look-alike toys
Prime Minister Justin Trudeau told reporters the new measures were needed as gun violence was increasing. Canada has stronger gun legislation than the United States but while its gun homicide rate is less than one-fifth the U.S. rate it is higher than that of other rich countries and has been rising. The new laws would also ban some toys that look like real guns, such as airsoft rifles. read more"Because they look the same as real firearms, police need to treat them as if they are real. He said authorities were not using the tools they already had to tackle gun violence, such as calling people listed as references on gun license applications.
What Dominated the World Economic Forum
Leaders are grappling with an energy transition that many predict will not be easy. “We need to accept that there will be some pain in the process,” said Kjerstin Braathen, C.E.O. The war in Ukraine war cast a pall over the event. President Klaus Schwab, for a Marshall Plan to help rebuild Ukraine. (The Marshall Plan was a U.S. program that helped rebuild Europe in the wake of World War II.).
EU leaders agree on partial embargo on Russian oil
European Union leaders reached a compromise Monday to impose a partial oil embargo on Russia at a summit focused on helping Ukraine with a long-delayed package of sanctions that was blocked by Hungary. The watered-down embargo covers only Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. Maximum pressure on Russia to end the war.”The EU had already imposed five previous rounds of sanctions on Russia over its war. It has targeted more than 1,000 people, including Russian President Vladimir Putin and top government officials, as well as pro-Kremlin oligarchs, banks, the coal sector and more. The watered-down embargo covers only Russian oil brought in by sea.
Lane closure kicks off major work on Beltway widening in Virginia
The 2½-mile stretch is expected to remain a work zone for more than three years. When complete, four general-purpose lanes and two new express lanes will run in each direction of the Beltway along that stretch. She said drivers traveling in the work zone should be extra cautious and be prepared to encounter additional delays. Project officials said the shoulder lane closure will allow the contractor to create a safe work zone in the center of the highway. Transurban already operates the Beltway’s 14 miles of express lanes from McLean to Springfield in Virginia, as well as express lanes on Interstates 95 and 395 — an additional 39 miles.
S&P 500 futures rise following last week's bounce
S&P 500 futures rose on Monday night, as Wall Street tried to build on last week's momentum. S&P 500 and Nasdaq 100 futures climbed 0.3% and 0.8%, respectively. Those moves follow the best weekly gains for the Dow and S&P 500 since November 2020. The S&P 500 gained 6.5%, and the Nasdaq gained 6.8% on the week, ending positive after seven continual weeks of losses. A chunk of last week's gains came Friday, when the Dow rallied more than 550 points, and the S&P 500 popped 2.5%.
UK audit shake-up targets big firms after spate of corporate failures
In the meantime, the current watchdog, the Financial Reporting Council (FRC), will have powers to vet audit companies and ban failing auditors, the ministry said. Directors of premium listed companies would also have to state why they think their internal controls are effective. This would be done under Britain's "comply or explain" corporate governance code, which the FRC can change without legislation. "Lessons from Carillion and other recent company failures have been ignored, with little emphasis now on tightening internal controls and modernising corporate governance," said Michael Izza, chief executive of ICAEW, a professional accounting body. Big firms would also have to state what external checks, if any, were made on the reliability of their non-financial information in annual reports, such as risks from climate change.
EU leaders agree on a partial Russian oil embargo
EU leaders agree on a partial Russian oil embargoEnlarge this image toggle caption Olivier Matthys/AP Olivier Matthys/APEuropean Union leaders reached a compromise Monday to impose a partial oil embargo on Russia at a summit focused on helping Ukraine with a long-delayed package of sanctions that was blocked by Hungary. The watered-down embargo covers only Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. The EU had already imposed five previous rounds of sanctions on Russia over its war. It has targeted more than 1,000 people, including Russian President Vladimir Putin and top government officials, as well as pro-Kremlin oligarchs, banks, the coal sector and more. The landlocked country gets more than 60% of its oil from Russia and depends on crude that comes through the Soviet-era Druzhba pipeline.
Stocks Seen Steady Amid Inflation Woes; Oil Jumps: Markets Wrap
(Bloomberg) -- Stocks in Asia are poised to open steady Tuesday as investors remain cautious about whether central banks can raise interest rates to rein in inflation without derailing growth. Oil gained after the European Union backed a push to ban some Russian oil. Crude oil advanced to around $117 a barrel after EU leaders agreed to pursue a partial ban on Russian oil in response to the invasion of Ukraine. European bonds tumbled after German inflation hit a record, adding to pressure on central bank policy makers to tame rising prices. Story continuesGerman inflation hit another all-time high, adding urgency to the European Central Bank’s exit from crisis-era stimulus after numbers from Spain also topped economists’ estimates.
Canada's Trudeau announces plan for national freeze on handguns
OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau said Monday his government was introducing new legislation to implement a "national freeze" on handgun ownership and prevent people from buying and selling handguns anywhere in the country. "The day this legislation goes into effect it will no longer be possible to buy, sell, transfer or import handguns in Canada," Trudeau told reporters. If passed, the freeze on handguns is expected to come into force in the autumn. The killing last week of 19 children and two teachers at an elementary school in Texas in the United States has fed concern about gun violence worldwide. "Other than using firearms for sport shooting and hunting, there is no reason anyone in Canada should need guns in their everyday lives," Trudeau told reporters at a briefing.
Police make arrest in Miami-Dade corrections officer's killing
Three months after a Miami-Dade corrections officer was found shot to death in his Pembroke Pines apartment, police have made an arrest. The woman told detectives Fairweather owns a revolver that he carries all the time. She also told detectives that Fairweather spent the night in her apartment the night before Hall's death. During the interview, he said he noticed Hall's apartment door was open, and told an acquaintance who was with him. He told detectives he then waited on a sidewalk near Hall's apartment and heard three or four gunshots.
Four Sears Hometown stores in Michigan to close
Four Sears Hometown stores have announced permanent shutdowns in Michigan this month with closeout sales, leaving the storied retail name all but absent from the state. Stores in Escanaba, Houghton, Ionia and Sault Ste. Sears Hometown stores are smaller, locally operated outlets that sell appliances, tools, and law and garden equipment. The Ionia store indicated it was "closing our doors for good," according to posts online. According to Forbes, 100 Sears stores were open at the end of 2020.srahal@detroitnews.comTwitter: @SarahRahal_
Biden to meet Fed chair as inflation bites pocketbooks
WASHINGTON (AP) — President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks. The White House said the pair would discuss the state of the U.S. and global economy and especially inflation, described as Biden's “top economic priority." The inflation figure was below the four-decade high of 6.6% set in March. While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief. Powell has signaled that the Fed will likely raise its benchmark rate by a half-point in both June and July — twice the size of the usual rate increase.
Activists ‘liberate’ 7 marijuana smoking zones in Mexico City
Outside the tolerance zones, possession and use of mota – as marijuana is colloquially known in Mexico – is still criminalized, she said. “The narcos come and threaten us and people look at us as if we were the devil,” she added, referring to the experiences of marijuana activists and users in the tolerance zones. One day Yisus set up a little table and we start to provide information about cannabis rights. Other factors have also affected the tolerance zones. Mexico City is not the only city in the country where activists have “liberated” public spaces from what they see as unjust laws governing the use of marijuana.
Queensland government buys back railyard site
The Queensland government has bought back a railyard site it sold off as part of a controversial privatisation program more than a decade ago. The Premier was in central Queensland for the announcement where she also faced questions about the state's support for a coal mine expansion on the darling downs.
Protesters occupy Coahuila winery in dispute over water
NewsThe protest is at the facilities of Mexico's oldest winemaker, Casa Madero in Parras, Coahuila. Communal landowners took over the Casa Madero winery in the town of San Lorenzo, 140 kilometers west of Saltillo, to demand that the owners reduce their water use. “What is happening is a product of the fact that it has not rained … that’s why they went into Casa Madero,” he said. Casa Madero was founded in 1597 in Parras, located in a valley area referred to locally as an oasis in the desert. The director of Casa Madero, Brandon Milmo, pointed to climate change as the cause of the problem.
EU leaders agree on partial embargo on Russian oil
European Union leaders reached a compromise Monday to impose a partial oil embargo on Russia at a summit focused on helping Ukraine with a long-delayed package of sanctions that was blocked by Hungary. The watered-down embargo covers only Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. The EU had already imposed five previous rounds of sanctions on Russia over its war. It has targeted more than 1,000 people, including Russian President Vladimir Putin and top government officials, as well as pro-Kremlin oligarchs, banks, the coal sector and more. Read more:Russia’s Gazprom suspends gas deliveries to Dutch trader GasTerraSerbia ignores EU sanctions, secures gas deal with Russia’s PutinEU mulls compromise to break deadlock on Russian oil embargo
Canada's Trudeau announces plan for national freeze on handguns
REUTERS/Blair GableOTTAWA, May 30 (Reuters) - Canadian Prime Minister Justin Trudeau said Monday his government was introducing new legislation to implement a "national freeze" on handgun ownership and prevent people from buying and selling handguns anywhere in the country. "The day this legislation goes into effect it will no longer be possible to buy, sell, transfer or import handguns in Canada," Trudeau told reporters. If passed, the freeze on handguns is expected to come into force in the autumn. Canada's public safety minister has tabled regulatory amendments in parliament to ensure it can be implemented swiftly, according to a ministry statement. "Other than using firearms for sport shooting and hunting, there is no reason anyone in Canada should need guns in their everyday lives," Trudeau told reporters at a briefing.
Fed Governor Christopher Waller says he's prepared to take rates past 'neutral' to fight inflation
Specifically, the central bank official said he would support hikes that exceed the "neutral" level considered neither supportive nor restrictive for growth. Estimates Fed officials provided in March point to a 2.5% neutral level, so that means Waller sees rates increasing at least another 2 percentage points from here. Markets currently are expecting the Fed to raise benchmark borrowing rates to a range between 2.5%-2.75%, in line with a neutral rate. Waller added that he thinks the Fed can raise rates and tamp down demand without causing a severe economic downturn. In part, the Fed's aim will be to reduce labor demand without causing a big rise in the unemployment rate.
POV: Why we should retire traditional performance reviews
Despite our best efforts and intentions, the traditional approach to performance management has failed managers, employees and our organizations. Trying to accomplish two distinct outcomes with one not-so-great process: Performance management is intended to measure employee performance and provide a feedback mechanism to drive more performance. And the act of measuring employee performance does not increase performance. Simple: Even though employee performance is variable and dynamic, all performance has a few things in common that can capture a large majority of any employee’s performance. There has never been a more perfect time to reinvent how organizations measure employee performance.
Stories are great – but investors should stick to reality
Look closely at the market, and you will see that whatever people say about stockmarket analysis being driven by models and maths isn’t quite true. The same is true of ESG investing (that which has an eye to environmental, social and governance issues). Stories tend to come before the models that back them up – I think market participants all know this to be true. And so it has been with the great growth boom over the past decade. Traps aren’t just for value investors A recent note out from Ben Inker at GMO looks at the traps you might find yourself in with both.
GameStop Stock Volatility Ramps Up Ahead of Q1 Earnings
GameStop (GME, $139.66) has been in focus recently as shares of video game retailer have been volatile. Specifically, shares are up almost 72% from their mid-May bottom near $81 (though they're still down 10.6% on a year-to-date basis). And GME will remain in the limelight thanks to its spot on this week's earnings calendar. The company reported a quarterly loss in its last report, and analysts don't seem too upbeat this time around. Consensus estimates are for GameStop to report a per-share loss of $1.45 – much wider than the 45 cents per-share loss it recorded in the year-ago period.
Daniel Elie Bouaziz allegedly sold fake art in Palm Beach, Florida
A prominent Florida art dealer has been accused of selling fake works from the likes of Jean Michel-Basquiat and Banksy for hundreds of thousands of dollars, according to a federal criminal complaint. Daniel Elie Bouaziz, who ran two galleries on Palm Beach’s exclusive Worth Avenue, allegedly bought cheap reproductions online and passed them off as authentic to unsuspecting clients. In one deal, he picked up a $100 Andy Warhol facsimile and sold it for $85,000 to a bamboozled customer, according to federal court papers filed in Florida. The art dealer allegedly sold fake works from Jean Michel-Basquiat and Banksy. To allay customer suspicions, Bouaziz cast himself as an unimpeachable art appraiser and would provide certificates of authenticity.
Store where Texas school shooter got rifle was linked to cartel case
The Texas gun store where teen school shooter Salvador Ramos got an AR-15-style rifle before his rampage was previously part of an ammunition smuggling case involving the Mexican drug cartel, according to Immigration and Customs Enforcement. REUTERS/Lisa KrantzRamos used the weapon to kill 19 children and two teachers at Robb Elementary School in Uvalde, Texas. After making the ammo purchases with the help of two co-conspirators, Farhat took the ammunition to his business and repacked it, the feds said. He was sentenced to five years in prison, while she was sentenced to 30 months in a federal prison. Oasis was the transfer store where Ramos picked up the gun he bought from a dealer in Georgia.
Hear Elon Musk's plans for Trump's Twitter ban
Elon Musk disclosed what he'll do about former President Trump's permanent Twitter ban should the Tesla CEO's $44 billion bid to acquire the company become official.
'I wouldn't trust them.' Energy Secretary blasts Russia for 'weaponizing' energy
New York (CNN Business) Russia has spent the past half-century attempting to build a reputation on the world stage as a reliable supplier of energy. It took Vladimir Putin mere months to cast serious doubt on that reputation. "I wouldn't trust them," US Energy Secretary Jennifer Granholm told CNN in response to a question about whether Russia will ever again be considered a reliable energy supplier. "They have to prove they are a reliable partner and they're certainly not doing that." "They are weaponizing energy, which is another reason why as a nation, we should move to energy sources that cannot be weaponized," Granholm said while speaking from a General Electric wind turbine testing facility in New Orleans on Tuesday.
Starbucks is leaving Russia for good
New York (CNN Business) Starbucks is leaving Russia for good. The coffee company paused its operations and stopped shipments of its products to Russia in March. Now, it "has made the decision to exit and no longer have a brand presence in the market," Starbucks said in a brief statement Monday. Starbucks will also help them look for new jobs outside of the company. Starbucks first opened in Russia in 2007.
PR stunt or show of strength? Russia slashes interest rates
London (CNN Business) Russia slashed interest rates on Thursday as a resurgent ruble — buoyed by robust oil and gas revenues and government support — takes some pressure off its wobbling economy. At an extraordinary meeting, the Russian central bank cut interest rates to 11% from 14% and said further reductions could follow. It said it expected inflation to fall to between 5% and 7% this year, down from around 17.5% this month. buying key Western technology and services. Hundreds of multinationals have quit the country, and Russia has been banned frombuying key Western technology and services.
China needs Russian coal. Moscow needs new customers
Hong Kong (CNN Business) China is buying record amounts of cheap Russian coal, even as Western nations slam Moscow with sanctions over the invasion of Ukraine. The European Union has since approved a ban on Russian coal , which is set to take full effect from August. Getting it cheapChina is not only buying a lot of Russian coal now — it is also buying it at a big discount. That compared with $475 for US coking coal reaching the port, and $423 for coal mined in China. Australian coal cost $512, and Chinese coal $496.
Biden to meet Fed chair as inflation bites pocketbooks
President Joe Biden participates in a magnolia tree planting ceremony on the South Lawn of the White House in Washington, Monday, May 30, 2022. (AP Photo/Andrew Harnik)President Joe Biden participates in a magnolia tree planting ceremony on the South Lawn of the White House in Washington, Monday, May 30, 2022. (AP Photo/Andrew Harnik)WASHINGTON (AP) — President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks. ADVERTISEMENTThe inflation figure was below the four-decade high of 6.6% set in March. While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief.
EU Leaders Back Push to Ban Some Russian Oil Over Putin’s War
Hungary, which will continue to receive Russian oil via pipeline, had been blocking an embargo for the past month as it sought assurances its energy supplies wouldn’t be disrupted. Budapest received guarantees from EU leaders that it would be able to receive replacement supplies if the pipelines were disrupted, according to two people familiar with the talks. If both countries follow through, the total effect, along with seaborne embargo, would be to cut 90% of Russian crude oil sales to the EU by year’s end. The next summit of EU leaders is scheduled for late June. Some countries will also have a longer transition for the seaborne oil ban.
Opinion: Both stock-market bulls and bears claim today's margin debt supports their view. Here's the truth
CHAPEL HILL, N.C. – Rarely will both the bulls and the bears claim that the same indicator supports their position. Yet that is the case currently with margin debt. I’m referring to the total amount that investors borrow to purchase stocks, a sum that historically has risen during bull markets and fallen during bear markets. FINRA gathers the data and releases monthly totals with a several-week time lag. The April data, which was released a week ago, showed total margin debt to be $163 billion (or 17%) below the level reached...
FOCUS-Europe's dash for gas puts Australia's LNG import plans at risk
France, Germany and the Netherlands among others will need to import liquefied natural gas (LNG) to replace pipelined gas from Russia, which has been hit by sanctions during the Ukraine conflict. European users are grabbing floating storage and regasification units (FSRUs) needed to convert LNG to gas, leaving little left for Australian import projects that aim to fill an expected gas supply gap from 2024. "Europe is snapping up all the spare LNG volumes out there and any spare floating LNG regas capacity. Woodside, a top Australian independent gas producer, has a tentative agreement to supply LNG to Viva's terminal. "If you ordered an FSRU today, you may get one delivered in 2026 at the earliest," Hoegh LNG told Reuters in its emailed comment.
Europe's dash for gas puts Australia's LNG import plans at risk
By Sonali Paul and Florence TanMELBOURNE (Reuters) - Europe's race to replace Russian gas supply has threatened Australia's plans for five gas import terminals as they compete for key infrastructure, raising the risk of a supply shortfall in Australia's populous southeast in the next two years. France, Germany and the Netherlands among others will need to import liquefied natural gas (LNG) to replace pipelined gas from Russia, which has been hit by sanctions during the Ukraine conflict. European users are grabbing floating storage and regasification units (FSRUs) needed to convert LNG to gas, leaving little left for Australian import projects that aim to fill an expected gas supply gap from 2024. The country is therefore proceeding with LNG import projects, but most have not yet reached the stage of locking in customers or regasification infrastructure, and are getting pipped on FSRUs by European users. Woodside, a top Australian independent gas producer, has a tentative agreement to supply LNG to Viva's terminal.
Housing Prices Are Expected to Drop in These Cities — Is Yours One of Them?
Some of the most overpriced housing markets will experience declines, he predicts. When a housing market is overvalued, it means home prices are higher than expected compared to average local incomes. Find: 25 Promising Housing Markets for HomebuyersFortune also published an interactive chart showing the most overvalued markets. Some of the most overvalued cities (and regions) where home prices could be expected to drop by 5% to 10% over the next 12 months, include:Boise, ID — 73%. Story continuesMore From GOBankingRatesThis article originally appeared on GOBankingRates.com: Housing Prices Are Expected to Drop in These Cities — Is Yours One of Them?
US wage increases show signs of peaking in welcome sign for Fed
U.S. wage growth looks to be peaking, a heartening development for the Federal Reserve if not for American workers. Employers have had success passing on higher labor costs to customers so far but may be reaching a tipping point at which higher prices depress demand. That’s taking a toll on American workers, who are seeing their wage gains eaten away by higher prices for everything from food and gas to shelter. However, “a few participants added that some of their contacts were starting to report that higher prices were hurting sales,” the central bank said. “If wage growth comes part of the way down as temporary factors fade, the remaining task for the Fed would be more manageable,” Hill said in a note to clients this week.
Biden to meet Fed chair as inflation bites pocketbooks
Associated PressWashington – President Joe Biden will meet Tuesday with Federal Reserve chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks. The inflation figure was below the four-decade high of 6.6% set in March. While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief. That concern has caused sharp drops in stock prices in the past two months, though markets rallied last week. Powell has signaled that the Fed will likely raise its benchmark rate by a half-point in both June and July – twice the size of the usual rate increase.
Platinum Jubilee generation are ‘the richest in history’
The Platinum Jubilee generation is the richest in history, the Institute for Fiscal Studies has found, as those born in the year of Her Majesty's coronation turned 70. Eight-five per cent of the "Platinum generation" are homeowners and one in seven owns a second home. In 1952, the average property price was £2,000 – around £40,000 in today’s prices – and now stands at £260,000. For the Platinum Jubilee generation turning 70 now, this has risen to 86 and 88 for men and women, respectively. It suggested that there will be "challenges ahead," particularly because of the "large rises in house prices enjoyed by the Platinum Jubilee generation".
Wall Street banks made $2.3B betting on rising inflation in 2021 double what they made in 2019
Inflation trading has pulled in $2.3 billion in 2021 for the big banks, according to Vali Analytics Ltd., more than twice what they made the year before, reports Bloomberg. These traders make their money by trading inflation-linked bonds that payout in relation to the current Consumer Price Index. 'Inflation volatility has picked up significantly,' Semin Soher Power, head of inflation trading at Bank of Ireland Group Plc in Dublin, said. It can be risky and the inflation trading was once known as the 'widow maker,' according to Bloomberg. UK linkers sold in November that will mature in 2073 are expected to pay 2.4 percent below the consumer price index.
CNN expert admits 'very little' Biden can do to lower gas prices, as network makes excuses
A CNN business expert admitted Monday there was 'very little' President Biden can do amid soaring gas prices despite the network insisting that it is a 'global problem' that needs 'global solutions.' 'The unfortunate reality for President Biden is there isn't much he can do in the short term,' CNN business correspondent Rachel Solomon said. And on Monday, Solomon made sure to add that rising gas prices were a global problem. She also said that President Biden had exhausted his short-term solutions for high gas prices, including tapping into the petroleum reserve. Since, the war began, Biden has vowed to do everything to lower gas prices and ease Americans fears while doing so.
Zelenskyy: The occupiers are looking for a way to sell the stolen half a million tons of grain
KATERYNA TYSHCHENKO – MONDAY, 30 MAY 2022, 23:09The occupiers have already stolen half a million of grain in Ukraine and are looking for a way to sell it. Source: President Volodymyr Zelenskyy in the appealQuote: "In our occupied territory, the Russian occupiers have already stolen at least half a million tons of grain and are now looking for ways to sell them somewhere illegally. Sell to make money on stolen, and keep the deficit in the legal market". Details: According to Zelenskyy, due to Russia's blockade of Ukrainian ports in the Black Sea and the seizing of the Ukrainian part of the Sea of ??Azov, Ukraine cannot export 22 million tons of grain that are already in storage. According to him, this threat may turn into a new migration crisis, and Russia wants to.
Could a cartel of large energy consumers cut oil and gas prices?
Energy prices are skyrocketing as the world confronts the economic ramifications of Russia’s invasion of Ukraine, supply chain bottlenecks and the lingering effects of Covid-19 lockdowns. The celebrated former European Central Bank president recently broached the idea of creating a “cartel” of oil consumers at a meeting with Joe Biden. “But I don’t think a decision [on a gas price cap] will be made in these two days.”Before the war 40% of EU gas and 25% of its oil came from Russia. The way to lower inflation is to directly address the issue of high gas prices, Francesco Giavazzi, Draghi’s economic adviser, said. Last winter, EU gas storage fell to unusually low levels, a factor seen as exacerbating surging prices and higher bills.
China uses digital yuan to stimulate virus-hit consumption
A sign indicating digital yuan, also referred to as e-CNY, is pictured at a shopping mall in Shanghai, China May 5, 2021. REUTERS/Aly Song/File PhotoSHANGHAI, May 30 (Reuters) - China is using the digital yuan to stimulate consumption in its pandemic-hit economy, with more e-CNY applications expected in future to boost transparency and effectiveness of government policies. The southern city of Shenzhen started distributing 30 million yuan ($4.50 million) worth of free digital cash on Monday to revive consumption and aid businesses. Issuing e-CNY subsidies can both aid consumption and further promote use of the electronic yuan. In Xiong'an, digital cash subsidies can be used to buy products including food, electronics appliances and furniture.
Canada's Trudeau announces plan for national freeze on handguns
REUTERS/Blair GableOTTAWA, May 30 (Reuters) - Canadian Prime Minister Justin Trudeau said Monday his government was introducing new legislation to implement a "national freeze" on handgun ownership and prevent people from buying and selling handguns anywhere in the country. "The day this legislation goes into effect it will no longer be possible to buy, sell, transfer or import handguns in Canada," Trudeau told reporters. If passed, the freeze on handguns is expected to come into force in the autumn. Canada's public safety minister has tabled regulatory amendments in parliament to ensure it can be implemented swiftly, according to a ministry statement. "Other than using firearms for sport shooting and hunting, there is no reason anyone in Canada should need guns in their everyday lives," Trudeau told reporters at a briefing.
The Robber Baroness of Northern California
As he investigates her murder, White finds that Jane Stanford’s sanitized public persona masked a reality that was both more scandalous and more strange. But White’s characterization of the relationship between Jordan and Jane Stanford suggests that the statement might have had another meaning. The tensions between Stanford and Jordan came to a head over the fate of the economics professor Edward Ross. Only once in her biography, on the third-to-last page, does Bertha Berner come close to telling something like the truth about Jane Stanford. But, more than anything, it’s the constantly shifting stories that Berner and Jordan told about their employer that seem to expose their guilt.
How to Fix the US Baby Formula Shortage
At Bobbie, an infant formula startup founded by two San Francisco moms, such a scenario meant its customer base doubled within a week. The ongoing shortage of powdered baby formula in US stores has been caused in part by pandemic-related snags in the global supply chain and high inflation. This has left supermarket shelves empty across the country—70 percent of infant formula was out of stock in the third week of May, up from 24 percent in January, according to retail data provider Datasembly. By the time they are 3 months old, more than half of infants are at least partially fed using formula. At 6 months old, three-quarters of babies consume formula.
How to Balance Saving for Your Future—and Supporting Your Kids
On this episode of the Money Confidential podcast, host Stefanie O’Connell Rodriguez turns to three past expert guests for advice on balancing financial responsibilities for yourself and your kids. So how do you balance out your financial responsibilities to yourself, with those to your kids? In this episode, host Stefanie O'Connell Rodriguez brings together the best advice from three past expert guests to help you sort it out. Meet Host Stefanie O'Connell RodriguezMoney confidential podcast - host, Stefanie O'Connell Rodriguez Credit: Caroline White PhotographyStefanie is a nationally recognized personal finance expert ready to talk work, worth, and money with unapologetically ambitious women. Meet Our Expert, Bridget Caseybridget casey headshot Credit: Courtesy of Bridget CaseyBridget Casey is the founder and content creator of Money After Graduation.
Maloney vs. Nadler? New York Must Pick a Side (East or West)
As he sat in the shade of Riverside Park on a sparkling recent weekday morning in Manhattan, Representative Jerrold Nadler tried to make sense of how two powerful allies suddenly found themselves at war. A court-ordered redrawing of New York’s congressional district lines had combined the East and West Sides of Manhattan into a single district for the first time since World War II, putting Mr. Nadler and Representative Carolyn Maloney, a longtime colleague, on a potentially disastrous collision course in the Aug. 23 Democratic primary. Attempts to broker a peace settlement were made, but Mr. Nadler, over a chilled Diet Coke, acknowledged that they were somewhat halfhearted. He recalled telling Ms. Maloney in a private conversation on the House floor in Washington a few days earlier that he would win, suggesting she run for a neighboring seat.
Latvian PM: ‘Russia has to lose’
“Russia has to lose” in its war with Ukraine, and EU leaders should not make the mistake of pursuing “peace at any cost,” Latvian Prime Minister Arturs Krišj?nis Kari?š said in an interview with POLITICO on Monday before the European Council summit. “The main goal of ours has to be that Russia loses — and the other side of the coin is that Ukraine wins the war. In the interview, Kari?š said that some of his fellow European Council leaders were mistakenly in favor of pursuing peace at any cost. “The difficulty is that some of my colleagues have a false belief … peace at any cost,” Kari?š said. Now, in the self-interest of Germany, and France and Italy and everyone else, if we really want security in Europe, Russia has to lose, they finally have to realize they cannot operate in this way.
Good news for home buyers? Fannie Mae chief economist says the U.S. housing market has finally turned a corner. Here’s why.
Single-family home sales fell sharply by 16.6% in April to a seasonally adjusted annualized rate of 591,000, according to the latest Census Bureau data. What’s more, new home sales in March were revised downward significantly from 763,000 to 709,000, the Census Bureau said. “The new home sales report released today by the Census Bureau clearly points to a housing market that has turned,” said Doug Duncan, chief economist at Fannie Mae. “However, today’s new home sales report is the sharpest indicator yet, with sales coming in well below both our own and consensus expectations,” Duncan said. ”A sharper downturn in residential investment is now underway,” the Fannie Mae FNMA, +2.04% economist said, adding that he’ll revise downward his own sales projections.
EMERGING MARKETS-Colombian peso hits 5-week high amid presidential race
The peso gained 3.4% against the dollar, clocking its best one-day percentage gain since December 2014. On Sunday, Petro came out on top in the country's first round of presidential elections. He will face Rodolfo Hernandez in a second round on June 19. Hernández is seen as having the best chance of defeating Petro and avoiding a shift to the left." The IGP-M price index, which measures both producer and consumer prices in Brazil, rose more than expected, according to a survey.
New home sales plunge in April
New home sales dropped for the fourth straight month in April, offering up another sign that the housing market is starting to slow. According to a report by the Commerce Department, sales of new single-family homes slowed in February as mortgage rates inch up and and house prices continue to rise. That pushed the monthly mortgage payment $720 higher, a 57% increase at today’s average mortgage rate, according to Ratiu. Sales of entry-level homes — those price below $300,000 — made up less than 20% of April’s new home sales, compared with 38% in 2020, according to Ratiu. (Photo by Justin Sullivan/Getty Images)One of the biggest factors behind the pessimism is suddenly higher mortgage rates.
Suze Orman: This is the only asset class with a track record of 'earning more than inflation' — here are 3 simple ways to get exposure for the rest of 2022
“Over the long-term stocks have produced the best gains after factoring in inflation,” writes Orman in a blog post. “Bonds and cash struggle to keep pace with inflation; only stocks have a track record of earning more than inflation.”Orman's advice is sound. BanksIn her blog post, Orman says investors should be prepared for stocks to go through periods where their value dips. When interest rates rise, bank assets like bonds and loans tend to climb higher than their liabilities such as deposits. Precious metalsWhen it comes to investing in precious metals, these stock picks can be worth their weight in gold.
US, Canadian regulators tie hepatitis cases to strawberries
Dee-Ann DurbinAssociated PressUS, Canadian regulators tie hepatitis cases to strawberriesAP-US-Hepatitis-Outbreak-Strawberries, 1st Ld-WritethruMay 30, 2022 3:47 PM - 327 wordsBy DEE-ANN DURBIN AP Business WriterU.S. and Canadian regulators are investigating a hepatitis outbreak that may be linked to fresh organic strawberries. In Canada, the affected strawberries were sold between March 5-9 at Co-op stores in Alberta and Saskatchewan. The potentially affected strawberries are past their shelf life, but health officials say consumers who purchased them and froze them to eat later should throw them away. Mexico-based FreshKampo, which grew the strawberries, said in a statement Sunday that it is working with regulators to determine how the problem occurred. Consumers who ate the potentially affected berries in the last two weeks and have not been vaccinated against hepatitis A should immediately consult with a physician, the FDA said.
Henrico Police investigating shots fired at car near East Highland Park
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Southland gas prices again rise to record highs
LOS ANGELES (CNS) - The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record today for the third consecutive day, increasing 1 cent to $6.162, the fifth consecutive increase. The Orange County average price rose nine-tenths of a cent to its third consecutive record, $6.143, one day after increasing 3.3 cents. The previous Memorial Day records were $4.299 for Los Angeles County and $4.266 for Orange County, both set in 2012. The Orange County average price has also increased $1.366. The national average price rose nine-tenths of a cent to a record $4.619.
Civil Service fast-track graduate scheme to close for at least a year
The Civil Service fast stream will be closed for at least a year after Boris Johnson pushed through the change despite dissent from some of his own Cabinet ministers. The scheme, designed as a way to get the country’s brightest graduates working for the Government, will not run in 2023 as part of efforts to shrink the Civil Service by a fifth. He oversaw Civil Service reform until last September when he was moved in the reshuffle. The Civil Service fast stream is made up of 15 individual schemes. Mr Johnson wants to shrink the Civil Service by around a fifth, returning to its pre-Brexit vote size.
Goldman Sachs CEO David Solomon DJs at Napa festival's silent disco, lands booking for Lollapalooza
Goldman Sachs CEO David Solomon let loose spinning tunes at Napa Valley music festival's silent disco over the weekend. In the UK, AffectV, Crimson Hexagon, Dropbox, EventBrite, Honeywell, Songkick, Visualsoft, and offer unlimited holiday to staff. Some companies in the US have launched an unlimited holiday policy and then revoked it later down the line, after employees began taking less leave than before. Evernote, which runs an unlimited holiday policy, also gives staff a $1,000 annual holiday stipend, acting as an incentive to take the break. Unlimited holiday policies have become popular with some firms, including Glassdoor, LinkedIn and Netflix, as a way to stop burnout among staff.
PICTURED: NYC tenant from hell, 64, who's made neighbors' and landlord's lives a misery
This is the 64 year-old New York City 'tenant from hell' who has made her neighbors' lives a misery while running up $40,000 in rent arrears. Meanwhile, Hosang has flooded her apartment and left the unit below uninhabitable. Hosang also stands accused of threatening her neighbors with a shovel and fire extinguisher when they tried to stand-up to her. She has also hoarded junk in the hallway of her third-floor apartment, rang her neighbor's doorbells and threatened a fellow tenant with a pipe. Shortly after, in April 2020, Hosang stopped paying rent.
An embargo would bruise Russia’s oil industry, but for now it is doing fine.
A European Union embargo on Russian oil would bite into the country’s export of crude — a cornerstone of the nation’s economy — but it may not do much damage until the restrictions actually kick in. For now, analysts say, Russian oil production is proving resilient as European buyers and others snap up the opportunity to buy crude at a discount of around $30 a barrel to Brent crude, the international standard. Kpler, a firm that tracks petroleum shipping, estimates that Russian oil production actually edged up about 200,000 barrels a day in May, to 10.2 million barrels a day, compared with April. Kpler anticipates that if the European Union reaches an agreement on the embargo, Russian production would drop another one million barrels a day, or about 10 percent, once the restrictions come into effect. The downturn would contribute to what many analysts expect to be a broad erosion in Russia’s energy industry in coming years, as major oil companies quit the country and sanctions curb imports of Western technology.
Manhattan’s oldest home hits the market for first time asking $8.9M
Located on Stuyvesant Street near East 10th Street, and dating to 1795 — when America was then a newly independent nation — this spread has the rare distinction of being Manhattan’s oldest single-family home, according to its listing. MW Studio for The Corcoran GroupThe property doesn’t shy from old-world touches, such as hardwood floors, moldings and multiple fireplaces. MW Studio for The Corcoran GroupThe formal dining room. MW Studio for The Corcoran GroupThe layout is all original, save for the kitchen. MW Studio for The Corcoran GroupAn artist’s studio with a skylight.
U.S. policymakers misjudged inflation threat until it was too late
What looked over the summer like a slowing recovery turns out to have been an economy that was still sizzling hot. Initial estimates for October also show the economy added 531,000 jobs, with the unemployment rate dropping to 4.6 percent. By late November, the number of weekly unemployment claims hits a 50-year low of 199,000. AdvertisementRecognition of the roaring job market comes with the realization that inflation is also soaring — and may not be temporary. Spikes in energy prices and problems with supply chains drive prices up by 6.2 percent compared with October 2020, the biggest inflation jump in about 30 years.
US meat prices surge — beef, chicken hit record highs on Memorial Day
Americans enjoying their barbecues during the unofficial start of summer this Memorial Day weekend likely paid a premium for ground beef and chicken, according to the latest federal data. Prices for meat rose 0.7% between March and April of this year, the US Department of Agriculture said. The price of frankfurter meat rose by 14.5% while packaged hamburger and hot dog buns were 11.2% more expensive. Data cited by CNN found that the price of frozen meat rose 15.7% while the cost of frozen sausages increased by 24.4%. CNN found that the price of frozen meat went up 15.7% while the cost of frozen sausages increased by 24.4%.
Lula regains double-digit lead over Bolsonaro in Brazil presidential poll
REUTERS/Carla CarnielBRASILIA, May 30 (Reuters) - Former President Luiz Inacio Lula da Silva has reclaimed a double-digit advantage over incumbent Jair Bolsonaro ahead of Brazil's October election after another center-right candidate quit the race, according to a new poll on Monday. The opinion survey, run by Instituto FSB with sponsorship from investment bank BTG, found that 46% of voters support Lula, up from 41% in April. Support for Bolsonaro was unchanged from a month ago at 32% in the survey. In an expected second-round run-off between the two men, Lula would gain 54% of the votes and Bolsonaro 35%, a 19 percentage point advantage that Lula had in March. The FSB research institute interviewed 2,000 voters by telephone between May 27 and 29 in the poll commissioned by BTG Pactual bank.
‘Emotions and money do collide’: My girlfriend doesn’t understand how her student loan works and rents a pricey apartment. What if we marry — and divorce?
Finances are important to me and I know finances should be looked at without emotion, however emotions and money do collide. Like me, most of her education has been paid for by her parents but she does have some student loans. But not everyone operates at the same pace, and has the same constellation of family, financial and professional factors. ??‘We don’t have any children’: My family owns land that has been in our family for 100 years. ‘How can I be fair to both?’: I spent $20,000 more on my daughter’s education than my son’s education.
C$ rallies as current account surplus hits 14-year high
Canada's current account surplus was C$5.0 billion in the first quarter, swinging from a revised C$137 million deficit in the fourth quarter. It was the widest surplus since the second quarter of 2008. "We expect the ongoing strength in commodities to support the current account in Q2 (second quarter), though offset by a deeper services deficit as travel recovers more fully," said Shelly Kaushik, an economist at BMO Capital Markets. The Canadian dollar was trading 0.5% higher at 1.2657 to the greenback, or 79.01 U.S. cents, after touching its strongest since April 22 at 1.2651. Canadian government bond yields were higher across the curve, with the 10-year up 3.5 basis points at 2.825%.
JPMorgan says the market bottom is near as corporate buybacks skyrocket — here are 3 high-upside stocks to play that bullish sentiment
JPMorgan says the market bottom is near as corporate buybacks skyrocket — here are 3 high-upside stocks to play that bullish sentimentStocks have fallen quite a bit in 2022. If you share this view and want to buy the dip in a market bottom, here are three stocks that JPMorgan finds particularly attractive. JPMorgan analyst Harlan Sur recently lowered the price target on Nvidia from $350 to $285. However, Sur maintained an overweight rating on the shares and the new price target still implies potential upside of 51%. He also raised the price target to $57 – implying a potential upside of 12%.
100K-square-foot storage facility could be coming to RR
RIO RANCHO — Rio Rancho residents may have another place to store their belongings. The Rio Rancho Planning and Zoning Board approved a request for a conditional use permit to build a self-storage facility off Moccasin Drive and Northern Boulevard for residential and small business commercial use. Roadrunner Storage will employ a full-time manager who would live on the site, as well as three other employees. The facility would consist of an office/residence and several storage buildings that will be accessed from a two-way entrance and exit south of Toho Avenue and an exit only access directly across from Toho. The 100,000 square-foot facility could have about 750 units, said Scott Anderson, principal at Scott Anderson & Associates Architects.
Briefcase: El Paso Electric promotes vice president
Jessica Christianson has been hired as vice president of sustainability and energy solutions at El Paso Electric. Christianson began her career at EPE in 2013 as a principal scientist. Over the course of nine years, she has held positions of increasing responsibility including environmental manager, director of sustainability, and most recently, senior director of innovation and sustainability. She is integral in producing EPE’s annual Corporate Sustainability Report, which is released every summer; leading EPE’s ESG initiatives, and advancing new technologies and programs such as transportation electrification, electric vehicle infrastructure and renewable energy expansion. El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 450,000 retail and wholesale customers in a 10,000-square-mile area of the Rio Grande valley, southern New Mexico and west Texas.
we can read the markets BETTER than bankers
A STIPPER has claimed she can read markets better than bankers and set out why she thinks we're heading for a recession. The adult entertainer said strip clubs were "sadly a leading indicator" of economic health, adding that we're already in a recession. "Ask ANY stripper we have to be aware of how rich people are going to spend their money, stripping is betting on how the rich spend their money. @botticellibimo ended: "Every single stripper I know is a better trend forecaster than any finance bro or marketing exec." @botticellibimo's post has received more than 120,000 likes and nearly 15,000 retweets since it was shared on May 19.
Scramble to reopen Rough natural gas storage site
Britain's largest natural gas storage facility is to be reopened within months to help ease the energy crisis under plans being discussed with Kwasi Kwarteng. The mothballed Rough site under the North Sea could start receiving gas again before the onset of winter after its owner Centrica began talks with Mr Kwarteng, the Business Secretary. Restarting the site would allow Britain to store ten days of gas supply off the coast of east England, and would cost roughly £2bn. It comes after Whitehall planners warned there could be gas shortages next winter in a “reasonable worst case scenario” where Vladimir Putin cuts off Russian flows to Europe. Experts and Downing Street on Monday insisted that gas shortages next winter remained a highly unlikely scenario.
Ukraine round-up: EU struggles to resolve oil row as French journalist killed
For three weeks, Maxsym and his comrades had fought to keep control of a position they called Serber, after a small dog they had adopted. It was in a smashed-up former factory in Rubizhne, a town that eventually fell to the Russians.
U.S. gas prices hit new record during Memorial Day weekend
U.S. gasoline prices spiked to $4.619 per gallon as of Monday — a record high, according to the latest data from the American Automobile Association. Why it matters: The new high comes during Memorial Day weekend and is about 52% higher than prices from last year, Bloomberg reports. Context: Gas prices reached high levels ahead of Memorial Day weekend. Per CNN, gas prices haven't been this high on Memorial Day weekend since 2012. The concern is high prices that are keeping people a little closer.
Goldman Sachs CEO David Solomon DJs at BottleRock Napa Valley
On Wall Street, David Solomon is known as the ruthless, take-no-prisoners chief executive at global banking giant Goldman Sachs. But revelers at the BottleRock Napa Valley known him as DJ D Sol, the hip record-spinner who spun tunes at the popular music festival on Sunday. The Wall Street banking titan deejayed at BottleRock Napa on Sunday. This is the second year in a row that Solomon performed at the popular music festival. “I guess the pandemic is over according to David Solomon?” one Goldman insider sniffed in response to his latest Instagram.
Ex-CIBC banker files $1M sex harassment, racial discrimination suit
Zhuofang Wei, who worked as an executive director at CIBC for nearly two years between 2018 and 2020, has sued CIBC for $1 million for lost earnings and damages, alleging she suffered sexual and racial discrimination. Wei and at least three female colleagues were also subjected to sexual comments about their attire or appearance, she alleges. But she alleges that was informed that she would remain on her existing base salary of 206,000 euros ($222,151). Bloomberg via Getty ImagesMeanwhile, she alleges, several white employees moving to Luxembourg got the chance to negotiate their salaries. Start your day with all you need to know Morning Report delivers the latest news, videos, photos and more.
Factbox: Timeline of Chelsea's sale
read moreMarch 10Britain halts planned sale of Chelsea and imposes sanctions on Abramovich, effectively placing the club under government control. read moreMarch 24British government amends Chelsea's special licence to allow the club to sell tickets to fans for away games, with all revenue going to competition organisers. read moreMarch 25U.S. Bank Raine Group, overseeing the club's sale, adds Boehly's group, the Ricketts family and Broughton's group to the shortlist of bidders. read moreApril 15The Ricketts family pulls out of the running to buy Chelsea citing "unusual dynamics around the sales process". read moreMay 25The British government issues a licence that permits the sale of Chelsea to the Boehly-led consortium.
Dutch and Danish gas buyers warn of Russian shutoff
Danish utility Ørsted said its gas invoice to Gazprom was due Tuesday and that it would not comply with the Russian ruble decree. Gazprom and Gazprom Export did not respond to a request for comment. Ørsted added that it would replace Russian gas with "purchase[s] on the European gas market" and that it had prepared for a potential shutoff by filling gas storage facilities. The Danish Energy Agency said on Monday it "does not expect problems with gas supply" as the country "has an emergency plan ready in the event of a gas shortage." Poland, Bulgaria and Finland have already been cut off from Russian gas over their refusal to adopt the new payment scheme outlined by Russian President Vladimir Putin.
‘This is a daunting time to retire’: In the age of inflation, there are steps you can take to deal with higher prices
At age 65, the Wisconsin resident has three sources of retirement income: part-time work, income from investments, and Social Security. “This is a daunting time to retire, and higher inflation creates additional uncertainty,” said Jason Branning, a certified financial planner with Branning Wealth Management in Ridgeland, Mississippi. Social Security retirement benefits are increased by a certain percentage for each month you delay starting your benefits beyond full retirement age, though the benefit increase stops when you reach age 70. “We started Social Security on the lower amount and then kept the second one to take later. “Look for funds that offer exposure to investment-grade bonds or municipal bonds that hedge inflation with inflation swaps,” he said.
Russia's Ozon says it fails to redeem some bonds, risking default
(Reuters) - Russian e-commerce player Ozon said on Monday it has failed to redeem some bonds to a group of holders, putting it at risk of a potential default, but said it is negotiating with bondholders to find a solution. Nasdaq-listed Ozon, trading in whose shares has been suspended since Feb. 28, said it is restricted from sending cash from its Russian subsidiaries to its Cypriot holding company, Ozon Holdings Plc, which is the issuer of the bonds. "The company consequently will not be funding the payment required for the redemption of the bonds," it said. Ozon had warned of bond payment issues in early March and has since entered into discussions with an ad hoc group of holders of its $750 million, 1.875% unsecured convertible bonds. "The Company is aiming to finalise the long-term restructuring of the bonds within the current financial year," it said.
Wendy's Adds a New Menu Item, Takes a Beloved Favorite Away
TheStreet.comAmid several years of falling sales and declining status among consumers, the Restaurant Brands International -owned burger chain has been trying to breathe new life into the brand. It has done so by releasing a series of burger that shock either by their sheer size (the four-patty Yeti Burger) or ingredients that combine the seemingly incompatible (burgers topped with everything from fried herring to Nutella). The latest Burger King taps into the beloved mac-and-cheese to draw in eaters.
Even inventor Bill Bengen is revisiting the 4% rule — is it still the key to making money last in retirement?
Morningstar’s 2022 guide to retirement withdrawal rates asked some tough questions of the decades-old theory. More from MoneyWiseWhere the rule stands nearly 30 years laterFor two decades, the 4% rule served as the rule of thumb for financial planners and retirees in determining their withdrawal rate. And for those who worried about running out of money during retirement, adhering to a rule provided some assurance and peace of mind. When someone commits to the rule for their retirement, they’re locking themselves into a strategy for 30 years that requires them to stay the course no matter what. Even Bengen himself has been compelled to revisit the rule in the last three decades to update it.
Editorial: Pilsen has found a way to help counter gentrification. City Hall should support it.
A neighbor and her dog, right, walk past as Raquel Garcia and her dog, Annie, wait before exiting their home at the Pilsen Housing Cooperative building in Chicago's Pilsen neighborhood on May 20, 2022. (John J. Kim / Chicago Tribune)A trip to Chicago’s Pilsen area reveals a neighborhood with a split personality. It’s to keep Pilsen families in Pilsen. How can City Hall help? All City Hall has to do is get behind the effort, and pave the way for more cooperatives to spring up.
Vintage Chicago Tribune: Jake Lingle lived well beyond the means of a Tribune reporter. After his slaying, it became clear how.
(Chicago Tribune historical photo)Jake Lingle walked toward the stairway to the Illinois Central Railroad station at Randolph Street and Michigan Avenue, on June 9, 1930. Rival Chicago papers supplemented the Tribune’s reward money. The Tribune reporter eventually joined the state’s attorney’s team investigating the slaying. Sign up to receive the Vintage Chicago Tribune newsletter at chicagotribune.com/newsletters for more photos and stories from the Tribune’s archives. Have an idea for Vintage Chicago Tribune?
Briefcase: Mortgage finance authority names CFO
Lizzy Ratnaraj has been named chief financial officer at New Mexico Mortgage Finance Authority. As part of MFA’s executive leadership team, Ratnaraj will oversee the organization’s assets and all activities within the finance division, including the finance, servicing and accounting departments. She will also work directly with the executive leadership team to advise on organization-wide policy development and oversee all external audit processes. Ratnaraj holds a bachelor’s from the University of Madras and a master’s from New Mexico Highlands University. Before joining MFA, Ratnaraj served as CFO at New Mexico Legal Aid and The New Mexico Department of Finance Administration.
Police: 6 wounded in Tennessee shooting were children
CHATTANOOGA, Tenn. (AP) — Six people wounded in weekend gunfire in a downtown Chattanooga, Tennessee, business district were all children, police said Monday. Five of the victims were 15 and one was 13, Chattanooga Police said in a statement. Officers were patrolling the area Saturday night when they heard gunfire and responded to find multiple people shooting weapons and numerous people fleeing the area. The area, dotted with residential buildings, has restaurants and shops within walking distance and is popular with tourists. Anyone with information about the shooting should contact the Chattanooga Police Department, authorities said.
Return of imperial measures will fuel inflation, warn supermarkets
Supermarkets have warned Boris Johnson that a return to imperial measures would drive up inflation and make the cost of living crisis worse. Reintroducing measurements in pounds and ounces would be a "distraction" from the country's problems and increase grocers' costs according to the British Retail Consortium (BRC), speaking on behalf of the industry's major players. It came as the head of the National Market Traders Federation dismissed the plans as "nostalgia" and said they would create extra difficulty for his organisation's members. The BRC, which represents major supermarkets including Asda, Tesco, Sainsbury's and Morrisons, said that updating products’ labels to include imperial measurements would be time-consuming and could push prices up. Andrea Martinez-Inchausti, assistant director of food, said: “Supermarkets are focusing on delivering the best value for their customers in the face of intense inflationary pressures.
Russia could cut off Denmark and the Netherlands' natural gas
London (CNN Business) Denmark and the Netherlands could become the latest European countries to have their deliveries of Russia's natural gas cut off. On Monday, Danish energy company Ørsted and Dutch gas trading firm GasTerra warned Russia could turn off the taps as soon as Tuesday because they had refused to make payments in rubles — just weeks after Moscow did the same to Poland, Bulgaria and FinlandØrsted said it had no legal obligation to pay in rubles in its contract with Russian state energy giant Gazprom and that the payment deadline is Tuesday, May 31. It would continue to pay in euros, it said in a statement. "There is a risk that Gazprom Export will stop supplying gas to Ørsted... this will be a breach of contract," Ørsted said in a statement. The company said it had prepared for an abrupt break to its Russian gas imports, and had been filling up storage facilities in Denmark and Germany.
TotalEnergies SE: Disclosure of Transactions in Own Shares
Regulatory News:In accordance with the authorizations given by the ordinary shareholders' general meetings on May 28, 2021 and May 25, 2022 to trade on its shares and pursuant to applicable law on share repurchase, TotalEnergies SE (Paris:TTE) (LSE:TTE) (NYSE:TTE) (LEI: 529900S21EQ1BO4ESM68) declares the following purchases of its own shares (FR0000120271) from May 23 to May 27, 2022:Daily weighted average Total daily purchase price Amount of volume (number of the shares transactions Market Transaction date of shares) (EUR/share) (EUR) (MIC Code) 23.05.2022 771,816 52.7783 40,735,158.78 XPAR 23.05.2022 50,000 52.6466 2,632,327.85 CEUX 23.05.2022 25,000 52.6440 1,316,100.23 TQEX 23.05.2022 25,000 52.6553 1,316,381.25 AQEU 24.05.2022 615,704 52.5491 32,354,660.28 XPAR 24.05.2022 130,000 52.4803 6,822,442.64 CEUX 24.05.2022 65,000 52.4841 3,411,468.52 TQEX 24.05.2022 65,000 52.4829 3,411,388.37 AQEU 25.05.2022 734,725 53.9279 39,622,150.61 XPAR 25.05.2022 50,000 53.7687 2,688,432.95 CEUX 25.05.2022 25,000 53.7741 1,344,352.45 TQEX 25.05.2022 25,000 53.8013 1,345,032.23 AQEU 26.05.2022 721,921 54.7556 39,529,229.06 XPAR 26.05.2022 50,000 54.6999 2,734,996.35 CEUX 26.05.2022 25,000 54.7066 1,367,665.35 TQEX 26.05.2022 25,000 54.7235 1,368,087.70 AQEU 27.05.2022 551,589 54.8271 30,242,017.54 XPAR 27.05.2022 136,000 54.6607 7,433,860.78 CEUX 27.05.2022 67,000 54.6586 3,662,123.12 TQEX 27.05.2022 67,000 54.6564 3,661,978.33 AQEU Total 4,225,755 53.7182 226,999,854.37Transaction details
Biden Will Meet With Fed’s Powell Tuesday to Discuss Economy
President Joe Biden has said getting inflation under control is his “top priority.” Anna Moneymaker/Getty ImagesPresident Joe Biden is set to meet with Federal Reserve Chair Jerome Powell on Tuesday to discuss the state of the economy. The central bank is currently battling decades-high Inflation. The meeting will be the first time the two have met since Biden announced Powell’s re-election as chair in November. The Senate confirmed Powell to the position in early May.
EU nears Russia oil sanctions agreement, with carve-out for pipelines
European Union members are nearing a deal on sanctions against Russian oil, but EU officials may not sign off on it due to an exception for pipeline deliveries, according to a new report. An earlier version of the EU’s sanctions proposal called for a "complete ban" of all Russian oil imports, but a new draft would temporarily allow oil to come through pipelines. "European Council agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline," the proposal says, according to Politico. Still, it is up to EU leaders to agree and then the Council of the EU to approve it. GET FOX BUSINESS ON THE GO BY CLICKING HEREHungary had previously blocked a ban on Russian oil because it would harm their economy.
Henderson police report officer-involved shooting
The Henderson Police Department reported an officer-involved shooting Monday morning. May 30, 2022 - 10:27 am(Las Vegas Review-Journal)The Henderson Police Department reported an officer-involved shooting Monday morning. The shooting occurred on the 100 block of Kola Street, according to the department’s Twitter account. This is a developing story. Check back for updates.
A dad’s anguish in Texas, a timeline in the deadliest school shooting since Sandy Hook
UVALDE, Texas (AP) — Javier Cazares raced to his daughter’s school when he heard there was a shooting, leaving his truck running with the door open as he ran into the school yard. AdvertisementTexas Department of Public Safety Director Steven McCraw, center, prays with pastor Gabriel Davila and wife, Sylvia, outside Robb Elementary School in Uvalde, Texas, Monday, May 30, 2022. 19 children and two teachers were killed by an 18-year-old gunman in last week's school shooting. (AP Photo/Jae C. Hong) (Jae C. Hong/AP)This account of the deadliest school shooting since Sandy Hook is based on law enforcement’s timeline, records and numerous interviews with Uvalde residents in the hours and days after the massacre. AdvertisementMinutes later, the Uvalde school district posted on Facebook that all campuses were going into lockdown but that “the students and staff are safe in the buildings.
Pensioners face £620m shortfall as Russia seizes BP’s Rosneft shares
Pensioners face a £620m raid on their pension dividends as Russia prepares to seize a payment for BP amid a crackdown on financial transactions to "unfriendly states". British pensioners have benefitted from the income as BP is one of the top dividend payers on the FTSE 100. Bernard Looney, BP's chief executive, was quizzed on his plans for the stake in Rosneft by Business Secretary Kwasi Kwarteng following the outbreak of conflict. Rosneft paved the way for a bumper dividend when it announced record income of $11.9bn (£9.4bn) shortly before the conflict. We are continuing to pursue our exit from the Rosneft shareholding.”
Hurricane approaches Mexican Pacific beach resorts
Mexico City (AFP) – The first hurricane of the East Pacific season on Monday barreled towards a string of beach resorts in southwest Mexico, where authorities opened shelters for thousands of people in its projected path. Advertising Read moreAt 1500 GMT, Hurricane Agatha was located 80 kilometers (50 miles) southwest of Puerto Angel in Oaxaca state, packing maximum sustained winds of 175 kilometers per hour, according to the US National Hurricane Center (NHC). A hurricane warning was in effect for a stretch of coastline including Puerto Escondido and other surf towns popular with national and foreign tourists. "The shelters are already open and people are arriving," Roberto Castillo, a civil protection official in Huatulco, told AFP. Mexico is buffeted by hurricanes on both its Pacific and Atlantic coasts, generally between the months of May and November.
This Memorial Day, Double-Digit Inflation Is What’s For Dinner
Inflation is plaguing American households amid the recovery from COVID-19 and the lockdown-induced recession. On Memorial Day — more than two years after the onset of COVID-19 — rising price levels are still making Americans’ wallets much lighter. According to the most recent year-over-year (April 2021-April 2022) Consumer Price Inflation (CPI) data from the Bureau of Labor Statistics, prices for food, travel, and other expenses necessary for a Memorial Day gathering are significantly higher than they were in 2021. Gas is 44% more expensive, car and truck rental is 10% more expensive, and airfare is 33% more expensive. “I expect the year-over-year inflation numbers to vary considerably this year, but the month-over-month numbers will show continued inflation,” Heritage Foundation research fellow E.J.
India's imports of cheap Russian crude surge since Ukraine invasion: Data
The volumes of India's seaborne oil imports from Russia exclude CPC Blend oil, which is also exported via Russia's Black Sea port, but mostly supplied by Kazakhstan's subsidiaries of western countries as transit volumes. India's oil imports from Russia have been rising since February, as Asia's third largest economy and the world's third biggest oil importer, turned to deeply discounted Russian oil, mostly Urals crude, to cut its imports bill. The country received more than 24 million barrels of Russian crude this month, up from 7.2 million barrels in April and about 3 million in March, and is set to receive about 28 million barrels in June, according to Refinitiv Eikon oil flows. As the West responded to the invasion with a barrage of sanctions, India has come under fire for its continued purchases of Russian energy. Russian and Indian energy companies have also been discussing term supply agreements and possible acquisitions of stakes in Russian oil and gas projects.
Russian firm Gazprom stops supplying gas to the Netherlands in ruble dispute
The Russian state gas company Gazprom will stop supplying gas to Dutch organization GasTerra with immediate effect, the Dutch firm said on Tuesday. Gazprom tried to enforce a decree by Russian President Vladimir Putin demanding that payment for Russian gas be made in rubles, which GasTerra refused. GasTerra said it repeatedly asked Gazprom to stick to the terms of the contract, including agreements on delivery and payment processing. “Gas trader GasTerra has decided not to comply with Gazprom's unilateral payment requirements,” GasTerra said in a statement. “The European gas market is highly integrated and large.
Egypt's growth rate down due to Russia-Ukraine crisis, planning minister tells Senate
The Russia-Ukraine crisis has led to Egypt’s projected growth rate being downgraded to 6 percent at the end of the current fiscal year and to an expected 5.7 percent in FY2022/23, Minister of Planning and Economic Development Hala El-Said said in a statement before the Senate – Egypt's consultative upper house. Before the outbreak of the Ukraine crisis, Egypt had been aiming to achieve a growth rate of 6.4 percent in FY2021/22 and 9 percent during the first half of the current fiscal year, the minister said. El-Said revealed that the value of Egypt's GDP is expected to reach EGP 9.26 trillion, with a growth rate of 16.3 percent from last year, when the value of the GDP was estimated at EGP 7.96 trillion. El-Said's statement came on the back of a debate in the Senate over Egypt's socio-economic development plan in FY 2022/23. The Senate is authorised by the constitution to open a debate on the country’s socio-economic development and prepare a report on it.
Starbucks Workers Have Now Unionized 100 Stores
The coffee giant’s CEO “Howard Schultz and Starbucks are getting creamed in union vote after union vote,” labor journalist Steven Greenhouse tweeted Saturday. By the union’s count, there are now 100 stores across the nation that have unionized. BREAKING: 100 Starbucks stores have voted to unionize across 25 states. Workers at hundreds of Starbucks stores have filed to unionize since the first successful union drive in Buffalo, New York late last year. “Congratulations to Starbucks Workers United for winning the 100th union election at Starbucks coffee shops all over America,” he wrote.
UK: Police attack refuse workers’ picket in Wealden, England, arresting union officials
Workers must demand the dropping of all charges against three GMB trade union officials who were arrested last Friday in a blatant attack on the right to strike. The arrests took place as a strike by around 40 refuse workers against waste management firm Biffa, in Wealden, East Sussex, entered its fourth week. The sites provide domestic waste disposal for around 70,000 homes in the district overseen by Conservative Party-run Wealden District Council in Sussex. The police attack on the refuse workers’ pickets was a conscious political decision under conditions where the strike was having substantial impact, with rubbish piling up. The attack on Biffa waste workers coincides with a strike-breaking operation organised by Coventry council against HGV bin lorry drivers.
US rail unions seek government-imposed contract settlement
Last week, the rail worker unions participated in three days of federally mediated contract talks with the Class I railroads, in which the unions have renewed a request that the talks be declared at an impasse. The unions would have workers believe that moving towards a PEB is a tactical masterstroke which would prompt the Biden White House to impose a contract favorable to railroaders. Indeed, the unions have imposed the terms of the injunction upon BNSF workers in the most expansive terms possible, using it to threaten rank-and-file opposition with legal action. Indeed, through his allies in the unions, Biden was able last year to keep wage increases among unionized workers even lower (3.3 percent) than among nonunion workers. The rail industry is critical not only to the economy but also to “national security.” The government needs the rails to be able to move military equipment and materiel into Ukraine and to prepare for war against China.
Australia’s Labor government to intensify pro-business restructuring of universities
She promised a well-heeled gathering at an Australian Financial Review Higher Education Conference that a Labor government offered the best means of escalating the business restructuring of tertiary education. Plibersek spoke of boosting “national export income” from the “tens of billions of dollars” that universities generate each year. In other words, universities must intensify their exploitation of high fee-paying international students to offset chronic government underfunding. That system became the platform for successive governments, Labor and Coalition alike, to increasingly force universities to become drastically dependent on student fees and corporate revenues. In its budget media release, it said the Coalition government refused to recognise that “tertiary education is Australia’s fourth largest export industry contributing $40 billion to Australia’s total exports.” This means further turning tertiary education into a business to serve the profit interests of the Australian capitalist class.
Chinese premier details mounting problems for economy
The Chinese economy is facing some of its most serious problems in more than three decades as the government continues to battle to end the outbreak of the Omicron variant of COVID-19 through lockdowns of major cities and other public health measures. The situation was “to some degree worse” than it had been at the start of the pandemic in early 2020 when the Chinese economy contracted by 6.9 percent. Earlier this month it was reported that industrial production, one of the key drivers of the Chinese economy, had fallen 2.9 percent in April, retail sales had dropped 11 percent and car sales had almost halved. The sector accounts for between 25 percent and 30 percent of the Chinese economy. In the wake of the 2008 financial crisis, the government and financial authorities were able to boost the economy through a massive stimulus package, involving increased spending and the expansion of credit.
“Nonunion drivers are getting paid better than us:” Car haul truckers in US determined to strike Tuesday night
The national contract for the Teamsters car haul division is set to expire Tuesday at midnight. In 2021, the Teamsters union signed a one-year extension to the five-year National Master Automobile Transporters Agreement that included an insulting 1.8 percent wage increase. During the last contract fight in 2017, rank-and-file workers voted down two Teamsters-backed concessionary contracts before the union rammed through a third deal. At the same time, car haulers can find powerful allies among rank-and-file autoworkers to block any attempt by the auto companies to use strikebreakers to transport vehicles. But this means taking the struggle into their own hands by forming rank-and-file committees, independent of the Teamsters union and all of its factions, including the TDU.
California Chevron oil workers’ strike sabotaged by United Steelworkers in total sellout
On Saturday night, the United Steelworkers (USW) Local 5 in Richmond, California, claimed that workers had ratified a tentative agreement (TA) with Chevron. Chevron workers speak for all workers across the globe who are refusing to bear the cost of inflation expressed in the dramatic rise in the cost of food, fuel, rent and other necessities. It is for this reason that we urge workers to get involved with the Oil Workers Rank-and-File Committee. In auto, trucking, health care and across the entire working class, the grievances experienced by Chevron workers are broadly felt. To join the Oil Workers Rank-and-File Committee, email oilworkersrfc@gmail.com.
Vintage Cars, Part of the Pandemic Hobby Boom, Priced Collectors Out
Budget-minded vintage car collectors, competing with Americans who took an interest in the vehicles as a pastime over the last couple of years, have found themselves increasingly priced out of the market for cars that were once considered cheap fun and are now in high demand. Undeterred, however, many buyers are determined to find the next best thing. It’s a financial term that has been appropriated, and somewhat inaccurately applied, by entry-level vintage car shoppers — those with about $25,000 to spend. To their surprise, buyers are finding that the cheaper substitute can, in many ways, turn out to be the equal of the more established collectible. The latest example in that cycle of substitutes is the first-generation Mitsubishi Montero, which has become a stand-in for people priced out of buying an old Land Rover Defender.
Energy crisis causing inflation problem for Americans, national security threat: Mitch Roschelle
Macro Trends Advisors LLC founding partner Mitch Roschelle weighed in on soaring gas prices on Monday, arguing that "we have to unlock our energy." "Right now Saudi Arabia is exporting $1 billion a day of profit on their oil so it’s not just inflation, it’s the national security threat that this poses," he told Fox News. Roschelle provided the insight on "Fox & Friends" on Monday as inflation sits near 40-year highs and gas prices hit a fresh record. "The reality is, they’re [the Biden administration is] doing very little, and Americans are getting fed up," Roschelle argued. Critics, though, have claimed that Biden's actions on energy policy have created a "supply problem" in the market.
CNN correspondent says Biden can't do much about gas prices: 'Options are looking pretty bleak'
CNN business correspondent Rahel Solomon said Monday that there was very little President Biden could do about gas prices, adding that the options were "looking pretty bleak." The CNN business correspondent said that "pain is widespread" and that it was "understandable" why the American people would want the president to do something to address the increased gas prices. "There is very little any sitting U.S. president can do in the short term to try to lower prices," Solomon said. Solomon said she asked Mark Finley, an energy and global oil fellow at Rice University, about any solutions to the skyrocketing gas prices. BIDEN: 'CAN'T DO MUCH RIGHT NOW’ TO LOWER SOARING GAS PRICES, ‘RUSSIA’S RESPONSIBLE'"The unfortunate reality for President Biden is there isn’t much he can do in the short term.
Pacific season's 1st hurricane aims at Mexico tourist zone
A general view of the Bahia Principal as Hurricane Agatha moves toward the southern coast of Mexico, in Puerto Escondido, Oaxaca state, Mexico, May 30, 2022. After forming on Sunday, Agatha quickly gained power, and it was predicted to make landfall as a strong Category 2 hurricane Monday afternoon or evening, the U.S. National Hurricane Center said. The hurricane center said Agatha could "bring an extremely dangerous storm surge and life-threatening winds." Early Monday, Agatha had maximum sustained winds of 110 mph (175 kph) — just 1 mph under the threshold for a Category 3, the hurricane center said. Little change in strength was expected before the storm makes landfall, according to the hurricane center.
America's next wind powerhouse: The Gulf of Mexico?
Challenges to potential Gulf wind projects persist, including the region’s frequent hurricanes and billions of migratory birds. The area’s typical wind speeds are also lower than those of the Atlantic Coast, the biggest haven for U.S. offshore wind projects. The wind projects would help meet President Joe Biden’s goal of building 30 gigawatts of wind power capacity by 2030 — enough power for more than 10 million homes. “I don’t think you’ll see offshore wind farms that are ‘just an offshore wind farm plugged into the grid, thank you very much,’” he said. The leases will help meet New York state’s mandated target of 9 gigawatts of offshore wind power by 2035 and New Jersey’s target of 7.5 gigawatts of offshore wind by the same year.
Toronto Stocks Climb; Greenlane Renewables Rises on $6.8M Contract in US
By Adriano MarcheseStocks in Toronto were higher on Monday mid-trading while U.S. markets remained closed for Memorial Day. In the session, most Canadian sectors were higher, led by consumer durables, health services and tech services, while the utilities sector lagged. Shares in Greenlane Renewables Inc. were higher after the company said that it won a $6.8 million contract for a dairy-manure-to-renewable-natural-gas project in the U.S.At midday, Canada's S&P/TSX Composite Index was up 0.73% to 20899.55 and the blue-chip S&P/TSX 60 rose by 0.73% to 1264.55. Greenlane Renewables Inc. shares rose by 10% to C$0.86 after it said its wholly-owned subsidiary Greenlane Biogas North America Ltd. was awarded the contract to supply its membrane separation biogas upgrading system to an undisclosed international energy company. Write to Adriano Marchese at adriano.marchese@wsj.com
Cambria Africa 1H Profit Rose on Higher Tradanet Revenue
By Jaime Llinares TaboadaCambria Africa PLC on Monday reported that its profit more than doubled in the first half of the fiscal year, reflecting higher revenue from its 51%-owned subsidiary Tradanet. The Zimbabwe-focused investment company made a net profit of $240,000 in the six months ended Feb. 28, up from $95,000 a year earlier.
Gazprom Shuts Gas Deliveries to Dutch Trader
By Jaime Llinares TaboadaGazprom PJSC will stop supplying gas to Dutch wholesaler GasTerra from Tuesday due to the latter's refusal to make payments in rubles. Gas trader GasTerra said Monday that it has decided not to comply with Gazprom's payment requirements because doing so risks breaching European Union sanctions. The cessation means that around 2 billion cubic meters of contracted gas won't be delivered between now and Oct. 1, when the deal was due to end, it said.
European stocks extend winning streak for fourth session
European stocks finished up Monday, with the Stoxx Europe 600 index SXXP, +0.59% rising 0.59% to 446.57. Of the Stoxx Europe 600 constituents, residential building construction company Countryside Partnerships PLC CSP, +18.61% saw the largest increase Monday, as shares surged 18.6%. Shares of medical equipment/supplies firm GN Store Nord A/S GN, +11.75% and jewelry & watches company Pandora A/S PNDORA, +9.93% rose 11.8% and 9.9%, respectively. Shares of tobacco company British American Tobacco PLC BATS, -2.66% saw the largest decline among Stoxx Europe 600 constituents, as shares dropped 2.7% on Monday. Editor's Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet.
U.K. stocks gain for fourth session
U.K. stocks increaseed Monday, as the FTSE 100 Index UKX, +0.19% finished up 0.19% at 7,600.06. Among FTSE 100 constituents, building materials/products company Melrose Industries PLC MRO, +5.16% saw the largest increase Monday, as shares rallied 5.16%. Shares of clothing retail firm JD Sports Fashion PLC JD, +3.79% and food retail company Ocado Group PLC OCDO, +3.75% rose 3.79% and 3.75%, respectively. British American Tobacco PLC BATS, -2.66% , a tobacco company, saw the largest decline among FTSE 100 constituents, as shares declined 2.66% on Monday. AstraZeneca PLC AZN, -1.06% , a biotechnology company, and major international banks company HSBC Holdings PLC (UK Reg) HSBA, -0.71% rounded out the top five largest decreases as their stocks dropped 1.06% and 0.71%, respectively.
UPDATE 1-South Africa's rand on firmer footing as dollar weakens
(Updates to reflect afternoon trade)JOHANNESBURG, May 30 (Reuters) - South Africa's rand strengthened on Monday as the U.S. dollar weakened, ahead of a slew of local economic data in the coming days that could give clues on the health of the economy. At 1536 GMT, the rand traded at 15.4850 against the dollar, 0.74% firmer than its previous close. The dollar resumed its slide on Monday as risk appetite across markets tentatively strengthened, supported by encouraging economic data and bets that the Fed will tighten policy at a slower pace. The Johannesburg All-Share index climbed 2.09% to 71,958 points while the Top-40 index closed 2.27% higher at 65,335 points. Among the gainers was shipping company Grindrod, up 7.24% to 8.30 rand, after it announced late last week that it had sold Grindrod Bank to African Bank.
Pimco Fund Added to Russia Swap Exposure in Weeks Before War
The bulk of the new swaps were sold in January, with some added in February before the war began, according to a person with direct knowledge of the matter. The exposure leaves Pimco as one of the biggest players in this week’s drama over whether Russia’s credit-default swaps will pay out, a question that’s been top of many debt investors’ minds since the country’s invasion of Ukraine earlier this year. Russia sovereign debt has plunged in value since the nation invaded Ukraine in February, and trading on credit-default swaps indicate about a 90% chance that Russia will default on its foreign debt within the next year. Pimco also owned more than $1 billion of Russian corporate and sovereign debt at the start of the year. The Russia exposure amounts to a small part of the $2.2 trillion that Newport Beach, California-based Pimco managed at year-end.
What If The Market Bottom Is Here Without Capitulation?
Analogue comparison based on the market rotation out from the most defensive sector in 2008 in conjunction with the market structure was explained in the video at the end of the post, as one of the scenarios to form a market bottom. Market Breadth As A Leading Bullish IndicatorApart from the anticipated price action, as shown above, market breadth should be monitored closely as it often leads the market indices both on the way up and on the way down. Should the market bottom form on 20 May 2022 without capitulation, the market breadth is to move up and commit above 40 (circled in green), similar to 2016. Eventually the market breadth should move back above 50 when the market is back to uptrend. Capitulation Scenario Using 2008 Market Rotation As An AnalogueSince the current rally in S&P 500 is still in the early phase, a failure scenario as shown above could still lead to a market capitulation scenario before a market bottom is formed.
This L.A. startup is using cargo e-bikes to solve urban traffic
On city streets, on most days, Amazon delivery vans, UPS trucks, Ubers and vehicles for instant delivery services all vie for space. A Los Angeles-based company is aiming to solve the problem of urban congestion and the emissions that come with it by swapping out the delivery trucks with cargo e-bikes. The company wants to build an ecosystem around cargo e-bikes, aiming to expand from 50 to 500 of them by next year. It’s an experiment, but one thing is for certain: this isn’t another home delivery company bringing you lunch. A bill in the New York state legislature to allow for wider cargo e-bikes is a start to addressing the issue, says NYU’s Kaufman.
Going Back to Movie Theaters? Mixed Reviews on Stitcher
20 minutes | May 27, 2022Going Back to Movie Theaters? Mixed ReviewsThe pandemic has changed how people watch movies, and movie studios and theaters are trying to survive. Datebook movie critics Mick LaSalle and G. Allen Johnson join host Cecilia Lei to talk about how the movie industry is faring and what theaters are doing to try to lure people back, including live events, and who they're targeting as likely customers. Plus: Mick and Allen share their summer movie recommendations. Visit megaphone.fm/adchoices
A dad's anguish outside Texas school while shooting unfolded
Jake Bleiberg and Elliot SpagatAssociated PressUvalde, Texas — Javier Cazares raced to his daughter’s school when he heard there was a shooting, leaving his truck running with the door open as he ran into the school yard. He spent the next 35 to 45 agonizing minutes scanning the children fleeing Robb Elementary School for his 9-year-old “firecracker,” Jacklyn. This account of the deadliest school shooting since Sandy Hook is based on law enforcement’s timeline, records and numerous interviews with Uvalde residents in the hours and days after the massacre. After shooting at two men who emerged from a nearby funeral home, Ramos hopped a chain-link fence and headed toward the school — still shooting — as panicked people nearby called the police. Two minutes after Ramos entered the school, three police officers followed him through the same door and were quickly joined by four more.
Coal ash workers dying as lawsuit over illnesses drags on
He labored long hours in the coal ash sludge with few or no days off for months at a time until he became too sick to work in 2013. The company wants a judge to dismiss most of the plaintiffs for failing to follow a procedure outlined in the Tennessee Silica Claims Priorities Act. The act specifically refers to silica, which is just one component of coal ash. It has not been proven that Jacobs — or even coal ash — is to blame for any illnesses, and the EPA classifies coal ash as nonhazardous. All that's stopped.”Last year Johnnie Bledsoe and Janie Clark received an American flag that had flown over the U.S. Capitol to honor the coal ash cleanup workers.
Hepatitis A outbreak linked to organic strawberries sold at stores including Walmart is being probed by the FDA
The Food and Drug Administration is investigating two brands of organic strawberries sold across major supermarket chains in the U.S. for a possible link to Hepatitis A. The potentially tainted strawberries were sold under the FreshKampo and H-E-B brands and so far have affected 17 people and hospitalized 12 across three states in the U.S. and in Canada, the FDA said in a statement. The strawberries are sold at supermarket chains Aldi, H-E-B, Kroger, Trader Joe’s, Walmart, Safeway, Sprouts Farmers Market, Weis Markets, and WinCo Foods. The FDA did not mention the origin of the strawberries, but Mexico-based FreshKampo noted on their website the production areas of its organic strawberries include Michoacán, Guanajuato, and Baja California, Mexico, and Morocco. "If you are unsure of what brand you purchased when you purchased your strawberries, or where you purchased them from prior to freezing them, the strawberries should be thrown away," the FDA said.
Crypto price crash caused by seven ‘whale’ traders, researchers find
A cryptocurrency crash that wiped $40 billion from investors’ holdings was caused by just seven traders, according to new research. ( )The crash contributed to a market-wide downturn, which saw bitcoin (BTC), Ethereum (ETH) and other leading cryptocurrencies to fall to 18-month price lows. After launching on major crypto exchanges over the weekend, the revived token also experienced a price crash, dropping from close to $20 to below $5 within the space of a few hours. Some of the original LUNA investors shared stories online of selling their new holdings of Terra 2.0 immediately after receiving them. “Sold my available LUNA 2.0 airdrop,” one wrote on Twitter.
Paul Pelosi blew a stop sign then was hit by a Jeep, arrest report reveals
DailyMail.com obtained his arrest report which reveals he was driving eastbound on Walnut Lane, a quiet tree-lined street in Oakville, five miles south of the Pelosi's vineyard in St Helena, on Saturday at 10.26pm. Pelosi was struck as he tried to cross the St. Helena Highway in Napa on Saturday at 10.22pm. He pulled out onto the highway and an oncoming car hit his vehicleNancy has not yet commented on his arrested. 'It probably tracks more with the younger Paul,' the neighbor said, referring to the couple's 53-year-old son, Paul Pelosi Jr.'I wouldn't be going to the kinds of fundraisers and parties they go to. Nancy and Paul Pelosi's vineyard in St Helena, Napa, is one of the many properties they own
China a ‘very important customer’, says Saudi Arabia, as global oil supply worries grow
China bought 87.6 million metric tonnes of crude oil last year from Saudi Arabia, its largest source of energy imports. Photo: Reuters
Harvard University student newspaper survey of graduates finds very few lean conservative
A Harvard University student newspaper survey of graduating students found that only 6.4% of the people who responded were conservative-leaning after attending the private Ivy League institution. It found that 4% of graduates from the class of 2022 lean conservative, and 2.4% lean "very conservative." *1.4% of the graduating students surveyed identify as apolitical, according to the student newspaper. 51.8% of graduating students surveyed have a favorable view of President Biden, compared to 30.1% who hold an unfavorable view. It found that 54.1% of graduating students surveyed support "defunding or abolishing ICE," and just 15.3% support "Elon Musk's bid to buy Twitter."
Israel, Egypt to boost economic ties, step up bilateral trade to $700m
Israel and Egypt are moving to strengthen economic ties and hope to reach $700 million in annual bilateral trade in the next three years, the Economy and Industry Ministry said Sunday. The plan will also see Israel increase imports of food, fresh fish, and construction materials from Egypt and exports of agriculture solutions and technologies. The countries maintain close security ties and share security interests in the Gaza Strip as well as in Sinai and the eastern Mediterranean but most Egyptians reject ties with Israel. In early 2020, Israel began exporting natural gas to Egypt, marking a historic moment for both countries. AdvertisementThe move came shortly after natural gas started flowing from the massive Leviathan gas field, and some seven years after Israel started pumping gas from the nearby Tamar field.
Sri Lanka PM invites protesting youth to join governance
COLOMBO, Sri Lanka -Sri Lanka's prime minister said Sunday that protesting youth groups will be invited to be part of governance under political reforms he is proposing to solve the country's political crisis triggered by an economic collapse. In a televised statement to the nation, he said that governance will be broad-based through parliamentary committees where lawmakers, youth and experts will work together. Students have led nearly daily protests in capital Colombo and elsewhere as Sri Lanka tethers on the brink of bankruptcy. Sri Lanka has to pay up $25 billion through 2026. Sri Lanka has been ruled by a powerful executive presidential system for nearly 45 years, and President Gotabaya Rajapaksa strengthened it further with constitutional changes as soon as he was overwhelmingly elected in 2019.
FDA investigating hepatitis A outbreak possibly linked to fresh strawberries
(CNN) The US Food and Drug Administration is investigating a potential link between a hepatitis A outbreak and fresh organic strawberries. The FDA with the US Centers for Disease Control and Prevention, the Public Health Agency of Canada, the Canadian Food Inspection Agency and state and local partners, said the strawberries were branded as FreshKampo and HEB and purchased between March 5 and April 25. They were distributed nationwide and sold at a number of retailers including Aldi, HEB, Kroger, Safeway, Sprouts Farmers Market, Trader Joe's, Walmart, Weis Markets and WinCo Foods. The potentially affected strawberries are now past their shelf life, FDA said, but people who froze them for later use should not eat them. "If you are unsure of what brand you purchased, when you purchased your strawberries, or where you purchased them from prior to freezing them, the strawberries should be thrown away," the FDA cautioned.
I’m a stripper — we can read the markets better than bankers
A stripper has claimed she can read markets better than bankers and set out why she thinks we’re heading for a recession. The adult entertainer said strip clubs were “sadly a leading indicator” of economic health, adding that we’re already in a recession. In a series of earlier Twitter posts, the woman, who goes by the username @botticellibimbo, said strip venues are “an operative tool” for business people and not just a source of “sinful” entertainment. “Ask ANY stripper we have to be aware of how rich people are going to spend their money, stripping is betting on how the rich spend their money. @botticellibimo’s post has received more than 120,000 likes and nearly 15,000 retweets since it was shared on May 19.
Fed Governor Christopher Waller says he's prepared to take rates past 'neutral' to fight inflation
Specifically, the central bank official said he would support hikes that exceed the "neutral" level considered neither supportive nor restrictive for growth. Estimates Fed officials provided in March point to a 2.5% neutral level, so that means Waller sees rates increasing at least another 2 percentage points from here. Markets currently are expecting the Fed to raise benchmark borrowing rates to a range between 2.5%-2.75%, in line with a neutral rate. Waller added that he thinks the Fed can raise rates and tamp down demand without causing a severe economic downturn. In part, the Fed's aim will be to reduce labor demand without causing a big rise in the unemployment rate.
U.S., Canada investigate Hepatitis A outbreak linked to organic strawberries
WASHINGTON, May 30 (Reuters) - Food safety regulators in the United States and Canada are investigating a Hepatitis A outbreak potentially linked to tainted organic strawberries that has sickened 17 people in the United States and 10 in Canada, the agencies said. Register now for FREE unlimited access to Reuters.com Register"People who purchased the fresh strawberries and then froze those strawberries for later consumption should not eat them. The imported organic strawberries were bought between March 5 and 9 and are no longer available for purchase in Canada, they said. "Based on investigation findings to date, consumption of imported fresh organic strawberries is the likely source of the outbreak," the agencies said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Doina Chiacu; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.
Fed's Waller supports 50 bps rate hikes for 'several' meetings
"I support tightening policy by another 50 basis points for several meetings," Waller said in prepared remarks to the Institute for Monetary and Financial Stability in Frankfurt, Germany. "In particular, I am not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2 percent target." Register now for FREE unlimited access to Reuters.com RegisterDebate at the Fed has shifted to the interest rate hikes required for the remainder of the year. Investors currently see the federal funds rate in a range between 2.50% and 2.75% by year's end, Waller said, noting his plan for rate hikes was not radically different. It was the second straight month that the rate of increase reflected in the annual core PCE price index decelerated.
Strawberries recalled in connection with hepatitis A outbreak
Strawberries are being recalled as investigators look into whether the fruit is the cause of more than two dozen confirmed hepatitis A cases in the United States and Canada. The U.S. has seen 17 cases of hepatitis A, a dozen of which required hospitalization, and Canadian authorities confirmed at least 10 cases by Friday. According to a public health notice released in Canada, that country's cases were found in Alberta and Saskatchewan. If someone is unsure where they bought their strawberries and the brand they purchased, the FDA recommends throwing them away immediately. Hepatitis A is a virus-born liver infection which causes inflammation and may impair liver function, according to the Mayo Clinic, an academic medical center.
Countryside Rejects Inclusive Capital's $1.9 Bln Takeover Proposal -- Update
By Ian Walker and Jaime Llinares TaboadaCountryside Partnerships PLC said Monday that it has rejected two potential takeover offers from Inclusive Capital Partners LP because they materially undervalue the company. Earlier on Monday, In-Cap had said that it has approached the house builder over a possible 1.47 billion pound ($1.86 billion) takeover. In-Cap is offering 295 pence for each Countryside share. Countryside noted that it had received a first offer of 225 pence plus a contingent of up to 59 pence from In-Cap in April. The company has a deadline of June 27 to either make a formal offer or walk away under U.K. Takeover Panel rules.
Russia may use foreign debt payment systems similar to one used for gas supplies
RMOSCOW (AP) — Russia said Monday it may use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts. “In payments for gas, we are credited with foreign currency and it’s converted into rubles,” Siluanov was quoted by Vedomosti as saying. The license applied to American investors and international investors who have dollar-denominated debt or bonds. Russia says it will pay dollar-denominated foreign debt in rubles, a move that is likely to be seen by foreign investors as a default. The license applied to American investors and international investors who have dollar-denominated debt or bonds.
UPDATE 1-Dutch gas trader GasTerra says its Gazprom deliveries to end May 31
(Adds detail)AMSTERDAM, May 30 (Reuters) - GasTerra will no longer receive gas from Russia's Gazprom from May 31 after refusing to agree to Moscow's demands for payment in roubles, the Dutch company said on Monday. GasTerra, which buys and trades gas on behalf of the Dutch government, said it had contracted elsewhere for the 2 billion cubic meters (bcm) of gas it had expected to receive from Gazprom through October. "We understand GasTerra's decision not to agree to Gazprom's unilaterally imposed payment conditions," Dutch Energy Minister Rob Jetten wrote on Twitter. "This decision will have no consequences for the physical delivery of gas to Dutch households." It had repeatedly asked Gazprom to adhere to its contractual payment methods and delivery obligations, GasTerra added.
Fed's Waller supports half-point rate hikes until inflation comes down
Christopher Waller, in a speech in Frankfurt, Germany, said he supports 50 basis point rate hikes for "several meetings," which stands in contrast to Fed Chair Jerome Powell's support for two consecutive half-point hikes, followed by reflection and a possible slowdown to quarter-point increases. "I support tightening policy by another 50 basis points for several meetings," he said. "I am not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2 percent target. And, by the end of this year, I support having the policy rate at a level above neutral so that it is reducing demand for products and labor, bringing it more in line with supply and thus helping rein in inflation," said Waller. He also said policy can tighten to tame inflation without causing a sharp increase in unemployment.
A Week In Brooklyn, NY, On A $45,000 Salary
Today: a receptionist who makes $45,000 per year and spends some of her money this week on the Benefit Hoola bronzer. Day One7 a.m. — Pay day! There’s been a shooting on a Brooklyn subway car and it takes everything in me not cry at my desk. It’s a true spring day and after being inside all day I’m glad to have lunch outside. A Week In Los Angeles, CA, On A $125,000 SalaryA Week In Seattle, WA, On A $156,000 SalaryA Week In Brooklyn, NY, On A $48,500 Salary
Goldman Sachs has 'about a billion dollars' behind One Million Black Women initiative so far: Exec
DAVOS, Switzerland — Goldman Sachs is putting big money to work as part of its One Million Black Women initiative. Launched in early 2021, Goldman's One Million Black Women initiative aims to advance racial equity and economic opportunity in Black women. Single Black women are six times less likely to own stocks than single white men. Further, single Black women are nearly 50% less likely to own a home. Black women in the United States are paid 35% less than white men and 15% less than white women.
15-year-old boy killed late Sunday in West End shooting
A 15-year-old boy was shot and killed blocks from TQL Stadium in the West End Sunday night, police confirmed. After responding to the 700 block of Betton Street at around 10:45 p.m., members of the Cincinnati Fire Department began treating two gunshot victims. One of the victims, 15-year-old Jerome Lipscomb III, was pronounced dead at the scene, police said in a news release Monday. No information about any suspects was released. Police asked anyone with information about the killing to call the Cincinnati Police homicide unit at 513-352-3542.
Where America's cities are growing
Data: Census Bureau. Map: Baidi Wang/AxiosAmerica's top 15 cities by percentage growth last year were clustered in Arizona, Texas and Florida, with a few in Idaho and one in Tennessee. Next were Leander, Texas (10.1%) ... Queen Creek Town, Ariz. (8.9%) ... Buckeye, Ariz. (8.6%) ... and New Braunfels, Texas (8.3%). Then Casa Grande, Ariz. (6.2%) ... Maricopa, Ariz. (6.1%) ... North Port, Fla. (5.5%) ... Spring Hill, Tenn. (5.4%) ... Goodyear, Ariz. (5.4%) ... and Port St. Lucie, Fla. (5.2%). Go deeper: See what happened in the 10 biggest cities.
Dough maker merger risks pastry price rise, watchdog warns
The merger of two dough makers risks pushing up the price of cook-at-home pastries and pizzas if it goes ahead, the competition watchdog has warned. Together, Cérélia and Jus-Rol account for more than two-thirds of the sales of items such as puff and shortcrust pastry dough and ready-to-bake pains au chocolat in supermarkets. Retailers would be left "with fewer alternatives" if the deal is allowed to progress, meaning potentially higher prices and worse quality, the CMA warned. The move comes amid growing concerns over squeezed household budgets, with some products already 20pc more expensive than they were in December. The CMA is ramping up efforts to stop any businesses from taking steps which would force prices even higher for customers.
Demonstration outside the EU summit in support of Ukraine
Ukrainian activists held a demonstration in Brussels ahead of Monday's EU summit to call for tougher sanctions against Russia. The protesters point out that European Union officials had promised full sanctions on Russian oil and gas by the beginning of June, but so far, at the end of May, there has been no oil embargo. The EU has already imposed five sets of sanctions on Russia over its war in Ukraine. The EU has targeted more than 1,000 people, including Russian President Vladimir Putin and senior government officials, as well as pro-Kremlin oligarchs, banks, the coal industry and others.
EU leaders plead with Orban to back Russian oil ban
EU leaders plead with Orban to back Russian oil ban04:33EU leaders were hoping Monday to persuade Prime Minister Viktor Orban to back a watered-down oil embargo against Russia after a month of haggling over a blocked sanctions package. But the Hungarian leader, who has demanded an exemption from the ban and guarantees for his country's energy supply, warned on arrival at the EU summit that no compromise had yet been reached. FRANCE 24's Catherine Nicholson tells us more.
Beijing man breaks COVID rules, tests positive, lands thousands of neighbors in quarantine
A Beijing man has landed thousands of his neighbors in quarantine after he ignored an order to stay at home and later tested positive for COVID-19, prompting a police investigation. "During the home isolation period he ... went out many times and walked in the neighborhood," said Beijing public security official Pan Xuhong. Sun and his wife later tested positive, prompting authorities to lock down 5,000 of their neighbors at home and send 250 to a government quarantine center. China is wedded to a zero-COVID strategy of hard lockdowns, mass testing and long quarantine periods to wipe out clusters as they emerge. Schools remain closed and Beijing still requires a negative COVID test to enter public facilities, including supermarkets.
Silicon Valley CEO joins Elon Musk in considering leaving California
Silicon Valley-based software company Palantir is following Tesla CEO Elon Musk’s lead and openly considering leaving the “increasing intolerance and monoculture” of California, its co-founder said. Speaking during an appearance Monday on “Axios on HBO,” CEO Alex Karp said the company was “getting close” to deciding whether it would leave the Golden State. And so I’m used to being social distanced in the Valley. Karp complained in the interview how some companies in Silicon Valley avoided business that could upset staffers, something else he blamed on the “monoculture” of Palo Alto. Karp’s comments come just weeks after Musk threatened to move his electric car company’s California headquarters to Texas or Nevada.
Inflation boosts home prices — but can hurt homeowners, too. What to know for taxes and insurance
Millions of American homeowners have seen the value of their properties escalate during this period of inflation. Home prices historically tend to increase when the Consumer Price Index is pushing higher, as is the case now. Over roughly the past year, for example, U.S. inflation has increased 8.3% and housing prices have shot up 20% or more in many markets. In fact, housing costs are a key component that affects the rate of inflation.
Tesla should be worried about this electric luxury car
Lucid Motors won Motor Trend's Car of the Year award with its first ever vehicle, the Lucid Air. CNN's Peter Valdes-Dapena explains why this 1000-horse power electric vehicle should have Tesla scared.
Greenlane Renewables Awarded $6.8M Contract in US
By Adriano MarcheseShares in Greenlane Renewables Inc. were higher in early trading Monday after the company said that it has won a $6.8 million contract for a dairy-manure-to-renewable-natural-gas project in the U.S.At 10:14 a.m. ET, shares were up 9% at C$0.85.
Russia Readies New Bond-Payment Plan in Bid to Avoid Default
(Bloomberg) -- Russia is planning a bond-payment mechanism to sidestep US sanctions and a potential default as a grace period ticks down on its latest missed coupons. Unlike the previous payment system, investors will be able to access the funds without restriction, he was cited as saying. Russia is back in default countdown as coupon payments in euros and dollars worth about $100 million had yet to trickle through to foreign investors’ accounts as of Friday evening, effectively triggering a 30-day grace period. Pimco Fund Added to Russia Swap Exposure in Weeks Before WarThe proposed structure is a reverse-image of the way European nations currently pay for Russian gas, he said. “This is how it works for gas payments: we get foreign currency, then it is converted to rubles” on behalf of the gas buyer, Vedomosti cited him as saying.
Supply chains: 'This pandemic is not over,' Citi exec explains
The shock of the war in Ukraine and China's zero-COVID policy continues to signal that the pandemic supply chain woes are far from being done. "We have a huge supply shock with what's going on with the war," Citi Global Head of Public Sector Group Julie Monaco told Yahoo Finance (video above) at the 2022 World Economic Forum (WEF) in Davos, Switzerland. (China Daily via REUTERS)Companies across industries are trying to get a handle on when supply chain logjams will improve — but that's been a moving target. Both Walmart (WMT) and Target (TGT) are experiencing a downside as the giant box retailers successfully navigated supply chain bottlenecks. Follow her on Twitter: @daniromerotvRead the latest financial and business news from Yahoo FinanceFollow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn
Costco Shares News on a Membership Price Increase
When some items were in short supply, Costco (COST) - Get Costco Wholesale Corporation Report and rival Walmart's (WMT) - Get Walmart Inc. Report Sam's Club became essential to people's lives. Sampling went away and people stopped shopping at Costco and Sam's Club just to see what merchandise they might have. At Q3 end, our U.S. and Canada renewal rate was 92.3%, up 0.3% from the 12 weeks earlier at Q2 end. At Q3 end, our paid executive memberships were 27.9 million, and that's an increase of just about 800,000 during the 12 weeks since Q2 end. Executive members now represent over 43% of our member base and over 71% of our worldwide sales.
State police seek family who scammed and assaulted donors
The Detroit NewsMichigan State Police in northern Michigan are asking the public for tips to find scammers who they say are "begging for money at local gas stations" and who assaulted someone who confronted them. The family says they need money for food for the children and for gas, police says, and they offer fake jewelry in return for a donation. Someone in Petoskey who donated money but then saw that neither food nor gas was purchased followed them to another gas station and confronted them, police say, and was assaulted. The subjects then fled in a rental vehicle, a red 2021 Chevrolet Suburban, police said, with Illinois license plate FB 94 576. Anyone who sees the SUV or sees suspicious people asking for money should dial 911 or call the MSP Gaylor post at (939) 732-2778.
Robot orders increase 40% amid labour shortage
Orders for workplace robots increased by 40 per cent in the first three months of 2022 amid a labour shortage in the US, according to new figures. The surge in demand coincided with US job openings reaching a record high of 11.5 million in March as employers struggled to find workers. Separate data from Job Openings and Labor Turnover Survey (JOLTS), published by the Bureau of Labor Statistics, found that job openings were rising in retail, manufacturing, transportation and warehousing. The JOLTS report signals a major imbalance between worker demand and supply in the US, with job openings nearly twice as high as pre-pandemic levels. An estimated 85 million jobs could be displaced by 2025, however the report also predicted that “the number of jobs destroyed will be surpassed by the number of ‘jobs of tomorrow’ created”.
Half-term getaway hell continues: Passengers face huge queues at Bristol and Gatwick from 4AM
And 140 miles away at Gatwick passengers said they too were enduring 'long and snaking' queues just to reach their planes. One Bristol passenger wrote online: 'Queue to get in the terminal at 5:15 at Bristol Airport. Bristol airport was compared to a 'zoo', with its crowded terminal the site of yet more chaos and confusion. 'We've been sent through baggage collection with luggage thrown on the floor now standing outside Bristol Airport. A Bristol Airport spokesman said: 'The Bristol Airport team and business partners are working hard to ensure all customers have a smooth and easy journey through the terminal.
Russia Hikes Social Welfare Payments to Mitigate Rocketing Inflation
Russia is set to boost wages and welfare payments for millions in a bid to ease the economic fallout of the country’s invasion of Ukraine. A bill signed by Russian Prime Minister Mikhail Mishustin Monday will raise pensions, as well as Russia’s minimum wage and living wage, by around 10%, according to business daily Vedomosti. In his address last week, President Putin stated that 2022 would be a “difficult” year for Russia’s economy. Pension increases will come into effect from June 1, while the higher minimum wage will kick in on July 1. Russians' real disposable incomes are likely to fall by around 7.5%, while real wages drop by around 6%, VEB predicts.
Cash crisis amid China’s stalling economy: rural banks freeze accounts, regulators playing ‘pass the parcel’
Deposits at Yuzhou Xinminsheng Village Bank, Shangcai Huimin County Bank, Zhecheng Huanghuai Community Bank and New Oriental Country Bank of Kaifeng have been frozen since April 18, sparking a number of protests in the provincial capital of Zhengzhou. Photo:Weibo
Hepatitis A outbreak may be linked to organic strawberries, FDA says
Organic strawberries sold at major chains including H-E-B, Kroger, Walmart, Sprouts Farmers Market, and Trader Joe’s may be linked to an outbreak of hepatitis A, the Food and Drug Administration said. People who purchased FreshKampo and H-E-B fresh organic strawberries between March 5, 2022, and April 25, 2022, and then froze those strawberries for later consumption should not eat them. The traceback investigations show that cases in California, Minnesota, and Canada report having purchased fresh organic strawberries branded as FreshKampo or H-E-B prior to becoming ill. People who purchased the fresh strawberries and then froze those strawberries for later consumption should not eat them. Contact your healthcare provider if you think you may have symptoms of a hepatitis A infection after eating these fresh organic strawberries, or if you believe that you have eaten these strawberries in the last two weeks.
How to map out your real estate strategy for today’s housing market
Even in a strong seller’s market, it is important for homeowners interested in listing their homes to have an agent who can help with pricing, marketing, contract review and negotiation. All real estate is local. Some markets, or submarkets, may be stronger or weaker than others. A local real estate professional will know your target market and will give you up-to-date information on the market and the selling prices of homes in your neighborhood. An agent can help you sift through the terms and conditions.
Opinion | It’s time for Biden to lift Trump’s China tariffs
Mr. Trump’s trade war has been a flop, escalating costs for Americans and generating little but ire from China. Mr. Biden himself described the tariffs as “reckless,” yet they remain. Mr. Trump put hefty ones in place on China starting in 2018, claiming they would force China to buy more from U.S. businesses and trade fairly. AdvertisementIn an encouraging sign, Mr. Biden has said several times in recent weeks that he’s discussing the tariffs with top advisers and “considering” tweaking them. The best way to force China to change is for Mr. Biden to create strong trade partnerships with other nations to make the United States less reliant on China.
Chase credit cardholders can earn up to 10X points at Starbucks this summer
Chase credit cards Starbucks promotionTo be eligible for the bonus cash-back offer or the opportunity to earn 10X Chase Ultimate Rewards® points, you must register your card by Aug. 31 using one of the activation links below. For the 10X points bonus, you'll be earning an additional 7X points on top of the 3X points you're already getting by using your card for dining. For the 10X points promotion, eligible credit cards include the Chase Sapphire Reserve® and Chase Sapphire Preferred® Card. That's $1,000 when you redeem through Chase Ultimate Rewards®. That's 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
Asian Americans face longer periods of unemployment, other labor market challenges
"Asian American workers' labor market statistics usually reflect healthier conditions than for the average worker," said Carmen Sanchez Cumming, a senior research assistant at the Washington Center for Equitable Growth. In April, Asian workers in the U.S. had an unemployment rate of 3.1%, according to the Labor Department. That compares with the overall U.S. unemployment rate of 3.6% and the white unemployment rate of 3.2%. However, other labor market statistics suggest Asian Americans suffer from long-term joblessness more than other workers. Last month, Asian men saw an average unemployment period of 46.2 weeks and Asian women experienced joblessness on average for 33.9 weeks, a report from Equitable Growth found.
German inflation at highest level in nearly half a century
Cologne, Germany, February 19 2022: Consumer prices in Germany increased an annual 8.7% in May, the Federal Statistics Office said on Monday. German inflation reached its highest level in nearly half a century in May, a result of energy and food prices that have only gone higher and higher since the start of the war in Ukraine. Consumer prices, harmonized to make them comparable with inflation data from other European Union countries (HICP), increased an annual 8.7%, the Federal Statistics Office said on Monday. The last time inflation had been similarly high in Germany was during the winter of 1973/1974, when mineral oil prices spiked as a result of the first oil crisis, said the office. According to the office, energy prices rose by 38.3% in May compared to the same month last year, while food prices also rose at an above-average rate of 11.1%.
Here's what you need to know about reverse mortgages
William_potter | Istock | Getty ImagesWith the stock market getting volatile but the housing market still hot, reverse mortgages have become a more attractive tool for older Americans who need cash for retirement but want to stay in their homes. The economics of reverse mortgages are not as good as they used to be. That increased the upfront costs of reverse mortgages by $1,500 per $100,000 mortgage face value. The market conditions for reverse mortgages, however, are favorable. "Research in the financial planning profession consistently shows that reverse mortgages can improve retirement planning outcomes," said Pfau, who has written a book about the products.
Shanghai aims for business as usual but hurdles remain
Hong Kong (CNN Business) China's richest and most international city is trying to return to business as usual after a two-month lockdown , but some restrictions will remain in place. The restrictions upended business in virtually every sector and brought the city to a standstill. Concerns remainChina's economy has been hit hard by the pandemic and the government's "zero Covid" approach, forcing analysts to lower their growth forecasts for the year. "For American businesses, the number one priority is to resume normal operations as soon as possible," he told CNN Business. The reaction is "a clear signpost the light at the end of the Covid lockdown ... has turned a bit brighter," Stephen Innes, managing partner of SPI Asset Management, told CNN Business.
Sales are up and prices too. Crocs CEO says brand was 'too cheap'
Crocs CEO Andrew Rees says despite customers having less money to spend, they still see good value in its foam clogs. Source: CNN Business
Gas prices hit yet another record high
(CNN) Millions of Americans traveling this holiday weekend are being greeted by unprecedented prices at the gas pump. The national average for regular gasoline rose to a fresh record of $4.62 a gallon on Monday, according to AAA. Gas prices are up sharply from last Memorial Day, when they averaged $3.05 a gallon, according to AAA. And there are no states where gas prices average less than $4.10 a gallon. In spite of high prices, AAA estimates that 34.9 million people are traveling by car this holiday weekend, up 4.6% from last year.
Here's what's open and closed on Memorial Day 2022
New York (CNN) Many businesses, government offices and schools will be closed on Monday, May 30 because of Memorial Day — a federal holiday honoring members of the US armed forces who have died serving the country. Here's what's open and closed on Memorial Day 2022. Post officeThe US Postal Service does not deliver mail on Memorial Day and post offices will be closed. UPS stores will be closed and there is no UPS pickup or delivery service. Most FedEx services will also remain closed Monday, except for FedEx Office locations which will operate on modified hours.
UK inflation expectations stick at high levels - Citi/YouGov
REUTERS/Paul ChildsLONDON, May 30 (Reuters) - The British public's expectations for inflation have held stable this month but at high levels that are likely to keep the Bank of England on alert about price growth risks, according to a survey published on Monday. U.S. bank Citi and polling firm YouGov said their gauge of expectations for inflation in five to 10 years' time held at 4.2% in May, unchanged from April. Public inflation expectations for the coming 12 months edged up to 6.1%, matching March's record high, from 6.0% in April. Citi economist Benjamin Nabarro said the figures were likely to mean the BoE remains concerned about medium-term inflation expectations. Register now for FREE unlimited access to Reuters.com RegisterWriting by William Schomberg, editing by Andy BruceOur Standards: The Thomson Reuters Trust Principles.
UK to grant visas to graduates from the world's best universities
REUTERS/Peter CziborraLONDON, May 30 (Reuters) - Britain will offer work visas to graduates from the world's best universities in an expansion of its post-Brexit immigration system that is designed to attract the "best and brightest" workers. Successful applicants will then be able to switch to longer-term employment visas, the government said. Under the new scheme, applicants must have been awarded degrees no more than five years before the date of application. Eligible universities must appear in the top 50 rankings of at least two of the following: the Times Higher Education world university rankings, the Academic Ranking of World Universities and the Quacquarelli Symonds world university rankings. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrew MacAskill; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.
Booze, burgers and bunting - UK supermarkets get Platinum Jubilee boost
Stony Stratford is decked out in Union Jack flags and bunting ahead of planned celebrations for the Queen's Platinum Jubilee, in Britain May 24, 2022. Market researcher Kantar said that when Britain celebrated the queen's Diamond Jubilee in 2012, UK supermarkets saw a 10% boost in sales in the week leading up to the festivities. It said sales of Dubonnet, the queen's favourite tipple, were up 50% compared to last year. But the boost to trade from Jubilee spending is expected to be short lived. read moreLast month, market leader Tesco (TSCO.L) and Sainsbury's both warned of lower profit this year.
AGS WEEK AHEAD: Grain Outlook Is Tight on Black Sea Uncertainty: UN FAO Index Is in Focus
By Yusuf KhanA roundup of key agricultural commodity markets for the week of May 30 - June 3 by Dow Jones Newswires in London. India last week looked to restrict sugar exports by ensuring exporters gained permission to export. Once export permission is given, this must be used thereby preventing exporters from applying for permission and keeping it as an option, according to Marex's Robin Shaw. This may cause hesitation on the part of would-be exporters, especially if the export parity and domestic price are similar." White sugar futures were up 1.1% to $574 a ton.
Canada Records C$5.03 Billion Current Account Surplus in 1Q
By Paul VieriaOTTAWA--Canada recorded its biggest current-account surplus in roughly 14 years in the first quarter, as the economy benefited from higher energy prices. The country's current account, or the broadest indicator of Canada's trading and investing relationship with other nations, posted a surplus of 5.03 billion Canadian dollars ($3.95 billion) in the first quarter of 2022, Statistics Canada said Monday. Market expectations weren't immediately available.
Here’s the asset investors want if inflation stays high, says Deutsche Bank. And crypto isn’t even ‘on the radar’
That’s according to the latest Deutsche Bank survey of investors, who say that property will be their most preferred buy-and-hold asset class, if inflation stays elevated — averaging between 3% and 5% over the next decade. Some 43% of respondents said property was the top buy-and-hold choice, followed by 33% who opted for developed market equities and 15% for gold. Cryptocurrencies were “not on the radar,” selected by 1% as a top asset, just behind cash at 4%. Deutsche Bank had more than 560 responses to its the survey conducted May 25 to 27. German annual inflation reached the highest level in nearly 50 years in May, according to data released Monday.
Al Gore’s Firm Bought Alibaba Stock and Salesforce. It Sold Cisco, Microsoft.
The investment firm co-founded and chaired by former Vice President Al Gore has made big changes in its U.S.-traded investments. Generation Investment Management loaded up on shares of Chinese online giant Alibaba Group Holding (ticker: BABA ) and cloud firm Salesforce. Salesforce stock slipped 16.5% in the first quarter; so far in the second, shares have tumbled 22%. Generation bought 1.1 million more Salesforce shares to end the first quarter with 1.8 million shares. Cisco stock tumbled 12% in the first quarter; so far in the second, shares have slipped 18%.
Abu Dhabi's Borouge draws $80 bln in demand for its IPO -sources
By Hadeel Al SayeghDUBAI, May 30 (Reuters) - Abu Dhabi-based petrochemicals company Borouge has attracted demand of $80 billion for its initial public offering, two sources told Reuters, as retail investors snapped up shares despite volatile global markets. Borouge is due to list on the Abu Dhabi stock exchange on Friday. Demand for the retail tranche, which includes employees in the company, totalled $17 billion, the highest for an IPO in the United Arab Emirates in almost two decades. Asset managers BlackRock and Fidelity were among institutional investors taking part in the offering, the sources said. Bankers carved out almost a week to draw interest in the Abu Dhabi offering, but it took less than an hour before they had excess orders.
Elite San Jose private school faces a public challenge — housing
The Harker School boasts of a world-class reputation built over a century, regularly sending graduates to Stanford, Harvard and other elite universities. But the private school in San Jose shares a problem common to its public-school brethren throughout the Bay Area — the lack of affordable housing for teachers. I was upset,” said Jane Kenney, an energetic 84-year-old who has lived in the same Troy Drive apartment for 25 years. The Harker School pays teachers competitive wages, but not as high as some public schools in the Bay Area, Yager said. Finding teacher housing has been a long-time struggle for Bay Area school districts.
2 dead in Cincinnati after 2 separate pedestrian crashes this weekend
Two separate crashes involving pedestrians walking in crosswalks – one in downtown Cincinnati, the other in Avondale – turned fatal this weekend. Early Monday morning, a 63-year-old man was killed while walking in a marked crosswalk downtown according to Cincinnati police. The vehicle initially left the scene but its driver later returned and talked to officers, Cincinnati Police said in a news release. Watson was later pronounced dead at the University of Cincinnati Medical Center. The crash killed one person who police have not yet identified and hospitalized Angelo Walton, 31, who suffered serious injuries according to a separate release.
Dough maker merger risks pastry price rise, watchdog warns
The merger of two dough makers risks pushing up the price of cook-at-home pastries and pizzas if it goes ahead, the competition watchdog has warned. Together, Cérélia and Jus-Rol account for more than two-thirds of the sales of items such as puff and shortcrust pastry dough and ready-to-bake pain au chocolats in supermarkets. Retailers would be left "with fewer alternatives" if the deal is allowed to progress, meaning potentially higher prices and worse quality, the CMA warned. The move comes amid growing concerns over squeezed household budgets, with some products already 20pc more expensive than they were in December. The CMA is ramping up efforts to stop any businesses from taking steps which would force prices even higher for customers.
British Airways staff threaten summer strike
British Airways check-in staff are threatening to strike at the height of summer as unions seize on travel chaos to ram through a new pay deal. Bosses at Unite, the trade union, say check-in staff have missed out on pay rises that bring wages in line with pre-pandemic levels. Some 500 staff will be balloted between June 7 and June 27 ahead of a potential walkout targeted to cause maximum disruption during the summer holidays. “British Airways used the cover of Covid to brutally cut members’ pay. “Strike action and the accompanying disruption can be avoided by BA returning to negotiations and restoring our members’ pay rates to pre-pandemic levels.”
Credit card rates hit record high as banks fear customers are overspending
Credit card rates have hit a record high amid soaring inflation which has driven shoppers to borrow to cover living costs. The average annual percentage rate – or "APR" – charge on credit cards has reached 26.6pc this month, the highest since records began in 2006, according to Moneyfacts, a financial analyst. May's average rate represented a jump of 0.4 percentage points compared to February, when the average rate was 26.2pc, and surpassed the previous high of 26.4pc set in October 2021. Richard Lane of StepChange, a debt charity, said the number of people turning to credit cards is rising as inflation has surged. “Even with the recent welcome announcement of support from the Government, the cost-of-living squeeze is likely to push more people towards credit to navigate short-term financial pinch points,” he said.
Ethical investing is harder than it looks – here’s why
It is a tough one. Do investors have to choose between ethics and profits? But in the real world, the comeuppance often seems to take a long time a-coming, while truly ethical companies sometimes lack the drive to produce good profits. The debate has given a new twist to ESG investing – putting money into companies that have approved environmental, social and governance performance – as we explained a few days ago. It is an enormous, multi-sided issue, and people have strong views on both sides.
Paul Pelosi blew a stop sign then was hit by a Jeep, arrest report reveals
Nancy Pelosi's husband Paul was driving his Porsche drunk and pulled out onto the highway into the path of an 48-year-old man driving a Jeep in Napa, his arrest report reveals. DailyMail.com obtained his arrest report which reveals he was driving eastbound on Walnut Lane, a quiet tree-lined street in Oakville, five miles south of the Pelosi's vineyard in St Helena, on Saturday at 10.26pm. He pulled out onto the highway and an oncoming car hit his vehicleNancy has not yet commented on his arrested. 'It probably tracks more with the younger Paul,' the neighbor said, referring to the couple's 53-year-old son, Paul Pelosi Jr.'I wouldn't be going to the kinds of fundraisers and parties they go to. Nancy and Paul Pelosi's vineyard in St Helena, Napa, is one of the many properties they ownHe has raked in millions through investments in tech companies like Alphabet, Google's parent company, and Disney.
EU leaders seek to break deadlock on Russian oil embargo
EU leaders seek to break deadlock on Russian oil embargo01:08EU leaders on Monday will try to persuade Hungarian President Viktor Orban to back a watered-down oil embargo against Russia after a month of haggling over the bloc's latest sanctions.
Douyin, China’s version of TikTok, will charge restaurants, hotels to promote on the platform
A delivery worker waits for a dinner order at a restaurant offering only take-out services due to Covid-19 restrictions in Beijing, May 21, 2022. Photo: Bloomberg
Three More Senators Violated the STOCK Act
In the Senate, just 23 senators filed their 2021 annual disclosures by the deadline. More from SludgeThe three are just the latest of dozens of members of Congress who have been found to have violated the STOCK Act’s timely reporting requirement recently. “He believes we should prevent conflicts of interest and build on the disclosure and transparency already in place.”In the Senate, just 23 senators filed their 2021 annual disclosures by the deadline. Sludge’s inquiries to Peters’ office about the transaction and STOCK Act compliance did not receive a response. The second-term Peters has considerable influence over whether the Senate will move this year to limit stock transactions or ownership by its members.
Australian Casino Fined $57m For Illegal China Funds Transfer
The operator of one of Australia’s biggest casinos was fined $57.4 million on Monday by the Victoria state gambling regulator for allowing an illegal transfer of funds from ChinaThe operator of one of Australia’s biggest casinos was fined A$80 million ($57.4 million) on Monday by the Victoria state gambling regulator for allowing an illegal transfer of funds from China. The Victorian Gambling and Casino Control Commission (VGCCC), in its decision on Friday, said the issue dubbed as the “China UnionPay process” related to illegal conduct between 2012 and 2016, whereby patrons were allowed to use credit or debit cards to access funds to gamble at Crown’s casino in Melbourne. This facilitated access to nearly A$164 million to patrons, from which Crown derived an estimated revenue of more than A$32 million, the regulator said. ‘Historic Failings’The decision came just before regulators in Victoria, New South Wales, and Western Australia decide on whether to approve the Blackstone takeover. The company expects a conclusive Federal Court hearing to approve the buyout next week, provided the various gaming regulators give it the green light.
Organic strawberries likely cause of hepatitis A outbreak in U.S., Canada
Placeholder while article actions loadA multistate outbreak of hepatitis A infections in the United States and Canada is likely to have been sparked by contaminated organic strawberries sold in leading grocery stores, the Food and Drug Administration warned, urging customers to throw out any uneaten batches that may have been frozen for later consumption. At least 12 people had been hospitalized with the highly contagious virus that can cause fever, nausea, stomach pain and fatigue. Those who reported infections in California, Minnesota and Canada said they had purchased either FreshKampo or HEB-branded berries before falling sick. The FDA said that the investigation into the infected strawberries was ongoing and that more products may be included as part of the advisory. HEB, in a statement on its website announcing the recall, said it has not received or sold organic strawberries from the supplier under investigation since April 16 — but that anyone who has purchased organic strawberries during the FDA’s review period should throw them away or return them to the place of purchase.
Tax breaks aren’t prime reason for high-net-worth philanthropy, study finds
Maria Teijeiro | OJO Images | Getty ImagesTax breaks aren't the primary incentive for philanthropy among the ultra-wealthy, according to BNY Mellon Wealth Management's inaugural Charitable Giving Study. By contrast, tax benefits ranked among the bottom three reasons for donating money to charity, the findings show. Nearly three-quarters of high-net-worth millennials and 8 in 10 Gen X investors have a charitable giving strategy, according to the report. "Their money and their values are inextricably linked in a way that your older client's money and values are not." The report also shows a shift in donations over the past couple of years, with the majority of high-net-worth investors giving more since the pandemic began.
House hunting? Here's when to increase your budget and when to stick to your original price
valentinrussanov | E+ | Getty ImagesThe housing market is hot right now — if you're a seller. People of color were also more likely to push off a home purchase due to rising costs, the survey found. That can hurt younger consumers, as well as first-time buyers, according to Hale. If you're looking to live in a house for more than five years, it may make sense to pay slightly more now. When not to stretch On the flip side, there are some situations where it does not make sense to increase your homebuying budget.
Millennial who banked $1 million in 5 years: Don't make these 4 mistakes when trying to earn extra cash
If you want to start a successful side hustle, or several, Sabatier says, there are four mistakes you should avoid. Don't invest too much money upfrontA successful side hustle can bring in a substantial amount of money. But I don't know how to code, and I've never built an app, and I don't know how to do it.'" Don't underestimate the timelineIn most cases, you're not going to build a successful company overnight. Before you say yes to a side gig, it's also vital that you're realistic about how many hours a week you're able to invest, Sabatier says.
Lessons from the 1970s stagflation: Commodities may be among the only trades that work
With rising fears that we're headed for a period of stagflation — high inflation coupled with slowing growth — Deutsche Bank looked back to the 1970s for a historical guide of what might work in this economic environment. Analysts led by Henry Allen said that oil and agricultural goods were among the best places to invest during the 1970s, a decade plagued by stagflation. "That echoes what we've seen in 2022, where commodities are the only asset class to have seen relatively consistent gains this year," Allen wrote. The surge in oil prices, which has sent gas prices to record highs, is a major contributor to inflation. Deutsche Bank said that commodities were the sole asset class that "reliably managed to post a positive real return" over the 1970s.
The Hamptons summer rental market is facing an unexpected chill as inventory piles up and prices come down
The rental market in the Hamptons is facing an unexpected chill this summer. Median rental prices in the first quarter fell 26%, according to Jonathan Miller, CEO of Miller Samuel. While the wealthy still have plenty of money to spend, they may be balking at the high rental prices, especially given the economic outlook. Source: 277 Surfside LLC Bridgehampton 11932And, strong home sales in the Hamptons during the pandemic may now be hurting rentals. "The buyers removed themselves from the rental market," Morabito said.
Battery Metal Bull Market Has Peaked, Goldman Sachs Says
By Yusuf KhanBattery metal prices have been rising consistently in recent years, but this bull market has peaked according to investment bank Goldman Sachs, with investments in the sector helping to contain higher prices. Nickel is likely to be firmer, at $31,000 a ton in 2022 to $30,250 a ton in 2023, they say. Much of the extra lithium supply is expected to come from increases in Chinese and Australian hard rock projects, as well as rises in spodumene supply--the most commercially important mined lithium mineral. Nickel and copper mine expansions are also expected to help boost cobalt supply, given the metal is usually a byproduct of their production. All three are used within lithium-ion batteries but lithium iron phosphate batteries--often nickel and cobalt free--are growing in popularity in China.
Coal ash workers dying as lawsuit over illnesses drags on
The Tennessee Valley Authority was responsible for a massive coal ash spill at the plant in 2008 that covered a community and fouled rivers. The Tennessee Valley Authority was responsible for a massive coal ash spill at the plant in 2008 that covered a community and fouled rivers. He labored long hours in the coal ash sludge with few or no days off for months at a time until he became too sick to work in 2013. The act specifically refers to silica, which is just one component of coal ash. It has not been proven that Jacobs — or even coal ash — is to blame for any illnesses, and the EPA classifies coal ash as nonhazardous.
German inflation rate hits highest level since early 1970s
BERLIN (AP) — Germany’s annual inflation rate accelerated to 7.9% in May, its highest level in nearly half a century, according to an official estimate Monday. The Federal Statistical Office said year-on-year inflation jumped from 7.4% in April, with energy prices 38.3% higher than in May last year and food prices up 11.1%. It is the highest inflation rate since the winter of 1973-1974, when an oil crisis also fueled higher prices. Inflation in Germany stood at an already high 5.1% in February and leapt above the 7% mark in March following Russia’s invasion of Ukraine. In month-on-month terms, the statistics office said prices were up 0.9% in May.
Orsted Rejects Gazprom Demands to Pay for Gas in Rubles
By Dominic ChoppingDanish renewable-energy company Orsted AS said Monday that it continues to reject demands from Gazprom Export to pay for gas supplies in Russian rubles. "We have no legal obligation under the contract to do so, and we have repeatedly informed Gazprom Export that we will not do so," the company said.
German inflation reaches highest in nearly 50 years
Germany’s annual rate of inflation has risen in May at a faster pace than in April, beating forecasts and posting the highest reading since December 1973, according to preliminary data released by German statistics office Destatis on Monday. Consumer prices rose 7.9% on year measured by national standards, against the 7.5% forecast by economists in a Wall Street Journal poll. They rose 8.7% on year by European Union harmonized standards, above economists’ forecast of 8.1%.
UPDATE 1-German inflation at highest level in nearly half a century
(Adds details)BERLIN, May 30 (Reuters) - German inflation reached its highest level in nearly half a century in May, a result of energy and food prices that have only gone higher and higher since the start of the war in Ukraine. Consumer prices, harmonised to make them comparable with inflation data from other European Union countries (HICP), increased an annual 8.7%, the Federal Statistics Office said on Monday. The last time inflation had been similarly high in Germany was during the winter of 1973/1974, when mineral oil prices spiked as a result of the first oil crisis, said the office. According to the office, energy prices rose by 38.3% in May compared to the same month last year, while food prices also rose at an above-average rate of 11.1%. (Reporting by Miranda Murray and Rene Wagner; Editing by Angus MacSwan)
GM's All-Electric Hummer Looks Like a Tank. It Drives Like a Sports Car.
Our highway driving allowed us to test out Super Cruise, GM’s (ticker: GM) hands free advanced driver assistance feature. Many require a driver to provide a little turning force on the steering wheel to keep the system on. We prefer the camera to the steering wheel modality. Moving the steering wheel from side to side creates the feel of a boat floating on a lake. And it signals that GM’s EV lineup is filling out.
UPDATE 1-S.Africa's Eskom to implement 'Stage 2' power cuts on Monday
(Adds details from Eskom statement, background)May 30 (Reuters) - South African state utility Eskom said it would implement "Stage 2" rotational power cuts on Monday from 1700 to 2200 local time (1500 to 2000 GMT), after breakdowns at its coal-fired power stations. Economic growth in Africa's most industrialised nation has been constrained for more than a decade by Eskom's electricity outages. "Stage 2" scheduled outages require up to 2,000 megawatts to be shed from the national grid. Eskom's ageing coal fleet is highly prone to faults, and government plans to add additional capacity to the grid have been sluggish. Eskom implements scheduled power cuts, called "load-shedding," to prevent a total blackout and replenish emergency generation reserves.
The gunmaker whose rifle was used in Uvalde shooting reportedly runs direct-to-consumer ads to aimed at younger buyers
AP Photo/Jae C. HongThe gunmaker that made the rifle used at Uvalde advertises aggressively online, the NYT reports. The gunmaker that made the rifle used in the Texas elementary school shooting uses online direct-to-consumer advertising tactics to attract young buyers, according to the New York Times. Daniel Defense also runs ads modeled after popular video game "Call of Duty," likely also aimed to appeal to a younger audience, per the Times. The Times reported how Daniel Defense also runs a buy-now, pay-later scheme, which is advertised on the home page of its website. In a statement posted on its website, Daniel Defense said it was "deeply saddened by the tragic events in Texas."
TIMELINE: Texas elementary school shooting, minute by minute
11:27 a.m. — Video shows a teacher, whom authorities haven't publicly identified, propping open an exterior door of the school, McCraw said. 11:28 a.m. — Ramos crashes the pickup into a drainage ditch behind the school, McCraw said. Story continues11:30 a.m. — 911 receives a call saying there was a crash and a man with a gun at the school, McCraw said. 11:32 a.m. — Ramos fires multiple shots at the school and then makes his way toward the open door, McCraw said. Around this time, a girl calls 911 and is told to stay on the line and stay very quiet, McCraw said.
What student loan forgiveness would mean to these five borrowers
Brescia went to community college, then earned a bachelor’s degree of applied science in hospitality management from Fairleigh Dickinson University. He has $41,000 left in federal and private student loans and is a co-signer on private loans that his wife, Ashley, holds. I was severely behind on bills, because the bills started coming in for student loans. I still pay the private loans. We’re already at such an inflation rate and I’m very nervous — anything like this could further that inflation rate significantly.
Denver medical examiner receives $386,000 grant for DNA technology to help identify the dead faster
“This identification allows loved ones to have a burial, to obtain death certificates and to receive justice, in some cases,” said James Caruso, Denver’s chief medical examiner. The office will soon solicit bids from vendors of the technology and hopes to begin using the product within a year. Typically, when someone dies, the Office of the Medical Examiner conducts an autopsy and takes blood samples, which are stored in the office, Harwick said. Harwick is hopeful the new technology can help find next-of-kin for those examined or autopsied at the Office of the Medical Examiner. Historically, there are currently more than 230 dead people whose families the Denver medical examiner hasn’t been able to locate, dating back to 1998.
Historic Stowe, Twain houses in Hartford get boost from state grants; longtime neighborhood community garden will be preserved
The Mark Twain House & Museum in Hartford has been awarded a state grant of $250,000 for repairs and renovations. Flats of vegetable seedlings awaiting planting in a plot in the community garden on Battles Street in Hartford. Knox Inc. is buying the land to ensure it remains a community garden. The Harriet Beecher Stowe Center in Hartford is receiving state funding of $250,000 for restoration and updating of buildings on its campus. >Last year, Forbes named the Twain House the best house museum in the country.
Windsor to use ARPA funds to help startups, noting ‘America’s entrepreneurial spirit’ remains strong
Of the total funding, $70,000 will come from the town’s previously-approved but never used Small Business ad Non-Profit Grand Program, and $95,000 from the new ARPA fund allocation. Windsor Worx will also partner with the CT Small Business Center to provide assistance to businesses in the areas of marketing, sales, legal services, bookkeeping, and more. She formed Bromleigh Enterprises, a nonprofit organization focused on helping small businesses, of which Windsor Worx would be a subsidiary. Now, the suburban areas are seeing a lot more small business ownership. “We certainly can provide more numbers to you.”“I think there has been due diligence done,” said council member Lisa Bress.
Russia offers foreign debt payment system similar to gas one
MOSCOW (AP) — Russia said Monday it may use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts. “In payments for gas, we are credited with foreign currency and it’s converted into rubles,” Siluanov was quoted by Vedomosti as saying. The license applied to American investors and international investors who have dollar-denominated debt or bonds. Russia says it will pay dollar-denominated foreign debt in rubles, a move that is likely to be seen by foreign investors as a default. The license applied to American investors and international investors who have dollar-denominated debt or bonds.
Bitcoin price rallies as JPMorgan strategists predict 25% gains
The price of bitcoin returned above $30,000 on Monday, marking a 15 per cent increase from the 18-month low it hit in mid May. In a note to investors last week, JPMorgan strategists wrote that $38,000 currently represented the fair market value for bitcoin – roughly 25 per cent up from today’s price. “The past month’s crypto market correction looks more like capitulation relative to last January/ February and going forward we see upside for bitcoin and crypto markets more generally,” the note stated. The downturn saw a popular crypto market sentiment score fall to its lowest level since 2019, with the Bitcoin Fear & Greed Index registering “extreme fear”. “That said, bitcoin has also seen continued sell-offs following a fearful market sentiment.
Women board members rise to high of 41% in 2021 - English
(ANSA) - ROME, MAY 30 - The percentage of women board members on publicly listed companies rose to an all-time high of 41% in 2021, CONSOB said Monday. "But there are still very few female CEOs," said the bourse regulator. photo: chair of Italian Corporate Governance Committee, Lucia Calvosa (ANSA).
Analysis: Russians feel little economic pain now, long-term outlook darkens
A general view on the Kievsky railway station and skyscrapers of Moskva-City business centre in Moscow, Russia April 29, 2022. Economy Minister Maxim Reshetnikov said on Friday there was a "demand crisis" in business and consumer spending. The economy minister said manufacturers were re-establishing supply chains broken by sanctions and said 2,000 "backbone companies" could access preferential lending programmes. Finance Minister Anton Siluanov said on Friday that Moscow required "huge financial resources" for what Moscow calls its "special military operation". The bank's chief regional economist, Alina Slyusarchuk, said in a note that Russia's potential long-term growth rate was now just 1%.
Kenya Current-Account Deficit Seen Widening 5.1% on Year
By George MwangiSpecial to Dow Jones NewswiresNAIROBI--Kenya's current-account deficit is estimated to have widened to 5.1% of gross domestic product in the 12 months to April, compared with 4.8% of GDP in the same prior-year period, the country's central bank said Friday. The wider deficit is attributed to a higher import bill, particularly for oil, which offset the increased receipts from agricultural services exports and remittances, the bank said. On May 20 the bank said the country's current-account deficit was estimated to have widened to 5.3% of gross domestic product in the 12 months to March, compared with 4.7% of GDP in the same prior-year period. Write to Barcelona Editors at barcelonaeditors@dowjones.com
Mainstreet Equity Gets OK to Buy Back 10% of Public Float
By Adriano MarcheseCanadian real-estate operating company Mainstreet Equity Corp. said Monday that it has received authorization to purchase up to 10% of its public float over the course of a one-year period. Mainstreet Equity said that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid to buy back up to 477,109 shares.
Russia Is Exploring New Plan to Pay Debt to Foreign Creditors in Rubles: Report
Russia is being pushed closer to default by sanctions imposed following its invasion of Ukraine. AFP via Getty ImagesRussia is discussing a new plan to settle its Eurobond debt which would use a mechanism similar to the scheme used to pay for Russian gas in rubles, according to finance minister Anton Siluanov. Since coming under sanctions designed to freeze its financial system after the invasion of Ukraine, Russia has only been able to pay coupons on its foreign-denominated debt through an exemption from the U.S. Treasury Department for foreign creditors. Last week, the U.S. said it would not extend the license allowing Russia to make such payments.
Bitcoin lures inflation-weary Argentines despite crypto crash
An April report from Americas Market Intelligence showed crypto penetration in Argentina was 12%, around double the level of Mexico and Brazil. Local crypto platforms like Lemon Cash and Buenbit told Reuters that their user base had ballooned over the last year. "But until I get to know the crypto market, I can't put a lot of money into it." He started with Ethereum and then bitcoin - which allowed him to buy some land and go back to school. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^Argentina: crypto is king (Interactive graphic) https://tmsnrt.rs/38x0KdiArgentina: crypto is king https://tmsnrt.rs/3MqdpgK^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>(Reporting by Hernan Nessi and Agustin Geist; Additional reporting Horacio Soria; Editing by Adam Jourdan and Rosalba O'Brien)
China uses digital yuan to stimulate virus-hit consumption
FILE PHOTO: A sign indicating digital yuan, also referred to as e-CNY, is pictured at a shopping mall in ShanghaiSHANGHAI (Reuters) - China is using the digital yuan to stimulate consumption in its pandemic-hit economy, with more e-CNY applications expected in future to boost transparency and effectiveness of government policies. The southern city of Shenzhen started distributing 30 million yuan ($4.50 million) worth of free digital cash on Monday to revive consumption and aid businesses. Issuing e-CNY subsidies can both aid consumption and further promote use of the electronic yuan. Lin Yifu, an economist at Peking University said in a speech earlier this month that China should hand out 1,000 yuan to each family in locked-down areas, half of which can be in digital yuan. In Xiong'an, digital cash subsidies can be used to buy products including food, electronics appliances and furniture.
The Station: EV SPACs face new regulatory speed bump, more on Rivian's reorg and VW weighs direct sales for Scout brand
The brand team led by Forest Young and the communications team, led by Nick Mulholland, will now report directly to Scaringe. The marketing team, led by Lindsey Pearl, will be join the communications team. Caribou, the auto financing and insurance platform, raised $115 million in Series C funding led by Goldman Sachs. Existing investors such as White Star Capital, HV Capital, Heartcore Capital, UVC Partners and Picus Capital also participated in the round. Nowports, an automated digital freight forwarder in Latin America, raised $150 million in a Series C funding round led by SoftBank Latin America Fund.
Russia’s Whipsaw Week Ends With Default Clock Ticking
(Bloomberg) -- Russia is back in default countdown, with another bond payment in question and the Kremlin fighting to find an escape route. Russia’s government last week said payments to the NSD mean it’s made good on its obligations. The contractual terms of the notes state that the NSD is the registered holder of the bonds for the purpose of making principal or interest payments. That could support Russia’s argument it’s avoided a default even if the funds aren’t sent to individual investor accounts. Assuming it can’t squeeze the coupon payments through, Russia has the length of the grace period to find a solution.
FTSE 100 pushes higher as global stocks rally continues
The FTSE 100 was in the green as a rally in global stock markets continued on Monday. Photo: Vuk Valcic/SOPA Images/LightRocket via GettyEuropean stocks were in the green on Monday, extending a rally from last week as healthy US data and the easing of COVID measures in Shanghai and Beijing boosted sentiment. In London, the FTSE 100 (^FTSE) hit a one-month high, up 0.3%, while France’s CAC (^FCHI) was 1.7% higher and the DAX (^GDAXI) rose 1.6% in Frankfurt. "Stimulus measures to kick start Shanghai’s economy are also helping to lift sentiment, with hopes that they could help revive corporate and consumer spending." Oil prices were boosted as China eased COVID restrictions after nearly three months of lockdowns.
More signs that a major shift in the economic narrative could be underway
There’s more evidence that the economic narrative could be undergoing a major shift. For months, we’ve been living in an economy in which strong demand has been met with lagging supply, causing inflation inflation to surge. Consumer spending growth cools as excess savings get tappedGrowth appears to be cooling on the consumer front too. According to a BEA report released Friday, personal consumption expenditures (i.e., consumer spending) increased by 0.9% in April from the prior month to new record levels. And so, we’ll have to keep an eye on the incoming data to see if a major shift in the economic narrative is indeed underway.
Stocks Gain as China Virus Easing Spurs Optimism: Markets Wrap
(Bloomberg) -- Stocks and US futures advanced after China eased some virus curbs and Wall Street had its best week since November 2020. Luxury stocks outperformed Monday as China’s reopening plans boosted sentiment. Nasdaq 100 contracts and S&P 500 futures both rose in a sign the bounce in US stocks may have further to run. China’s reopening moves prompted a gauge of emerging-market stocks to rise to the highest since May 5. However, a wall of worries remains from hawkish central banks underscoring fears of a recession, escalating food inflation from the war in Ukraine and China’s lockdowns stunting economic activity.
Analysis: Russians feel little economic pain now, long-term outlook darkens
By Jake CordellLONDON (Reuters) - For Oleg Kechin, owner of a chain of barbershops, forecasts that Russia will be plunged into its deepest economic crisis in a generation feel overdone. Economy Minister Maxim Reshetnikov said on Friday there was a "demand crisis" in business and consumer spending. The economy minister said manufacturers were re-establishing supply chains broken by sanctions and said 2,000 "backbone companies" could access preferential lending programmes. STIMULUSRussia has already dipped into its National Wealth Fund, which has about $110 billion of liquid assets, to support spending, which is up 22% this year, the economy minister said. The bank's chief regional economist, Alina Slyusarchuk, said in a note that Russia's potential long-term growth rate was now just 1%.
Russia Comes Up With a New Bond-Payment Plan to Avoid Default
(Bloomberg) -- Russia is planning a bond-payment mechanism to sidestep US sanctions and a potential default as a grace period ticks down on its latest missed coupons. Unlike the previous payment system, investors would be able to access the funds without restriction, he was cited as saying. According to Siluanov, the proposed structure is a reverse-image of the way European nations currently pay for Russian gas, Vedomosti reported. “This is how it works for gas payments: we get foreign currency, then it is converted to rubles” on behalf of the gas buyer, he said. Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.
China in Danger of Exporting Fresh Inflation Turmoil: MLIV Pulse
With millions of Chinese residents holed up in their homes, the world’s second-largest economy is at risk like never before. With factories closed and fewer workers on production lines, the nation risks adding fuel to elevated headline inflation that’s denting consumer spending globally. Analysts surveyed by Bloomberg project China’s economy to expand around 4.5% this year, below the government’s target of about 5.5%, while Bloomberg Economics sees just 2%. MLIV respondents, meanwhile, are evenly split on whether the yuan is more likely to strengthen back to 6.5 per dollar or retreat to around 7, versus about 6.7 at the Friday close. “All the stimulus is not getting traction because credit demand, consumer and business sentiment remain weak.”For more markets analysis, see the MLIV blog.
Elon Musk Names Tesla's Real Rival
The most important rival of electric-vehicle manufacturer Tesla is not necessarily the one most people think. Legacy automakers, such as GM (GM) - Get General Motors Company Report, Ford (F) - Get Ford Motor Company Report, Volkswagen (VWAGY) - Get Volkswagen AG Report and Mercedes-Benz (DDAIF) , position themselves in relation to Tesla. Die-hards swear by the brand, which currently markets four models – Model S and Model 3 sedans and Model X and Model Y SUVs. Tesla sells far fewer cars annually than Toyota (TM) - Get Toyota Motor Corp. Report, GM, Volkswagen or Ford. Seen from these angles, Tesla's real rival is hard to pin down, especially since Musk stares down his rivals but hardly ever talks about them.
Gorgeous Mediterranean with distinctive castellated tower
This home is on one of Alameda’s most iconic, tree-lined streets and features spacious, light-filled rooms with stunning original Art Deco-era details. The large living room boasts oak floors with mahogany inlay, a dramatic vaulted ceiling, oversize arched windows, vintage fireplace tile and sconces flanking the chimney niche. The cheerful, remodeled kitchen includes upgraded quartz counters and glass tile splash. The split-level floor plan includes three generous-size bedrooms with well-placed windows and hardwood floors. Location: 3025 Gibbons Drive, AlamedaOffered at: $ 1,690,000Listing agent: Maureen Shandobil, REALTOR DRE # 01072957 (510) 846-1299 Maureen.Shandobil@bhhsdrysdale.comListing provided by: Berkshire Hathaway HomeServices Drysdale Properties.
Analysis-Turkey's recurring currency nightmare strikes again
The central bank says inflation will cool by year-end. However on Thursday the central bank left interest rates untouched at 14%. Story continues(Graphic: Dire 12 years for Turkey's lira- https://fingfx.thomsonreuters.com/gfx/mkt/gkplgzjmyvb/Pasted%20image%201653481936730.png)SUMMER TESTSTop Western investment banks fear further falls in Turkey's currency reserves. The government and central bank don't publish detailed data about the programme. Turkey's credit rating has slumped and its weight in the most closely-followed local currency emerging market debt index GBI-EM dropped to 1% from 10%.
The charts that prove Jack Monroe was wrong about cheap food prices rising fastest
The ONS examined the figures after Ms Monroe raised concerns that poorer families were disproportionately feeling the pinch from faster increases in prices of value items. Its experimental data found that value range pasta, beef mince and bread jumped in price but the cost of budget potatoes, cheese, pizza and chips fell. However, overall the inflation rate on low-cost items was broadly in line with the average product range, contrary to Ms Monroe’s complaints. Nonetheless, Ms Monroe claimed victory on Twitter, saying the figures proved it is “far more expensive to be poor”. Robert Colvile, head of the Centre for Policy Studies think thank, said: “It may well be that the prices of more expensive e.g.
Supermarket opening times over the platinum jubilee bank holiday weekend
The platinum jubilee bank holiday weekend begins on Thursday 2 June and ends on Sunday 5 June. These are the general opening times for supermarkets over the Platinum Jubilee bank holiday. The discount supermarket advises customers to check what time their local store opens before going, as opening times may vary. Asda(REUTERS)Asda is expected to unveil its official opening hours for the bank holiday weekend a week before it starts. Co-opThere will be no amended hours for Co-op stores during the bank holiday weekend, but opening times may vary locally.
UK competition watchdog to probe Morrisons' purchase of McColl's
LONDON – Britain’s competition regulator will investigate supermarket group Morrisons’ purchase of convenience store chain McColl’s out of administration, it said on Monday. The Competition and Markets Authority (CMA) will examine whether the deal results in a substantial lessening of competition. Earlier this month, Morrisons, which has a wholesale supply deal with McColl’s, took on all its 1,160 stores, including 270 Morrisons Daily branded stores, in a so-called pre-pack administration. Morrisons, which trails market leader Tesco, Sainsbury’s and Asda, has been owned since October by U.S. private equity group Clayton, Dubilier & Rice (CD&R).
Britain makes plans to keep coal-fired power plants open this winter
By Susanna TwidaleLONDON – Britain’s government said some coal-fire power plants that were due to close later this year may need to stay open to help ensure electricity supply this winter. Countries across Europe are drawing up contingency plans in case of major disruptions to flows of Russian gas following its invasion of Ukraine, with Russia typically supplying around 40% of Europe’s gas. Britain typically generates about 50% of its electricity from gas. Although Russia only meets about 4% of Britain’s gas needs, a significant disruption in supply would affect prices in Europe and make it harder for Britain to secure gas from others. “While there is no shortage of supply, we may need to make our remaining coal-fired power stations available to provide additional back up electricity this coming winter if needed,” the government spokesperson said.
Ukraine war hits Africa's most vulnerable as aid costs spike
A small charity broke ground this year on a clinic to care for thousands of women and children in northern Burkina Faso who have fled Islamist insurgents wreaking havoc along the fringes of the Sahara. But when Russia invaded Ukraine in February, global supply chains buckled and the cost of building materials, fuel and food spiked across West Africa. The charity's founder, Boukary Ouedraogo, was forced to make a tough decision: he halted construction of the clinic with only the foundations laid.
Russia offers foreign debt payment system similar to gas one
Russia says it will use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts. Russia says it will use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts. (AP Photo/Alessandra Tarantino, File)MOSCOW (AP) — Russia said Monday it may use an arrangement similar to that used for payments for its gas supplies to pay its dollar-denominated foreign debts. ADVERTISEMENT“In payments for gas, we are credited with foreign currency and it’s converted into rubles,” Siluanov was quoted by Vedomosti as saying. Russia says it will pay dollar-denominated foreign debt in rubles, a move that is likely to be seen by foreign investors as a default.
The Men Lost to 20 Bruckner Boulevard
“Despite being informed of this, the foreman, Mauricio Sánchez, used it along with a worker, Yonin Grijalva, to take debris from a higher floor. Government agencies also cited Mr. Madruga’s company, GDI Construction, once again for multiple safety violations in connection with the death of a laborer on its construction site, this time with possible penalties of nearly $125,000. And once again, the Buildings Department issued a full-stop work order at 20 Bruckner. The spokesman for GDI Construction said the company had met and exceeded the city’s demands, with extra employees on site to ensure that all “safety-related details” were addressed. He added, “Construction inherently presents risks, and though safety measures, precautions and protocols were in place on this job site, these unfortunate accidents occurred.”
Retiree considers selling townhouse, buying larger single-level home
I would like to have a good idea how the numbers work before I contact a real estate agent or mortgage lender. Once you have a good handle on your income, debt and expenses, you’ve got the essential pieces of your budget. You should be able to spend 36 percent of $5,000, or $1,800 on your mortgage, real estate taxes and insurance plus any other debt you carry. If you need a referral, talk with your real estate agent or attorney. Samuel J. Tamkin is a Chicago-based real estate attorney.
Why one wealth management CIO has a 'clear preference' for value over growth right now
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy one wealth management CIO has a 'clear preference' for value over growth right nowMark Haefele, chief investment officer at UBS Global Wealth Management, discusses his stock market strategy and the reasons for prioritizing value over growth stocks.
Bitcoin is gold 2.0, says crypto mining company
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin is gold 2.0, says crypto mining companyPeter Wall, CEO of Argo, discusses the recent volatility in cryptocurrency markets.
The luna cryptocurrency has been resurrected after its $40 billion collapse. It's already crashing
Cryptocurrency markets have seen a steep sell-off after the collapse of controversial blockchain project Terra. A new version of the collapsed luna cryptocurrency is already live on major exchanges — and it's gotten off to a bad start. But as digital currency prices fell, investors fled the stablecoin, sending UST tumbling — and taking luna down with it. At its height, the old luna — now known as "luna classic" — had a circulating supply of over $40 billion. Most will go to those who held luna classic and UST before their collapse, in an effort to compensate investors.
Expect a very volatile oil market with lots of risk to the upside, says S&P analyst
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect a very volatile oil market with lots of risk to the upside, says S&P analystAndy Critchlow, head of news, EMEA at S&P Global Commodity Insights, discusses how European sanctions on Russian oil could affect the global crude market, weighing in on expected prices and competition.
Dow rises for a fifth straight day, S&P 500 and Nasdaq on pace to snap 7-week losing streaks
Stocks rose Thursday, putting Wall Street on track to break a long string of weekly declines. The Dow rose for the fifth trading day in a row, adding 516.91 points, or 1.6%, to close at 32,637.19. The Dow has fallen the last eight weeks, while the S&P 500 and Nasdaq are riding seven-week losing streaks. CNBC"We view this week's rally in equity markets as technical in nature and not a change in the overall trend," he said. Shares moving on earnings Stocks pushed higher after strong earnings from the retail sector gave a boost to investor sentiment.
Europe's scramble for gas could cause global LNG shortage
EU countries have been racing to buy more liquefied natural gas (LNG), an attractive alternative to Russian gas because it can be shipped on tankers, rather than delivered via pipelines. That equates to nearly 7% of global LNG demand last year, or about 25 days' worth of supply. "By shunning Russian gas, Europe has destabilized the entire global LNG market that began the year with a precarious balance after a tumultuous 2021," the report said. "A larger share of LNG demand and supply... is based on short term or flexible contracts or on the spot market," he said. "More controversially, 13.5% of European LNG still comes from Russia's arctic LNG project," Felix Booth, head of LNG at Vortexa, told CNN Business.
Sibanye-Stillwater Gets High Court Claim for Termination of $1.2 Bln Deal in Brazil -- Update
By Jaime Llinares TaboadaAppian Capital Advisory LLP has filed a claim against Sibanye-Stillwater Ltd. seeking compensation for the termination of the acquisition of two mines in Brazil. In October, Sibanye agreed to buy the Santa Rita nickel mine and the Serrote copper mine in Brazil for $1 billion in cash and a royalty valued at $218 million. However, in January the South African company decided to terminate the deal after a geotechnical event occurred at Santa Rita that was deemed to be material and adverse to the site. Appian argues that the termination was unlawful and based on the incorrect assertion that a geotechnical instability at Santa Rita constituted a material adverse effect. Back in March, when Appian first served Sibanye with a notice of claim, the company said that Appian's characterization of the geotechnical event at Santa Rita was superficial and wrong.
Denmark's EG to Launch $65.4 Mln Bid for Norway's Orn Software
By Dominic ChoppingEG AS said Monday that it will make a 619.2 million Norwegian kroner ($65.4 million) cash bid for Norway's Orn Software Holding AS. The Danish software company will offer NOK6.25 a share, a 41% premium to Orn Software's closing price on Friday. The target company's board has unanimously recommended that shareholders accept the offer.
Brent crude hits two-month high as China lifts COVID restrictions. Analyst predicts $124/barrel is next.
Brent crude surged to levels not seen in two months on Monday, as easing COVID restrictions in China’s biggest cities drove fresh hopes for demand. On Friday, Brent finished 1.7% higher at $119.43 a barrel on ICE Futures Europe, its highest front-month close since March 25. On Friday, Brent finished 1.7% higher at $119.43 a barrel on ICE Futures Europe, its highest front-month close since March 25. Market driversClimbing Brent prices came after Beijing relaxed pandemic restrictions on Sunday, declaring a recent outbreak under control. China is the world’s biggest importer of oil, and the market has been concerned about demand hits to the commodity.
Brent crude hits two-month high as China lifts COVID restrictions. Analyst predicts $124/barrel is next.
Brent crude surged to levels not seen in two months on Monday, as easing COVID restrictions in China’s biggest cities drove fresh hopes for demand. On Friday, Brent finished 1.7% higher at $119.43 a barrel on ICE Futures Europe, its highest front-month close since March 25. On Friday, Brent finished 1.7% higher at $119.43 a barrel on ICE Futures Europe, its highest front-month close since March 25. Market driversClimbing Brent prices came after Beijing relaxed pandemic restrictions on Sunday, declaring a recent outbreak under control. China is the world’s biggest importer of oil, and the market has been concerned about demand hits to the commodity.
Bitcoin Prices Pop as Cryptocurrencies Chase Stocks Higher
Cryptocurrencies rallied on Monday. DreamstimeBitcoin and other cryptocurrencies rallied on Monday, playing catch-up to gains in the stock market after digital assets looked to have lost some of their correlation with equities late last week. The price of Bitcoin jumped almost 6%, holding well above the psychologically important $30,000 mark at $30,500. The largest cryptocurrency continues to trade at less than half of its all-time high near $69,000, reached in November 2021, but is above the lows near $26,000 from the depths of a recent selloff.
Here is the cost to foreigners who flee to the safety of U.S. Treasurys
Safety has its price, and that’s the case for investors who flee to the safest asset in the global financial system, U.S. Treasury securities. Researchers looked at the returns of investors in U.S. Treasurys since 1980. What they found was that foreign investors yielded about 3% less per year than a buy-and-hold strategy over the same horizon. However, the researchers find this willingness to buy U.S. Treasurys when they’re expensive waning. It is possible that we are witnessing a tipping point in the foreign demand for the U.S. Treasurys as some have argued,” they say.
Countryside shares jump after bidder discloses it's made two approaches
Countryside Partnerships CSP, +20.62% shares rose 25% to 298 pence, the best performing FTSE All Share component, after San Francisco-based Inclusive Capital Partners disclosed its made its second approach to buy the company. In-Cap said it's weighing a possible offer of 295 pence per share. In-Cap, which already owns 9.2% of Countryside, said the U.K. property developer has not engaged or provided access to due-diligence materials. In-Cap said its possible offer would be provide a "highly attractive premium" against continued and recent market volatility and macroeconomic uncertainty.
U.S. stock futures rise in holiday trade as Shanghai sets reopening plans
U.S. stock futures rose on Monday in light holiday volume, helped by plans from the world’s number-two economy to lift some restrictions as it fights COVID more aggressively than the rest of the world. What’s happeningWhile U.S. stock exchanges are closed in observance of Memorial Day, electronic futures trading continues.
Brent crude hits two-month high as China lifts COVID restrictions. Analyst predicts $124/barrel is next.
Brent crude surged to levels not seen in two months on Monday, as easing COVID restrictions in China’s biggest cities drove fresh hopes for demand. On Friday, Brent finished 1.7% higher at $119.43 a barrel on ICE Futures Europe, its highest front-month close since March 25. On Friday, Brent finished 1.7% higher at $119.43 a barrel on ICE Futures Europe, its highest front-month close since March 25. Market driversClimbing Brent prices came after Beijing relaxed pandemic restrictions on Sunday, declaring a recent outbreak under control. China is the world’s biggest importer of oil, and the market has been concerned about demand hits to the commodity.
Alibaba Stock Is Rallying After China Moves to Ease Lockdown Measures
Shares in Alibaba, JD.com, NIO, and other Chinese companies surged on Monday following news that Covid-19 lockdown measures that have spurred a slowdown in the world’s second-largest economy would be eased. U.S. markets are closed Monday in observance of Memorial Day, but Alibaba’s (ticker: BABA) Hong Kong-listed stock surged 4.3%. The Asian-listed shares of e-commerce peer JD.com (JD) gained 6.9%, with electric-car maker NIO (NIO) up 5.4% in Hong Kong trading. Shares in the company lost almost 50% of their value last year amid a regulatory crackdown from both Beijing and Washington on U.S.-listed Chinese tech companies, and Alibaba has fared like other tech stocks in 2022—badly. Alibaba’s U.S.-listed stock is down more than 20% so far this year, and analysts have been slashing their price targets on the shares amid the Covid-19 situation in China.
Booze, burgers and bunting - UK supermarkets get Platinum Jubilee boost
Market researcher Kantar said that when Britain celebrated the queen's Diamond Jubilee in 2012, UK supermarkets saw a 10% boost in sales in the week leading up to the festivities. "We should never underestimate the appetite for a party, especially a royal one," said Fraser McKevitt, Kantar's head of retail and consumer insight. It said sales of Dubonnet, the queen's favourite tipple, were up 50% compared to last year. But the boost to trade from Jubilee spending is expected to be short lived. Story continuesLast month, market leader Tesco and Sainsbury's both warned of lower profit this year.
Oil prices: Brent crude tops $120 a barrel as China eases COVID curbs
Brent crude oil prices topped $120 a barrel for the first time since March. Traders are also anticipating an EU deal to limit Russian oil imports ahead of meetings on Monday and Tuesday. Chinese crude demand has weakened in recent months after the country imposed a number of stringent coronavirus lockdowns in an effort to stem the spread of COVID-19. The latest price surge follows stark warnings from International Energy Agency (IEA) head Fatih Birol over further oil price rises if demand in China picks up. Read more: Russia oil revenue up 50% despite sanctions, IEA saysBirol discussing the current challenges facing global oil markets at Davos last week, described oil prices as being "very high".
Chicago startup finds stocks with momentum as it seeks its own
Chicago Enterprise bug Chicago EnterpriseHe said the problem for investors isn’t the availability of data. Duffy was looking for actionable information about stocks trending higher, an approach that doesn’t ignore a company’s fundamentals but gives great weight to sentiment. The result was his platform, Trending Stocks, available at trendingstocks.io. One Chicago trading veteran, apprised of what Duffy was doing, said he doubted the service could be better than those already commonplace. “Oh, yeah,” he said, “if they were interested, we’d be interested in talking.”It turns out the slogan for Trending Stocks, “Ride your winners, cut your losses,” is a maxim for the founder as well as the customers.
Did you know: ‘Gifting’ pot can cost you a lot (in Connecticut, anyway)
HARTFORD, Conn. (AP) — The practice of exchanging cannabis or cannabis-related products for donations or other purchases — known as “gifting” — could now carry a heavy price tag Connecticut. Ned Lamont, towns can fine residents up to $1,000 for gifting a cannabis plant or related products. AdvertisementThe state also has the authority to issue $1,000 fines for not paying state sales taxes on the exchanges. AdvertisementThe Connecticut Post reports cannabis advocates say the bill penalizes people for doing something that’s now legal in the state. The legislation’s supporters say it still allows friends and family to gift cannabis as long as no money is exchanged.
Crime Stoppers offering reward for information in Whitehall Walmart robbery
Central Ohio Crime Stoppers is offering a cash reward for information related to an armed robbery in Whitehall. Police said the suspect then pulled out a handgun and pointed it at the employees. The suspect left Walmart before anyone was able to identify him and it is believed he is "armed and dangerous," police said. Anyone with information is asked to call Central Ohio Crime Stoppers at 614-461-TIPS, use the free P3 Tips mobile application or submit information online at www.stopcrime.org. All tips to Crime Stoppers are anonymous and a special coding system is used to provide the reward.
G7 countries to stop funding fossil fuel development overseas
The world’s biggest economies are to stop funding any overseas fossil fuel development from the end of this year, in a move likely to choke off some of the investment in “carbon bombs” that are imperilling efforts to meet the world’s climate targets. The agreement could shift about $33bn (£26bn) a year from fossil fuels to clean energy sources, according to analysts’ estimates. The energy and environment ministers from all G7 countries agreed at a meeting in Berlin on Friday to end taxpayer funding for oil, gas and coal projects overseas. The G7 communique also failed to cover domestic public sector finance for fossil fuels, with some of the member countries still subsidising fossil fuels and providing hefty tax breaks. The G7 committed last year to end overseas coal financing, and some members agreed to end all overseas fossil fuel financing, but this is the first time all seven countries have reached a comprehensive agreement covering all fossil fuels.
UK inflation expectations stick at high levels - Citi/YouGov
LONDON – The British public’s expectations for inflation have held stable this month but at high levels that are likely to keep the Bank of England on alert about price growth risks, according to a survey published on Monday. U.S. bank Citi and polling firm YouGov said their gauge of expectations for inflation in five to 10 years’ time held at 4.2% in May, unchanged from April. Public inflation expectations for the coming 12 months edged up to 6.1%, matching March’s record high, from 6.0% in April. Citi economist Benjamin Nabarro said the figures were likely to mean the BoE remains concerned about medium-term inflation expectations. “However, we see little in today’s data that should provide a further impetus for an out-sized 50bps move,” he said, referring to the possibility of a half percentage-point interest rate increase.
Booze, burgers and bunting - UK supermarkets get Platinum Jubilee boost
Market researcher Kantar said that when Britain celebrated the queen’s Diamond Jubilee in 2012, UK supermarkets saw a 10% boost in sales in the week leading up to the festivities. “We should never underestimate the appetite for a party, especially a royal one,” said Fraser McKevitt, Kantar’s head of retail and consumer insight. Steve Rowe, outgoing chief executive of Marks & Spencer, said last week its customer research had shown that at least 40% of the UK population planned to have a street party. It said sales of Dubonnet, the queen’s favourite tipple, were up 50% compared to last year. But the boost to trade from Jubilee spending is expected to be short lived.
EU unity on Russian sanctions 'starting to crumble', German minister says
BERLIN – German Economy Minister Robert Habeck on Sunday expressed fears that the European Union’s unity was “starting to crumble” ahead of a summit to discuss an oil embargo against Russia and plans to cut dependence on Russian energy. EU leaders will meet on Monday and Tuesday to discuss a new sanctions package against Russia, which could also include an oil embargo, and a programme aiming to speed up ending dependence on fossil fuels, including Russian gas. “After Russia’s attack on Ukraine, we saw what can happen when Europe stands united. But it is already starting to crumble and crumble again,” Habeck told a news conference. And when it stands united, it can use that power,” Habeck said at the opening of the German Hannover Messe trade fair.
Why Business School is a Great Time to Network
Business school isn’t only about acquiring the domain knowledge you need to succeed in your field. Of course, it’s important, but building your network in business school is also extremely imperative since it could provide you many key opportunities. Science aside, you must have heard of someone within two degrees of separation who made it (relatively) big thanks to their business school alumni or classmates. How do you start networking at business school and decide whom to network with? Here is what I learned:Network with PeersMost business school students know the importance of networking with alumni.
In Armenia’s biotech boom, remarkable women are leading the way
According to the Armenian Bioinformatics Institute, 60% to 70% of professionals in biotech are women (compared to an estimated 47% in biotech companies worldwide). “The mathematical prowess you see here is now making its way into biotech,” Kherlopian observed from his new home in Yerevan. Denovo started Cheminformatics Bootcamp to accelerate the process, teaching participants computational chemistry and data science for drug discovery. As the biotech ecosystem has grown, global technology firms have started to take advantage of Armenia’s talent pool. Lara Setrakian is a journalist and impact investor based in Yerevan, Armenia.
How This Couple Turned 88 Goats Into a Company Worth Millions
The results of that query led the couple to start making goat-milk soap for friends and family. Building any company is hard, but bootstrapping a company during a recession has its own set of challenges--especially as first-time entrepreneurs trying to stand out in the crowded skincare industry. In 2009, they named their newly founded beauty company Beekman 1802 after William Beekman, who built their farm in 1802. During these early days, Ridge took the soaps to New York City department stores, cold-calling Barney's, Bergdorf Goodman, and Saks, asking to sell in their stores. In 2020, Beekman 1802 began partnering with Ulta Beauty to sell its products in 400 retail stores across the country.
Buy this ports operator and get a free hedge fund
Ocean Wilsons (LSE: OCN) is a small, relatively obscure UK-listed company that could benefit from both trends. Taking the former first, Wilson Sons was set up in the Brazilian port of Salvador by two Scottish brothers, Edward and Fleetwood Pellow Wilson in 1837. The market price of Ocean Wilsons’ 58% stake in the ports business alone is worth about 1,100p per share versus a UK share price for the group of 930p. Ports are attractive monopolies Ports can be excellent investments because they represent natural monopolies. But a sell off should present hedge funds with an opportunity to demonstrate their superior skills, which would benefit Ocean Wilsons’ investments.
How Does Working Longer Affect Your Social Security Benefits?
If you’re like many seniors, Social Security benefits will make up the majority of your income during retirement. To me, the first set of statistics highlights the importance of Social Security benefits to your retirement life — and the need to maximize those benefits. The number of Americans working longer tells me that a lot of you may want to know how working longer can affect your benefits, and how you can make the most of those earning years. Social Security & Working Past ‘Retirement’Some people who work longer delay receiving Social Security benefits so those benefits can grow. Some Pros to Working Longer (And a Few Heads-Up)Working past the more traditional retirement age of 65 may boost more than your Social Security benefits.
Transferring out of your final salary pension could cost you dear
The soaring cost of independent financial advice on transfers out of final salary pension schemes is causing mounting concern among pension experts, who warn that affordable advice is becoming increasingly difficult to find. Savers determined to transfer cash away from a final salary pension scheme will now face a bill running into thousands of pounds. The Financial Conduct Authority’s (FCA) view is that given the guaranteed (and often very generous) benefits provided by final salary pension schemes, transferring to another type of arrangement is a bad idea for most people. The regulator’s aim is to stem the flow of inappropriate transfers, but for some people moving out of a final salary scheme does make sense. Research published in March suggested the number of firms offering specialist advice on final salary pensions has fallen from around 3,000 four years ago to 1,160 today.
Studio in prime Adams Morgan location lists for $255,000
For example, the studio condo in the Schuyler Arms building at 1954 Columbia Rd. The Schuyler Arms also has a roof deck with expansive city views and seating. Built in 1927, the Schuyler Arms offers a prime location within walking distance of shops, restaurants and nightlife in Adams Morgan, Dupont Circle and Woodley Park. The neighborhood has a 98 out of 100 walk score, which means the community is walkable for running errands. AdvertisementThe 425-square-foot studio on the seventh floor has wood floors, a ceiling fan, window unit air conditioning, gas heat and gas cooking.
Foreign demand to keep Dubai property prices on steady upward course: Reuters poll
With an economic rebound propelled by higher energy prices and a revival in trade and tourism, the Dubai property market shrugged off a long streak of falls last year and has held on to upbeat momentum since then. The latest May 11-26 Reuters poll of 13 property market analysts showed a median rise of 7.5% in Dubai house prices in 2022, unchanged from the previous poll taken two months ago. These expected price increases, even though modest, will pose challenges for first-time buyers as interest rates were expected to climb higher, hurting affordability. The Dubai market, where prices are still well below their last peak in mid-2014, faces several downside risks like higher interest rates, lack of supply of affordable homes, and inflationary pressures this year and next. Rents have and will continue to increase, demand will increase and without affordable homes, this will contribute to the overall cost of living increasing," said Lynnette Sacchetto, director of data and digital transformation at Allsopp and Allsopp.
Russian rouble rallies, reversing last week's heavy losses
May 30 (Reuters) - The rouble firmed sharply in volatile trade on the Moscow Exchange on Monday, reversing some of last week's heavy losses as it retained support from capital controls and Russia's strong trade account. The prospect of an easing of capital controls and a possible sovereign default added to downside pressure. Boosted by capital controls, the rouble had risen to become the world's best-performing currency so far this year until last week's slide. New gas payment terms for EU consumers that require conversion of foreign currency into roubles and a fall in imports have also supported the rouble. The rouble-based MOEX Russian index (.IMOEX) was 0.3% lower at 2,401.0 points, pressured by the rouble's recovery.
Analysis: As shortage persists, Reckitt tightens grip on U.S. baby formula market
Cans of Enfamil baby formula, produced by Mead Johnson, on partially empty shelves in a Target store, amid continuing nationwide shortages in infant and toddler formula, in San Diego, California, U.S., May 25, 2022. REUTERS/Bing GuanLONDON, May 30 (Reuters) - The U.S. baby formula crisis has boosted profits at Britain's Reckitt Benckiser and helped it grab the top spot in a $5.8 billion-a-year market. On April 1, Barclays raised its 2022 organic sales forecast for Reckitt to 4.4% from 4.0%, including an uplift to 7.4% from 5.0% at its nutrition division, which includes baby formula. read moreCompanies normally bid for state contracts to be the sole provider of baby formula for low-income families under the Women, Infants and Children (WIC) programme. "Over time Abbott will get their formula back on the shelves and Reckitt will revert to normal market share."
ECB top economist lays out interest rate hikes for July, September
FRANKFURT — The European Central Bank should raise interest rates in 25-basis-point increments, said its chief economist Philip Lane, dismissing recent calls for bolder action. “Normalization has a natural focus on moving in units of 25 basis points, so increases of 25 basis points in the July and September meetings are a benchmark pace,” Lane told the Spanish paper Cinco Dias in an interview published on the ECB's website Monday. That's in line with what ECB President Christine Lagarde has also previewed. Hawks on the Governing Council, including Robert Holzmann of Austria and Klaas Knot of the Netherlands, have started to publicly float the idea of 50-basis-point hikes as inflation continues to race ahead. Eurozone inflation for May is scheduled to be released Tuesday.
Biden's latest economic headache: China's Covid lockdowns
WASHINGTON — President Joe Biden’s economic troubles stand to get even worse as the sweeping Covid lockdowns in China begin to ripple through the U.S. economy. Just how bad those effects will be depends on whether Chinese President Xi Jinping continues his zero Covid policy throughout the country or lessens it in the face of domestic backlash. In Ohio, China policy is proving to be a focal point of one of this fall's highest-profile Senate races. “But the supply chain issues are so complex that you need a Ph.D. in economics to fully grasp them. "Part of it is that Covid has laid bare this fragility of the China-related supply chain," he said.
German parties reach deal to move ahead with defense boost
German Chancellor Olaf Scholz stands next to the flags of Germany, Portugal and Europe at the start of his opening tour of the Hannover Messe 2022 fair in Hannover, Germany, May 30, 2022. (Friso Gentsch/dpa via AP)German Chancellor Olaf Scholz stands next to the flags of Germany, Portugal and Europe at the start of his opening tour of the Hannover Messe 2022 fair in Hannover, Germany, May 30, 2022. (Friso Gentsch/dpa via AP)BERLIN (AP) — Germany’s governing coalition and the main opposition party have reached a deal to move ahead with a big increase in defense spending that Chancellor Olaf Scholz announced three months ago. German defense spending will hit the 2% target “on a multi-year average.”ADVERTISEMENTScholz welcomed the agreement on Monday. “The German Bundeswehr will be strengthened,” he said at a trade fair in Hannover, news agency dpa reported.
Stellantis, Toyota Make Third Deal for Commercial Van Production
By Pierre BertrandStellantis NV and Toyota Motor Europe NV said Monday that they have agreed to produce a new large-sized commercial van for the European market, expanding the companies' existing partnership. First vehicles under the agreement are planned for 2024. A separate electric-battery powered version is included.
Sibanye-Stillwater Gets High Court Claim for Termination of $1.2 Bln Deal in Brazil
By Jaime Llinares TaboadaAppian Capital Advisory LLP has filed a claim against Sibanye-Stillwater Ltd. seeking compensation for the termination of the acquisition of two mines in Brazil. Appian, the London-headquartered investment advisor to the funds that own the mines, said Monday that its claim in the High Court of England and Wales seeks to recover its losses in full.
Eurozone Economic Sentiment Stabilizes in May
By Maria MartinezConfidence among the eurozone's consumers and businesses broadly stabilized in May. The European Commission said Monday that its economic sentiment indicator--an aggregate measure of business and consumer confidence--rose slightly to 105.0 in May from a revised figure of 104.9 in April. Services, retail trade and construction confidence remained virtually unchanged, European Commission's data showed. Sentiment rose markedly in Spain and, to a lesser extent, in France and Italy, while it remained virtually unchanged in Germany. The employment expectations indicator improved mildly in May, thanks to improved employment plans for the next three months in services and construction, the European Commission said.
Stock Market Today: Global Stocks, U.S. Futures Move Higher on Memorial Day
Global stocks and U.S. futures rose on Monday amid a quiet day for markets due to the Memorial Day Holiday. Futures for the Dow Jones Industrial Average rose 230 points, or 0.7%, after the index rallied 575 points on Friday. S&P 500 futures were 1% higher with futures tracking the Nasdaq 1.4% into the green. U.S. markets are closed Monday in observance of Memorial Day, with stock and bond trading resuming on Tuesday. While momentum from the stock market rally of last Friday looks to be continuing into this week, investors are still under pressure after significant declines this year.
Tesla Investors Are Getting Fed Up With Elon Musk’s Twitter Takeover
Musk has said "Tesla is on my mind 24/7." Win McNamee/Getty ImagesTesla shareholders are growing more vocal about their frustrations with Elon Musk’s $44 billion bid to take Twitter private. Tesla shares (ticker: TSLA) have lost a quarter of their value since early April when Musk disclosed his stake in the social-media platform, outpacing the 7% decline in the Nasdaq since then.
Stock Market Today: Global Stocks, U.S. Futures Move Higher on Memorial Day
Global stocks and U.S. futures rose on Monday amid a quiet day for markets due to the Memorial Day Holiday. Futures for the Dow Jones Industrial Average rose 230 points, or 0.7%, after the index rallied 575 points on Friday. S&P 500 futures were 1% higher with futures tracking the Nasdaq 1.4% into the green. U.S. markets are closed Monday in observance of Memorial Day, with stock and bond trading resuming on Tuesday. While momentum from the stock market rally of last Friday looks to be continuing into this week, investors are still under pressure after significant declines this year.
EMERGING MARKETS-FX at one-month high on weaker dollar, China reopening hopes
The MSCI index of emerging market currencies gained 0.6%, while stocks advanced 2.1% to their highest in more than three weeks. The Chinese yuan rose to 6.6485, hitting a one-week high against the dollar, while the blue-chip CSI300 and Hong Kong stock indexes gained 0.7% and 2%, respectively. "What's important to note about the June meeting is that the rate hike, which is the most likely scenario, could mark the end of the tightening cycle," said Matys. "Instead of raising rates, it may try to strengthen the Czech crown using its vast reserves. For GRAPHIC on emerging market FX performance in 2022, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2022, see https://tmsnrt.rs/2OusNdXFor TOP NEWS across emerging marketsFor CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see (Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by David Holmes)
FOREX-Dollar resumes slide as stock markets tentatively pick up
The dollar index is on track for a more-than 1.5% drop in May - although it remains up about 6% on the year. Trade was likely to be light through Monday as U.S. stock and bond markets close for the Memorial Day public holiday. German inflation data is expected at 1200 GMT today, ahead of euro zone inflation figures on Tuesday. German annual inflation is expected to have risen to 8%, according to Refinitiv data, having hit a four-decade high of 7.8% last month. The safe haven yen fell back 0.2% to 127.330 yen per dollar.
Investors Cling to Gold-Backed Cryptos, Following Massive Market Crash
Alternatively, Investors are eyeing alternative “safe-haven” assets such as gold-backed cryptos as a possible ray of hope after the terrible loss. As a result, investors are fearful about re-entering the crypto market despite its higher returns in the past. Other gold-backed cryptos such as DigixGlobal (DGX), Meld Gold by Algorand (ALGO), and GoldCoin (GLC) have also evolved widely over the years. Because if the value of gold disappears for any reason, the token value loses its value. With the current crypto turmoil and the ongoing geopolitical tensions, gold-backed cryptos might change the order.
Harriette Cole: I said I'd come home, but I'm getting nervous
Harriette Cole: How am I going to stand up to these mean girls? Advice | Harriette Cole: Should I give up some buddies to appease my girlfriend? Harriette Cole: Should I give up some buddies to appease my girlfriend? Advice | Harriette Cole: My boyfriend sent his ex roses. Harriette Cole is a lifestylist and founder of DREAMLEAPERS, an initiative to help people access and activate their dreams.
Corporate earnings, economic data this week, US markets closed, crypto, gas higher
U.S. West Texas Intermediate (WTI) crude futures jumped 72 cents, or 0.6%, to $115.79 a barrel, extending solid gains made last week. EU governments failed to agree on an embargo on Russian oil on Sunday but will continue talks on a deal to ban seaborne deliveries of Russian oil while allowing deliveries by pipeline, ahead of the summit on Monday afternoon, officials said. That said, an immediate import ban is less possible, and the demands may keep oil prices afloat in the near term," said Leona Liu, analyst at Singapore-based DailyFX. Sky-high refining margins for diesel and gasoline in Europe and the United States have sent prices for some types of physical crude oil to record highs, according to traders. Crude prices are also finding support from a weaker U.S. dollar, and China's easing of virus related restrictions, said Sunil Katke, head of commodities retail business at Kotak Securities.
Why E10 petrol costs you more at the pumps and is your car compatible?
E10 petrol has been the standard grade of unleaded petrol in Great Britain since September 2021. For those still regularly filling up their petrol tanks, it might be worth looking into the cost efficiency of E10 petrol - we answer your key questions below. Can my car have E10 petrol? According to the Depart for Transport (DfT), all petrol cars produced since 2011 are compatible with E10 and at least 95 per cent of petrol-powered vehicles on the road can safely use it. You can check whether your vehicle is approved to use E10 petrol using our E10 vehicle checker.
'I'm paying people to buy my 40 houses because the Government hates landlords'
Mick Roberts is making his tenants an unconventional offer – he will gift them a deposit so they can buy their homes from him. Over the past 25 years, Mr Roberts has built a successful buy-to-let empire. Across the country, the number of homes available to rent has plunged by 50pc, according to property website Rightmove. Data from property website Zoopla show rents are rising at the fastest rate for 14 years. Mr Roberts added: "There are 50 working tenants queuing for each house at the moment.
Ex-rebel, businessman to go head-to-head in Colombian presidential runoff
Colombian voters have opted for a dramatic change in presidential politics, choosing a leftist former rebel and an outsider populist businessman to advance to a runoff election to be held in June. Hernández, meanwhile, whose success in the campaign has surprised many, has been compared to former US President Donald Trump for his anti-establishment rhetoric. Rise of the leftIn recent years there have been a series of leftist political victories in Latin America, with voters seeking change at a time of dissatisfaction with the economic situation. Mexico elected a leftist president in 2018. In a sign of resistance to a leftist government, Gutierrez endorsed Hernández shortly after he failed to advance to the runoff.
Billionaire Chase Coleman Pays $56 Million for Two Point Dume Homes
Last summer, Charles Payson “Chase” Coleman III was jogging a victory lap of life. Bloomberg had just crowned the Tiger Global Management chief, 46, as the world’s top-earning hedge fund manager of 2020, with a princely take-home haul of $3 billion. From early adulthood, Coleman was groomed to become a top financier by hedge fund legend Julian Robertson, a longtime family friend. As billionaires do, they didn’t just buy one property — they bought two homes, from two different sellers in two separate off-market deals totaling a whopping $56 million. One of them, a $21 million spread, is a landlocked property with no sea view, though it contains a brand-new contemporary mansion.
Russia to service foreign debt using gas-for-roubles type scheme -Vedomosti
May 30 (Reuters) - Russia plans to settle its Eurobond obligations using a mechanism similar to the scheme used to pay for Russian gas in roubles, the Vedomosti newspaper reported, citing Finance Minister Anton Siluanov. read moreFacing an unprecedented debt crisis, Finance Minister Siluanov said on Friday that Moscow would continue to service its external debt in roubles, defending its role as a reliable borrower by all possible means. read moreRegister now for FREE unlimited access to Reuters.com RegisterIn order to receive payments, Eurobond holders will have to open foreign currency and rouble accounts at a Russian bank, Siluanov told Vedomosti. The Eurobond settlement mechanism will operate in the same way, only in the other direction," Vedomosti cited Siluanov as saying. Russia will be able to bypass Western payment infrastructure using this system, with payments being made through Russia's National Settlement Depository (NSD), Siluanov told Vedomosti.
Morning Bid: One investor's rebound is another's bear rally
A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 13, 2022. REUTERS/Brendan McDermid/File PhotoA look at the day ahead in markets from Julien Ponthus. With the Dow Jones (.DJI) snapping out of its longest weekly losing streak in nearly a century and scoring its best week since 2020 last Friday, the narrative across stock markets has swiftly moved from meltdown fears to hopes of a rebound. Investors puzzled with the direction of travel for equities are equally flummoxed with the U.S. dollar index falling 3% from a two-decade high in mid-May. read moreMoney markets have rushed to cut bets about the total interest rate hikes expected in the U.S. this year from over 190 basis points only recently to just over 180 basis points this morning.
EU summit to agree sanctions should include Russian oil embargo with pipeline exemption - draft
Models of oil barrels and a pump jack are seen in front of displayed EU and Russia flag colours in this illustration taken March 8, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoBRUSSELS, May 30 (Reuters) - European Union leaders are due to agree at a summit later in the day that the sanctions package under preparation should include an embargo on Russian oil imports as punishemnt for Moscow invading Ukraine, but exempt pipeline crude deliveries. But, unable to agree on all the details of the oil embargo, the leaders will leave the final agreement on the package for later. "The European Council agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline," the latest draft conclusions, seen by Reuters, said. It added the 27 EU member countries would "address the issue of the temporary exception for crude oil delivered by pipeline as soon as possible."
Nuformix Shares Drop After NXP002 Trial Results Were Inconsistent, Failure to Identify New Chief
By Kyle MorrisShares in Nuformix PLC dropped on Monday after it said that results from a final preclinical study of its NXP002 treatment for idiopathic pulmonary fibrosis were inconsistent with the first in-vivo study, and that it has therefore decided to advance further studies including the evaluation of a new formulation. Shares in the company at 0715 GMT were down 0.31 pence, or 36%, at 0.55 pence. The U.K. pharmaceutical-development company also said the search for a new chief executive has failed to identify a suitable candidate. Further studies of NXP002 will examine it as an inhaled product and test its efficacy in repeat lipopolysaccharide challenge studies, it said. Results are expected in or before the first quarter of 2023.
Echo Energy Gas Production Rises at Oceano Field
By Sabela OjeaEcho Energy PLC said Monday that daily gas production has increased significantly in its Oceano field in Argentina. The London-listed oil-and-gas company said daily gas production increased by 53% at the field, exceeding the company's expectations prior to the operations being undertaken.
Taylor Maritime Fixes Longer-Term Charters for Five Ships
By Joe HoppeTaylor Maritime Investments Ltd. said Monday that it has secured long-term charters for five ships, enhancing its earnings visibility and cash yields. The London-listed dry bulk-shipping investment company said five vessels have been leased for an average of 11 to 13 months. This has delivered an average annualized unlevered gross cash yield of more than 30% based on previous fair market values. Across the company's fleet, the figure stood at 24% at the end of March.
Deepverge Signs Commercial Agreement With Abingdon to Produce Lateral Flow Tests
By Xavier FontdegloriaDeepverge PLC said Monday that it signed a commercial agreement with Abingdon Health PLC to develop and manufacture a range of lateral flow tests. The environmental and life-science group said that it will fund the costs of the projects under the agreement, while Abingdon will be the exclusive developer and manufacturer of the products.
UK Oil & Gas Agrees Lease to Develop Hydrogen Energy Storage Hub; Shares Rise
By Joe HoppeUK Oil & Gas PLC shares rose Monday after it said that it has agreed to lease two sites in Dorset, England, to develop a hydrogen-ready energy storage hub. Shares at 0724 GMT were up 0.01 pence, or 10% at 0.13 pence.
Quilter Appoints New Chairman
By Michael SusinQuilter PLC said Monday that it has appointed Glyn Barker as chairman effective Sept. 7. The FTSE 250 wealth-management company said that Mr. Barker will join the board as a nonexecutive director on June 1.
Coral Products Buys Alma Products for GBP1.5 Mln in Cash
By Sabela OjeaCoral Products PLC said Monday that it has acquired Alma Products Ltd. for a net consideration of 1.5 million pounds ($1.9 million), to be paid in cash. The U.K. plastic-products company's Executive Chairman Joe Grimmond said that the acquisition further reinforces the group's focus on niche, specialist operators in the plastics sector.
Oxford Metrics Shares Rise as It Sells Yotta Division for GBP52 Mln
By Sabela OjeaShares in Oxford Metrics PLC rose on Monday after the company said that it has sold its infrastructure-asset-management division Yotta to Causeway Technologies Ltd. for a cash consideration of 52 million pounds ($65.7 million)The software company said the sale delivers significant value for Oxford Metrics' shareholders in the near term.
Ascent Resources Shares Rise on Slovenia Claim Agreement
By Kyle MorrisShares in Ascent Resources PLC traded up 14% on Monday after the company said that it has entered a damages-based agreement with Enyo Law LLP to pursue its claim against the Republic of Slovenia. The London-listed energy company said it considers the agreement a no win no fee funding arrangement in relation to a claim seeking damages of several hundred million dollars.
Alien to Acquire 100% of Vivash Gorge Iron Project, Australia
By Joe HoppeAlien Metals Ltd. said Monday that it has agreed to acquire 100% of the Vivash Gorge iron ore project in Western Australia from Zenith Minerals Ltd. The London-listed miner said that the transaction will be split between an upfront consideration of 100,000 Australia dollars ($71,600) on completion, through the issue of shares, and a deferred consideration of around A$350,000 in shares, subject to certain milestones being reached.
Foxtons CEO Steps Down; Guy Gittins Appointed as Successor
By Joe HoppeFoxtons Group PLC said Monday that Chief Executive Officer Nic Budden has stepped down, and that Guy Gittins has been appointed as his successor effective Sept. 5. The U.K. real-estate agency said Mr. Gittins will join from London- and international-residential property specialist Chestertons, where he is currently CEO. He has previously held roles for Foxtons, Peter de Savary and Savills PLC.
Pure Gold Mining Raises C$34.2 Mln After Placing, Debt for Securities Sale
By Joe HoppePure Gold Mining Inc. said Monday that it has raised a total of 34.2 million Canadian dollars ($26.9 million) following the closing of the second and final tranche of its nonbrokered private placement and a securities for debt transaction. The London and Toronto-listed company said it issued a total of 228.2 million units of the company at a price of 15 Canadian cents per unit. Around 207.2 million units were placed in the private placement, it said. Each unit consists of one common share and one warrant for a common share, entitling the holder to purchase a share for 18 Canadian cents within six months of the closing of the offering, Pure Gold said. AngloGold Ashanti Ltd., the company's largest shareholder, subscribed for 22.2 million units in the offering, bringing its ownership in Pure Gold up to 19.2% on a partially-diluted basis and 16.5% on a non-diluted basis.
Munis Have Slid This Year as Investors Bail Out. They May Be a Bargain Right Now.
Municipal bonds have taken a beating this year as investors retreat amid rising interest rates. BlackRock and Insight Investment are among those arguing that municipal bonds look attractive compared with other bond markets today. The trading costs of muni bonds, known as markups, are notoriously high for individual investors trading bonds. The long-term default rate for municipal bonds is around 0.1%, while the comparable rate for corporate bonds is around 7%, according to Moody’s. So investors looking to pick individual bonds may want to stick with bonds rated A or higher, especially if economic growth continues to slow.
UPDATE 1-Russia freezes trading in up to 14% of U.S.-listed shares on SPB Exchange
(Adds detail)May 30 (Reuters) - SPB Exchange, Russia's second-largest bourse, said on Monday it will transfer up to 14% of U.S.-listed shares that its clients possess to a non-trading account after the central bank said it will restrict trading in some foreign shares. SPB said the decision was caused by restrictions imposed by Euroclear and will impact shares with primary listing in the United States. "Freely traded foreign securities will be completely separated from securities that cannot be traded until the change in Euroclear's policy towards Russian depositories," SBP said in a statement. The central bank's decision will not affect shares of companies with Russian roots, such as HeadHunter Group Yandex N.V., Ozon Holdings PLC and Cian PLC . "The Bank of Russia, SPB Exchange and trading participants are constantly working to develop a system solution, interacting with international counterparties," SPB said.
Arrow Exploration Reduces Oil Flow in Tapir Block Well, Colombia, Shares Fall
By Michael SusinArrow Exploration Corp. shares fell on Monday after the company said that the second well on the Tapir Block in the Llanos Basin of Colombia has developed a water cut. Shares at 0756 GMT were down 2.1 pence, or 11.6%, at 16.0 pence.
Kibo Energy to Co-Develop Long-Duration Energy Storage Projects in South Africa
By Maitane SardonKibo Energy PLC said Monday that it has reached an agreement with Hasta Trust to co-develop a portfolio of long-duration energy storage projects in South Africa. The energy company said it is targeting around 36,320 megawatt-hours of initial capacity for the projects, which are held by Hasta's National Broadband Solutions in South Africa.
GLOBAL MARKETS-Stocks rise, dollar struggles on Fed bets
"Talk of a pause in the Fed rate hike cycle is doing wonders for everything ranging from equities to bonds and – unfortunately – commodities too," said AFS Group analyst Arne Petimezas in Amsterdam. "Over the past few weeks about 50bps has been lopped off from Fed terminal rate pricing. Predictably, Fed pricing suggests the Fed will shift a gear lower after the annual Jackson Hole retreat in August," he added in a note. The euro rose to a five-week high and was last up 0.2% at $1.0750, having risen 1.6% last week. The pullback in the dollar helped gold off its recent lows, sending the metal up 0.5% at $1,862 an ounce.
Is the stock market open on Memorial Day?
Wall Street will pause on Monday to mark the Memorial Day holiday. There will be no trading in stocks as U.S. equity markets will be closed. The U.S. bond market is also closed, so no trading in Treasuries. Stocks closed higher for the week, breaking a seven-week losing streak, the longest such stretch since 2001. FLIGHT CANCELLATIONS PILE UP ON BUSY MEMORIAL DAY WEEKENDIn the week ahead, investors can look forward to a trio of labor-related reports.
Dollar heads toward monthly loss as investors scale back bets
The dollar suffered losses last week and was headed toward its first monthly decline in five months on Monday as investors have eased their bets that rising U.S. rates will result in additional gains. Trade was expected to be lessened through Monday as U.S. stock and bond markets close for Memorial Day. The dollar was slightly weaker on the euro in the Asia session at $1.0728, which is just above a five-week low. BANK OF AMERICA CEO: US CONSUMER IN ‘VERY GOOD SHAPE’, MAKES FED'S JOB ‘TOUGHER’The Australian and New Zealand dollars stayed firm while the yen was slightly weaker at 127.28 per dollar. "The Fed has stopped short of validating calls for even more tightening, leading to a plateau in forward expectations," NatWest Markets global head of desk strategy John Briggs said.
Cost-of-living crisis ‘forcing couples to scale back weddings’
Couples are scaling back their wedding plans because of the cost-of-living crisis, a poll suggests. And almost two-thirds (63 per cent) of couples were planning smaller, more sustainable weddings to both protect the planet and their purse strings. An estimated 350,000 nuptials are set to take place in 2022, with couples choosing pre-owned centrepieces (24 per cent) and, jewellery (16 per cent). One in five (20 per cent) brides-to-be planned to wear a second-hand gown for their big day. More than one-quarter (27 per cent) planned to get married out of season and one in four (26 per cent) said they would avoid stocking a free bar.
How the Ukraine conflict is reshaping global oil markets
Russia’s invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia. The reroutings mark the biggest supply-side shakeup of the global oil trade since the U.S. shale revolution altered the shape of the market around a decade ago and suggest Russia will be able to navigate a European Union oil ban, provided Asia and China continue to buy its crude.
Hyundai E&C remediates dioxin-contaminated soil at US Army base in Incheon
Hyundai Engineering & Construction successfully remediated a large amount of dioxin-contaminated soil for the first time in South Korea.According to Hyundai E&C on Monday, the project of remediating 11,031 cubic meters of dioxin-contaminated land at Camp Market -- a US Army installation situated in Bupyeong-gu, Incheon -- was successfully completed after two years and 11 months of work.The company used the in-pile thermal desorption and thermal oxidation cleanup treatment of dioxins — a highly toxic element classified as a class one carcinogen.The in-pile thermal desorption approach involves placing contaminated soil within an engineered above-ground, fully covered, and insulated treatment pile structure, and then heating the soil to the required temperature to destroy the contaminants.Having extracted vapors and liquids completely sealed during treatment, such a method is known as an environmentally friendly treatment.Hyundai E&C reduced the concentration of dioxin to 2.18 picograms, which is much lower than its initial target of 100 picograms.The company plans to take the lead in soil treatment technology to expand its business abroad and perform its role as an eco-friendly company.“As the environmental pollution problem is expected to emerge significantly around the world, the company plans to actively jump into the polluted environment restoration business based on this achievement,” said a Hyundai E&C official.By Hong Yoo ( yoohong@heraldcorp.com
Korea to lift tariff on food imports, raise LTV for first home seekers
A core measure is levying a zero quota tariff on ingredients for food, including wheat, flour, cooking oil, processed eggs and pork, until the end of this year. Imposing a quota tariff on cooking oil and flour will also be suspended from the current 5 percent and 3 percent, respectively. A 30 percent cut in the consumption tax on the purchase of passenger cars was supposed to expire this June. Participants in the ministerial meeting also confirmed the government’s recent move to scale back the 2022 property tax burden for home owners holding a single unit to the level in 2020. He called for endurance of market participants, stressing that “the high consumer prices growth has mainly been attributed to external factors.”By Kim Yon-se (kys@heraldcorp.com)
Protectionist measures on food would send a 'panic signal' and worsen inflation, says economist
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailProtectionist measures on food would send a 'panic signal' and worsen inflation, says economistSonal Varma of Nomura discusses alternative measures that governments can consider.
Analysis: Turkey's recurring currency nightmare strikes again
The central bank says inflation will cool by year-end. However on Thursday the central bank left interest rates untouched at 14%. read moreDire 12 years for Turkey's liraSUMMER TESTSTop Western investment banks fear further falls in Turkey's currency reserves. The government and central bank don't publish detailed data about the programme. Turkey's credit rating has slumped and its weight in the most closely-followed local currency emerging market debt index GBI-EM dropped to 1% from 10%.
Analysis: Safe as houses? Rising rates test foundations of property boom
A decade-long boom in housing prices from the United States to Europe and Asia is facing its first real test as borrowing costs rise and high inflation eats into households' budgets. Growth has slowed in Singapore and South Korea and volumes are dwindling in the United States and Poland. "The high real estate prices and rising mortgage rates are increasingly a problem for the affordability of residential property," said Joerg Utecht, chief executive of German mortgage broker Interhyp. Those countries include the United States, Germany and Britain. But Canada and New Zealand show how fast that can change when higher rates cool demand.
Randall & Quilter 1Q Gross Written Premium Nearly Doubled
By Sabela OjeaRandall & Quilter Investment Holdings Ltd. said Monday that gross written premium increased significantly in the first quarter of 2022 when compared with the same period a year earlier. The insurer said that gross written premium rose to $370 million from $193 million.
UK Regulator to Probe Sika's Acquisition of MBCC Group
By Joe HoppeThe U.K. competition regulator said Monday that it will begin a merger inquiry into the expected acquisition of MBCC Group by Sika AG. The Competition and Markets Authority said it is considering whether the proposed acquisition would create a relevant merger situation and, if so, whether it might result in the substantial lessening of competition within U.K. markets.
S4 Capital 1Q Revenue, Profit Rose Ahead of Guidance on Broad-Based Growth
By Kyle MorrisS4 Capital PLC said Monday that it grew strongly in the first quarter ahead of market guidance, with growth in all regions in which it operates. The London-listed digital advertising and marketing-services company said reported revenue rose to 206.8 million pounds ($261.2 million) compared with GBP121.6 million a year earlier.
Siemens Signs $8.7 Bln Deal for Egypt's High-Speed Rail
By Ed FranklSiemens AG said Sunday that it has signed the largest order in its history in a contract for Egypt's high-speed rail system worth as much as 8.1 billion euros ($8.70 billion). The contract, signed with Egypt's National Authority for Tunnels--which oversees the country's rail network--includes an agreement to provide maintenance for 15 years, the German industrial company said.
Shaftesbury Gets Date Extension for Capital & Counties Merger Talks
By Joe HoppeShaftesbury PLC said Monday that it has been granted an extension to the date by which Capital & Counties Properties PLC must state a firm intention to make an offer for it or walk away. The real-estate investment trust said that CapCo had been required to make an announcement by June 4, but now has until June 17 following a request to the U.K. Takeover Panel from Shaftesbury. This deadline can be extended further by Shaftesbury with consent from the Takeover Panel.
Spain's Inflation Rose to 8.5% in May
By Maria MartinezSpain's annual rate of inflation accelerated in May, beating economists' expectations, according to preliminary data released by the Spanish statistics office INE on Monday. In May, consumer prices rose 8.5% on year by European Union-harmonized standards, more than the 8.1% rise forecast by economists polled by The Wall Street Journal. Spain's annual rate of inflation was at 8.3% in April.
Smiths News' Bad Debt Risk From McColl's Administration Falls to GBP3.4M-GBP4.5M
By Ian WalkerSmiths News PLC said Monday that it expects the company's bad debt risk from McColl's Retail Group PLC's administration to fall to between 3.4 million and 4.5 million pounds ($4.3 million and $5.7 million). The newspaper and magazine wholesaler company--which serves around 600 McColl's stores--had said on May 6 that it expected the risk to be between GBP6 million and GBP7 million, and this was further reduced to GBP5.6 million.
Comptoir Group Swung to a Pretax Profit in 2021
By Sabela OjeaComptoir Group PLC on Monday reported a swing to a pretax profit for 2021, and said that it is confident about its current sales levels when compared with 2019 despite rising costs. The AIM-listed operator of Lebanese and Eastern Mediterranean restaurants posted a pretax profit on a pre-IFRS basis of 1.3 million pounds ($1.6 million) compared with a loss of GBP5.8 million a year earlier.
Europa Oil & Gas, Union Jack Oil, Egdon Resources' Wressle Field Plan Gets Approval
By Sabela OjeaEuropa Oil & Gas PLC, Union Jack Oil PLC and Egdon Resources PLC said Monday that the North Sea Transition Authority has approved the field development plan for the U.K.-based Wressle oilfield. The three energy and oil-and-gas companies hold a significant interest in the oil field.
Serabi Gold Sees Rise in Revenue, Ebitda for 2021 After Increased Production
By Kyle MorrisSerabi Gold PLC said Monday that it expects to report an increase in revenue and Ebitda for 2021, in line with consensus forecasts, after an increase in gold production. The mining company said earnings before interest, taxes, depreciation and amortization for the year should come in at $19.1 million compared with $15.5 million a year earlier.
Caspian Sunrise Unaffected by UK's Windfall Tax
By Sabela OjeaCaspian Sunrise PLC said Monday that the U.K.'s new windfall tax on oil companies doesn't apply to its operations. The London-listed energy company notes that the windfall tax applies only to companies operating in the North Sea or the Continental Shelf, meaning it isn't affected.
Mediazest Shares Rise After Saying 1H Performance Benefited From On-Year Growth
By Sabela OjeaShares in Mediazest PLC rose on Monday after the company said that it achieved profitability in the first half of fiscal 2022, and added that current performance remains positive across its retail, automotive and corporate sectors. Shares at 0710 GMT were up 0.01 pence, or 13%, at 0.09 pence.
Speedy Hire FY 2022 Pretax Profit Rose; Confident to Achieve FY 2023 Views
By Michael SusinSpeedy Hire PLC said Monday that pretax profit for fiscal 2022 rose, driven by increased market activity, and that it is confident in achieving the board's expectations for fiscal 2023. The U.K. tools, equipment and plant-hire services company said pretax profit for the year ended March 31 was 29.1 million pounds ($36.8 million), compared with GBP8.3 million the previous period.
Osirium Technologies Secures First Privileged Endpoint Management Contract
By Joe HoppeOsirium Technologies PLC said Monday that it has secured its first privileged endpoint management contract with an unnamed global imaging brand. The U.K. vendor of cybersecurity software said it secured a three-year contract, and will roll out its solution to 500 users in the customer's U.K. operations.
Ted Baker rises on report Juicy Couture owner nears takeover
(Reuters) - Shares in Ted Baker rose 3.1% on Monday following a report that Juicy Couture owner Authentic Brands is the British fashion chain's preferred bidder and that the two firms could agree on a 300 million pound ($379.35 million) deal. Sky News reported on Saturday that Authentic Brands has indicated it is willing to pay more than 150 pence per share for the company. At their peak in 2015, shares of Ted Baker were trading at 2,972 pence apiece. Ted Baker and Authentic Brands did not immediately respond to Reuters requests for comment. Last week, Ted Baker posted a smaller annual loss and pointed to robust sales in the coming months as demand for office and leisure wear rebounds.
Berlin-based B2B BNPL platform Mondu raises $43M Series A led by Valar in the US
Thus, the Buy Now Pay Later business model is now expanding into this B2B world at a rate of knots. But in Germany, B2B Payments company Mondu has emerged as a significant entrant to the market. Mondu’s BNPL for B2B solutions for merchants and marketplaces offers the main payment B2B payment options and flexible payment terms. Andrew McCormack, Founding Partner of Valar Ventures, commented: “BNPL for B2B sits at the intersection of three huge markets that are all in transition. The B2B payments market is immense, and its transition to digital has been accelerated over the past couple of years.
Betastore gets $2.5M to solve stock-outs, financing challenges for informal retailers in West and Central Africa
These challenges befall millions of micro-retailers across the continent, and Betastore, a B2B retail marketplace for informal retailers, is working to resolve in Nigeria, Ivory Coast and Senegal. Dakayi-Kamga said that this has helped the startup to optimize its technology to ensure that retailers source goods from the closest distributors. Story continues“Our technology enables retailers to order on demand, access a variety of products and solves logistics headaches for them too. Betastore is currently integrating its technology into a network of financing partners including fintechs and banks. Retailers use the Betastore wallet to repay loans, deposit money for their operations, and to send, receive and save money.
I’m 60, a school bus driver and bartender with $165,000 saved for retirement and a spender mentality – ‘is there any hope for me?’
While doing this exercise, you may find you’re paying for stuff you actually have no use for, like a magazine or streaming service subscription, or you may find that you’ve been spending so much money on things you don’t care about that you’re not able to put money toward the stuff you actually care about, including your retirement savings. You might want to claim as early as you can to get extra cash flow, which would be 62, or you might find you can afford to hold out a little longer while you’re working, in which case, you’d see how much you’d get later.
Sunak to forge ahead with 'NFT for Britain' despite plunge in markets
Rishi Sunak is to forge ahead with plans for an “NFT for Britain” despite market turmoil that has wiped billions of pounds off the digital assets. Mr Sunak surprised economists last month when he announced plans to delve into the craze for NFTs, which are effectively online certificates showing that the holder owns something, usually digital art. Crypto enthusiast Sina Estavi put the tweet up for sale demanding a price tag of $48m, but attracted bids no higher than $6,800. Overall, Knight Frank said sales of NFT art climbed to an estimated $25bn in 2021 - representing almost one third of the global art market’s value as a whole. Despite their abuse by criminals, he has argued cryptocurrencies “are a force for good”.
Shipping chaos fears as China drops zero-Covid curbs – live updates
Brent crude oil has topped $120 per barrel for the first time since March as China prepares to reopen the manufacturing hub city of Shanghai. The FTSE 100 is set to open 0.4pc higher as a rally across stocks continues. 2) Sunak to forge ahead with 'NFT for Britain' despite plunge in markets A market turmoil that has wiped billions of pounds off the digital assets. 3) Electric vehicles should face ‘tyre tax’, says air quality adviser Particulates generated by tyre wear are more dangerous to public health than diesel exhaust fumes – some say. Coming up todayCorporate: No scheduled updatesEconomics: Consumer confidence (EU), business climate (EU)
Number of women working past 50 shows big increase during Queen’s reign
The number of women aged 50 and over either in work or looking for jobs has increased by millions in the 70 years since the Queen has been on the throne, according to new research. In 1952, there were 1.3 million women in the age group working or looking for employment, but the figure has increased to 5.1 million now, said Rest Less, which offers advice and help to older people. The employment rate has remained broadly stable at 2.21 per cent in 2022 compared with 2.07 per cent in 1952, said the report. In contrast, the number of men aged 50 and above in jobs or looking for work has increased from 3.6 million to 5.7 million in the past 70 years, said Rest Less. Stuart Lewis, chief executive of Rest Less, said: “Before the pandemic, there were more women aged 50 and above in the workplace than ever before as a result of the rapid increase in the women’s state pension age.
Toyota's April global sales fall 11% on chip crunch and COVID-19 lockdown
Toyota Motor Corp. said Monday that its global sales in April dropped 11.1% from a year earlier to 763,708 vehicles, declining for the eighth straight month, hit by a worldwide semiconductor shortage and a COVID-19 lockdown in Shanghai. Global production fell 9.1% to 692,259 vehicles in April, slipping below the level a year earlier for the first time in three months, as the world’s largest automaker by volume was forced to cut output due to supply constraints, it said.
How the humble wire harness could help kill off combustion cars
The humble wire harness, a cheap component that bundles cables together, has become an unlikely scourge of the auto industry. Some predict it could hasten the downfall of combustion cars. Supplies of the auto part were choked by the war in Ukraine, which is home to a significant chunk of the world’s production, with wire harnesses made there fitted in hundreds of thousands of new vehicles every year.
Japan's second-quarter growth likely weaker than first predicted, poll shows
Japan’s economy will grow at a weaker rate than previously thought this quarter despite hopes for a strong rebound in consumption after showing resilience in the three months through March, a Reuters poll of economists showed. The world’s third-largest economy is at risk of being hobbled by slowing economic growth in China and a surge in global raw material prices — both issues that could hurt Japan’s key manufacturing sector, the poll showed.
How ¥54 billion in cash was taken to Okinawa ahead of reversion
It was past 6 a.m. on May 2, 1972, when Yoshikuni Horiuchi, the first deputy manager of the Bank of Japan’s Naha Branch, rushed to the Naha military port to welcome the Maritime Self-Defense Force transport ships that were carrying ¥54 billion in cash from Tokyo. From the fourth floor of a BOJ staff apartment in Naha, the pair of ships — the Osumi and the Shiretoko — looked like two matchboxes on the horizon as dawn broke.
[Photo News] Fresh Monday
Buses are seen operating in central Seoul on Monday. Bus and taxi drivers are eligible for the COVID-19 cash handouts worth 3 million won ($2,400) as part of the government‘s 62 trillion won extra budget bill, which was approved by the parliament on the same day.By Korea Herald ( khnews@heraldcorp.com
Seoul shares up for 2nd day on easing inflation; Korean won at over 1-month high
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Monday. The Korea Composite Stock Price Index (KOSPI) rose 31.61 points, or 1.2 percent, to close at 2,669.66. Trading volume was moderate at 458.66 million shares worth 7.32 trillion won ($5.9 billion), with gainers outpacing decliners 712 to 154. Institutions and foreigners bought a combined 770 billion won worth of stocks, offsetting individuals' stock sell-off valued at 799 billion won. Among decliners, leading shipper HMM fell 5.3 percent to 31,950 won, state-run Korea Gas Corp. declined 2 percent to 43,700 won, and No.
European stocks set to nudge higher, tracking global sentiment as dollar weakens
LONDON — European stocks are set for a modestly higher open on Monday as the U.S. dollar weakens, with traders easing expectations of aggressive monetary tightening from the Federal Reserve. Britain's FTSE 100 is seen around 26 points higher at 7,611, Germany's DAX is expected to add around 85 points to 14,547 and France's CAC 40 is set to climb around 34 points to 6,550. Shares in Asia-Pacific rose sharply across the board on Monday, with Japan's Nikkei 225 adding 2.3% to lead gains ahead of a big week of economic data releases for the region. Sentiment was boosted by a relaxation of Covid controls over the weekend in the major Chinese cities of Beijing and Shanghai. Markets in the U.S. are closed Monday for the Memorial Day holiday, after the S&P 500 and the Dow Jones Industrial Average snapped losing streaks to post their strongest week since November 2020.
Hiring a hitman: Inside one Florida man's alleged plot to murder his sister's ex, a prominent attorney
That woman, Katherine Magbanau, was convicted late Friday of first-degree murder, conspiracy to commit murder and solicitation to commit murder. Regardless of whether she did or did not know of the alleged plans for Markel’s murder – and whether she likes it or not – Wendi Adelson remains at the heart of the case. On the day of the murder, Wendi Adelson sat for an interview with police that lasted at least six hours and without an attorney, she has said. After Markel’s death, Wendi Adelson stayed in Tallahassee "for a few days" before moving away from the area, telling the prosecutor she didn’t feel safe. She said Markel’s family was "utterly tormented by the whole situation."
BoFA Global Research gives its forecast for China's 2022 GDP growth
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoFA Global Research gives its forecast for China's 2022 GDP growthHelen Qiao of BoFA Global Research says it will be increasingly challenging for China to reach its official target of around 5.5% and discusses an "impossible trinity" in government policy.
Analysis: How the Ukraine conflict is reshaping global oil markets
Model of petrol pump is seen in front of Ukraine and Russian flag colors in this illustration taken March 25, 2022. Overall, the flow of Russian oil to Asia via the sea has jumped at least 50% since the start of the year, according to tanker-tracker Petro-Logistics and other data. In January, before the invasion, around 1.5 million bpd were being sent directly to Asia. Including pipeline supplies, total Russian crude and products exports increased to just above 8 million bpd in April, back to the pre-invasion rate. Europe has discharged about 1.45 million bpd of crude from the United States.
London Playbook: Lovely jubilee — What Larks — Partygate continued
His spreadsheet shows there are now 34 Tory MPs who have publicly questioned the PM’s position. It is also likely that a number of less publicity-minded Tory MPs have privately put letters in unbeknownst to Lobby beancounters. Losing Gray cells: Some Tory MPs are clearly still chewing over the Gray findings and deciding where they stand. Today program: Latvian Foreign Minister Edgars Rink?vi?s (7.09 a.m.) … Labour MP Ian Byrne (7.50 a.m.) … Yuriy Sak, adviser to Ukraine’s minister of defense (8.10 a.m.) … Labour MP Stephen Kinnock (8.40 a.m.). SUBSCRIBE to the POLITICO newsletter family: Brussels Playbook | London Playbook | Playbook Paris | Politico Confidential | Sunday Crunch | EU Influence | London Influence | Digital Bridge | China Direct | Berlin Bulletin | D.C. Playbook | All our POLITICO Pro policy morning newsletters
Asian stocks rise after Wall St breaks string of declines
Asian stocks rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing. Asian stocks rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing. (AP Photo/Eugene Hoshiko)BEIJING (AP) — Asian stocks rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing. The Shanghai Composite Index advanced 0.5% to 3,145.77 after more factories and shops in Beijing and Shanghai were allowed to reopen. On Wall Street, the S&P 500 rose 2.5% on Friday to 4,158.24, propelled by gains for tech companies.
TIM Agrees With CDP to Integrate Italian Fiber-Optics Network
By Ed FranklTelecom Italia SpA said late Sunday that it has signed an agreement with state investment bank Cassa Depositi e Prestiti to integrate its network with rival Open Fiber. The aim of the nonbinding memorandum of understanding is to start a process to create a single integrated telecoms-network operator controlled by CDP with the backing of asset managers Macquarie Group Ltd. and KKR & Co., Telecom Italia said.
Russia Offers to Ease Ukraine Grain Blockade. Don’t Count on It.
Wheat prices are down 10% in two weeks since voices from the G7 to the United Nations started increasing pressure on Moscow to let Ukrainian grain come to market. Russia has occupied one major Ukrainian port, Mariupol, and closed all the others through naval control of the Black Sea. Traders and Western allies have rerouted a fifth of Ukraine’s normal grain exports via rail to ports in Romania or on the Baltic. Ukraine normally ships enough foodstuffs to feed 400 million people, U.N. World Food Program head David Beasley estimates. That could include his most important friend, China, which prewar imported three times as much food from Ukraine as from Russia.
IMI to Buy Bahr Modultechnik for EUR98 Mln Enterprise Value
By Joe HoppeIMI PLC said Monday that it will buy electric linear motion specialist Bahr Modultechnik Holding GmbH for an enterprise value of 98 million euros ($105.2 million). The U.K. specialist-engineering company said that Bahr Modultechnik will become part of the industrial automation business unit within IMI Precision Engineering, with closing of the transaction expected by mid-June.
Bubs Australia shares surge on U.S. deal to aid infant-formula shortage
SYDNEY–Bubs Australia Ltd. shares soared after it secured a deal to send at least 1.25 million tins of infant formula to the U.S.Shares in the infant-formula company BUB, +40.21% were 44% higher at 0.70 Australian cents (50 U.S. cents) in afternoon trade after earlier hitting a high of A$0.86.
Jobs report, GameStop earnings, home prices top week ahead
Though the New York Stock Exchange will be closed Monday in observance of the Memorial Day holiday, investors will still have another jam-packed week of corporate earnings and key economic data related to housing, manufacturing and jobs. Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 33212.96 +575.77 +1.76% SP500 S&P 500 4158.24 +100.40 +2.47% I:COMP NASDAQ COMPOSITE INDEX 12131.131075 +390.48 +3.33%FOX Business takes a look at upcoming events likely to move financial markets in the coming days. Tuesday 5/31Kicking off the week for earnings will be HP, Salesforce and Victoria's Secret after the bell. Ticker Security Last Change Change % ABNB AIRBNB INC. 120.50 +6.20 +5.42%Also on Tuesday, Airbnb will end COVID-related refunds. CLICK HERE TO READ MORE ON FOX BUSINESSFriday 6/3Finishing out the week will be the May jobs report and the ISM non-manufacturing PMI.
Russia Reports 147M Population in 2021
Russia’s 2021 population totaled 147.2 million, the state-owned Rossiiskaya Gazeta daily reported Monday, citing census data. The Rosstat statistics agency said Russia’s population increased by 1.4%, or 2.05 million people, since the previous census conducted in 2010. It was exacerbated by the two-year Covid-19 pandemic, which led to Russia’s largest population decline in 2021 since the end of the Soviet Union. But Rosstat said Russia's population decline was compensated by migration from mostly neighboring countries, which increased by 2.4 million people from 2010 to 2021. Former Soviet countries, led by Ukraine, Kazakhstan and Tajikistan, contributed to 93.5% of the migrants who have settled in Russia over the 11-year period.
Terraform Labs Korea dissolved in 2021, allegedly to evade taxes
Terraform Labs, the Singapore-based company behind the troubled coins terraUSD and luna, had shut down its South Korean branch last year to allegedly evade paying taxes, local news reports showed Monday. The source explained that the high 20 percent interest rate of the coins were “not to be permanent,” meaning that it was meant to attract early investors, and that their Anchor Protocol and source code was mostly transparent.The news comes as prosecutors here are ramping up crackdowns in light of terraUSD and luna’s price crash. The crash resulted in almost $38 billion getting wiped out from some 280,000 Korean investors’ balance sheets in the first week of the fall. The total damage here is yet unknown.The top five exchanges here -- Bithumb, Upbit, Korbit, Gopax and Coinone -- have all recently delisted the troubled coins and refused to add terra 2.0 and luna2, the revamped versions of the coins launched by Kwon last week.So far, 81 South Korean investors who invested in the two troubled Terraform Labs coins have sued Kwon and the firm’s co-founder Daniel Shin, with damages amounting to a combined 8.1 billion won, official documents show. The complaints have been filed with the Seoul Southern District Prosecutors Office for alleged fraud.
Unspent value on prepaid coffee cards, online coupons record W270b—mostly from Starbucks
The South Korean coffee industry has accumulated approximately 270 billion won ($216 million) worth of unspent stored value on prepaid cards and online coupons, said People’s Power Party lawmaker Yun Chang-hyun on Monday, citing a report from the Fair Trade Commission.About 92 percent of the unredeemed balance -- 250 billion won out of the 270 billion won -- came from Starbucks Korea, according to the report.Unspent stored value refers to the balance that is charged on gift cards and coupons issued by the coffee makers, but is not redeemed or refunded.The numbers for Starbucks Korea is based on its earnings at the end of 2021, as it did not submit data for first quarter of this year. Industry insiders speculate that Starbuck’s actual numbers would have increased to approximately 300 billion won.“When you purchase a product which costs less than the gifted coupon, the transaction is either not made, or the remaining balance is not refunded,” said Rep. Yoon.“Leading companies should come up with policies to refund or save the remaining balance to improve customer inconvenience,” he added.Meanwhile, Starbucks Corp. said in its 2022 Q1 fiscal report that it has accumulated $2.071 billion in “stored value card liability and current portion of deferred revenue” across the world.“While the customer will eventually withdraw the value of their deposits in the form of drinks, the customer has given Starbucks an interest-free loan,” said accounting professor at McCombs School of Business Patrick Badolato in a recent blog post. “(Starbucks) operates like a bank,” he added.By Lee Seung-ku ( seungku99@heraldcorp.com
Dollar drifts toward monthly loss as Fed bets ease
Trade was likely to be lightened through Monday as U.S. stock and bond markets close for the Memorial Day public holiday. The risk-sensitive Australian and New Zealand dollars were firm after a Friday rally, while the yen was a fraction weaker at 127.28 per dollar. The dollar index, which hit a two-decade high of 105.010 earlier in May was steady at 101.660 on Monday. China's yuan held steady at 6.7210 per dollar in offshore trade, buoyed by progress out of virus lockdowns. But positive U.S. consumer data and the easing lockdowns in China is helping kindle hopes about global growth, which tends to support exporters' currencies at the dollar's expense.
Oil climbs ahead of EU meeting on Russia sanctions
Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine. "I don't think it would be a stretch to assume that speculators are positioning for a post-EU summit oil market bounce," said SPI Asset Management managing partner Stephen Innes. EU governments failed to agree on an embargo on Russian oil on Sunday, but will continue talks on a deal to ban seaborne deliveries of Russian oil while allowing deliveries by pipeline, ahead of the summit on Monday afternoon, officials said. If agreed, a deal would allow Hungary, Slovakia and Czechia to continue to receive their Russian oil via the Druzhba pipeline for some time until alternative supplies can be arranged. The oil market was also on edge after Iran on Friday said its navy had seized two Greek oil tankers in retaliation over the confiscation of Iranian oil by the United States from a tanker held off the Greek coast.
Global recession? Not yet, economists say — but brace for high prices, low growth
A global recession is not imminent, but brace for rising costs and slower growth, economists say. "There will be no sudden 'after' of stagflation," said Simon Baptist, global chief economist at the Economist Intelligence Unit, referring to a surprise recession after a period of stagflation. For almost all economies of Asia, a recession is fairly unlikely, if we're talking about successive periods of negative GDP. Simon Baptist Global chief economist, EIUSo, consumers — while wary of a repeat of the last global recession brought on by the U.S. subprime crisis over 10 years ago — need not start preparing for a recession. AMP Capital chief economist Shane Oliver doesn't see the recession writing on the wall either, at least not for another 18 months.
There's a 'massive gap' between housing demand and supply in Singapore, PropertyGuru CEO says
Supply constraints are driving up property prices and rents in Singapore, the chief executive officer of a real estate company said Friday. "You can see a massive gap opening up between demand and supply," said Hari Krishnan of PropertyGuru. Singapore introduced measures to cool the property market in December 2021, but analysts told CNBC in February that they expected prices to continue to rise, though at a slower rate. PropertyGuru's Krishnan said Singapore's construction sector was largely shut for around two years because of a lack of manpower, though the industry started to recover in 2021. Supply chain bottlenecks also affected building materials, he said.
Gold prices rise in range-bound trade as dollar dips
Gold prices firmed in choppy trading on Monday, as a weakening dollar buoyed greenback-priced bullion, although gains were capped by some investors turning to riskier assets in Asia. Spot gold was up 0.2% at $1,856.86 per ounce, as of 0152 GMT. U.S. gold futures edged 0.1% higher to $1,859.40. Typically, June is a bearish month for gold but that seasonal pattern appears to have been shifted forward by one month," Simpson said. Spot silver rose 0.1% to $22.13 per ounce, platinum firmed 0.1% to $954.51, and palladium gained 0.8% to $2,079.39.
Inflation could stay elevated for a long time, says analyst
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation could stay elevated for a long time, says analystSteven Glass of Pella Funds Management says housing prices are a "huge component" of the inflation figure.
Bubs Australia Shares Surge on U.S. Deal to Aid Infant-Formula Shortage
By Alice UribeSYDNEY--Bubs Australia Ltd. shares soared after it secured a deal to send at least 1.25 million tins of infant formula to the U.S.Shares in the infant-formula company were 44% higher at 0.70 Australian cents (50 U.S. cents) in afternoon trade after earlier hitting a high of A$0.86.
Are older workers a solution to the labor shortage?
They may also want to consider whether they’re taking full advantage of an often-marginalized, but willing and able, segment of the U.S. labor force — older workers. Older workers, classified as those age 40 and over by the federal Age Discrimination in Employment Act, make up a significant portion of the U.S. labor force. Roughly 43% of the labor force in 2020 was above 44, according to the U.S. Bureau of Labor Statistics, with over 23% older than 54. Older workers span many different types of occupations and professions including sales, management, service, transportation, construction, maintenance and more. Edward Bolognini, executive director of ReServe, a New York City-based organization that specializes in work opportunities for older adults, says that older workers have an emotional quotient that younger workers haven’t had an opportunity to develop.
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The signs the property market boom is disappearing fast
Asking prices for homes have hit a record high despite signs that the property market boom is disappearing fast. The average price of a house hitting the market in April was £250,200, according to property website Zoopla. One in every 20 houses for sale had its asking price cut by £22,500 in April, Zoopla found, in the latest warning signal of a property market slowdown. The average price reduction was 9pc, equivalent to £22,500 off the average home. In the North East, the share of listings with a price cut of 5pc or more was one in 16.
Money Makeover: 'I was burnt by a mis-sold pension – should I become a landlord instead?'
When 58-year-old Catherine Walter was mis-sold a self-invested personal pension, or Sipp, a decade ago, she almost lost her nest egg for good. “I came across a financial adviser while networking and he convinced me to put my pension in a scheme that then went pop,” said Ms Walter. Thanks to her time spent serving in the force Ms Walter will be able to access her police pension in two years’ time. Ms Walter said: “I am considering buy-to-let, but property is excruciatingly expensive near me in Hampshire. Ms Walter lives in Hampshire.
Why Mercedes and Volkswagen’s big bet on the wealthy is at risk of backfiring
Since 2010 it has manufactured Elon Musk’s electric cars, having started life in 1962 producing Chevrolet El Caminos. Now it faces another shift as carmakers such as Mercedes and Volkswagen rush to push luxury car lines that reaped in extravagant profits through the pandemic. Having benefited from the surge in global stock markets and more savings amid lockdowns, a growing pool of wealthy buyers treated themselves to high-end cars. In the short term, the move is a good idea, says Professor Andrew Graves at the University of Bath, “but in the medium to long term, of course, there is no hiding place upmarket”. In 2021, Britain made the fewest new cars since 1956, with less than 860,000 models rolled off production lines.
Millions of homes warned of winter blackouts
Six million homes could face blackouts this winter due to Russia's invasion of Ukraine, ministers have been warned. The modelling assumes that the UK would stop receiving any gas through the Netherlands and Belgium "interconnectors". Gas supplies to households would not be affected, according to The Times. A Whitehall source told The Times: “As a responsible government it is right that we plan for every single extreme scenario, however unlikely. The EU gets about 40pc of its gas from Russia but is trying to cut its reliance.
Six million homes could face winter power cuts due to energy shortages - report
Ministers have been warned of potential power cuts to as many as six million households this winter, according to reports. Government modelling of a "reasonable" worst-case scenario predicts major gas shortages in winter if Russia cuts off more supplies to the EU, The Times says. Worse modelling is reported for a scenario in which Russia cuts off all supplies to the EU. Business Secretary Kwasi Kwarteng has approached the owners of Britain's coal-fired power stations in Drax, Ratcliffe and West Burton to delay their planned closures in September. "While there is no shortage of supply, we may need to make our remaining coal-fired power stations available to provide additional back-up electricity this coming winter if needed.
LS seeks new momentum in electrification
As he took office in January, LS Group Chairman Koo Ja-eun vowed an “ambidextrous management” to maximize synergy between existing core businesses and new businesses for the future.“With advanced technology in electricity and materials in one hand, and future technologies such as artificial intelligence, big data and Internet of Things in the other, we will offer solutions of customer-oriented value in a balanced manner,” Koo said.It comes as Koo and Myung Roe-hyun, chief executive of LS Corp., have begun a three-month tour of 14 subsidiaries in Chungcheong, Gyeongsang and Jeolla provinces to check on pending issues and seek solutions for the conglomerate’s sustainable growth.Koo has stressed the need for systematic globalization based on market and customer data assets, and growing with society through environmental, social and corporate governance.LS perceives ESG as a new business opportunity as the age of electrification nears.LS affiliates plan to make use of their long experience in electric infrastructure and energy solutions to explore new opportunities in renewable energy and electric vehicles.Through a joint investment with liquefied petroleum gas importer E1, LS Group set up an EV charging business named LS E-Link in April.It has also completed in May an LS EV Korea factory in Gunpo, Gyeonggi Province, which produces EV components.LS Cable and System won major projects in the US, the Netherlands and Bahrain last year, and signed a five-year deal to supply subsea cables to Danish wind power company Orsted.Having built South Korea’s first subsea cable factory in Donghae, Gangwon Province, in 2008, LS Cable plans to invest an additional 190 billion won ($153 million) by 2025 to set up facilities for manufacturing, cable storage and research support at the Donghae factory.LS Cable also began service of GL2030, an undersea cable-laying ship, last year.LS Electric’s “smart” factory in Cheongju, North Chungcheong Province, was selected by the World Economic Foru
Coronavirus: Shanghai’s symptomatic cases fall to single digit as city resumes public transport and prepares to ease citywide lockdown
Children at the playground of a residential community in the Putuo district of Shanghai on May 17, 2022. Photo: Xinhua
AntiCapitalist MeetUp: what does a (democratic) socialist politics of climate change look like?
stats.oecd.org/... Natural resources rents are estimated as the difference between the price of a commodity and the average cost of producing it. Total natural resources rents are the sum of oil rents , natural gas rents , coal rents , mineral rents , and forest rents . en.wikipedia.org/... Total natural resources rents (% of GDP) Definition: Total natural resources rents are the sum of oil rents, natural gas rents, coal rents (hard and soft), mineral rents, and forest rents. For example, Michael Hudson is a proponent for taxing rent, especially land rent. What appears in the statistics at first glance as 'profit' turns out upon examination to be Ricardian or 'economic' rent."
Beijing, Shanghai start to reopen as Covid cases drop
After about two months of lockdown, Shanghai announced plans over the weekend to relax restrictions on business activity. BEIJING — Major Chinese cities Beijing and Shanghai began to relax Covid controls over the weekend as the local case count dropped. The capital city of Beijing reported eight new Covid cases for Sunday, while Shanghai recorded six. Beijing city had begun tightening Covid controls about a month ago, but only locked down some neighborhoods. On Sunday, Shanghai authorities said businesses could start to reopen without having to apply for approval starting Wednesday.
Some in Beijing back to work, Shanghai inches closer to ending COVID lockdown
People wearing face masks line up outside a store of French luxury brand Celine, at a reopened shopping mall amid the coronavirus disease (COVID-19) outbreak in Shanghai, China May 29, 2022. China reports daily new cases in the hundreds compared with many Western nations which report tens of thousands of new COVID cases each day. Shanghai, Beijing and other cities in China have made significant progress in bringing daily caseloads lower, but uncertainty remains high, as the highly-transmissible Omicron variant is prone to making comebacks. Goldman Sachs economists said they could discuss China's zero COVID policy in only one out of more than 10 recent meetings with clients in Beijing, "potentially due to its political sensitivity". read moreShanghai reported fewer than 100 new COVID cases for May 29, while Beijing recorded 12.
Shell, Seven Group Sign Off on Crux Gas Field Development
By Rhiannon HoyleShell PLC and Australia's Seven Group Holdings Ltd. have approved the development of the Crux natural-gas field off the coast of western Australia, Shell said on Monday. The oil major expects gas from Crux to be in demand as traditionally coal-hungry Asian utilities diversify their energy mix and customers globally wean themselves off Russian energy resources following Moscow's invasion of Ukraine. The joint venture will start construction on the project this year and expects to be producing gas in 2027, Shell said. An export pipeline will be connected to the existing Prelude floating liquefied natural gas facility roughly 100 miles southwest of the field. Crux will have the capacity to supply Prelude with up to 550 million standard cubic feet of gas a day.
Asian stocks rise after Wall St breaks string of declines
Asian stocks rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing. Asian stocks rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing. (AP Photo/Eugene Hoshiko)BEIJING (AP) — Asian stocks rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing. The Shanghai Composite Index advanced 0.6% to 3,148.16 after the Chinese government allowed more factories and shops in Beijing and Shanghai to reopen. On Wall Street, the S&P 500 rose 2.5% on Friday to 4,158.24, propelled by gains for tech companies.
A leftist will face a businessman as Colombia's presidential race heads to a runoff
A leftist will face a businessman as Colombia's presidential race heads to a runoffEnlarge this image toggle caption Fernando Vergara/AP Fernando Vergara/APBOGOTA, Colombia — In a blow to Colombia's political class, a leftist former rebel and a populist businessman took the top two spots in the country's presidential election Sunday and headed to a runoff showdown in June. No matter who wins June 19, the South American country long governed by conservatives or moderates will see a dramatic shift in presidential politics. Petro has promised to make significant adjustments to the economy, including tax reform, and to change how Colombia fights drug cartels and other armed groups. There has been a series of leftist political victories in Latin America as people seek change at a time of dissatisfaction with the economic situation. But in a sign of the resistance to a leftist government, Gutierrez endorsed Hernández shortly after he was left out of the runoff.
HSBC Names New Chief Economist for China
By Anniek BaoHSBC Holdings PLC promoted Jing Liu to lead its China economics coverage after the departure of predecessor Qu Hongbin. Ms. Liu was appointed the bank's chief economist for China, Hong Kong and Taiwan, according to a memo seen Monday by The Wall Street Journal. HSBC hired Ms. Liu in 2021 as a senior economist covering the same region. She previously worked at the Hong Kong Monetary Authority and the Bank for International Settlements, the memo said. She will continue to work out of Hong Kong, reporting to Frederic Neumann, the bank's chief Asia economist and its co-head of research for the Asia-Pacific region.
Is the Stock Market Open Today? Here Are the Hours for Memorial Day 2022.
Many Americans—including investors—may be looking forward to unwinding on Memorial Day. Is the Stock Market Open on Memorial Day 2022? The New York Stock Exchange and the Nasdaq will be closed on Monday in observance of Memorial Day. Memorial Day, which is celebrated on the last Monday of May, honors the men and women who died while serving in the U.S. military. Memorial Day is considered the unofficial start to summer—and millions of Americans are expected to travel.
Hedge Funds Clash With Asset Managers on How to Trade Treasuries
(Bloomberg) -- Hedge funds are doubling down on bearish Treasuries bets just as traditional money managers grow more positive in anticipation that the worst of the global debt selloff is over. Asset managers -- including pension funds, insurers and mutual funds -- ramped up long positions to the highest since April 2020, based on similarly adjusted data. “Many asset managers buy when they see value in the medium to long term, whereas hedge funds try to profit from any moves in the market,” said Akira Takei, global fixed-income money manager in Tokyo at Asset Management One Co., which oversees the equivalent of $524 billion. JPMorgan Asset Management and Morgan Stanley are among those predicting the worst of the Treasury rout looks to be over. “We’ve come back to mid-range in many asset classes including Treasuries, reflecting the fact that views are mixed.”Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.
Can U.S. stocks extend the bounce? Inflation worries linger ahead of key jobs data.
This is the case even after just two Fed rate increases that have left the fed-funds rate target between 0.75% and 1%. Friday’s reading on the Fed’s preferred inflation gauge, known as the personal-consumption expenditures price index, showed price pressures easing in April. However, investors have seen a “head fake” before, when one seemingly soft inflation number overshadowed the bigger dynamic of still rapidly rising costs. Recent financial market volatility offers some guidance as to how quickly investors are willing to brush aside even positive economic data in a higher inflation environment. Thursday’s data releases include Automatic Data Processing’s private sector employment report for May, weekly initial jobless claims, and revisions to first-quarter productivity and unit labor costs.
Asian markets rise after Wall Street's rebound and as China eases COVID lockdowns
BEIJING — Asian stocks rose Monday after Wall Street rebounded from a seven-week string of declines and China eased anti-virus curbs on business activity in Shanghai and Beijing. The Shanghai Composite Index SHCOMP, +0.31% advanced 0.3% after the Chinese government allowed more factories and shops in Beijing and Shanghai to reopen. The Nikkei 225 NIK, +2.03% in Tokyo surged 2% and the Hang Seng HSI, +1.87% in Hong Kong gained 1.9%. On Wall Street, the benchmark S&P 500 index finished Friday up 6.6% for its biggest weekly gain in 18 months after surging inflation declined in April. On Wall Street, the S&P 500 SPX, +2.47% rose 2.5% on Friday to 4,158.24, propelled by gains for tech companies.
Japan Q2, full-year growth to be weaker than previously estimated- Reuters Poll
However, the slower expansion still indicates growth will be strong enough for the economy to recover to its pre-coronavirus pandemic levels of end-2019 this quarter, about 70% of poll respondents said. A slowdown in Chinese economic growth was the most-frequently cited issue posing a risk to Japan's economy in the latter half of the year, the poll showed. But none cited a persistently weaker yen as the biggest risk to the economy in the second half of the year. The economy will grow 2.3% this fiscal year, followed by an estimated 1.5% growth in fiscal 2023. Both forecasts showed analysts expected growth to come in slightly weaker than what they expected in last month's poll.
Police: 'Suspect is down' after officer-involved shooting in Phoenix
Phoenix Police Department says that there was an officer-involved shooting in the area of 24th Street and Cactus Road on Sunday night. A "suspect is down," according to officials. Officials advise to expect traffic restrictions in the immediate area of the scene. Reach breaking news reporter Haleigh Kochanski at hkochanski@arizonarepublic.com or on Twitter @HaleighKochans. Subscribe to azcentral.com today.
Memo shows speed cams will usually cite at 10 mph over
MORE SPEED ENFORCEMENT DETAILS: Albuquerque turned on the speed cameras May 25, and now that they are actually up, running and issuing citations, readers have more questions. Meanwhile, people who are going 5 mph over the speed limit, which only puts you near every other driver’s speed, are being fined the same amount. So it is highly unlikely you would use cruise control on the city streets the cameras are allowed on. VIOLATIONS START AT 5 MPH AND 10 MPH: City officials and law enforcement have declined to identify any “safe” number to speed and not get a citation, understandable since they are not in the business of encouraging speeding. He was going to work with the contractor to adjust traffic control in the project limits.
Fair Share Amendment won't work, according to free market think tank
Called the Fair Share Amendment, the law would change the state’s constitution if passed, and, according to authors Greg Sullivan, Andrew Mikula and Liam Day, would have results already seen in other states like California and Connecticut. Further, the group says, the money raised by the tax won’t be spent on education and transportation, as advocates say. Stephen Crawford, a spokesperson for Fair Share for Massachusetts, the campaign advocating for the amendment, says that Pioneer’s new book should be taken with a grain of salt. “The money raised by the Fair Share Amendment is constitutionally guaranteed to go to education and transportation. “The facts are that only the highest-income 1% will pay anything extra under the Fair Share Amendment.
Royal Mail accused of wrongly charging customers £150 'Brexit tax' on items they already own
The firm said parcels will not be delivered otherwise, even if the customer believes the charges are incorrect. Parcelforce has refuted the allegations, blaming the people sending the parcels for making errors on their customs declaration forms. Since post-Brexit rules changed in January 2021 goods valued at more than £135 sent to Britain from the EU, including personal belongings, have been subject to import and customs duties. Royal Mail and other postal providers collect this money directly from recipients on behalf of the tax office before they are delivered. The duties are calculated based on the customs declaration forms filled out by the sender.
Most commodity prices are expected to peak in the second quarter of 2022, says economist
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMost commodity prices are expected to peak in the second quarter of 2022, says economistSimon Baptist of the Economist Intelligence Unit says that includes both soft and hard commodities.
New Zealand Supermarkets to Open Wholesale Arms to Rivals
By Stephen WrightWELLINGTON, New Zealand--New Zealand's two main supermarket operators will be required to open their wholesale businesses to rivals to reduce grocery prices, the government said Monday, as part of its response to decades-high inflation. New Zealand's competition regulator earlier this year recommended changes to the grocery industry to increase competition, including easier access to land for potential rivals to build new supermarkets. The regulator envisaged voluntary access to supermarkets' wholesale arms, but the government on Monday said stronger action is needed in that area. "If supermarkets do not strike good-faith wholesale deals with their competitors, our regulatory measures will make it happen for them," a government statement said. Ownership of most of New Zealand's supermarkets is divided between Australia's Woolworths Group Ltd. and franchise arrangements under the Foodstuffs cooperatives.
Hong Kong Consumer Stocks Gain on Shanghai Economic Recovery Plan
Hong Kong-listed consumer stocks are higher in early trade as sentiment is buoyed by the Shanghai government’s plan to loosen COVID-19 restrictions on June 1 as daily case counts decline. “We believed that there will be a rebound in consumption after the unlocking,” analysts from brokerage KGI Securities say. The local government a number of supportive measures as well, including reducing rent and property taxes for businesses, and granting subsidies for water, electricity and natural-gas costs, state media outlet Xinhua reported over the weekend. Analysts from KGI Securities say this presents a buying opportunity, and view China Resources Beer as particularly attractive. The measures should be supportive of Hong Kong stocks in general as they could calm some of the concerns about COVID-19 risks, IG market strategist Yeap Jun Rong said.
What it costs to take a company public
The IPO market has seen explosive growth this year as direct listings and Special Purpose Acquisition Companies (SPACs) become more popular. Here are the methods of taking a company public, and the costs associated with each.
Hong Kong consumer stocks gain on plan to ease Shanghai lockdown
Hong Kong-listed consumer stocks are higher in early trade as sentiment is buoyed by the Shanghai government’s plan to loosen COVID-19 restrictions on June 1 as daily case counts decline. “We believed that there will be a rebound in consumption after the unlocking,” analysts from brokerage KGI Securities say. The local government a number of supportive measures as well, including reducing rent and property taxes for businesses, and granting subsidies for water, electricity and natural-gas costs, state media outlet Xinhua reported over the weekend. Analysts from KGI Securities say this presents a buying opportunity, and view China Resources Beer as particularly attractive. The measures should be supportive of Hong Kong stocks in general as they could calm some of the concerns about COVID-19 risks, IG market strategist Yeap Jun Rong said.
Japan is likely to continue ultra-easy monetary policy
Japan is likely to continue its ultra-easy monetary policy despite recent rises in prices, according to testimony by Bank of Japan Gov. Haruhiko Kuroda and Prime Minister Fumio Kishida. “The Bank of Japan will support the economy, which is still on the way to recover from the pandemic, by patiently continuing powerful monetary easing,” Kuroda told a parliamentary committee Monday.
Indonesia's Astro raises $60M to work on 15-minute grocery delivery
Jarkata-based Astro, which provides 15-minute grocery delivery, has recently closed a $60 million Series B financing round, lifting its total funding to $90 million since the business launched just nine months ago. Founded by Tokopedia veteran Vincent Tjendra, Astro plans to spend its funding proceeds on user acquisition, product development, and hiring more staff to add to its current team of 200. Astro offers 15-minute delivery within a range of 2-3km through its network of rented "dark stores," which are distribution hubs set up for online shopping only. Grocery delivery is notoriously cash-burning, but Tjendra reckoned margins will improve as the business scales. The company's main source of revenue is the gross margin it earned from the goods sold and delivery fees customers pay.
A Wisconsin property with a barn converted into a home and a man cave is on the market for the first time ever at $945,000 — take a look inside
The milk house is located right next to the converted barn. Justin Lackner PhotographyA 1.81-acre property in Wisconsin featuring a converted barn is for sale for $945,000. A converted barn along US Highway 14 in Arena, Wisconsin, is for sale for $945,000. The exterior of the converted barn. Story continuesThere are three full bathrooms with stone brick walls in the converted barn.
SoftBank executive pay slashed after historic Vision Fund loss
SoftBank Group Corp.’s top executives have seen steep cuts in their paychecks after the conglomerate marked a historic loss for its Vision Fund unit. The company’s founder and CEO Masayoshi Son kept his pay unchanged at ¥100 million (roughly $785,000). However, four of the top six executives whose salary was made public through a company filing on Monday saw their compensation drop following a record $20.5 billion (¥2.6 trillion) loss.
Up once again: Average price of gas in LA County now $6.15 a gallon as Memorial Day travel continues
LOS ANGELES (CNS) -- The average price of a gallon of self-serve regular gasoline in Los Angeles County rose to a record high Sunday for the second consecutive day, increasing 2.6 cents to $6.152, one day after rising 2.8 cents.The average price is 5.4 cents more than one week ago, 35.4 cents higher than one month ago and $1.933 greater than one year ago, according to figures from the AAA and Oil Price Information Service.The Orange County average price rose 3.3 cents to its second consecutive record, $6.134, one day after increasing 3.4 cents. It is 6.2 cents more than one week ago, 38.6 cents more than one month ago and $1.961 higher than one year ago.The Los Angeles County average price has increased $1.356 since Russia's invasion of Ukraine on Feb. 24 sent shock waves through the oil market that have kept oil costs elevated,'' said Andrew Gross, an AAA national public relations manager. The Orange County average price has increased $1.357.Crude oil costs account for slightly more than half of the pump price, according to the U.S. Energy Information Administration.The rest of the price includes the other components of gasoline, production costs, distribution costs, overhead costs for all involved in production, distribution and sales, taxes and carbon offset fees in California paid by the refineries.The national average price rose nine-tenths of a cent to a record $4.61. The national average has set records 17 of the past 20 days.
'We see a clear role for alternatives': Top pros give their tips on how to trade the volatile market
Top pros have given CNBC their tips for alternative investments as stock markets continue to be volatile and indexes are seeing losing streaks week after week . Gold is a pick for Aon, "mainly because of its role as a market hedge given its long-established tendency to outperform in a weak stock market environment," he said. Inflation-linked bonds could help, he suggested. "In the UK, the inflation-linked market looks very expensive, but globally, the US TIPS market, the French OAT market and a few other inflation-linked bond opportunities could be used to build more direct inflation hedging portfolios," Datta said. "We see a clear role for Alternatives which – for our clientele and liquidity requirement – is predominantly Commodities and Absolute Return," he said.
'Buy this dip': Wall Street banks name global stocks and sectors that could be near a bottom
With recent volatility in the stock markets, Citi has told clients to " buy this dip " while analysts from Bank of America and JPMorgan have named the global stocks and sectors that they believe are trading near a bottom. BofA named a European list of "High Quality stocks that derated the most this year" as its screen of the week in a research note dated May 25. "High Quality stocks have seen the largest drop in valuation versus other styles, with the premium falling to the lowest level in four years," Strzelinska added. Citi: 'Buy this dip' Citi said it may be time to start buying stocks again in a May 26 research note, titled "Bear Market Checklist: Buy This Dip." A Wall Street sign is pictured at the New York Stock exchange (NYSE) in New York, March 9, 2020.
Breaking International News & Views
Asian stocks followed Wall Street higher on Monday while the dollar was pinned near five-week lows as investors wagered on an eventual slowdown in U.S. monetary tightening, albeit after sharp hikes in June and July. 12:32 AM UTC
Oil climbs ahead of EU meeting on Russia sanctions
By Sonali PaulMELBOURNE (Reuters) - Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine. "I don't think it would be a stretch to assume that speculators are positioning for a post-EU summit oil market bounce," said SPI Asset Management managing partner Stephen Innes. EU governments failed to agree on an embargo on Russian oil on Sunday, but will continue talks on a deal to ban seaborne deliveries of Russian oil while allowing deliveries by pipeline, ahead of the summit on Monday afternoon, officials said. If agreed, a deal would allow Hungary, Slovakia and Czechia to continue to receive their Russian oil via the Druzhba pipeline for some time until alternative supplies can be arranged. The oil market was also on edge after Iran on Friday said its navy had seized two Greek oil tankers in retaliation over the confiscation of Iranian oil by the United States from a tanker held off the Greek coast.
Asia Stocks, US Futures Rise as China Curbs Eased: Markets Wrap
(Bloomberg) -- Stocks in Asia and US futures advanced Monday after China eased some virus curbs and Wall Street had its best week since November 2020. Most Read from BloombergJapanese and Hong Kong equities led gains, while S&P 500 and Nasdaq 100 contracts climbed in a sign the bounce may have further to run. The S&P 500 wiped out its May losses and snapped a string of seven weekly declines as institutional investors rebalanced portfolios into the end of the month. FridaySome of the main moves in markets:StocksS&P 500 futures rose 0.4% as of 10:30 a.m. in Tokyo. The S&P 500 rose 2.5%Nasdaq 100 futures increased 0.6%.
India withdraws warning on biometric ID sharing following online uproar
India has withdrawn a warning that asked users to not share photocopies of their national biometric ID following a widespread uproar from users on social media, many of whom pointed that this is the first time they were hearing about such a possibility. UIDAI has now woken up after everyone's distributed photocopies of Aadhaar all over. This scale of adoption makes Aadhaar the world's largest biometric identity system. "UIDAI issued Aadhaar card holders are only advised to exercise normal prudence in using and sharing their UIDAI Aadhaar numbers. Aadhaar Identity Authentication ecosystem has provided adequate features for protecting and safeguarding the identity and privacy of the Aadhaar holder."
Liverpool fan, 11, 'feared he would die' after he was tear-gassed at chaotic Champions League Final
Yesterday, another Liverpool fan who was tear gassed with his son during the Champions League final chaos described it as a 'war zone'. Mr Wilson is also known for driving a £40 Skoda to the Champions League final in Madrid in 2019. Liverpool FC supporters travelling to the Champions League final also faced long queues at the Port of Dover. In Paris, tens of thousands of Liverpool fans have sung 'You'll Never Walk Alone' ahead of the Champions League final. 'A Champions League Final is always something worth going to and to be in the city where Liverpool are playing is fantastic.'
Hackers wage war on Russia’s largest bank
© AP Photo Sberbank hackers Moscow Russia bank sanctions Ukraine war - AP PhotoHackers have flooded the dark web with credit card details stolen from Russia’s largest bank as cybercriminals target the country in the wake of the Ukraine invasion. The lender's Austrian unit was the first Russian financial institution to collapse because of sanctions, and Sberbank is also winding down its investment bank in London. The huge uptick in leaked card details here shows the hackers are really going for it.”British banks have been told they could also be targeted by politically motivated cyber attacks. “If a bank gets attacked and these sorts of details are leaked then real people suffer financial losses. If your card details were lost, you would just take your business elsewhere.
Switzerland and Germany seek to conclude gas solidarity deal
A Qatari Liquid Natural Gas (LNG) tanker ship being loaded up. Germany, which is heavily dependent on Russian gas, last week announced a partnership with Qatar, which will start supplying it with LNG in 2024. Keystone / StrSwiss and German ministers have agreed to negotiate a solidarity agreement to help each other with gas supply issues in an emergency. The aim is to minimise the impact should Russian gas supplies be disrupted. Germany, which is heavily dependent on Russian gas, last week announced a partnership with Qatar, which will start supplying it with liquefied natural gas (LNG) in 2024.
Exclusive: HSBC feels the heat after senior banker downplays climate risk
HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. read moreIt also prompted The Pensions Regulator in the U.K. to warn that any pension scheme failing to consider the impacts of climate change was "ignoring a major risk to pension savings". Nicolas Moreau, who heads the asset management division, also distanced the bank from Kirk's remarks. HSBC Asset Management has received a number of inquiries from institutional clients about Kirk's comments, one of the sources said. The possibility of HSBC Asset Management, a division that oversees some $640 billion, losing business comes as the company invests in the unit as part of a broader push to grow fee income.
Breaking International News & Views
Asian stocks followed Wall Street higher on Monday while the dollar was pinned near five-week lows as investors wagered on an eventual slowdown in U.S. monetary tightening, albeit after sharp hikes in June and July. undefined ago
Asia stocks edge higher, dollar in the doldrums
"Money markets have reduced their pricing for additional Fed rate rises by end-2022 from 193bps to 180bps." "U.S. economic data appear be to slowing, ECB officials are debating even faster initial rate hikes, and front-end rate differentials have started to move in the euro's favour," noted Goldman Sachs analyst Zach Pandl. The dollar was steadier on the yen at 127.25 , having found solid support around 126.37 in the past week. The pullback in the dollar helped gold off its recent lows and the metal was trading at $1,850 an ounce . The EU failed on Sunday to agree on an embargo of Russian oil, but diplomats but will still try to make progress ahead of a Monday-Tuesday summit.
JSW Steel's Fourth-Quarter Profit Fell 23% as Materials Costs Rose
By Clarence LeongJSW Steel Ltd.'s fourth-quarter net profit fell 23% from a year earlier to 32.34 billion rupees ($416.5 million), partly as the cost of materials increased. On a consolidated basis, crude steel production in the quarter hit a record-high 5.81 million metric tons, up 38%. Sales of saleable steel expanded 47% to 5.99 million tons, also a record. During the quarter, higher inflation was exacerbated by a sharp rise in energy prices, the company said. But it expects "high inflation, energy costs, and rate hikes by the RBI