May 30,2022

More than 10,000 pieces of new news a day. News update non-stop 24/7.  European stocks set to nudge higher, tracking global sentiment as dollar weakens.  Hiring a hitman: Inside one Florida man's alleged plot to murder his sister's ex, a prominent attorney.  BoFA Global Research gives its forecast for China's 2022 GDP growth.  Analysis: How the Ukraine conflict is reshaping global oil markets.  London Playbook: Lovely jubilee — What Larks — Partygate continued.  Asian stocks rise after Wall St breaks string of declines.  TIM Agrees With CDP to Integrate Italian Fiber-Optics Network.  Russia Offers to Ease Ukraine Grain Blockade. Don’t Count on It..  IMI to Buy Bahr Modultechnik for EUR98 Mln Enterprise Value.  Bubs Australia shares surge on U.S. deal to aid infant-formula shortage.  More than 10,000 pieces of new news a day. News update non-stop 24/7.  Jobs report, GameStop earnings, home prices top week ahead.  Russia Reports 147M Population in 2021.  Terraform Labs Korea dissolved in 2021, allegedly to evade taxes.  Unspent value on prepaid coffee cards, online coupons record W270b—mostly from Starbucks.  Dollar drifts toward monthly loss as Fed bets ease.  Oil climbs ahead of EU meeting on Russia sanctions.  Global recession? Not yet, economists say — but brace for high prices, low growth.  There's a 'massive gap' between housing demand and supply in Singapore, PropertyGuru CEO says.  Gold prices rise in range-bound trade as dollar dips.  Inflation could stay elevated for a long time, says analyst.  
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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 and global central banks" will weigh on growth.
Mahindra & Mahindra Fourth-Quarter Profit Rose 48%
       
By Clarence LeongMahindra & Mahindra Ltd.'s fourth-quarter net profit rose 48% from a year earlier to 22.37 billion rupees ($288.1 million), thanks to a solid performance from its auto business. Revenue from operations rose 21% from a year earlier to INR259.34 billion, the Indian auto maker said Saturday.
Dividend stocks have trounced the market this year. Here are 15 high-yield stocks expected to raise payouts the most through 2024
       
Below is a screen of the components of the S&P 500 High Yield Index expected to raise their quarterly dividend payouts the most over the next two years. The High Yield Index is rebalanced semi-annually. Click here for S&P Dow Jones Indices’ description of the S&P 500 High Yield Index, then click on the fact sheet and methodology for more information. Screening for dividend stocksThe components of the S&P 500 High Yield Index have dividend yields ranging from 1.98% (Baker Hughes Co. BKR ) to 8.42% (Lumen Technologies Inc. LUMN. Highest current dividend yieldsThese 15 companies in the S&P High Yield Dividend Index have the highest dividend yields.
RPT-COLUMN-Drought adds to pressure on U.S. gas inventories: Kemp
       
Front-month futures prices for gas delivered at Henry Hub in Louisiana have climbed to around $9 per million British thermal units, up from $3 at the same point a year ago. In real terms, front-month prices are in the 86th percentile for all months since 1990, signalling the need for significant steps to relieve the gas shortage. Last week, working stocks in underground storage were 348 billion cubic feet (16%) below the pre-pandemic five-year seasonal average (“Weekly natural gas storage report”, Energy Information Administration, May 26). Increased drilling should ensure gas production continues increasing throughout the rest of this year and into the first quarter of 2023. Related columns:- Europe’s gas prices soften as rate of storage build is unsustainable (Reuters, May 20)- Europe fills gas storage at record rate as Asia's buyers step aside (Reuters, May 17)- U.S. gas prices soar as Europe and Asia scramble for LNG (Reuters, May 6)- U.S. gas storage emptied by exports to Europe and Asia (Reuters, April 8)John Kemp is a Reuters market analyst.
EU to pledge support for Ukraine, but not ready with new Russia sanctions
       
"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," German Economy Minister Robert Habeck said on Sunday. But even there, the decision will be only made later, after the European Commission makes a proposal on how to raise the money. Story continuesThe draft summit conclusions showed EU leaders will back the creation of an international fund to rebuild Ukraine after the war, with no details, and want to look into the possibility of confiscating frozen Russian assets for that purpose. The leaders will pledge to accelerate work to help Ukraine move its grain out of the country to global buyers via rail and truck as the Russian navy is blocking the usual sea routes and to take steps to faster become independent of Russian energy.
Activist Confronts Ted Cruz in Houston Restaurant Following NRA Convention
       
- Sir, sir, sir. TED CRUZ: Sir? TED CRUZ: Sir. TED CRUZ: Sir. Hey, hey, hey, hey hey, hey.
French minister will hold talks with UEFA and police to 'learn lessons' from Champions League chaos
       
And interior minister Gerald Darmanin has also attempted to point the finger of blame at Liverpool fans. 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.'
Car stolen in Klemzig South Australia while baby still inside
       
A car with a four month old baby inside has been stolen leading to a massive police search for the vehicle. The white Honda Jazz hatchback, with registration S619AXE, was parked outside a deli on Fourth Avenue in Klemzig, Adelaide, at 7.45am on Monday. Senior Constable Gen Cullinan said the car appeared to be stolen at 'random' as CCTV images of the driver were released. Deli worker Allan Porter said the mother jumped in front of the car to try and stop the driver from taking off in her vehicle. Senior Constable Cullinan has urged residents who have seen the car to call police on 131 444.
BOK rate hike to weigh on self-employed
       
Korea would see the number jump to 51 percent this year, if their earnings continue falling and interest rates jump 2 percentage points on-year. Analysts said the Korean central bank could lift the rate up to 2.75 percent by the year-end, a 1.75 percentage point jump from 1 percent as of end-2021. Four out of 10 self-employed people were subject to higher debt servicing costs by taking out loans from nonbanking institutions, according to the agency. It was the first time the target was set at a 4 percent range since July 2011, when the central bank projected 4 percent. Morgan Stanley said the BOK would back three more rate raises -- all by 25 basis points -- to fix the rate at 2.5 percent by 2022.
Kakao founder steps down from last chairman position
       
Kakao founder Kim Beom-su (Kakao)Kakao founder Kim Beom-su has stepped down as chairman at the Brian Impact foundation he established last year for philanthropic projects, the nonprofit said Friday. With the announcement, Kim has resigned from all chairman posts including his resignation as Kakao chairman of the board in March. Kim will keep his position as the head of the Kakao Future Initiative Center. He has been one of the first board members since the Brian Impact foundation’s launch. Kakao founder Kim established the foundation in June last year and named it after his English name, about four months after he vowed to give half of his personal wealth back to society.
S. Korea ramps up action against terraUSD, luna crisis
       
Changes in Bitcoin price are shown on an electronic board at Bithumb`s customer service center in Seoul on May 24. The value of terraUSD and luna coins lost 99 percent of their value in just 48 hours from May 9, compared with a high of $116 per coin in December last year. The coins are now each worth less than two-hundredths of a cent, with the total damage here yet unknown. The top five exchanges here -- Bithumb, Upbit, Korbit, Gopax and Coinone -- have delisted the troubled coins as of Sunday, after receiving flak from the public and lawmakers for their “uncoordinated” response toward the crisis. The complaints have been filed with the Seoul Southern District Prosecutors Office for alleged fraud.
Remote work tests S. Korea’s corporate hierarchy, culture
       
(Bloomberg)Behind South Korea’s rapid industrial growth was a military-like corporate culture that united workforces for a shared goal: the company’s success and my family’s well-being. The mantra “your company is your family” propelled the tremendous drive toward economic prosperity, but also validated the tough corporate culture and hierarchy. “While there are criticisms that remote work hinders performance, I have had no problem with my performance so far,” she added. Kim Gyu-won, a 26-year-old who has worked for the nation’s top automaker for almost a year, wants her employer to make the remote work policy permanent. Hierarchy to exist, but differentlySo will the adoption of remote work affect South Korea’s hierarchical corporate culture?
Cabinet endorses W62tr extra budget
       
Prime Minister Han Duck-soo presides over an extraordinary Cabinet session on Monday. (Yonhap)The Cabinet on Monday approved a 62 trillion-won ($49.4 billion) extra budget aimed mainly at helping small merchants affected by the pandemic. The spending plan was passed at an extraordinary Cabinet session presided over by Prime Minister Han Duck-soo. The National Assembly passed the extra budget bill Sunday, just three days before the local elections. The government will begin offering cash handouts later in the day as it pledges to swiftly allocate the budget.
Seoul shares open higher on tech gains
       
An electronic board showing the Korea Composite Stock Price Index (Kospi) at a dealing room of the Hana Bank headquarters in Seoul on Monday. (Yonhap)Seoul shares opened higher Monday as investors scooped up technology and other large-cap stocks on bargain hunting. The Korea Composite Stock Price Index (KOSPI) rose 18.25 points, or 0.69 percent, to trade at 2,656.30 in the first 15 minutes of trading. Institutions bought a net 70 billion won ($56 million) worth of stocks, offsetting foreigners and individuals' stock selling valued at 72 billion won. Most large-cap stocks advanced across the board.
Govt. to expand subsidies to diesel truck, taxi drivers next month
       
This photo taken on Sunday, shows a board displaying fuel prices at a gas station in Seoul. (Yonhap)The government will provide more subsidies to cargo truck drivers and others using diesel vehicles as part of efforts to ease their burden from rising fuel costs, the transport ministry said Monday. A lower base price means more subsidies, as since May the government has offered half of the amount as a subsidy that exceeds the threshold price from the diesel price. The new measure is expected to increase the monthly subsidy, for example, to a 12-ton truck driver by 70 percent to 320,000 won per month, the ministry said. "Some 440,000 cargo truck drivers, 20,000 bus drivers and some 500 taxi drivers are expected to enjoy greater benefits," a ministry official said.
S. Korea rolls out measures to tame inflation, stabilize living conditions
       
The government will cut value-added taxes on imports of coffee and cocoa beans until 2023 in a bid to help ease their import costs. Demand-pull price pressure also rose due to the economic recovery. The finance ministry said its latest measures centered on easing upward pressure on import costs, rather than imposing price control. It expected the removal of import duties on pork will help drive down their import prices by 20 percent. Along with the measures to put a lid on inflation, the government announced measures to alleviate people's living costs and ease property-related taxes to ensure housing stability.
Ratio of renewable energy-based power generation hits new high in 2021
       
Electricity produced from renewable energy sources came to 43,085 gigawatt hours last year, accounting for 7.5 percent of the country's total power generation, according to the state-run Korea Electric Power Corp. The volume of power generated from solar power, wind power and other renewable energy sources was also up 3.5 times from 10 years earlier. The ratio for nuclear power plants also declined to 27.4 percent from 31.1 percent due to the previous government's policy to cut back on nuclear power generation. As of the end of December, the power generation capacity of renewable energy sources amounted to 24,855 megawatts, 6.9 percent higher than that for the country's nuclear power plants. It was the first time for renewable energy sources to overtake nuclear power plants in terms of capacity.
The debate over an outdated rule that's harming renewable energy in New England
       
There's a rule in the New England energy system that nobody likes. Even ISO New England, the grid operator that designed the rule, agrees it needs to go. The grid operator also runs a separate market that pays energy producers to be “on call” in the future. But for the most part, politicians, environmentalists and others in the New England energy world say that it isn’t compatible with the states’ clean energy plans. We know every offshore wind project that has been procured,” said Abigail Krich, an energy market expert and president of Boreas Renewables.
1 dead, 7 injured in shooting at Memorial Day festival in Oklahoma
       
Two juveniles were among those shot at the Memorial Day event near Taft, about 45 miles (72 kilometers) southeast of Tulsa, the Oklahoma State Bureau of Investigation said in a statement. AP/Ian Maule/Tulsa WorldTwo juveniles were shot at the Memorial Day event. AP/Ian Maule/Tulsa WorldThe agency provided no other details including the conditions of those injured. “They didn’t hit us, thank God.”Neicy Bates and her husband were operating another food truck when the shots rang out. Walton, who lives in Taft, said for decades the town has held a multi-day festival over Memorial Day weekend.
Asia-Pacific stocks rise ahead of major economic data this week
       
SINGAPORE — Shares in Asia-Pacific rose in Monday morning trade as investors look ahead to major economic data releases later in the week. In Japan, the Nikkei 225 rose 1.21% in early trade as shares of robot maker Fanuc jumped more than 2%. The Topix index traded 1.01% higher. The Kospi in South Korea also climbed 1.07%, while Australia's S&P/ASX 200 edged 0.31% higher. MSCI's broadest index of Asia-Pacific stocks outside Japan traded 0.28% higher.
AGL Energy Scraps Demerger Proposal After High-Profile Opposition -- Update
       
"The board of AGL Energy continues to believe that the demerger proposal offers the best way forward. Mr. Cannon-Brookes owns an 11.28% stake through his Grok Ventures investment fund and had been petitioning shareholders to oppose the move. AGL said it will start looking for a replacement to Mr. Hunt immediately. In a letter to Mr. Botten last week, Mr. Cannon-Brookes said that Grok was seeking two nominees to the AGL board. Mr. Cannon-Brookes assembled his stake in AGL after the company in March rejected an improved takeover proposal from a consortium comprised of Brookfield Asset Management Inc. and Grok.
Yancoal Sets Up Independent Committee to Mull Yankuang Approach
       
By Rhiannon HoyleYancoal Australia Ltd. on Monday said it has established an independent board committee to assess a potential takeover by majority shareholder Yankuang Energy Group Co. Ltd.Yancoal, which is listed in Australia and Hong Kong, said it received an unsigned, nonbinding expression of interest from Yankuang on April 29.
Trinidad and Tobago in talks with Quanten LLC for refinery sale -minister
       
FILE PHOTO: The installations of an oil refinery, operated by state-run Petrotrin are seen in Point-a-PierrePORT OF SPAIN (Reuters) - Trinidad and Tobago is in talks with U.S.-based Quanten LLC for the sale of the country's refinery, Energy Minister Stuart Young said on Sunday, more than a year after the government rejected a proposal by a local group to buy the facility. The Caribbean nation's government three years ago shut down the state-run refinery Petrotrin, which at the time had a capacity to process about 140,000 barrels per day of crude, due to losses of over $1 billion in the prior five years. "Quanten LLC is an American company that is engaged in the (request for proposal) process for the refinery," Young said in a statement. Trinidad and Tobago's government in early 2021 said Patriotic Energies, a subsidiary of a trade union which represents oil workers, could not provide any credible offer of financing for the refinery. (Reporting by Linda Hutchinson-Jafar in Port of Spain and Brian Ellsworth in Miami; Editing by Himani Sarkar)
AGL Shelves Coal Split Plan in Face of Billionaire’s Push
       
(Bloomberg) -- AGL Energy Ltd. shelved a plan to split off most of its coal-fired power plants and said its key leaders would step down after a campaign by billionaire Mike Cannon-Brookes for faster climate action. Most Read from BloombergThe Sydney-based utility will suspend its plan to demerge into retail unit AGL Australia and Accel Energy, which would take over control of most of the aging fleet of coal plants, it said Monday in a statement. This is a “huge day for Australia,” Cannon-Brookes said Monday in a post on Twitter. The company no longer believed the demerger plan could win sufficient support to meet a 75% approval threshold, AGL said. “The current board of AGL wasted 18 months on the demerger, and five years of underinvestment in renewable energy,” Kater said.
RPT-UPDATE 1-Coal India to import for first time in years as power shortages loom
       
(Repeats Saturday story for wider distribution, no changes to text)By Sudarshan VaradhanNEW DELHI, May 28 (Reuters) - State-run Coal India , the world's largest coal miner, will import the fuel for use by utilities, a power ministry letter seen by Reuters showed on Saturday, as shortages raise concerns about renewed power outages. "Coal India would import coal for blending on government-to-government (G2G) basis and supply ... to thermal power plants of state generators and independent power producers (IPPs)," the federal Power Ministry said in the letter dated May 28. The letter was sent to all utilities, top federal and state energy officials including the federal coal secretary and the chairman of Coal India. The power ministry said in the letter the decision was taken after nearly all states suggested that multiple coal import tenders by states would lead to a confusion and sought centralised procurement through Coal India. But the power ministry on Saturday asked states to suspend tenders that are "under process".
Ukraine President Zelenskiy Presents Frontline Troops With Awards
       
ReutersTrinidad and Tobago is in talks with U.S.-based Quanten LLC for the sale of the country's refinery, Energy Minister Stuart Young said on Sunday, more than a year after the government rejected a proposal by a local group to buy the facility. The Caribbean nation's government three years ago shut down the state-run refinery Petrotrin, which at the time had a capacity to process about 140,000 barrels per day of crude, due to losses of over $1 billion in the prior five years. "Quanten LLC is an American company that is engaged in the (request for proposal) process for the refinery," Young said in a statement.
1 dead, several injured in shooting at Oklahoma festival
       
Two juveniles were among those shot at the Memorial Day event near Taft, about 45 miles southeast of Tulsa, the Oklahoma State Bureau of Investigation said in a statement. Hill said she and Tiffany Walton, the owner of the food truck, dove to the truck’s floor to avoid the bullets. >“We’re thinking we’re safe and the bullets are like going through the bottom of the food truck,” Hill said. “They didn’t hit us, thank God.”Neicy Bates and her husband were operating another food truck when the shots rang out. Walton, who lives in Taft, said for decades the town has held a multi-day festival over Memorial Day weekend.
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 have a 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."
Australian regulator sues ANZ over alleged overstatement of account balances
       
A man talks on his phone in front of an ANZ Banking corporation tower in central Sydney, Australia February 20, 2018. About 165,750 ANZ clients were charged cash advance fees and interest for withdrawing or transferring money from their credit card accounts between May 2016 and November 2018, based on an incorrect account balance, the regulator said in a statement. The Australian Securities and Investments Commission (ASIC) said that in some cases, single customers were charged thousands of dollars in fees. Register now for FREE unlimited access to Reuters.com Register"This alleged misconduct is the result of system errors within ANZ and a lack of effort to comprehensively fix these issues," said ASIC Deputy Chair Sarah Court. ($1 = 1.3968 Australian dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Upasana Singh in BengaluruOur Standards: The Thomson Reuters Trust Principles.
Bubs Australia Has 500,000 Tins of Infant Formula Ready for Immediate Export to US
       
By David WinningSYDNEY--Bubs Australia Ltd. said it has 500,000 tins of infant formula ready for immediate export to the U.S. after the Food and Drug Administration provided discretion for their sale amid widespread shortages nationally. Bubs Australia said this supply is part of a commitment to provide at least 1.25 million tins of infant formula to the U.S. that encompasses all six of its brands, including A2 Beta-Casein Protein and Bubs Organic. It said the 1.25 million tins--to be provided in coming weeks and months--is the equivalent of at least 27.5 million bottles. Bubs Australia said it is working with the U.S. Department of Health and Human Services to determine the best options for delivering infant formula to the U.S. as quickly as possible. Write to David Winning at david.winning@wsj.com
Oil Stable at Week’s Open as Investors Weigh China, EU Talks
       
(Bloomberg) -- Oil held steady at the week’s open as China made progress toward easing anti-virus lockdowns and the EU continued to work on a plan to ban imports of Russian crude ahead of a leaders’ summit. Hungary is so far refusing to back a compromise despite proposals aimed at ensuring its oil supplies. In the US, the summer driving season kicked off at the weekend with retail gasoline prices at an all-time high. Brent’s prompt spread -- the difference between its two nearest contracts -- was $3.67 a barrel on Monday, up from $1.34 a barrel three weeks ago. Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.
Australian regulator sues ANZ over alleged overstatement of account balances
       
About 165,750 ANZ clients were charged cash advance fees and interest for withdrawing or transferring money from their credit card accounts between May 2016 and November 2018, based on an incorrect account balance, the regulator said in a statement. The Australian Securities and Investments Commission (ASIC) said that in some cases, single customers were charged thousands of dollars in fees. "This alleged misconduct is the result of system errors within ANZ and a lack of effort to comprehensively fix these issues," said ASIC Deputy Chair Sarah Court. ANZ did not immediately respond to a request for comment. ($1 = 1.3968 Australian dollars)(Reporting by Upasana Singh in Bengaluru)
Fairfield officials look to reduce curb cuts in the Riegart Square strip center area
       
As early as 1982, there were traffic problems due to the numerous curb cuts in the 1,100-foot stretch between Nilles Road and Patterson Boulevard. There are about 30 businesses in the center today, Kaelin said. But that has changed with only eight property owners today, Kaelin said. All of the property owners as well as business owners have given their verbal agreement to the plan. The next steps are getting all the property owners to sign letters of intent and development agreements, establishing easements, and designing/engineering the project.
Dear Annie: After five years, husband has gone from a stud to a dud
       
My husband -- of only five years -- and I married quite quickly after we met. I am 48, and my husband is more than 10 years older than me. Having an affair, he could perform, but after he was married, he went from being a stud to a dud. Would it be wrong of me to threaten legal action, even though it probably wouldn’t be upheld in a court of law? -- Frustrated Nice GuyDear Frustrated Nice Guy: No, it would not be wrong to threaten legal action.
Ticker: Flight cancellations pile up, again; Long-term mortgage rates fall
       
Long-term mortgage rates fallAverage long-term U.S. mortgage rates fell this week for the second week in a row, though interest rates on the key 30-year home loan remain at decade-high levels. Economic uncertainty and weakened home-buyer demand continue to loom over mortgage rates. Mortgage buyer Freddie Mac reported that the 30-year rate declined to 5.1% from 5.25% last week. The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, dipped to 4.31% from 4.43% last week. Earlier this month, the Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point and signaling more big rate hikes to come.
First she documented the alt-right. Now she’s coming for crypto.
       
A 28-year-old software engineer who writes Wikipedia articles for fun, White is an odd figure to make the crypto industry cower. The bottom-right hand corner adds up the money lost in the scams and hacks she’s documented. Crypto forums on Reddit are awash in stories of people losing their life savings after investing in high-profile crypto coins and projects. Non-fungible tokens, or NFTs, a special kind of crypto technology that connotes ownership of a digital image, video or song, broadened the industry’s appeal by bringing in artists, marketers and musicians. “The crypto industry has benefited from the siloing of journalism,” McKenzie said.
FBI records on search for fabled gold raise more questions
       
The FBI used the consultant's work to obtain a warrant to seize the gold - if there was any to be found. Dennis and Kem Parada, who co-own the treasure-hunting outfit Finders Keepers, successfully sued the Justice Department for the records after being stonewalled by the FBI. Finders Keepers provided the FBI records to the media. In response, the FBI said the single-page document 'is representative of the standard summaries filed when formally closing an FBI investigation.' The FBI records also show that several weeks before the excavation, an agent with the agency's art crime team approached Wells Fargo to ask whether it shipped gold by stagecoach for the U.S. Mint in 1863.
SA government to double cost of living concession for pensioners, low-income earners
       
Some of the South Australians doing it toughest will find relief in this week's state budget. The new State Government has announced it will more than double an annual benefit to people on certain Centrelink payments, pensioners and concession card holders.
Colombia election: Leftist and right-wing populist go to second round
       
Colombian left-wing presidential candidate Gustavo Petro during the first round of the presidential election in Bogota, Colombia May 29, 2022. The early vote count in Sunday’s six-way presidential election in Colombia pointed toward a runoff in June, with leftist former rebel Gustavo Petro leading in a ballot held amid growing discontent over increasing inequality and inflation. Chile, Peru and Honduras elected leftist presidents in 2021, and in Brazil, former President Luiz Inácio Lula da Silva is leading the polls for this year’s presidential election. This was the second presidential election held since the government signed in 2016 a peace agreement with the Revolutionary Armed Forces of Colombia, known as FARC for its initials in Spanish. It is Petro's third attempt to be the South America’s country president.
Objekty zájmu: Sebe si dám na první místo
       
Je víkend, a p?estože vstupujeme do letních m?síc?, na odpoledne u bazénu ?i na terase to zatím nevypadá. Ale ne nadarmo se ?íká, že je d?ležité vždy z problému ud?lat p?íležitost, a tak, pokud jste ješt? nestihly p?ípravu na letní, ?ekn?me, odhalen?jší outfity, je ?as se sama sob? trochu pov?novat, zajít si do spa nebo na beauty rituál. Léto se neptá.
Beyond Meat Adds Kim Kardashian to Its Roster of Celebs
       
Adweek's annual #Brandweek summit will explore the ideas behind breakthrough successes, discuss solutions to pressing challenges and explore new opportunities in the Metaverse. Join leaders from Alo Yoga, Hyundai Motor America, Frito-Lay and more, Sept. 12–16 in Miami. Sign up early to save . Beyond Meat, like its rival Impossible Foods, has made good use of its celebrity fans and investors in recent years, drawing on the star power of Kevin Hart, Snoop Dogg, Chris Paul, Nikki Bella, Octavia Spencer, Liza Koshy and others to boost its profile.
Has the chancellor done enough to save the UK from recession?
       
This time last year, things were looking good for the UK. That in turn would mean fewer new jobs being available, followed by higher unemployment, leading to a further squeeze on spending, and perhaps even a recession. The chancellor handed money to every household to help cope with rising energy bills, with the poorest households getting the most (see here for more details). But in all, says Paul Dales of Capital Economics, the chancellor has pumped the equivalent of about £10.3bn into the UK economy with this move, made up of £15.3bn being given to households, and £5bn taxed away from oil and gas producers. For a start, it makes a consumption-driven recession less likely, which is good news.
MTA calls for more legislation protecting transit workers against assaults
       
The MTA and union officials are asking New York state lawmakers to pass a bill that would protect more transit workers from assaults before the legislative session ends, The Post has learned. Under current law, individuals who assault or harass certain transit workers — such as subway train operators or conductors — “with intent to cause physical injury” can be charged with assault in the second degree. MTA statistics published online show subway workers sustain an average of two attacks every week this year alone. Unfortunately, however, in recent years there has been an trend of increasing attacks on transit workers,” reads the letter. Sen. Leroy Comrie is also making efforts to protect the transit workers.
Review of RBA Should be Independent, Led by Foreign Expert - Economists
       
By James GlynnSYDNEY--Australian economists have called for the government's proposed review of the Reserve Bank of Australia to be fully independent and led by a foreign monetary policy expert. Treasurer Jim Chalmers indicated last week that the review, which will be the first in decades for the RBA, might happen early in Labor's term. The usual signing of a new operating agreement between the central bank and an incoming government would be delayed until after the assessment of the RBA is completed. The group of economists from business and academia, which includes former RBA board member Warwick McKibbin, said the review might be undermined if its terms of reference are set too narrowly. Such aims are the responsibility of government that has a broader tool set--not a central bank," he saidCentral bank reviews in some other countries have been led by foreign experts.
Atlanta Apple store workers reportedly withdraw request for union vote scheduled just days away, citing alleged intimidation
       
The Cumberland Mall Apple Store in Atlanta, Georgia is one of three Apple stores with active union drives. REUTERS/Alyssa PointerThe labor group seeking to represent Apple store workers in Atlanta has withdrawn its request for a union vote, citing intimidation, reports say. The vote, slated to take place June 2, could have ushered in the first unionized Apple store in the US. Workers at an Apple store in Atlanta have withdrawn their request for a union vote just days before it was set to take place, citing alleged intimidation by the tech giant, reports say. If successful, the vote would have ushered in the first unionized Apple store in the US.
Stocks: ‘This is a rally in a bear market mode,’ strategist says
       
The correlation to the equity market has been very close in the last few weeks. I think there's a good chance that we're starting to see some signs of flatlining, but I think there's an awful lot of pressure still in the system. And the problem is, is that's extraordinarily hard, not impossible to do, unless you get the equity market down, and the equity market stays down. So, ironically, the more that the equity market tries to fight this, the more that the Fed will probably have to fight them. I really think that is one that could be a seven or an eight-bagger over the next few years.
House Speaker Nancy Pelosi's husband arrested on suspicion of DUI
       
House Speaker Nancy Pelosi’s husband was arrested late Saturday night on suspicion of driving under the influence of alcohol, according to jail records. Paul Pelosi, 82, was booked into Napa County Jail at around 4 a.m. and then released Sunday morning. His bail was set at $5,000, jail records show. House Speaker spokesman Drew Hammill said in an emailed statement, “The Speaker will not be commenting on this private matter, which occurred while she was on the East Coast.”The couple have been married since 1963. Pelosi is a businessman and owner of Financial Leasing Services Inc., a Bay Area investment and real estate firm.
Colombians choose a new president amid general discontent
       
BOGOTA, Colombia (AP) — Colombians emerging from the coronavirus pandemic voted for a new president Sunday, choosing from six candidates who promised varying degrees of change amid rising inequality, inflation, violence and discontent with the status quo. Chile, Peru and Honduras elected leftist presidents in 2021, and in Brazil, former President Luiz Inácio Lula da Silva is leading the polls for this year’s presidential election. Meanwhile, dozens of Colombians who wanted to return to their home country to vote faced difficulties at the border with Venezuela. Immigration authorities in Colombia said an agreement calls for allowing Colombians registered to vote at border consulates to enter their homeland. It is Petro’s third attempt to be the South America’s country president.
Illinois’ transition to electric vehicles crucial to stopping pollution-related deaths: report
       
Pollution from diesel trucks will claim more than 400 lives across the state and make thousands of residents sick next year, making it crucial that Gov. J.B. Pritzker speed up Illinois’ transition to electric vehicles, a new report finds. Resolutions from the Illinois General Assembly last year urged Pritzker to sign a pact with 17 other states that would pledge targets for sales of electric zero-emission large vehicles. AP PhotosThe need for cleaner trucks is particularly important in Chicago where more than two dozen industrial corridors draw thousands of trucks every day. Brett Chase’s reporting on the environment and public health is made possible by a grant from The Chicago Community Trust.
Nonprofit helps ABQ entrepreneur scale up business
       
The friend recommended that Mahon work with New Mexico Manufacturing Extension Partnership (New Mexico MEP), a nonprofit organization that helps businesses transform their operations to increase profitability through lean manufacturing concepts. Scott Bryant, innovation director for New Mexico MEP, helped Mahon develop a process matrix that tracked manufacturing processes, equipment, materials, and information from order to delivery. “Chinese medicine is all about balance.”Working with New Mexico MEP decreased Mahon’s production time by 60 percent. Learn more about New Mexico MEP services at newmexicomep.org. The Finance New Mexico project connects individuals and businesses with skills and funding resources for their business or idea.
La Montañita to open near IPCC
       
La Montañita Food Co-op is on the move. The locally owned grocery co-op is the latest tenant of the Avanyu Plaza, which is part of the 12th Street business and cultural district near the Indian Pueblo Cultural Center. The 18,000-square-foot La Montañita will be the inaugural tenant in Phase III of the Avanyu Plaza development, and joins the already open Bureau of Indian Affairs, Holiday Inn Express, Marriott TownePlace Suites, Starbucks, Laguna Burger, Sixty-Six Acres, Domino’s and U.S. Eagle Federal Credit Union. “We’re excited that La Montañita has chosen to join the growing list of businesses and organizations that call Avanyu Plaza home,” Canfield said. “Our partnership with IPCC in the development of Avanyu Plaza is one that leaves me overjoyed,” said James Esqueda, General Manager of La Montañita Food Co-op.
Critics Call Biden’s $10,000 Student Debt Forgiveness Plan “Woefully Inadequate”
       
The Biden administration will cancel up to $10,000 in student loan debt per borrower, according to sources with knowledge of the White House’s as-yet unannounced plans. While any amount of student debt forgiveness would be beneficial to a certain degree, experts have noted that the $10,000 amount will do very little to address the magnitude of the crisis. Borrowers who earn incomes higher than $150,000 (or $300,000 for married couples filing their taxes jointly) would not be eligible for the student loan forgiveness, for example. President Joe Biden intended to announce his student debt forgiveness plan earlier this week, but postponed his announcement due to the school shooting in Uvalde, Texas. A more expansive forgiveness plan would result in better outcomes for a higher number of borrowers, particularly people of color, who disproportionately carry the burden of student debt.
CEO pay rose 17% in 2021 as profits soared; workers trailed
       
The median pay package for the CEOs of the biggest U.S. companies rose 17.1% in 2021 as the economy rebounded and company profits and stock prices jumped. The median pay package for the CEOs of the biggest U.S. companies rose 17.1% in 2021 as the economy rebounded and company profits and stock prices jumped. Because much of a CEO’s compensation is tied to such performance , their pay packages ballooned after years of mostly moderating growth. Only about a quarter of the typical pay package for all S&P 500 CEOs last year came as actual cash they could pocket. Even so, only 31% of investors at JPMorgan Chase’s annual meeting of shareholders recently gave a thumbs up on Dimon’s pay package.
Uvalde Live Updates: Biden Mourns With Survivors During Texas Visit
       
Steve Reed, a Daniel Defense spokesman, said in a statement that the company was “deeply saddened” by the Texas shooting. Credit... Savannah Morning NewsHe has said that his gun company was born out of his poor golf game. Mr. Daniel joined the “Second Amendment Coalition,” a group of gun industry heavyweights who advised Mr. Trump on gun policy. “They’ve been a brand leader,” said Timothy Lytton, a law professor at Georgia State who studies the gun industry. Amid a national outcry after the shooting, Daniel Defense retreated from its usual provocative online presence.
The 11 Best Portable Chargers for All of Your Devices
       
Unfortunately, getting that maximum rate also depends on your device, the standards it supports, and the charging cable you use. Pass-Through: If you want to charge your power bank and use it to charge another device simultaneously, it will need pass-through support. The Nimble, GoalZero, Elecjet, Biolite, Mophie, and Zendure portable chargers listed support pass-through charging. We would advise caution when using pass-through, as it can also cause portable chargers to heat up. If your power bank has a larger capacity than 27,000 mAh, you should check with the airline.
All the Tom Cruise Movies Top Gun: Maverick Basically Rolls into One
       
All of that Cruiseyness runs deep in the veins of Top Gun: Maverick, the sequel to 1986’s Top Gun. Top Gun: Maverick is basically just Top Gun again. Look, when Tom Cruise, also an EP of Top Gun: Maverick, promises the world he’s going to make another Top Gun movie, he really means he’s going to make another Top Gun. Top Gun: Maverick is Risky BusinessAdmittedly this is a bit of a stretch since Top Gun: Maverick is not about a prostitution business or trying to get into Princeton or contending with Guido the Killer Pimp. Top Gun: Maverick is, at its essence, a film that asks us to believe the world revolves around Tom Cruise.
10 AAPI Music Executives Making an Impact in 2022
       
How do you feel about the AAPI representation within the music industry? What steps can the music industry take to help send a message about anti- AAPI hate crime? How do you feel about AAPI representation within the music industry? We have to do more, starting with education, as well as supporting organizations that combat AAPI hate crimes such as Stop AAPI Hate. How do you feel about the AAPI representation within the music industry?
Foxtons replaces CEO amid rising pressure from activist investors, Sky News reports
       
A signage is seen outside a branch of Foxtons estate agents in Islington, London, Britain, December 10, 2021. REUTERS/May James/File PhotoMay 29 (Reuters) - London-based real estate agent Foxtons Group (FOXT.L) has decided to appoint rival Chestertons' CEO Guy Gittins as its new CEO, Sky News reported on Sunday. Gittins will take over from Nic Budden in the face of rising pressure from activist shareholders to sell the company, the newspaper reported. Register now for FREE unlimited access to Reuters.com RegisterChestertons' appointment is the second big move in the company's top-level management this year after CFO Chris Hough succeeded Richard Harris in April. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rachna Dhanrajani in Bengaluru; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.
Indianapolis 500
       
May 291922 — The Supreme Court rules organized baseball is primarily a sport and not a business and therefore not subject to antitrust laws and interstate commerce regulations. 1946 — Two-year-old fillies Chakoora and Uleta become the first thoroughbreds to complete a transcontinental flight.
Beijing, Shanghai ease COVID restrictions as outbreaks fade
       
BEIJING — Shoppers returned to the malls of Beijing on Sunday as the Chinese capital relaxed pandemic restrictions after declaring a small but persistent COVID-19 outbreak effectively under control. Coupled with a gradual easing of restrictions in Shanghai, it signaled that the worst is over in the twin outbreaks in China’s most prominent cities. The lockdowns and other restrictions under China’s “zero-COVID” strategy have increasingly frustrated residents as they see other countries ease up and re-open their borders. Shanghai had the most non-imported cases, with 122, and Beijing had 21. Beijing allowed public parks, gyms and cinemas to reopen on Sunday, all at 50% of their capacity.
[Jeffrey Frankel] Get ready for reverse currency wars
       
Jeffrey FrankelThe US dollar is up 12 percent against the euro over the past year and, at 0.93 euros, is approaching parity. This generally describes the past few decades in the world economy.A reverse currency war, on the other hand, involves competitive appreciation. Here, countries think their trading partners are deliberately trying to strengthen their currencies in order to rein in inflation. When the Paul Volcker-led Fed raised interest rates sharply to fight inflation, it knew that it would be aided in that task by the dollar’s appreciation. So, while the Fed is raising interest rates in an effort to slow US price rises, Japanese rates are still at or below zero.
EU fails to agree on Russia oil embargo, will try again Monday ahead of summit
       
Ukrainian officials have repeatedly called for the EU to stop funding Russia's invasion by imposing an immediate import ban on Russian oil and gas. 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 on an exemption for pipeline deliveries to landlocked Central European countries, officials said. The proposed sanctions on oil imports is part of the European Union's sixth sanctions package on Russia over its invasion of Ukraine. The whole package has been held up by Hungary, which says an oil embargo would be a body blow to its economy because it cannot easily get oil from elsewhere. Talks on the oil embargo have been going on for a month with no progress and leaders had been keen to reach an agreement for their summit to avoid looking disunited in their response to Moscow.
Is flying cheaper than driving with these gas prices? It depends.
       
Three things stand out:Airfare should be less affected by high fuel prices than gas-powered road trips. The effect of fuel costsRising oil prices have driven up the cost of fuel and, in turn, the cost of both driving and flying. Basically, rising fuel costs affect the overall price of road trips more than they do airfare prices. Here’s how it shakes out:Trip Distance Driving cost Airfare cost Los Angeles to San Francisco 382 miles. Good luck, new inflation data showRental car costs remain sky-highAnother important factor to consider is the cost of renting a car.
Volkswagen says supply-chain problems are easing even as some Audi buyers face year-long wait times
       
Executives with German automobile maker Volkswagen said at the World Economic Forum meeting in Davos, Switzerland, that supply-chain problems exacerbated by the Russia-Ukraine war are easing but they’re dealing with a huge backlog of orders. Audi board member Hildegard Wortmann said that VW-owned brand has its “highest level of orders at the moment,” but customers are facing wait times of about year or more.
Six face felony charges over $10-million recycling fraud scheme against California program
       
Six people have been arrested and face felony charges in connection with a $10-million recycling fraud scheme, California officials said. Rob Bonta said the defendants are suspected of bringing more than nine tons of material from Arizona to Southern California recycling centers to “unlawfully redeem” them in the state, which accepts only recyclable containers from California under its program. California tries to encourage recycling by offering 5- or 10-cent returns on eligible containers, which is subsidized by a state fund supported by California consumers. Bonta said the alleged scheme was estimated to have defrauded California of more than $10 million. The criminal charges filed earlier this month against the six defendants include conspiracy to commit grand theft and recycling fraud.
Shooting causes “Major delays” as I-11 shuts down in Henderson
       
The Regional Transportation Commission announced the closure, reported near College DrivePatrulla de la Nevada Highway Patrol. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfayeAt least one person was shot on US 95 in Henderson prompting authorities to shut down the highway, according to police. Henderson police said the shooting was reported shortly before noon near Horizon Drive. The highway was closed from Horizon to Boulder Highway, police said. The Regional Transportation Commission told motorist to expect “major delays.”This is a developing story.
Carvana OK to sell under strict conditions, but Skokie dealership stalled
       
In February, Carvana won approval from the Skokie Village Board to construct the vertical used car dealership in an office and research-zoned area at 9759-9801 Woods Drive. During the stay, Carvana can sell vehicles to Illinois residents, but the company is not able to issue temporary registration permits or license plates. Also despite the stay, Carvana is not able to resume work on the glass tower site in Skokie. Village officials said on May 27 that Carvana needs to fully resolve the matter before Skokie will sign off and allow work to resume. That will not happen at least until a state hearing scheduled for early June, Skokie officials said.
Platinum Jubilee: Pub chain to offer pints for 6p as part of Queen's celebrations
       
Pub chain Greene King will offer pints for just 6p in celebration of the Queen's Platinum Jubilee. Those wanting to enjoy an incredibly cheap pint of Greene King IPA on Monday 30 May will need to use a secret codeword. The pub chain will be offering the 6p pints at 408 of its sites because that was the average cost of a pint during the Queen's ascension to the throne in 1952. Anyone visiting one of the Greene King Local Pub or Flaming Grill sites will be able to claim the offer by using the password "1952". It comes after opening hours for pubs and bars were extended across England and Wales over the four-day bank holiday to mark the Queen's Platinum Jubilee.
Federal Government Operations Reach only 2% of The Illegal Mines on Yanomami Land
       
Only 9 of 421 illegal mining sites in the Yanomami Indigenous Land, the largest in Brazil, had any type of police action, within a plan formulated by the Jair Bolsonaro government to attempt to remove miners who are illegally looking for gold in the region. This means that police raids only took place in 2.1% of the mining areas. The finding was made by the Federal Public Ministry in Roraima, in an investigation into the implementation of the operational plan formulated by the Ministry of Justice and Public Security for the removal of miners from the Yanomami territory. The absence of police operations is just one of the problems in combating illegal activity in the largest indigenous land in the country. Of the 277 support points used by miners, such as airstrips and clandestine ports, only 70 (25%) have been inspected since 2020, according to the MPF.
After crashing the crypto market, Terra returns with Luna 2.0. It's already tanking again.
       
Unfortunately for Terra and Luna advocates, Luna 2.0, as it's being called, is already tanking. "Yesterday, we said Terra 2.0 is coming. Luna 2.0 was indeed launched, hitting a high of nearly $20. Along with the launch of the new, supposedly improved blockchain, Terra planned to airdrop Luna 2.0 tokens to the holders of the crypto on the old blockchain. Some legitimate Terra and Luna holders are reporting the airdrop enabled them to recoup a decimal-place percentage of their original investment.
Colombians vote for leader amid discontent
       
Colombians vote for leader amid discontentColombians emerging from the coronavirus pandemic were voting vote for their next president Sunday, choosing from six candidates who all promise various degrees of change amid rising inequality, inflation, violence and a discontent with the status quo.
Rep. Donalds on inflation: Biden is 'selling us out to the Chinese
       
Rep. Byron Donalds, R-Fla., argued on Sunday that President Biden’s economic plans are "disastrous" for America and "empower China." Speaking during an exclusive interview on "Sunday Morning Futures," Donalds argued that Biden is "selling us out to the Chinese." The Florida congressman made the arguments as inflation sits near 40-year highs and as gas prices hit a fresh record on Sunday. Donalds argued that one reason food prices have been soaring is ‘because fertilizer is a derivative of oil production." CLICK HERE TO GET THE FOX NEWS APP"It is going to hurt us on the world stage, not help us," Donalds argued.
Millennials who tripled their salaries in 10 years share their best advice for getting a raise
       
Before launching their blog and business in 2017, Julien and Kiersten Saunders worked in marketing for a hospitality company. Kiersten, who worked there for 11 years, was promoted several times, worked her way up to a director role and tripled her salary. But it's possible to increase your income even if you work a 9-to-5, as Julien and Kiersten did. Sharpen your skillsetThe more value you can add to the company, the easier it will be to ask for a raise. "One of the best pieces of advice I got is to never assume that your work speaks for itself," says Julien.
GameStop, Salesforce, Netflix, Alphabet, Nvidia, and Other Stocks for Investors to Watch This Week
       
A handful of major companies report later this week, with the economic-data highlight being jobs Friday. There are also several annual shareholders meetings scheduled for this week, including Alphabet, Comcast, and Walmart on Wednesday and Netflix, Nvidia, and PayPal Holdings on Thursday. Friday will bring the jobs report for May from the Bureau of Labor Statistics. The Bureau of Labor Statistics releases its Job Openings and Labor Turnover Survey. Friday 6/3The BLS releases the jobs report for May.
There won't be a 'v-shaped bottom' in this market: Strategist
       
"There's no V-shaped bottom here," Michael Antonelli, managing director and market strategist at Baird told Yahoo Finance Live on Friday. "V-shaped bottoms are completely comprised of the Fed getting really super friendly, putting a tailwind [behind the market], [or] some sort of fiscal impulse," Antonelli said. And if history is any guide, expect the current near-bear market to last roughly a year, Antonelli says. "If you're looking peak-to-trough, the average bear market is about 338 days, so a little bit less than a year," Antonelli told Yahoo Finance. Following all 11 of the worst years in history, Antonelli notes, the index was higher five years later.
'The value of education has to be redefined,' Chegg CEO says
       
Higher education has taken a beating over the last two years of the coronavirus pandemic, including a decline in student enrollment and concerns over college affordability. "The value of education has to be redefined," Chegg (CHGG) CEO Dan Rosensweig told Yahoo Finance at the World Economic Forum (WEF) in Davos, Switzerland. What's the value? In the fall of 2021, college enrollment dropped 2.7%, which was steeper than the 2.5% drop schools saw the previous year. Story continuesMore and more employers are eliminating college requirements for entry-level roles.
Anti-gun protesters rally outside NRA convention in Houston days after Uvalde shooting
       
ReutersThe U.S. Federal Reserve is carrying $330 billion in unrealized losses on its holdings of U.S. Treasury and mortgage-backed securities as of the end of March, according to newly released financial statements showing the impact of rising interest rates on the market value of the Fed's balance sheet. The central bank's holdings of nearly $9 trillion in assets still allowed the Fed to remit $32.2 billion to the U.S. Treasury in the first quarter of 2022, according to the documents. But the losses on the Fed's investments, an $8.5 trillion portfolio that surged higher through asset purchases designed to keep financial markets stable through the pandemic, pose a potentially tough political problem for the central bank.
Wild Five Months Leaves Wall Street Split on When Selloff Ends
       
(Bloomberg) -- With stocks rallying as May draws to a close, investors are wondering if the worst of this year’s collapse is over. The selloff interrupted a two-year bull run in stocks that began in the depths of the Covid-19 pandemic. That sent the S&P 500 climbing 2.5%, snapping its longest weekly losing streak since 2001. The S&P 500 has moved in a daily range of at least 1% in 89% of the trading sessions in 2022, according to Strategas Securities. One caveat, though: Stock market trading and investing have changed drastically since the 1970s, let alone the 1930s.
I'm 'Following Up' on a Biotech Trade With Attractive Potential
       
Just before noon ET on Friday, May 27, Doug Kass posted the following in his Daily Diary on Real Money Pro:"I added to SPDR S&P Biotech ETF (XBI) this morning. As of the end of the first quarter, the company had approximately $350 million in net cash on its balance sheet. Graphite Bio is one of hundreds of small biotech stocks trading at levels below the cash on its balance sheet at the moment. It had $3.75 a share in net cash on its balance sheet at the time. Given the beating biotech has taken in recent quarters, an investor is likely to make more through year-end buying solid individual biotech stocks if we manage to have just a neutral investment environment going forward.
Colombians choose a new president amid general discontent
       
Former rebel Gustavo Petro, who has been leading in polls , could become Colombia’s first leftist president. Mexico elected a leftist president in 2018. It is Petro’s third attempt to be the South America’s country president. In addition to economic challenges, Colombia’s next president will also have to face a complex security issue and corruption, which is a top concern of voters. Aware of voters’ corruption worries, real estate tycoon Rodolfo Hernández has placed the issue at the center of his campaign.
Man accused of stealing $600K in checks from U.S. Mail
       
(AP) — One man is in custody and more arrests are expected after Lafayette Police say they caught someone stealing as much as $600,000 in checks from U.S. Postal Service drop boxes in the Lafayette area. Green said Thursday that detectives “conducted an operation” on Coolidge Street near Travis Street based on several thefts of mail from Postal Service drop boxes. Green said officers made a traffic stop on LaFleur’s vehicle and found “several pieces of mail” which police believe he stole from the drop boxes. We want the community to know that the thefts are occurring only from the blue United States Postal drop boxes, not individuals’ mail boxes.”
Gas hits ANOTHER all time high as gallon cost rockets to $4.61
       
Gas prices in the US soared to record heights again Sunday, reaching an all-time high of $4.61 per gallon. Gas prices in the US soared to record heights again Sunday, reaching an all-time high of $4.61 per gallonThe number is more than 50 percent higher than the cost of a gallon a year ago. 'The concern is high prices that are keeping people a little closer.' 'Skyrocketing prices, Biden's gas hike, and the deteriorating economy are on the ballot in November, and voters know Biden and Democrats are to blame.' The unexpected persistence of high inflation has caused the Fed to embark on what may become its fastest series of interest rate increases in 33 years.
This 26-year-old negotiated his $120,000 salary by finding out how much his coworkers make—here's how
       
In this installment, a 26-year-old shares how he makes $120,000 working as a software engineer in San Diego, California. How he tapped his future coworkers for negotiation helpBy the time he interviewed and got the job offer with the electronics maker, Parepalli felt like he was in a good place to negotiate salary. Parepalli joined the company in November 2020 at a base salary of $120,000 a year. He often has informal discussions about pay, and personal finance in general, with his coworkers over coffee or at lunch. Overall, he says his company "is really transparent about pay," which was "really shocking" at first: "I think they try to imbue this in every new hire.
High UK inflation hastens 'real living wage' announcement
       
REUTERS/Toby MelvilleLONDON, May 29 (Reuters) - The charity that sets Britain's "real living wage", a voluntary pay rate adopted by thousands of employers, said on Sunday it will bring forward the announcement for the 2022/23 rate to September from November because of high inflation. The Living Wage Foundation said it would encourage employers to pay the new rate, which is designed to reflect the rising cost of living, as soon as they can. "With the rate of inflation fast approaching double figures, we are bringing forward the annual announcement of the 2022-23 Living Wage rates to late September," said Katherine Chapman, director of the Living Wage Foundation. The real living wage is currently 9.90 pounds ($12.49) per hour and 11.05 pounds per hour in London. More than 10,000 businesses, including Google (GOOGL.O), have signed up to pay the real living wage, which is calculated by the Resolution Foundation, a think tank that focuses on living standards.
EU fails to agree on Russia oil embargo, to try again Monday before summit
       
BRUSSELS, May 29 (Reuters) - 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 on an exemption for pipeline deliveries to landlocked Central European countries, officials said. The proposed sanctions on oil imports is part of the European Union's sixth sanctions package on Russia over its invasion of Ukraine. The whole package has been held up by Hungary, which says an oil embargo would be a body blow to its economy because it cannot easily get oil from elsewhere. Talks on the oil embargo have been going on for a month with no progress and leaders had been keen to reach an agreement for their summit to avoid looking disunited in their response to Moscow. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jan Strupczewski abd John ChalmersOur Standards: The Thomson Reuters Trust Principles.
The price of key battery metals used in electric vehicle production is expected to fall in coming years
       
Aly Song/ReutersThe cost of electric vehicles battery metals is expected to drop in response to oversupply. According to McKinsey, the EV battery market is anticipated to reach $360 billion by 2030. The price of battery metals used in the production of electric vehicles is expected to drop in the coming years, according to Goldman Sachs. According to McKinsey, the EV battery market is anticipated to reach $360 billion by 2030. "Yet despite this exponential demand profile, we see the battery metals bull market as over for now."
High UK inflation hastens 'real living wage' announcement
       
LONDON, May 29 (Reuters) - The charity that sets Britain's "real living wage", a voluntary pay rate adopted by thousands of employers, said on Sunday it will bring forward the announcement for the 2022/23 rate to September from November because of high inflation. The Living Wage Foundation said it would encourage employers to pay the new rate, which is designed to reflect the rising cost of living, as soon as they can. "With the rate of inflation fast approaching double figures, we are bringing forward the annual announcement of the 2022-23 Living Wage rates to late September," said Katherine Chapman, director of the Living Wage Foundation. The real living wage is currently 9.90 pounds ($12.49) per hour and 11.05 pounds per hour in London. More than 10,000 businesses, including Google, have signed up to pay the real living wage, which is calculated by the Resolution Foundation, a think tank that focuses on living standards.
EU Nations Yet to Break Stalemate Over Russian Oil Embargo
       
Hungary is so far refusing to back a compromise despite proposals aimed at ensuring its Russian oil supplies, according to people familiar with the talks. EU sanctions require the backing of all member states. Haggling over the terms of the EU’s oil embargo has also led other member states to seek exemptions to the proposed package. An embargo on seaborne imports would be phased in over six months for crude and eight months for refined petroleum products. However, the bulk of the pipeline deliveries are to Germany and Poland, which have signaled they will wean themselves off Russian supplies regardless of any EU action.
Why web3 companies get hacked so often, according to crypto VC Grace Isford
       
On the Chain Reaction podcast this week, Lux Capital's newest investor, Grace Isford, joined us to talk about the opaque but crucial world of web3 infrastructure. At Lux, Isford invests in the companies working behind the scenes to make sure crypto exchanges are secure and reliable enough to avoid being hacked. A data infrastructure investment she worked on at Canvas revealed to her the opportunity in the web3 space for companies to "share data immutably at scale," motivating her pivot to crypto, she said. Better fraud and risk management systems are a precursor to more institutional money flowing into crypto, Isford said. As companies like Fidelity, Goldman Sachs, and JP Morgan continue to make strides into crypto, the market will mature she added.
Gas prices: 'We are at a record-setting summer,' analyst says
       
Gasoline prices hovering at all-time highs appear to be curbing some demand, but the cost for driving fuel is expected to stay high well into the summer. Still, he added, "We're not in a record-setting summer when it comes to consumption, but we are at a record-setting summer for prices." Gas prices in the U.S. hit a new national average of $4.60 per gallon on Thursday, over a dollar more expensive than it was when Russia invaded Ukraine on Feb. 24, according to AAA. In the meantime, gas prices could continue to soar here in the U.S. As Yahoo Finance's Rick Newman pointed out, gas prices actually haven't hit a record high yet, if you account for soaring inflation. Gas prices in 2022 terms would only exceed the 2008 record of $4.16 if they went higher than $5 a gallon.
Toyota ramps up EV competition with its first pure battery model
       
Yahoo Finance's Pras Subramanian discusses Toyota rolling out its first battery electric vehicle model. And after years of lagging in the category, the world's biggest automaker by sales is coming for Tesla-- Toyota, whose market cap is actually less than half of Tesla's, upping their game with the BZ4X. PRAS SUBRAMANIAN: It's just so Toyota to do something like that, right? PRAS SUBRAMANIAN: We're still talking about the world's largest automaker, but they're like, hey, here's our first attempt, the BZ4X, right? But it's going to start at $43,000 before incentives, so this is where Toyota operates.
In Michigan, another water fight rages on
       
The extended fight between the City of Highland Park, and Detroit’s Water and Sewerage Department services run by Great Lakes Water Authority continues. A Highland Park lawsuit against GLWA, the City of Detroit, the Detroit’s Water and Sewerage Department cited infrastructure repairs that were promised but not completed. What each community owes is based on water that flows through the sewer system. The Oakland Press has an interactive tool showing the difference between what each community owes and what each community is expected to pay for Highland Park. Table 2GLWA meetings are held in person at the Water Board Building, 735 Randolph St., in Detroit, as well as via Zoom.
Shanghai scrambles to avoid zero-Covid economic catastrophe
       
Shanghai is scrambling to avert an economic disaster with an attempt to reboot the battered city in June after two months of brutal lockdowns to preserve China's zero-Covid strategy. The vital commercial city of more than 25m people has been hammered by the Communist regime’s latest attempts to completely suppress Covid in the face of the extremely transmissible omicron variant of coronavirus. Taxes on car sales are being cut, after an entire month in which not a single vehicle was sold in the city owing to the intensity of the lockdowns. More shops and factories will be allowed to open, residents are tentatively being allowed to leave their homes with less frequent tests, and online deliveries are being encouraged to promote sales with only limited movement of people. Key businesses were allowed to stay open in the lockdown but largely in a “closed loop” system, requiring staff to avoid contact with anyone outside the company - often forcing them to sleep at work to stick to the rules.
High UK inflation hastens 'real living wage' announcement
       
LONDON – The charity that sets Britain’s “real living wage”, a voluntary pay rate adopted by thousands of employers, said on Sunday it will bring forward the announcement for the 2022/23 rate to September from November because of high inflation. The Living Wage Foundation said it would encourage employers to pay the new rate, which is designed to reflect the rising cost of living, as soon as they can. “With the rate of inflation fast approaching double figures, we are bringing forward the annual announcement of the 2022-23 Living Wage rates to late September,” said Katherine Chapman, director of the Living Wage Foundation. The real living wage is currently 9.90 pounds ($12.49) per hour and 11.05 pounds per hour in London. More than 10,000 businesses, including Google, have signed up to pay the real living wage, which is calculated by the Resolution Foundation, a think tank that focuses on living standards.
UK seeking return of Kevin Spacey from US to face sexual assault charges
       
British authorities are pursuing the return of Kevin Spacey from the US to face sexual assault charges. Experts in extradition say US police may soon be sent to find Spacey, 62, and detain him on behalf of British authorities. Spacey’s return would not necessarily mean he had to stay here for the months or years the case might take to get to court, Vamos said. He could be granted permission to return to the US to work as long as a British court believed promises given that he would return to face trial. Spacey is also alleged to have caused the latter to engage in penetrative sexual activity without consent.
Green Energy Complicates the Taliban’s New Battle Against Opium
       
The Taliban government of the 1990s ultimately managed to reduce opium cultivation. But after the U.S.-led invasion in 2001, opium taxes and smuggling helped fuel the Taliban’s own 20-year insurgency. Now, with the Taliban back in power, the insurgents turned politicians are again struggling to eradicate opium cultivation and the rampant addiction problem that has come with it. The Taliban announced on April 3 that poppy cultivation had been outlawed, with violators to be punished under Shariah law. But stamping out opium will be more difficult than ever because of a shift by poppy farmers to green energy.
First she documented the alt-right. Now she’s coming for crypto.
       
AdvertisementA 28-year-old software engineer who writes Wikipedia articles for fun, White is an odd figure to make the crypto industry cower. Crypto forums on Reddit are awash in stories of people losing their life savings after investing in high-profile crypto coins and projects. Non-fungible tokens, or NFTs, a special kind of crypto technology that connotes ownership of a digital image, video or song, broadened the industry’s appeal by bringing in artists, marketers and musicians. “The crypto industry has benefited from the siloing of journalism,” McKenzie said. “Some people get a lot of joy in seeing average people who’ve bought in to crypto losing money,” she said.
EU unity on Russian sanctions 'starting to crumble', German minister says
       
Plastic letters arranged to read "Sanctions" are placed in front the flag colors of EU and Russia in this illustration taken February 28, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoBERLIN, May 29 (Reuters) - 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. 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.
Advertising industry titan 'puzzled' by Musk's plan for Twitter
       
Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, checks out the SpaceX Hyperloop Pod Competition II in Hawthorne, California, U.S., August 27, 2017. REUTERS/Mike BlakeTwitter would haul in $1.3 billion from a not-yet-released payments business by 2028, up from $15 million in 2023, according to Musk's plan. Musk also aims to have 11,072 employees at Twitter by 2025 compared to about 7,500 today. "Musk's reported ambitions to switch to an ad and subscription model would likely pose a significant rev headwind and make it difficult to achieve these targets." Read the latest financial and business news from Yahoo FinanceFollow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Elon Musk says upcoming recession is 'actually a good thing,' and predicts how long it will last
       
Tesla CEO Elon Musk, who has gained even more notoriety amid his purchase of Twitter and who has previously predicted an economic recession, claimed that the upcoming recession is "actually a good thing," a necessary "rude awakening" after a lax attitude from the COVID-19 pandemic. A Twitter user asked Musk, "Do you still think we're approaching a recession?" "Yes, but this is actually a good thing," the Tesla CEO responded. ONE OF BIDEN'S FAVORITE ECONOMISTS SEES A HIGH CHANCE OF RECESSION IN NEXT 2 YEARSAnother Twitter user asked how long the recession would likely last. If they hike interest rates too much, they risk triggering a recession.
Sri Lanka PM invites protesting youth to join governance
       
COLOMBO, Sri Lanka (AP) — 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.
Hundreds of swimming pools could close because they can’t afford energy bills
       
Hundreds of swimming pools may have to close because they cannot afford to heat the water, new figures suggest. Estimates suggest the cost of heating Britain’s swimming pools could rise to £1.25 billion this year, from £500 million in 2019 before the pandemic and the current cost-of-living crisis. UKActive, which promotes gyms and leisure facilities in Britain, ran a nationwide survey and found that 79 per cent of public leisure facilities may be forced to close their doors in the next six months due to financial strain brought about by spiralling overheads. “This is particularly significant for our industry due to the energy usage, particularly in swimming pools, and the volume of people that use our facilities to maintain their physical and mental wellbeing. We are talking about hundreds of facilities that support hundreds of thousands of visitors, if not millions, each week.”
Revolut compliance boss quits amid restructuring
       
Revolut’s compliance chief has quit following a restructuring of the digital lender’s risk division. The resignation follows a string of senior departures at Revolut in recent months, including its head of operational risk and head of UK compliance. The compliance chief was one of just 17 employees to be made partner last July. A spokesman for Revolut said: “We have not cut jobs in risk and compliance. On the contrary, we have a robust risk and compliance team of over 250 people, our legal team is over 100 people, and we are actively hiring in both these teams.”Mr Gill was contacted for comment.
Memorial Day cookouts are costing $80 a house as meat prices surge 20%
       
Americans are forking out more cash to pay for their Memorial Day cookouts as meat prices surge, with the cost of ground beef and chicken breasts hitting record highs. This means the average American could be looking to spend more than $76 on their Memorial Day spread, DailyMail.com analysts determined. Soaring cookout prices reflect the overall increase in food prices, fueled by the pandemic and increased rate of inflation. The average American could be looking to spend more than $76 on their Memorial Day spread, DailyMail.com analysts determined. 'I'm guessing it will still be anywhere from five to 10 percent higher than Memorial Day last year.'
FBI records on search for fabled gold raise more questions
       
The FBI used the consultant's work to obtain a warrant to seize the gold - if there was any to be found. Dennis and Kem Parada, who co-own the treasure-hunting outfit Finders Keepers, successfully sued the Justice Department for the records after being stonewalled by the FBI. Finders Keepers provided the FBI records to The Associated Press. In response, the FBI said the single-page document 'is representative of the standard summaries filed when formally closing an FBI investigation.' The FBI records also show that several weeks before the excavation, an agent with the agency's art crime team approached Wells Fargo to ask whether it shipped gold by stagecoach for the U.S. Mint in 1863.
A potato story, with a silver lining: How my bud, the spud, escaped inflation
       
As food prices rise, the lowly potato is the one staple that’s getting cheaper. The ban meant 300 million pounds, or about one-eighth of the potatoes, had nowhere to go. “There are only 39 million people in Canada and we have 300 million extra (pounds),” Mills said. Three to four trucks are making deliveries daily, with a total 10 million potatoes projected to be rescued by June, said Lori Nikkel, Second Harvest’s CEO. That amounts to about 3.6 million pounds of potatoes.
How Do You Find an Apartment in N.Y.C. These Days?
       
My wife, Marcella, and I were both working from home since the start of the pandemic and we really needed more space if our apartment was going to be both our home and office. The apartments from one management company all appeared to be really well renovated and in older buildings. When we reached out, they quickly provided pictures of some units that might be coming to market, and again we were impressed with what we saw. So either we wait for it to hit the market and risk losing out on it or sign without a tour. We tracked down a floor plan and we decided it was worth taking the risk.
How much money YouTubers with 1 million subscribers make
       
Eight creators with 1 million subscribers or more shared how much money they make on YouTube. YouTube creators earn money a number of ways, but money from the ads that play in their videos usually constitutes a big chunk of their income. Andrei Jikh, a finance YouTuber with 1.7 million subscribers, has earned $1.6 million in ad revenue in less than three years, for example. To start earning money directly from YouTube, creators must have at least 1,000 subscribers and 4,000 watch hours in the past year. Graham Stephan, who has 3.4 million subscribers, launched his own coffee brand, for instance.
Iran says crew of two seized Greek tankers not detained and are on board
       
DUBAI (Reuters) - Iran's state maritime body said on Saturday the crew of two Greek tankers seized by its Revolutionary Guards on Friday had not been detained, and were in good health and being cared for on board their vessels. Iranian forces seized two Greek tankers in the Gulf on Friday, shortly after Tehran warned it would take "punitive action" against Athens over the confiscation of Iranian oil by the United States from a tanker held off the Greek coast. "The crew of the two Greek tankers have not been arrested, and all crew members ... are in good health and are being protected, and provided with necessary services while on board, in accordance with international law," Iran's Ports and Maritime Organization said in a statement carried by state media. The United States later confiscated the Iranian oil cargo held onboard, Reuters reported on Thursday. In 2019, Iran seized a British tanker near the Strait of Hormuz for alleged violations two weeks after British forces detained an Iranian tanker near Gibraltar, accusing it of shipping oil to Syria in violation of European Union sanctions.
Short week, a new streak, and the jobs report: What to watch in markets this week
       
A bounce in U.S. stocks last week snapped a seven-week losing streak for the S&P 500 and Nasdaq, while the Dow logged gains for the first time in eight weeks. These gains ended the longest weekly losing streak in over a decade for the S&P 500 after the index tip-toed into bear market territory. Investors are expected to take their cue from a flurry of key employment data in the holiday-shortened final week of May when trading resumes Tuesday. The Labor Department’s closely-watched jobs report will offer a snapshot of U.S. employment as concerns mount over uncertainty in the economic outlook. After a week of steep losses, markets were up in Monday morning trading.
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. However, this was a healthy deceleration from March’s 1.4% growth rate. 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.
Workers vote to become first unionized Starbucks in Alabama
       
Starbucks has until later this week to file any objections with the National Labor Relations Board after workers at a shop in Birmingham became the first of the company’s locations in Alabama to vote to organize. Baristas and other employees at a downtown store voted 27-1 to organize in a tally announced Thursday, news outlets reported. Documents show they would be represented by Workers United if the vote stands. Company officials didn’t immediately respond to an email seeking comment on whether Starbucks would challenge the vote, the latest in a series of wins for labor at Starbucks stores across the nation. The employees had the backing of Birmingham Mayor Randall Woodfin, who publicly expressed his solidarity with the workers.
Real estate update: 17 charts that show where home sales are headed in Richmond
       
Find out how home sales have changed recently, which areas have the most home listings, plus the average sale price and more with these charts and maps.
UK seeking return of Kevin Spacey from US to face sexual assault charges
       
British authorities are pursuing the return of Kevin Spacey from the US to face sexual assault charges. Experts in extradition say US police may soon be sent to find Spacey, 62, and detain him on behalf of British authorities. He could be granted permission to return to the US to work as long as a British court believed promises given that he would return to face trial. “If he comes back to the UK he could get a bail package that allows him to return to the US,” Vamos said. Spacey is also alleged to have caused the latter to engage in penetrative sexual activity without consent.
Hundreds of swimming pools could close because they can’t afford energy bills
       
Hundreds of swimming pools may have to close because they cannot afford to heat the water, new figures suggest. Pool operators are being hit by the energy crisis and soaring utility bills and are trying to find ways to reduce their consumption in a bid to keep expenditure down. UKActive, which promotes gyms and leisure facilities in Britain, ran a nationwide survey and found that 79 per cent of public leisure facilities may be forced to close their doors in the next six months due to financial strain brought about by spiralling overheads. “The ongoing responsibility of providing access to public leisure facilities lies at Local Authority level, and the Government continues to encourage Local Authorities to invest in leisure facilities.”Huw Edwards, the UKActive chief executive, said: “[Operators] are really struggling. We are talking about hundreds of facilities that support hundreds of thousands of visitors, if not millions, each week.”
FBI records on search for fabled gold raise more questions
       
The FBI used the consultant's work to obtain a warrant to seize the gold - if there was any to be found. Dennis and Kem Parada, who co-own the treasure-hunting outfit Finders Keepers, successfully sued the Justice Department for the records after being stonewalled by the FBI. Finders Keepers provided the FBI records to The Associated Press. In response, the FBI said the single-page document 'is representative of the standard summaries filed when formally closing an FBI investigation.' The FBI records also show that several weeks before the excavation, an agent with the agency's art crime team approached Wells Fargo to ask whether it shipped gold by stagecoach for the U.S. Mint in 1863.
With tents outside county office, Fairfax reviews pledge to end homelessness
       
Placeholder while article actions loadIn 2008, Fairfax County launched an ambitious “Plan to Prevent and End Homelessness,” with the goal of ending homelessness in the Northern Virginia suburb within 10 years. Nearly 1,200 people in Fairfax are considered to be homeless, according to a spot count conducted in January. The Board of Supervisors directed county staff to search for sites where more supportive housing could be developed. “Turnover is typically quite high among the staff at the shelters,” said Thomas Barnett, deputy director of the Office to Prevent and End Homelessness. She and her friend, who became homeless after her husband left, have been in their tent in Reston since February.
Higher prices vs. fewer jobs: The Fed weighs inflation and recession - The Washington Post
       
The Fed could stop it with aggressive monetary policy — but doing so likely meant a brutal recession. AdvertisementSo I asked John Huizinga, who taught me macroeconomics 20 years ago at the University of Chicago’s Booth School of Business: Why is a recession better than high inflation? That’s a very high rate of inflation, but if everyone knew what it was going to be, we would develop ways to mitigate the impact. But the greater uncertainty is whether the Fed could announce a policy of high but stable inflation and make it stick. After decades of credibly maintaining a 2 percent inflation target, could the Fed suddenly announce that it will let inflation stay high — but go no higher?
This 37-year-old makes $100,000 in Austin, but lives in his truck and rents his condo for extra money
       
"The primary reason I wanted to buy a condo is because rent fluctuates," he tells CNBC Make It. CNBC Make ItSo in 2017, Dishongh purchased his first home, a 600-square-foot one-bedroom condo in Austin, Texas. 'Whenever I feel like it, I can just hop back there and have a mini adventure'Originally, Dishongh wanted to live in a van full-time, travel the U.S. and work remotely. He realized that it made more financial sense for him to take on a fixed mortgage payment, rather than watch his rent continue to rise. The low down payment allowed him to funnel more money into renovating his new place from top to bottom.
Canadian banks shrink future bad debt cushion even as economic risks mount
       
read more"Recessions start when the economy is at maximum awesome," said Brian Madden, chief investment officer at First Avenue Investment Counsel. read moreRoyal Bank of Canada (RY.TO) reported the biggest drop in allowances, down 30% from a year ago. Chief Risk Officer Graeme Hepworth told analysts that the bank has adjusted provisions to reflect increased economic headwinds, but that was offset by pandemic-related reserve releases. Canadian Imperial Bank of Commerce (CM.TO), which missed estimates partly on higher provisions, and Toronto-Dominion Bank (TD.TO) had the smallest year-on-year declines in ACLs. "They are building provisions... it is maybe not being built up as fast as one would have expected," said Moody's Investors Service Senior Credit Officer Rob Colangelo.
Canadian banks shrink future bad debt cushion even as economic risks mount
       
"Recessions start when the economy is at maximum awesome," said Brian Madden, chief investment officer at First Avenue Investment Counsel. Canadian banks are likely "releasing provisions on performing loans on over-confidence in their (positive) base case economic scenario and underweighting the likelihood of adverse scenarios, which is, in my view, no longer a tail risk." Canadian Imperial Bank of Commerce, which missed estimates partly on higher provisions, and Toronto-Dominion Bank had the smallest year-on-year declines in ACLs. "They are building provisions... it is maybe not being built up as fast as one would have expected," said Moody's Investors Service Senior Credit Officer Rob Colangelo. The Canadian banks share index has gained 2.3% since the lenders began reporting results this week, compared with a 1.8% gain in the broader Toronto stocks benchmark, shrinking their underperformance since the March peak.
Goldman Says Bull Market in Battery Metals Is Finished for Now
       
Goldman Says Bull Market in Battery Metals Is Finished for Now(Bloomberg) -- Goldman Sachs Group Inc. said the price of three key battery metals -- cobalt, lithium and nickel -- will drop over the next two years after investors wanting exposure to the green-energy transition piled in too quickly. Most Read from Bloomberg“Investors are fully aware that battery metals will play a crucial role in the 21st century global economy,” Goldman analysts including Nicholas Snowdon and Aditi Rai said in a note on Sunday. “Yet despite this exponential demand profile, we see the battery metals bull market as over for now.”The long term prospects for the metals remain strong, not least because of the rapid adoption of electric vehicles, according to Goldman. “This phase of oversupply will ultimately sow the seeds of the battery materials super cycle over the second half of this decade,” the bank said. Then, “the demand surge will more sustainably overcome current supply growth.”Story continuesMost Read from Bloomberg Businessweek©2022 Bloomberg L.P.
Finix goes head-to-head with Stripe
       
If things weren’t turbulent enough, another startup has very publicly emerged as a formidable competitor to Stripe: Finix. As TC’s Connie Loizos reported at the time, Finix told employees that soon after issuing its check, Sequoia concluded that Finix competes too directly with Stripe, the payments company that represented one of Sequoia’s biggest private holdings and that in turn counted Sequoia as one of its biggest outside investors. Finix announced that it was becoming a payments facilitator, in addition to enabling other companies to facilitate payments. This move puts it in direct competition with Stripe, something that CEO and co-founder Richie Serna is not shy about admitting. The company told Bloomberg that the number of affected workers that took out loans is in "the single digits."
The FDA is investigating a Hepatitis A outbreak linked to organic strawberries sold at Walmart, Trader Joe's and other retailers
       
The FDA is investigating FreshKampo and HEB brand organic strawberries for Hepatitis A Virus. Those brands of organic strawberries are sold at Aldi, Kroger, Walmart, Trader Joe's, and more. The Food and Drug Administration is investigating two brands of strawberries sold at top grocery stores for Hepatitis A. The FDA warned people who purchased strawberries during that period and then froze them to dispose of them. The FreshKampo and HEB brand strawberries were sold at several retailers, including Aldi, HEB, Kroger, Safeway, Sprouts Farmers Market, Trader Joe's, Walmart, Weis Markets, WinCo Foods.
What should I buy right now to fight against hot inflation? These 3 dividend stocks could give shareholders a sizeable pay raise — as soon as next month
       
These 3 dividend stocks could give shareholders a sizeable pay raise — as soon as next monthIt might be tempting to jump out of stocks completely, but here’s the reality: No one knows for sure what the market will do next. But there is a good reason to check out this under-the-radar stock: dividend growth. Given how well the company’s business has been doing, another payout increase should be right around the corner. Realty Income (O)If you follow real estate stocks, you’ve probably heard of Realty Income. But Realty Income didn’t have to worry too much because of its diversified tenant base.
FOCUS-U.S. retailers' ballooning inventories set stage for deep discounts
       
It's a sign of possible more trouble to come for retailers amid soaring inflation and higher gas prices. With shoppers' tastes quickly shifting, many retailers now find themselves with a surplus of merchandise, driving up costs. At 11 of the 18, inventories rose by 10 percentage points more than sales did, according to Citi analyst Paul Lejuez. That scenario is prompting retailers like Walmart and Macy’s to clear out excess inventories by discounting more items and offering deeper promotions, a move that could erode margins. Some anticipate that many retailers this year will start to discount more to clear out unsold merchandise.
Soaring gas prices a boon for California oil refiners: Roadshow
       
Q: One reason gas prices are so high is because oil companies have made more billions this year than last year. Robert Mix, San JoseA: A recent report shows that California oil refiners made unprecedented profits from refining oil into gasoline in the first quarter of 2022. Some California oil refiners report profits from the first quarter of 2022 that are more than twice as high as those reported by the same refiners over the same period last year. Tom FarrellA: Unlikely, even though, legally, pump prices and the price on the sign are required to be the same. It could be that the sign was incorrect, or it could be confusion about cash/credit prices, but you’re right, the posted price and the pump price are supposed to be the same.
Bearish Bets: 2 Stocks You Should Consider Shorting This Week
       
Each week we identify names that look bearish and may present interesting investing opportunities on the short side. Using technical analysis of the charts of those stocks, and, when appropriate, recent actions and grades from TheStreet's Quant Ratings, we zero in on several names. Inter Parfums Isn't Up to ParInter Parfums Inc. (IPAR) recently was downgraded to Hold with a C+ rating by TheStreet's Quant Ratings. SiteOne Landscape Supply Isn't AttractiveSiteOne Landscape Supply Inc. (SITE) recently was downgraded to Hold with a C+ rating by TheStreet's Quant Ratings. This landscape supply wholesaler has a miserable-looking chart, with lower highs and lower lows, which is indicative of stocks in this group.
Top HSBC investor backs free speech after climate ‘nut job’ banker suspended
       
The head of one of HSBC's biggest shareholders has said that employees should be encouraged to voice dissenting views after the bank suspended an executive who railed against climate "nut jobs". His comments come after HSBC launched an internal investigation into senior banker Stuart Kirk over a conference speech about responsible investing. We have a 'speak up' policy, and if people aren't happy about things then they are encouraged to speak up. "It's very useful, and that's why we've taken a very broad approach to science and technology investing in the UK. I think that's why our colleagues, our board, our regulator and our shareholders are all enthusiastic supporters of the goals we have as a firm."
Ukrainian farmers risk their lives as war continues amid sowing season
       
A growing food crisis has been worsened by Ukraine's inability to ship millions of tons of grain and other agricultural products as the country remains under attack. So are many of the fields recaptured around Ukraine's second-biggest city Kharkiv, in the northeastern part of the country. But as shelling continues a few kilometres north, tractors seed as much land as possible, as fast as possible, wherever possible. Russian state news agency Tass reported that a vessel bound for the southern Russian city of Rostov-on-Don entered Mariupol’s seaport early Saturday. As the global food crisis worsens, Western leaders have accused the Kremlin of using hunger as a bargaining chip by blocking Ukrainian exports from leaving the country.
2023 Integra captures the value and performance that made Acura a hit from the start
       
AUSTIN, Texas — The 2023 Acura Integra sporty compact hatchback is a delight: attractive, fun to drive and affordable. It’s everything that made Acura a hit when the original Integra helped launch Honda’s luxury brand in 1986. It’s the kind of car Acura should never have stopped building. Integra prices start at $30,800. Integra prices undercut those models significantly, but Acura’s hand-picked competitive set ignores sporty compacts from non-luxe brands: Subaru BRZ; Toyota 86; VW GTI.
Sean Connery's 'James Bond' Aston Martin DB5 is up for auction—and it could sell for nearly $2 million
       
If you've ever fantasized about giving supervillains the slip from behind the wheel of James Bond's iconic Aston Martin – and you have some spare millions of bucks lying around – you could be in luck this summer. The 1964 Aston Martin DB5 personally owned by the late actor Sean Connery is hitting the auction block on August 18, and it's expected to fetch between $1.4 million and $1.8 million, according to Detroit's Broad Arrow Auctions. Aston Martin produced fewer than 1,100 of the DB5 models, making the model a rare and sought-after vehicle. "Clothed in aluminum 'saloon' bodywork by Milanese design house, Carrozzeria Touring, Aston Martin chassis no. DB5/1681/R is resplendent in Snow Shadow Grey over red Connolly leather," the auction house noted earlier this month.
Use this rule to quickly find out when your investments will double in value
       
Using your rate of return, the Rule of 72 is a simplified formula that measures the effect of compound interest on your investment dollars. The Rule of 72 is a quick way to figure out approximately the number of years needed to double your invested money. To use the Rule of 72 formula, simply divide 72 by the expected annual rate of return. By using the Rule of 72 formula, your calculation will look like this: 72/6 = 12. When calculating the Rule of 72 for any investment, note that the formula is an estimation tool and the years are approximate.
Thanks to the 'Great Resignation,' new hires are making more money than you
       
Hi, I'm Matt Turner, the editor in chief of business at Insider. To get the latest stories on private equity, banking, hedge funds, and fintech right in your inbox, sign up here. Story continuesOthers suggested that a recession could put an end to the Great Resignation and cut workers' bargaining power. - Zach Cartaya, a Columbine-shooting survivor, told Insider in the wake of this week's shooting at Robb Elementary School in Uvalde, Texas. Read the original article on Business Insider
Latest line: A good week for Big Oil, a bad week for Rebeca Armendariz
       
Big OilAs gas stays above $6 a gallon, Shell, ExxonMobil, BP, Chevron, and ConocoPhillips post $35 billion in profits in the first three months of 2022 — 300% percent more than the first quarter of 2021. Rebeca ArmendarizGilroy city councilwoman, already hit with multiple city citations after one man was shot to death at a rowdy Halloween party at her family property, now faces a recall campaign by opponents. Salvatore CordileoneSan Francisco archbishop denies communion to Nancy Pelosi over her support of abortion rights. But she notes he doesn’t deny it to supporters of the death penalty, which also violates church doctrine.
Luxury home sales soar even as COVID-19 takes toll on economy
       
Leading the charge was the Bay Area, with the world’s highest concentration of billionaires. Santa Clara County (up 165%) and San Francisco and San Mateo counties (up 100%) also saw some of the fastest growth in luxury sales among large, affluent communities. Some of the rise in Bay Area homes topping $2 million can be attributed to the already high prices for Bay Area homes before the pandemic, Hepp said. The median price of a Bay Area home checks in at more than $1 million, a luxury price by most U.S. standards. “There’s no shortage of money here in the Bay Area,” said Chris DuBois, vice president of sales in Alameda County for Sotheby’s.
Arizona nonprofits can begin applying for Community Thrives grants on June 1
       
Starting June 1, nonprofits working to help struggling Arizonans can apply for grants up to $100,000 through this year’s A Community Thrives initiative. Last year, 16 Arizona nonprofits shared more than $330,000 in A Community Thrives grants. For final consideration, A Community Thrives asks nonprofits to do some independent crowdfunding. A Community Thrives 2022Timeline:June 1-30 -- Application period. Nonprofits can find more details about A Community Thrives and, beginning June 1, apply at: gannettfoundation.org/act.
Disaster lights a fire under NM con artists
       
Some thieves are trying to apply for disaster relief using names, addresses and stolen Social Security numbers. The agency will not call seeking payment for services to disaster victims. To report a scam, call FEMA’s fraud hotline at (866) 720-5721 and file a report with the state attorney general at secure.nmag.gov/ecs. The FTC had used that authority to refund $11.2 billion to consumers in the five years before the ruling. To report a scam to law enforcement, contact the New Mexico Consumer Protection Division toll-free at 1-844-255-9210, prompt 5.
Gas hits ANOTHER all time high as gallon cost rockets to $4.61
       
Gas prices in the US soared to record heights again Sunday, reaching an all-time high of $4.61 per gallon. The rising costs have forced many families to leave the car at home during the long weekend, calling off trips so rising costs don't ensnare their inflation-affected wallets. Gas prices in the US soared to record heights again Sunday, reaching an all-time high of $4.61 per gallonThe number is more than 50 percent higher than the cost of a gallon a year ago. 'The concern is high prices that are keeping people a little closer.' At those levels, gas prices would surge past their inflation-adjusted high of $5.38, seen in June 2008, when gas prices hit $4.11, not adjusted for inflation, according to the Energy Information Administration.
Gas hits ANOTHER all time high as gallon cost rockets to $4.61
       
Gas prices in the US soared to record heights again Sunday, reaching an all-time high of $4.61 per gallon. The rising costs have forced many families to leave the car at home during the long weekend, calling off trips so rising costs don't ensnare their inflation-affected wallets. Gas prices in the US soared to record heights again Sunday, reaching an all-time high of $4.61 per gallonThe number is more than 50 percent higher than the cost of a gallon a year ago. 'The concern is high prices that are keeping people a little closer.' At those levels, gas prices would surge past their inflation-adjusted high of $5.38, seen in June 2008, when gas prices hit $4.11, not adjusted for inflation, according to the Energy Information Administration.
Government steps up the fight against "fake promotions"
       
As it is now, some shops artificially raise prices just before announcing promotion prices. Consumers think they are making a bargain, but in fact they are paying just as much (or even more) than the normal price. In order to counter this, shops not only have to show the promotion price, but also the so-called reference price, the lowest "normal price" during the past 30 days. She claims the problem mostly applies to online shops. "We think it is of the utmost importance that these checks are being extended to the online sector as well."
Washington state gas stations run out of fuel, prep for $10 a gallon
       
BusinessWashington state gas stations run out of fuel, prep for $10 a gallonGas stations in Washington state are resetting their price boards to accommodate double digits in preparation for fuel prices potentially reaching $10 a gallon, according to a report. The move comes as several gas stations in the Evergreen State ran out of fuel, the Post Millennial reported. A 76 spokesperson told the Post Millennial that the change did not necessarily mean the company was predicting gas prices would reach $10 a gallon. Gas stations in Washington state have adjusted their pumps to display double-digit gas prices, according to a report. Bloomberg via Getty ImagesMotorists in the Evergreen State are also reporting that some gas stations have run out of fuel.
Sandy Hook shooting: The unprecedented $73M settlement with gunmaker Remington
       
In 2013, four months after the Sandy Hook shooting, Francine Wheeler, along with her husband David, made an impassioned plea: "Please help us do something before our tragedy becomes your tragedy. What the Wheelers, and eight other Sandy Hook families, did at first seemed impossible. One of their lawyer's first calls was to Josh Koskoff, who represented the Sandy Hook families. According to Koskoff, the key to the case was tying the Remington marketing to the 20-year-old shooter at Sandy Hook Elementary School. Like many parents, David and Francine Wheeler had not seen any of the Remington marketing, until this case.
Forget FAANG, it's all about LVMH
       
But for luxury investors, it's more like strutting down the catwalk. But luxury spending is up 14% year to date, according to Bank of America aggregated US credit & debit card data. US luxury spending was 47% higher in 2021 than in pre-Covid 2019, while jewelry spending was 40% higher, according to Bank of America data. There was no correlation at all between the price of cryptocurrency and luxury spending. Luxury spending growth has been strongest amongst the higher-income cohort, up 26% year-over-year.
These money and investing tips are tools to help fix your broken portfolio
       
Read MoreYour stock portfolio didn’t have to lose so much this yearConventional wisdom is wrong about the relationship between risk and reward. Read MoreTerraUSD crash led to vanished savings and shattered dreamsTerraUSD was touted as a blue-chip cryptocurrency. Read MoreThe S&P 500 may be finding a short-term bottom — but the intermediate worries remainThe S&P 500 would have to climb above 4300 to even hint at a change in the stock market’s downtrend. Read MoreForget the ‘Fed put.’ This is how corporate buybacks could rescue the stock market. Read MoreFollow these 3 crucial lessons for weathering the stock market’s stormReacting to down markets is a good way to derail progress made toward reaching your financial goals.
Warren Buffett bought nearly $5 billion worth of HP shares ?— here's why you might want to ride his coattails
       
Warren Buffett bought nearly $5 billion worth of HP shares ?— here's why you might want to ride his coattailsWarren Buffett isn’t known for being a technology investor. Just last month, Berkshire revealed that it had purchased 121 million shares of PC and printer hardware company HP (HPQ), a stake worth nearly $4.7 billion at today’s prices. And now, by loading up 121 million shares of HP, Berkshire has become its largest shareholder with an 11.4% stake. A fast-growing companyWith a market cap of around $41 billion, HP isn’t nearly as big as Buffett’s other major tech holding, Apple. It’s also buying back its shares: In fiscal Q1, HP spent $1.5 billion of cash to repurchase approximately 42.6 million shares of common stock.
Serbia's Vucic says agreed 3-year gas supply contract with Putin
       
BELGRADE (Reuters) - Serbian President Aleksandar Vucic said on Sunday he had agreed a new three-year gas supply contract in a phone call with Russian President Vladimir Putin. "I can not speak about the price now, all details will be agreed with Gazprom," Vucic told reporters. Vucic said that Serbia he had agreed with Putin that the price of gas would be linked to the oil price, but did not elaborate. Serbia's 10-year gas supply contract with Gazprom expires on May 31. Vucic also said that he had discussed with Putin expansion of gas storage space in the Balkan country.
The best jobs for teachers looking to work over summer break
       
If you want to earn some cash during your time off, these summer jobs for teachers fit the bill. OutschoolEver wish you could use your imagination to help kids learn in a less-traditional way? Teachers pay a commission only when your courses sell. If TutorOcean finds the students and provides the billing support, tutors pay a 20% commission to the platform. But, for teachers on summer break, that’s an advantage because there’s less competition for tutoring positions.
Why Costco Is the Perfect Stock for Inflation
       
Costco (COST) - Get Costco Wholesale Corporation Report has also seen its stock price fall (down 11% over the past 30 days). "At Q3 end, our U.S. and Canada renewal rate was 92.3%, up 0.3% from the 12 weeks earlier at Q2 end," Nelson said. Costco operates on very small markups and its members understand that while inflation and supply chain issues may drive prices up, the warehouse club will keep prices as affordable as possible. In addition, Costco sells gas at many of its locations -- generally at the lowest prices of any gas station. Costco has been built to thrive no matter what the economic conditions are but inflation (higher prices) should drive even more members to the chain.
Improving Investor Behavior: How long will a bear market last?
       
The S&P 500 is down about 17% as of Wednesday, May 25, narrowly avoiding the traditional definition of a bear market at negative 20%. The NASDAQ has already fallen well into bear market territory with a loss of about 28% year to date. The first is that, yes, a bear market and recession are very possible at this point. Second, the bear market will end at some point, and the negativity will reverse. We can hope for a short-lived bear market akin to those in 2020 (1.1 months) or 2018 (3.1 months).
NY Lottery: Garden City gas station sells $1M ticket
       
A $1 million second-prize Powerball ticket for Saturday's drawing was sold at a Garden City gas station, the New York Lottery announced Sunday. The ticket was sold at the Garden City Super Pumper store at 791 Stewart Ave.Players select five numbers from 1 to 69, and one Powerball number from 1 to 26. The Powerball drawings are broadcast every Monday, Wednesday and Saturday at 10:59 p.m. The state lottery calculates that Powerball has contributed $3.59 billion in fiscal year 2020-21 to help support education.
As affordable housing deadline approaches, Connecticut towns’ response a mix of pushback and innovation — and one allegation of perpetuating segregation
       
Middletown, for instance, reported that 22.4% of its housing units already qualify as affordable; while Bristol is just under 15%. Wealthy Westport, for instance, is proposing to create an affordable housing trust fund that would operate a bit like an open space preservation fund. Westport’s planning and zoning commission is recommending the town set aside money each year to use for loans, grants and pre-development costs for creation of affordable housing. That strategy could “increase the supply of affordable units in Westport while maintaining the same density of development,” according to the plan. It proposed a housing trust fund to amass fees, grants and donations for affordable housing, and specifically suggests fees on zoning permits as well as an annual budget contribution.
Council Grove, in OKC, owes place in history to Jesse Chisholm and 'The Chickasaw Rancher'
       
Council Grove was an actual 3 1/2-square-mile grove of trees, post oak and western white oak. It is on prominent display at Council Grove Elementary, 7721 Melrose Lane on the east side of Council Road between NW 10 and Reno Avenue. The bell first rang at a Council Grove school directly across Melrose Lane. In 1894 the name was changed to just "Council," Asplin wrote, because mail and freight kept getting shipped to Council Grove, Kansas, instead of Council Grove, Oklahoma Territory. "The Council School and Council Road are the only remaining names in what was once Council Grove."
Loophole could let North Sea oil and gas giants slash UK windfall tax bill
       
North Sea oil and gas companies that already benefit from huge tax breaks could use fresh rules to slash how much they pay under a new windfall tax announced by Rishi Sunak as part of his £15bn cost of living package, according to a thinktank. “It’s bad enough that the chancellor waited until the 11th hour to tax big oil and gas, when Liberal Democrats first called for a windfall tax last October. Rishi Sunak announced the windfall tax as part of a £15bn cost of living package. The Treasury has not calculated how much of the £5bn in extra tax could be lost if North Sea operators claim extra investment allowances over the next three years. In January, shadow chancellor Rachel Reeves called for a one-year, 10% additional tax on North Sea profits to raise between £2bn and £3bn.
May I have a word about … how headline hyperbole has taken an explosive turn | Jonathan Bouquet
       
I only ask because I can’t help noticing the glut of headlines featuring the word “skyrocket”. “Taste of things to come as food prices skyrocket” was just one example last weekend. I tripped over the following in a business section recently – the “dynamic stochastic general equilibrium” model. Couldn’t we split the difference and call the subject sums, as it was in the dim and distant past of my school years? Finally, a welcome return for that ridiculous word “community”.
Restaurant boss warns price of dining out could ‘soar’ in coming months
       
Restaurateur Hugh Osmond has said the price of dining out could “soar” in the coming months as the UK continues to face a cost of living crisis. The former chief executive of Pizza Express explained that some food product costs have risen by as much as 30 per cent. He added that Russia’s invasion of Ukraine has contributed to these prices, and supply chain disruption has added further hurdles. UK Hospitality chief executive Kate Nicholls has previously said that the average price of a main meal from a restaurant rose by £1.50 in April. To cut back, Harker cut out meat and dairy, and instead stocked up on carbs and free sauces from fast food chains.
Serbia's Vucic says he agreed a three-year gas supply contract with Putin
       
REUTERS/Antonio BronicBELGRADE, May 29 (Reuters) - Serbian President Aleksandar Vucic said on Sunday he had agreed a new three-year gas supply contract in a phone call with Russian President Vladimir Putin. "I can not speak about the price now, all details will be agreed with Gazprom," Vucic told reporters. Vucic said that Serbia he had agreed with Putin that the price of gas would be linked to the oil price, but did not elaborate. Serbia's 10-year gas supply contract with Gazprom (GZAVI.MM) expires on May 31. Register now for FREE unlimited access to Reuters.com RegisterVucic also said that he had discussed with Putin expansion of gas storage space in the Balkan country.
Spring clean your online career presence
       
Feind Reeves noted that Squarespace is a very intuitive, inexpensive website builder and leaves you with a professional-looking product. Then ask them to do the same for you.”Regularly maintain your online professional personaYour digital presence is often the first impression a hiring manager or recruiter has of you. “Use your social media to show that you are interested, engaged and knowledgeable about what is happening in your industry,” said Feind Reeves. Digital profiles are not “one and done.”“Google yourself every once in a while,” said Feind Reeves. This upkeep takes a little time a few times a month, but “it’s an investment in yourself,” said Feind Reeves.
Can I make my workers do two extra hours in their shifts?
       
Can I require my existing employees to work longer hours? We currently have 8 hour shifts but we would like to expand them to 10 hours until we find more help. An employee at my firm recently resigned and gave three weeks notice, saying that she wants to give me as much time as possible to find a replacement for her job. You can ask them to leave the same day that they give notice and just pay them through that day. You are under no obligation to accept a resigning employee’s offer of a notice period.
Here are the top stock picks from UBS for the rest of the year
       
Analysts at UBS put together a list of top picks for the rest of year, including names that are less popular at other Wall Street firms, that have upside potential and relatively limited downside. In theory, financial stocks like banks are supposed to perform well when interest rates rise, because higher interest rates help with net interest income and other factors. The return of travel, combined with the disruption to fuel supply caused by Russia's invasion of Ukraine, has sent energy prices soaring. UBS named CrowdStrike one of its best picks for the rest of year. The stock has underperformed the broader market this year, but UBS has a price target of $240 per share for CrowdStrike.
Buy this ETF for exposure to the booming electric vehicle market, NDR Research says
       
For investors looking to capitalize on the jump in electric vehicle ownership, one exchange-traded fund that tracks lithium and battery companies fits the bill, according to Ned Davis Research. Ned Davis said that surging gas prices makes owning an EV more compelling, which should drive higher sales in the future. EV sales more than doubled during 2021 to 6.6 million vehicles, according to data from the International Energy Agency. Lithium prices have more than doubled this year after surging in 2021, but the companies that mine the metal haven't seen the same type of outperformance. Of course, lithium prices that are too high could impact EV demand at a certain point.
Ancestry.com CEO Deborah Liu on Recruiting Women in Big Tech
       
That was especially true after Covid-19 felled many older family members, says Deborah Liu, CEO of Ancestry.com. That gave me the resilience to say, ‘I’m going to show them. I’m going to go to college on a scholarship.’ I had a lot of fight in me. Going public is not the destination we’re shooting for. But let’s work through this together.’When I joined Ancestry.com, we announced a return to work three days a week as of September 2021.
Companies Are Rebuilding Their Inventories. What That Means for Profits.
       
That makes shoppers happy, but puts companies back in the game of managing inventory—and too much can actually hurt sales and, in turn, profits. On Wednesday, the company lowered this year’s outlook for both sales growth and earnings—down 3 percentage points and 15% from previous midpoints, respectively. And that points to another knot in the inventory thread: the growth in inventories is outpacing sales growth. Inventory growth for retail year over year has recently been about 25 percentage points higher than sales growth, according to Morgan Stanley. That growth means companies must sell their excess inventory, sometimes by lifting prices less than they had initially planned.
Here’s how to maximize savings on your home insurance costs
       
Having your roof coated is not among the numerous measures Florida homeowners can take to minimize property insurance costs. Beware of past insurance claims ]Though “special coatings” won’t save you money on property insurance, there are legitimate ways to save money on home insurance. With insurance costs rising and hurricane season fast approaching, here are some ways to cut costs. BundlingNot all insurance companies in Florida allow policyholders to bundle their home and auto insurance, but many of the national companies do. But much of that purchase price results from land value, and the replacement value of their homes could be considerably less.
Bought Amazon Stock? You'll Have More Shares After the Stock Split
       
If stock splits sound confusing, keep reading to see how Amazon's 20-for-1 stock split will impact your portfolio. If you currently have five shares of Amazon stock in your account, you'll probably have to blink your eyes twice after noticing 100 total shares in your account after the stock split. Although stock splits work the same way, you'll need to know the stock split ratio to determine how many shares you'll have in your account after the stock split. 1 share of Amazon stock = 20 shares after stock split2 shares of Amazon stock = 40 shares after the stock split3 shares of Amazon stock = 60 shares after the stock split4 shares of Amazon stock = 80 shares after the stock split5 shares of Amazon stock = 100 shares after the stock splitFractional shares will also multiplyIf you have fractional shares, you won't be left out of the stock split. Here's how many shares you'll have after the stock split if you own fractional shares of Amazon:1/2 share of Amazon stock = 10 shares after stock split1/4 share of Amazon stock = 5 shares after stock split1/5 share of Amazon stock = 4 shares after stock split1/10 share of Amazon stock = 2 shares after stock split1/20 share of Amazon stock = Congrats!
‘BP plans to invest £18bn in Britain – but we need a stable environment to do more’
       
BP had previously said plans to invest £18bn across UK energy this decade would be unaffected by a windfall tax. On Thursday it said it would review how the new regime would affect its North Sea plans. Kingham says: “The best way to get investment is to have stable fiscal regimes, stable environments in which to make those key decisions to bring investment forward. And we've also been really clear and said that's not somehow contingent on whether or not there's a windfall tax. “But in a stable environment, that's a great place to put your money down.
Hackers wage war on Russia’s largest bank
       
Hackers 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.
Ukrainan defenders hold out in Donbas city under heavy fire
       
Ukrainian forces were on Sunday resisting a Russian assault on Sievierodonetsk, the largest city they still hold in the eastern Donbas region, but were weathering heavy artillery barrages, Ukrainian officials said. The shelling was so intense it was not possible to assess casualties and damage, the governor of Luhansk region, Serhiy Gaidai, said. Dozens of buildings have been destroyed in the past few days.
Police say 68 fans were arrested and 174 people 'hurt' amid Champions League Final chaos
       
And interior minister Gerald Darmanin has also attempted to point the finger of blame at Liverpool fans. There's a bottleneck down there and there's literally a six-foot gap for maybe 20,000 Liverpool fans to get in. Wilson is also known for driving a £40 Skoda to the Champions League final in Madrid in 2019. 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.'
Allegations of industry influence rock mine safety commission
       
The “Network” consisted of “at least 70 independent individuals, including a large contingent outside of FMSHRC,” Rajkovich wrote in the memo. He characterized the people as trusted individuals who were familiar with industry players and could provide impartial advice. Rajkovich also wrote that he had contacted members of the “Network” individually without letting them know of each other’s work. The personnel memo does not spell out whether Lovell was part of Rajkovich’s “Network.” Lovell declined to offer a comment for this story. Rajkovich’s use of personal contacts outside the commission to help make personnel decisions is troubling, said Tom Stock, a retired long-time commission staffer who once served as the agency’s general counsel.
Egypt signs €8 billion deal with Siemens for high-speed rail system
       
The German industrial group Siemens said on Saturday evening that it had agreed on a deal to construct 2,000 kilometers (1,243 miles) of high-speed rail lines across Egypt. The deal, which is worth €8.1 billion ($8.7 billion), is the biggest order in the Munich-based company's 175-year history. The contract includes, besides the rail lines, 41 high-speed trains, 94 regional trains, 41 freight trains, and eight depots and freight stations. World's sixth largest rail network"With our latest technology for rolling stock, signaling and maintenance, Egypt will have the sixth-largest and most modern high-speed rail network in the world," Siemens CEO Roland Busch said at the ceremony. Siemens said that the project will create some 40,000 jobs in Egypt, as well as an extra 6,700 jobs in connected industries.
How a Delta Air Lines Executive Spends His Sundays
       
Ryan Marzullo’s weekends have not been his own since construction started on the new Terminal C, one of the final components of La Guardia Airport’s $8 billion transformation. Mr. Marzullo, a managing director with Delta Air Lines, is overseeing the development of the 1.3 million-square-foot, 37-gate terminal, which combines the areas of two old terminals into a new hub for all of Delta’s departures and arrivals. But the project hasn’t been all hard hats and jackhammers. To add a dash of hometown flavor, Mr. Marzullo asked for the input of local artists. The airline partnered with the Queens Museum to bring six permanent commissions, including sculptures and murals reflecting the city’s diversity, to the terminal, where a new concourse is scheduled to open early next month.
Can Paramount Go It Alone?
       
In January, the board of Paramount, including Shari Redstone, the company’s chair, met with a group of bankers to get an update on the media industry and to hear about potential deals that might help the company better compete with streaming giants like Netflix and Disney. The bankers, from Goldman Sachs and LionTree, came with many deal ideas, according to four people with knowledge of the meeting. The most logical one, the bankers said, was combining some parts of Paramount — which owns networks like Nickelodeon and MTV, and the Paramount+ streaming service — with those owned by Comcast, the cable giant that owns NBCUniversal and the Peacock streaming service. But in the end, the board, Ms. Redstone and Bob Bakish, the company’s chief executive, did not feel compelled to pursue any of the combinations. That is, Paramount — with its collection of streaming services including Pluto TV and Showtime in addition to Paramount+ — would keep going it alone.
UPDATE 1-Shanghai to cancel restrictions to resume work, introduce policies to support economy
       
(Updates with details, comment)SHANGHAI, May 29 (Reuters) - Shanghai authorities will cancel many conditions for businesses to resume work from Wednesday, a city official said on Sunday, easing a city-wide lockdown that began some two months ago, and will also introduce policies to support its battered economy. City officials said the measures to boost the economy aimed to help enterprises and promote consumption. "In short, we will do our best to help all kinds of enterprises... and work together to restore and revitalize Shanghai's economy," said Wu. "Although the pandemic had a great impact on Shanghai's economy and society... The long-term positive trend of Shanghai's economy has not changed."
With new $10 million state grant, East Hartford looks to buy and demolish decaying commercial buildings on Silver Lane
       
The town of East Hartford is hoping to acquire the dilapidated and mostly vacant Silver Lane Plaza strip mall property and level the buildings to make way for future development. “The Silver Lane plaza is a linchpin of Silver Lane.”The state Bond Commission on Thursday took less than a minute to unanimously approve $10 million in aid to rejuvenate the Silver Lane and the streets that branch off from it. East Hartford Mayor Mike Walsh stands in front of the dilapidated and mostly abandoned Silver Lane Plaza strip mall Friday. Fields discount department store chain shut down in the late 1970s, wiping out what had been the anchor tenant in the Silver Lane Plaza. East Hartford Mayor Mike Walsh, left, and Development Director Eileen Buckheit stand in front of the dilapidated and mostly abandoned Silver Lane Plaza strip mall Friday.
Beijing, Shanghai ease COVID restrictions as outbreaks fade
       
Residents wearing face masks walk through the reopening shopping mall decorated with colorful flowers after being closed due to COVID-19 restrictions in Beijing, Sunday, May 29, 2022. (AP Photo/Andy Wong)Residents wearing face masks walk through the reopening shopping mall decorated with colorful flowers after being closed due to COVID-19 restrictions in Beijing, Sunday, May 29, 2022. Coupled with a gradual easing of restrictions in Shanghai, it signaled that the worst is over in the twin outbreaks in China’s most prominent cities. The lockdowns and other restrictions under China’s “zero-COVID” strategy have increasingly frustrated residents as they see other countries ease up and re-open their borders. Shanghai had the most non-imported cases, with 122, and Beijing had 21.
Fairytale of British self-sufficiency exposed as farmers face oblivion
       
All this risks piling further pressure on farmers who, so far, have not seen higher production translate into higher profits. More than 70pc of egg farmers are threatening to stop production in a year if they do not get more from supermarkets. If he gets 6p he’s lucky.”“You’ve got to ask yourself the question, do we want British food going forward? In his view, Britain is sorely in need of a coherent agricultural policy, which helps farmers invest and modernise their machinery. “Then there’s the fact that we don't have any export agency for British farmers.
Severe water shortages strain wheat harvest in Iraq
       
(AP Photo/Hadi Mizban)A combine harvester at the middle of a wheat field harvesting crops in Yousifiyah, Iraq Tuesday, May. “It’s because of the water shortages,” he said, the farm machine roaring behind him, cutting and gathering his year’s wheat harvest. The government took the step in the face of severe water shortages arising from high temperatures and drought — believed to be fueled by climate change — and ongoing water extraction by neighboring countries from the Tigris and Euphrates rivers. All those factors have heavily strained wheat production. Those countries have constructed dams that have either blocked or diverted water, creating major shortages in Iraq.
US surpasses China to become India's Biggest Trading Partner
       
[6869 views]The United States of America (USA) surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries. During 2021-22, India's two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21, the data showed. The data showed that China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country's largest trading partner. In 2021-22, the UAE with $72.9 billion, was the third largest trading partner of India.
Product returns are wasteful for companies and the planet. Here’s how to change that
       
Carey School of Business, I believe the returns process as it exists today is unnecessarily wasteful. So why are companies turning a blind eye to waste in the returns process? In addition to losing out on potential profits, a wasteful returns process reflects poorly on brand image. Returns need to be a priority, and profitability and sustainability need to be approached as complementary rather than opposing goals. With a few thoughtful changes, companies can start to build a returns process that will be better for both profits and the planet.
Why the cryptocurrency price collapse offers hope for slowing climate change
       
The amount of computing power dedicated to this effort is referred to as the network’s hash rate. With the bitcoin price falling, the financial incentive to waste energy for mining bitcoin should be lower. But, surprisingly, the network’s hash rate (and carbon footprint) remains very close to its all-time high, averaging around 200 quintillion hashes per second. Besides bitcoin mining price predicaments, there are other potential tipping points to consider. These communities also tend to face the sharp end of the climate crisis, which crypto mining fuels.
5 Unexpected Insights from Your Tax Return
       
Marginal Tax Rates There’s often a misconception around tax rates and how they work. When we talk about tax rates, we often talk about the marginal tax rate, or the highest bracket into which income falls. However, because the U.S. has a progressive tax system and not all of your income will be taxed at your marginal tax rate, your effective tax rate may be much lower. This would entail paying income tax now on the conversion amount, rather than paying tax on IRA distributions in retirement when you may be in a higher tax bracket. Or, if you are anticipating a higher-income year, you could consider giving more to charity to increase your tax deductions in a year when you are at a higher marginal tax rate.
This Founder Just Gifted LLCs to an Entire Graduating Class
       
One Atlanta entrepreneur believes giving them access to their own LLCs is a good bet. Cole graduated from the historically Black research university in 2009 with a major in mass communication and media studies. While the now 34-year-old entrepreneur went on to found Slutty Vegan in 2018, Cole told Inc. in a recent interview that she's a philanthropist first. She launched the Pinky Cole Foundation in 2019 to support people of color in her community of Atlanta. When Rayshard Brooks was murdered in the Wendy's parking lot in June 2020, her foundation provided life insurance for the family and a brand-new car.
8 Proven Networking Strategies of Successful Entrepreneurs
       
One reason I created 10X Growth Con—a large networking event for entrepreneurs—was to bring like-minded people together. The right event can exponentially enlarge your network quickly and [you can] solidify your contacts by following up frequently and staying in touch. First, identify the ideal person you would want to do business with from a philosophical, character and principled perspective. To have an ideal network, first become your ideal self. You’ll be the right person in the right place with the right network.
How to Handle a Market Downturn in Your ‘529’ Plan When You Need to Tap It Soon
       
Qualified tuition plans, or 529 plans, are tax-advantaged accounts typically used by parents, grandparents, or guardians to pay for a child or grandchild’s education expenses. What’s more, 529 beneficiaries are allowed tax-free withdrawals of up to $10,000 in total to repay their student loans. If a beneficiary doesn’t need or use money from a 529 plan, the account holder may transfer the plan to another child or family member. “It can be tempting to take out a lot of student loans, but they need to be paid back,” Williams said. When teenagers enter high school, for instance, parents should begin swapping riskier investments in their 529 plans for more conservative options.
Beijing and Shanghai ease COVID restrictions as outbreaks fade
       
Shoppers returned to the malls of Beijing on Sunday as the Chinese capital relaxed pandemic restrictions after declaring a small but persistent COVID-19 outbreak effectively under control. Coupled with a gradual easing of restrictions in Shanghai, it signaled that the worst is over in the twin outbreaks in China’s most prominent cities. The lockdowns and other restrictions under China’s “zero-COVID” strategy have increasingly frustrated residents as they see other countries ease up and reopen their borders. Shanghai had the most non-imported cases, with 122, and Beijing had 21. Opinion Opinion: The catastrophic success of China’s zero-COVID policy China’s leaders are clinging to their disastrous zero-COVID policy, because it worked in 2020.
Gasoline hits record high during Memorial Day weekend
       
Hitting the road this Memorial Day weekend is expected to be expensive for the more than 39 million people who will be on the move. The price of diesel slipped slightly in the past week and was at $5.529 this weekend. RECORD HIGH PRICES THREATEN MEMORIAL DAY PLANSDrivers were paying $3.04 for a gallon of gas on average a year ago at this time. MEMORIAL DAY WEEKEND: TIPS FOR DRIVERS AND FLIERSU.S. crude oil prices were relatively stable in the post week, but are up nearly 60% in 2022. GasBuddy’s survey found that Memorial Day weekend will be the most popular travel weekend of the summer, but respondents still expressed concerns about the an inflation rate that's hit a 40-year high .
'Westonzuela' offers expatriates a safe home away from home
       
AdvertisementEven before Chavez was elected president in 1999, many South Florida Venezuelans, such as Diaz, moved to Weston for a key reason, she said. Not because it has the most Venezuelans of any Florida city — that would be the more socially diverse Doral in Miami-Dade County. Rather than a nickname that relates to size, "Westonzuela" may simply speak to the steady growth in the Venezuelan population during past decades. After Diaz moved to Weston with her husband and two children, she put down roots. These days, the community Diaz and other Venezuelan expatriates helped shape has a distinct South American flavor.
Pastor renting home without permit may sell North Amityville property
       
A North Amityville pastor who serves on a Babylon Town board and has been renting out a church-owned home without a permit appears to be now selling the home. Keith Hayward, of Bethel AME, has withdrawn his application for a rental permit, which he submitted to the town in September, Babylon officials said. Under town code, landlords must have a permit before renting a home, but town officials said it is common for applicants to rent while their application is pending. Neighbors were upset that the home was being rented and submitted a petition with 65 signatures asking the town’s rental board to deny the permit. Because it is an affordable housing property, there are restrictions on potential buyers, town officials said.
Sadiq Khan declares war on London's suburbs with dramatic Ulez expansion
       
The London mayor has insisted the Ulez expansion is a “war on pollution”, when a consultation on his proposals were announced eight days ago. “[Khan is] claiming this is all about a war on emissions and air quality. There is a very plausible argument for a low-emissions zone in central London, he adds. “People in outer London depend on cars and vans for their livelihoods. “In outer London, the transverse journeys therefore have to be made by car or van or bus.
Putin says he's willing to discuss resuming Ukrainian grain shipments
       
– Russian President Vladimir Putin told the leaders of France and Germany in a phone call on Saturday that Russia was willing to discuss ways to make it possible for Ukraine to resume shipments of grain from Black Sea ports, the Kremlin said. “For its part, Russia is ready to help find options for the unhindered export of grain, including the export of Ukrainian grain from Black Sea ports,” the Kremlin said. Russia has blamed the situation on Western sanctions against it, and on the mining of Ukrainian ports. The Kremlin said Putin also said Russia was willing to resume talks with Ukraine. President Vladimir Putin confirmed the Russian side’s openness to resume dialogue,” it said.
How to engage with China
       
The world order is at risk of a lasting split, with the United States and its allies on one side and China and its partners on the other. As U.S. Treasury Secretary Janet Yellen noted at an Atlantic Council event last month, this outcome is far from desirable, and the U.S. must work with China to prevent it. But, practically in her next breath, Yellen advocated actions that could thwart such an effort.
Gun in Texas Shooting Came From Company Known for Pushing Boundaries
       
He has said that his gun company was born out of his poor golf game. At the time, Mr. Daniel had trouble finding a way to mount a scope onto his rifle. In an interview with Forbes, Mr. Daniel said the shooting “drove a lot of sales.” (Forbes reported that Daniel Defense had sales of $73 million in 2016.) But Mr. Daniel turned the rejection into a rallying cry, and the conservative media lapped it up. Mr. Daniel joined the “Second Amendment Coalition,” a group of gun industry heavyweights who advised Mr. Trump on gun policy.
Elizabeth Holmes urges judge to overturn verdict and acquit her
       
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What Is 32-Bit Float Audio, and Should You Record In It?
       
If that’s the case, though, why would any recording equipment need to go beyond the 144.5 dB dynamic range of 24-bit audio? Setting Levels (or Not)The insane dynamic range of 32-bit float audio is where the claim that you never need to set levels comes from, though even that is a little more complicated than it seems. Now, typically you’ll set audio levels when setting up your equipment to avoid hitting that limit. But don’t expect to leave 24-bit audio behind forever. So, you have a choice: Either set levels properly on set and record directly in 24-bit, or record in 32-bit and add the extra step later.
Why Is TikTok Saying No to New York’s Legal Weed?
       
“Cannabis es legal en Nueva York pero solo para adultos mayores de 21 años,” reads another. That’s because, according to a letter New York’s Office of Cannabis Management sent TikTok this week and shared exclusively with Rolling Stone, the notoriously censorious platform won’t allow it. Alexander writes that people under 21 are not permitted to use cannabis under state law because of the drug’s risk to brain development. In the letter, Alexander asks TikTok to reconsider its prohibition of the ads to help make legal weed safe for New Yorkers. “I’m hoping that additional pressure can get them to waive their no cannabis advertising policy for this cannabis education program,” Alexander says.
AGL Energy mulls strategic review amid demerger doubts - report
       
The logo of AGL Energy Ltd, Australia's no.2 power retailer, adorns the building of their head office in Sydney, Australia, February 8, 2017. REUTERS/David Gray/File PhotoSYDNEY, May 29 (Reuters) - AGL Energy Ltd (AGL.AX) could launch a strategic review as early as Monday as doubts grow over the Australian power producer’s plans to split into two companies, the Australian newspaper reported. Shareholders are set to vote on June 15 on AGL's demerger plan. The split would form AGL Australia, which would be the country's top energy retailer, and Accel Energy, the country's top power producer. read moreIn a letter addressed to AGL Chair Peter Botten, Cannon-Brookes criticised the demerger plan and expressed his intention to appoint two nominees for Grok Ventures - a vehicle he owns - to the AGL board.
JPMorgan employees describe growing 'paranoia' as the company tracks their office attendance, calls, calendars, and more — with one worker even installing a 'mouse jiggler' to evade 'Big Brother'
       
JPMorgan Chase CEO Jamie Dimon. At JPMorgan Chase, employees say watchful eyes are everywhere. JPMorgan tracks a variety of data about employeesThe bank tracks a variety of workplace-related data about hundreds of thousands of workers' communications and activities throughout the day. For all the details on how JPMorgan Chase's WADU system works and what kinds of data it tracks about employees, read Insider's full story here. Are you an employee at JPMorgan Chase?
My Pet World: When dogs bark aggressively at the fence, they can strain neighborly relations
       
Plus, dogs don’t like to scratch a fence with chicken wire on it, so it should reduce some of the fence fighting. I have read they do this if they feel the litter box isn’t clean enough or they have a UTI. Help her by removing the litter box top since she may prefer to stand on the edge of the box and not in the litter. Purchase a litter box attractant and sprinkle it in her box to further help lure her to the box. Please place the litter box in a low-traffic area where the sound of a dryer buzzer or a toilet flushing won’t scare her.
Dennis Kozlowski, former Tyco CEO who went to prison, back in M&A business
       
Dennis Kozlowski, who was convicted for using then Boca Raton-based Tyco International as his personal piggy bank, is back working in mergers and acquisitions for a Fort Lauderdale firm. The former Tyco CEO went to prison for 6-1/2 years after being convicted in a multimillion dollar corporate fraud case. Kozlowski, now 70, talked about going from a top CEO in the country, to head of laundry at a New York State prison, to his life today with his wife and business partner. Kozlowski pointed out that his bill for financial restitution is more than $100 million, including all the money he earned at Tyco. >"My sentence was longer than mass murders," Kozlowski said when asked about the length of his prison term.
New independent Mexican union wins wage increase at GM plant
       
Associated PressMexico City — A new independent union at a Mexican auto plant that won a historic organizing vote last year has negotiated an 8.5% wage increase for unionized employees. The Independent Union of Auto Industry Workers, known by its initials in Spanish as Sinttia, won an organizing vote in February after ousting an old guard union last year. Under changes to Mexican labor law required under the USMCA, workers can now in theory vote out the old, pro-company union leaders. But in practice, the old union leaders have resisted. Mexican auto workers make one-eighth to one-tenth of the wages of their U.S. counterparts, spurring a massive relocation of auto plants to Mexico.
National Grid in emergency talks over crucial gas supplies
       
National Grid is holding emergency talks with energy companies to ramp up gas pipeline capacity after it was forced to turn away crucial shipments of liquified natural gas (LNG). Gas companies have seen the move as a sign National Grid is willing to consider ways to ramp up capacity in 2023. National Grid is now weighing up plans to increase the pressure in the pipes in its gas network ahead of summer 2023, although talks are at an early stage. National Grid has not made any firm commitments in discussions so far. National Grid will also conduct maintenance on its gas network this summer to prepare for deliveries in the winter months, although there are no plans to make major investments.
Russia's Gazprom continues shipping gas to Europe via Ukraine
       
The logo of Gazprom company is seen on the facade of a business centre in Saint Petersburg, Russia March 31, 2022. REUTERS/Reuters photographer/File PhotoMay 29 (Reuters) - Russian gas producer Gazprom (GAZP.MM) said on Sunday its supply of gas to Europe through Ukraine via the Sudzha entry point stood at 44.1 million cubic metres (mcm), up from 43.96 mcm on Saturday. An application to supply gas via another major entry point, Sokhranovka, was rejected by Ukraine, Gazprom said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Retuers Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
Lagarde Prepares for ECB Liftoff With Yet More Record Inflation
       
Out of the four biggest economies in the euro region, only Spain won’t show a quickening in inflation. Those data will emerge against the backdrop of a vigorous public discussion on interest rates by ECB officials whose window to speak out before the June 9 decision will close on Thursday. He also expressed ambitions for at least three moves to get ECB rates above zero before the end of the year, in an interview with Spiegel released on Friday. ECB Vice President Luis de Guindos told Bloomberg Television last week that the outlook won’t be “very different” from that of the European Commission. “Dealing with a supply shock is a great deal more difficult than dealing with a demand shock.”Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.
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To reduce traffic, this company wants cargo e-bikes to replace delivery vans
       
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. URB-E is carving out a high-density niche in the market for electric commercial vehicles, which market intelligence advisory Guidehouse Insights says is expected to hit $370 billion (¥47 trillion) by 2030.
Remote work tests S. Korea's corporate hierarchy, culture
       
(Bloomberg)Behind South Korea's rapid industrial growth was a military-like corporate culture that united workforces for a shared goal: the company's success and my family‘s well being. “While there are criticisms that remote work hinders performance, I have had no problem with my performance so far,” she added. Remote working has driven its corporate culture further away from the traditional [working culture],“ she explained. Gallup Korea explained that the younger generation prefers remote working because they were more familiar with mobile and technologies that can make the remote working experience smoother. Hierarchy to exist, but differentlySo will the adoption of remote work affect South Korea’s hierarchical corporate culture?
U.S. Federal Reserve says its goal is ‘to get wages down’
       
“Employers are having difficulties filling job openings, and wages are rising at the fastest pace in many years,” Powell complained. Inflation-adjusted wages should have grown 2.1 percent over this period if pre-pandemic trends had continued, leaving real wages well below their pre-pandemic trend. “Inflation is basically the excuse that right-wing governments have for trying to lower wage levels by blaming the inflation on rising wages,” he said. Hudson’s boss was Paul Volcker, who would go on to serve as Federal Reserve chairman under U.S. presidents Jimmy Carter and Ronald Reagan. And our class interest is in increasing our power over wages, so we’ve got to keep wages down, even if it causes a recession.
AGL Energy mulls strategic review amid demerger doubts - report
       
FILE PHOTO: The logo of AGL Energy Ltd, Australia's no.2 power retailer, adorns the building of their head office in Sydney, AustraliaSYDNEY (Reuters) - AGL Energy Ltd could launch a strategic review as early as Monday as doubts grow over the Australian power producer’s plans to split into two companies, the Australian newspaper reported. One option was to launch a strategic review that could boost the chances of AGL being sold off, the Australian reported, citing unnamed sources. Shareholders are set to vote on June 15 on AGL's demerger plan. The split would form AGL Australia, which would be the country's top energy retailer, and Accel Energy, the country's top power producer. In a letter addressed to AGL Chair Peter Botten, Cannon-Brookes criticised the demerger plan and expressed his intention to appoint two nominees for Grok Ventures - a vehicle he owns - to the AGL board.
Severe water shortages strain wheat harvest in Iraq
       
“It’s because of the water shortages,” he said, the farm machine roaring behind him, cutting and gathering his year’s wheat harvest. All those factors have heavily strained wheat production. In 2021, Chelab produced 30,000 tons of wheat, the year before that 32,000, receipts from Trade Ministry silos show. Most of the wheat harvest is usually sold to the Trade Ministry. In a sign of the low harvest, so far there are currently only 373,000 tons of wheat available in Trade Ministry storehouses, al-Naif said.
E-book platform Millie’s Library to go public by end of 2022
       
Millie’s Library, one of South Korea’s largest e-book subscription platform, said Sunday that it is set for a market debut by the end of this year.The company filed a preliminary prospectus on Friday stating that it will offer 2 million common shares out of the total 8,234,901 shares. If the initial public offering process goes as planned, it will be the country’s first e-book platform to go public.Its shares are poised to start trading on the Korea Exchange’s secondary Kosdaq. Based on our vision -- ‘become friends with an unlimited number of books’ -- we will expand the presence in the book content market,” Seo said in a statement.Launched in 2017, Millie’s Library services 110,000 e-books through 1,400 publishers as of May. The company is the first here to provide an e-book subscription service. It produces audiobooks, “chat books,” which are books re-created in a chatting format, and audio dramas.By Byun Hye-jin ( hyejin2@heraldcorp.com
S. Korea ramps up action against terraUSD, luna crisis
       
South Korean authorities and major cryptocurrency exchanges are cranking up the heat on controversial “stablecoin” terraUSD and its sister luna over its price fall fiasco, with the prosecution launching a crackdown on the case, reports said Sunday.Major crypto exchanges here are planning to form a joint body that would help them counter crises like the collapse of the terraUSD and luna, which caused some 280,000 Korean investors to see almost $38 billion wiped out from their balance sheets in the first week of the price fall, according to reports.The value of terraUSD and luna coins lost 99 percent of their value in just 48 hours from May 9, compared with a high of $116 per coin in December last year. The coins are now each worth less than two-hundredths of a cent, with the total damage here yet unknown.The top five exchanges here -- Bithumb, Upbit, Korbit, Gopax and Coinone -- have delisted the troubled coins as of Sunday, after receiving flak from the public and lawmakers for their “uncoordinated” response toward the crisis. Bithumb and Gopax halted trading of the coins on May 10, but others delisted the tokens days or weeks later, prompting confusion among investors.But the exchanges gave a coordinated response in refusing to list terra 2.0 and luna2, the revamped version of the troubled coins created by Terraform Labs CEO Do Kwon, launched Saturday.Meanwhile, prosecutors officially launched an investigation into the crypto crash and whether fraud and Ponzi scheme charges could be brought against Kwon, a JTBC report said Saturday. It maintains a $1 peg through financial engineering as a so-called algorithmic stablecoin.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 damages amounting to a combined 8.1 billion won ($6.4 million), official documents show. The complaints have been filed with the Seoul Southern District Prosecutors Office for alleged fraud.
US surpasses China as India's biggest trading partner in FY22 at $119.42 bn
       
NEW DELHI: The US surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries. During 2021-22, India's two-way commerce with China aggregated at $115.42 billion as compared to $86.4 billion in 2020-21, the data showed. The data showed that China was India's top trading partner from 2013-14 till 2017-18 and also in 2020-21. Before China, the UAE was the country's largest trading partner. In 2021-22, the UAE with $72.9 billion, was the third largest trading partner of India.
Jose Mata, brother of 10-year-old victim Xavier Lopez
       
Justice of the Peace Eulalio Diaz speaks with Yasmin Vossoughian about the tough task of identifying bodies after the shooting in Uvalde, TXMay 29, 2022
The Weakest Link in Germany’s Economic Engine Is Fraying
       
(Bloomberg) -- Germany’s energy security hinges on a utility whose bets on Russian energy are backfiring in the geopolitical standoff over President Vladimir Putin’s invasion of Ukraine. The energy company had already warned that such a move could prompt lenders to restrict access to credit and peers to demand more collateral to back trades. Uniper epitomizes Germany’s cozy relationship with Russia over energy, an issue that Berlin failed to see until tanks rolled toward Kyiv three months ago. At the end of March, Fortum — which extended 8 billion euros of credit to its subsidiary in December — had access to 5.9 billion euros of undrawn financing and possessed liquid funds of 6.4 billion euros. While that’s a sizable cushion, Uniper had a negative cash flow of almost 1.9 billion euros in the first quarter and had about 3.8 billion euros in cash at the end of March.
These 5 Arizona cities are among the fastest growing in the U.S. Here's what to know
       
Five Arizona cities and towns are among the fastest growing in the nation, new population estimates released by the U.S. Census Bureau show. Arizona has more cities among the top 15 fastest growing than any other state, but the Texas cities of Georgetown and Leander lead the list. Queen Creek, whose population grew by 8.9% and Buckeye, whose population grew by 8.6% were the third and fourth fastest-growing large cities in the nation. Phoenix and Buckeye were also among the the cities that gained the largest number of residents during the period, even as other major cities lost residents. The population estimates released Thursday are also important for the revenues of cities and towns.
Help to Buy scheme to close five months early
       
The Help to Buy property subsidy scheme is to close for applications five months early in a blow to thousands of first-time buyers desperate to get on the housing ladder. Mr Hollinrake added: “If they are ending something early that was supposed to run until March - that is clearly wrong. First unveiled by Mr Osborne during his 2013 spring budget and initially designed to run for three years, Help to Buy was designed to help higher-risk homebuyers left locked out of the property market. In the years that followed, new derivations of the scheme included mortgage guarantees, shared ownership and Help to Buy Isas. In the first year of its operation, a fifth of the new-builds sold were purchased with the support of the Help to Buy scheme.
Don't be fooled – Premium Bonds haven't been this bad since 1980
       
Rocketing inflation is eating into the value of Premium Bonds at the fastest pace in 42 years – despite National ­Savings & Investments’ rate increase last week. From next month each £1 bond will have a 24,500 to one chance of winning a prize, up from 34,500 to one. This takes the bonds’ “prize rate” – the effective interest rate – from 1pc to 1.4pc, its highest level in 13 years, putting it ahead of most of the best-­paying easy-access savings accounts on the market. But with inflation now running at 9pc, Premium Bonds – Britain’s favourite savings product, with 21 million account holders – will still be losing value at the fastest rate in more than four decades. Inflation has only degraded the bonds’ value at a higher rate for around four years since the first draw in 1957.
The Eurasian Economic Union Steps Up
       
Pepe Escobar explains the alternative to the American hegemony over the world's economy. Russia and China are further integrating their economies attracting attention from other nations around the world that want to free themselves from the authoritarian control of the US dollar. The EAEU is just one of almost a dozen organizations and initiatives, which included China's New Silk Road. The world is splitting into two economic poles. If Gonzalo Lira is right, we are in real trouble--A Revolution Is Coming In The West
Homebuyers and sellers: What the Zillow fiasco can teach you about property pricing
       
Homebuyers and sellers: What the Zillow fiasco can teach you about property pricingIf you’ve ever wondered what you could get for your home, you probably pulled up the real estate listing site Zillow to check its Zestimate. The algorithm-fueled pricing tool estimates values for millions of homes across the country and is a popular resource for homebuyers and sellers alike. Indeed, an unexpected desire for new housing by work-from-home Americans, combined with ultralow mortgage rates, drove U.S. housing prices to new highs. The best ways to determine a home’s valueStory continuesOne lesson stands out from the Zillow fiasco: Property values can change fast. Find a qualified real estate agentYour real estate agent must know your neighborhood.
Walmart shooting Fairfield Township: $5 million bond for Anthony Brown
       
During a hearing Friday morning, a Butler County judge set the bond for the man accused of fatally shooting a Walmart shopper at $5 million. The shooting occurred just before 8 p.m., according to Fairfield Township Police Captain Doug Lanier. The SWAT team left by 4:40 a.m.At the time of the shooting, Brown was out on bond in an early robbery case, according to court documents. A shopper intervened but Brown ran toward the front of the store where another shopper tried to stop him, police said. This article originally appeared on Cincinnati Enquirer: Walmart shooting: Man shoots 2, kills 1 after shoppers try to stop theft, police say
LETTER: Democrats love high gasoline prices
       
Forget that the average electric vehicle is much more expensive than the standard gas vehicle. What most people are not aware of are the costs to replace EV batteries. Replacement costs depend on the brand of vehicle and are reported to run between $8,000 and $20,000 — in some cases more. How many people will opt to spend $20,000 to keep a $10,000 car running? Maybe the Democrats will bring back the well-thought-out Obama era program, Cash for Clunkers.
How to handle a micromanaging boss
       
A: I hear you — a micromanaging boss is not exactly fun. If there are weekly or monthly reports, try to be proactive by emailing your boss a summary with specific deadlines so your boss is aware of what’s going on and can count on you rather than reaching out for daily minutiae. Managing up can get tricky — if you’ve ever talked to your boss about it, perhaps have a conversation. Set up job alerts, start networking and revise your resume so it is 100% pristine, polished and ready to circulate. I would, however, remind them when you get to the offer stage and they’re asking when you’re available to start working for purposes of the online offer letter.
There are only two ways to beat inflation – and this stock has mastered them both
       
Determining which companies will excel in an era of high inflation is not an exact science. However, in Questor’s view water services business Severn Trent offers a compelling investment case while inflation is at a 40-year high. This should allow Severn Trent to raise its dividends in line with inflation during the current regulatory period, which runs until 2025. The company’s extremely favourable dividend policy during a period of high inflation adequately compensates investors for its relatively limited yield. Its 3.5pc dividend yield is only fractionally more than the FTSE 100 average and lags several other large stocks.
Worry about stagflation, a flashback to ’70s, begins to grow
       
Stagflation is the bitterest of economic pills: High inflation mixes with a weak job market to cause a toxic brew that punishes consumers and befuddles economists. Saudi Arabia and other oil-producing countries imposed an oil embargo on the United States and other countries that supported Israel in the 1973 Yom Kippur War. Stagflation, and especially chronically high inflation, became a defining feature of the 1970s. Yet Volcker achieved his goal: He managed to rid the economy of high inflation. The United States has endured periods of high unemployment — it reached 10% after the 2007-2009 Great Recession and 14.7% after COVID-19 erupted of 2020.
Putin in plot to 'grind Ukraine down' to steal nation's vast energy reserves
       
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. More infoSuch a move would allow Moscow - which already controls Ukraine’s grain exports - to also dominate much of the nation’s vast energy reserves. Though Ukraine’s untapped gas wasn’t the primary motive for the February 24th invasion, denying it to Ukraine is an important plank of Putin's "total economic war with Ukraine". Ukraine boasts a potential 5.4 trillion cubic metres of untapped natural gas reserves - even confirmed reserves of 1.9tcm are Europe’s second-largest after Norway. Lacking the financial capital and technical expertise to extract fossil fuel supplies, Ukraine was beginning to turn to Western oil companies.
How a teacher and a salesman in Arizona paid off $52,000 in debt in 18 months
       
It was through doing this reading that he discovered a tactic for paying off debt. Selling 'a car that was upside down'In reorganizing their debts, Deacon made a couple of smart moves early on. Deacon ended up getting a job at Long Wong's, a local Arizona eatery, and working there for six months. That brought in another $1,000 per month or so to keep tackling their debt. The article "How a Teacher and a Salesman in Arizona Paid off $52,000 in Debt in 18 Months" was originally published on Grow (CNBC + Acorns).
Reddit founder Alexis Ohanian on his biggest money mistake: Hiring a financial advisor
       
Alexis Ohanian is perhaps most widely known for co-founding Reddit and selling it for $10 million 16 months later at the age of 23 (and for marrying tennis legend Serena Williams in 2017). Ohanian says if he could go back and change one financial choice he's made, he would not have hired and relied on a financial advisor. But Ohanian said he later realized how important it was to really understand himself where his money was going, rather than just paying someone else to make decisions. Ohanian says he's learned it's important to do the work and teach yourself the ins and outs of investing. Don't miss:The best credit cards for building credit of 2021Reddit co-founder Alexis Ohanian uses this 'really effective' time management trick since becoming a dadReddit founder Alexis Ohanian on what wife Serena Williams taught him about ‘sustained greatness’
UAE dismantles plane of gunrunner Russia wants for Americans
       
The emirate of Umm al-Quwain plans a $675 million development on a island just across a lagoon from the deactivated airport where Bout's plane sits. “I had not realized that the plane was there to this day," said Stephen Braun, the co-author of a book on the gunrunner called “Merchant of Death." That's even with large green letters painted on the Ilyushin for the last 20-odd years as an aviatic billboard for another hotel. After convincing a pilot to fly the aircraft on just three of its four engines, the plane just barely made it into Umm al-Quwain. However in the years since, Russia has repeatedly floated his name in possible exchanges for American citizens held by Moscow.
‘Cold-hearted, no compassion;’ gun debate looms after deadly Walmart shooting in Butler Co.
       
There is new information today into the deadly shooting inside a Butler County Walmart. Anthony Brown is being held in the Butler County Jail after he was arrested following a SWAT standoff in Middletown. Walmart shooting; $5 million bond set for suspectThe Walmart store on Princeton Road in Fairfield Twp. So, it’s a great feeling.”Pam Abner who lives in Butler County said, “The whole gun thing is so sad. Court documents show that Brown was already out on bond after being accused of a few months ago of an armed robbery at a Butler County drive-through business.
Metro Phoenix's hot housing market: What to know about buying, selling, renting
       
Here’s what you need to know to navigate metro Phoenix’s hot housing market. Most owners trying to sell Phoenix-area houses are getting several offers because so few are available. Metro Phoenix home prices continue to soar to new monthly records, and sales are climbing again. These are shutting the door on new developments, particularly in metro Phoenix, where the affordable housing crunch is the worst. Growing NIMBYism in metro PhoenixAt least 30 apartment developments stalled or were shelved across metro Phoenix in 2021 due to not-in-my-backyard-ism, zoning issues and political backlash.
Tainted peanut butter nearly kills retired Sunport canine ‘ambassador’
       
She wound up in veterinary intensive care for five days, and Strasburger wound up with bills that he expects to finally tally between $8,000 and $10,000. Picked up as a stray in Valencia County, the dog wound up at a shelter that lacks a no-kill policy. NM Rural Animal Rescue organization, where Strasburger, who had been looking around for another Ambassador dog, learned about and adopted him. Although Strasburger is credited with founding the K-9 Ambassador Program at the Sunport, the idea did not originate with him. “I’ve never met anybody at the airport who said they had more stress after petting a therapy dog.
UK companies to trial four-day workweek
       
He and colleagues at the Pressure Drop brewery are taking part in a six-month trial of a four-day working week, with 3,000 others from 60 UK companies. The pilot -- touted as the world's biggest so far -- aims to help companies shorten their working hours without cutting salaries or sacrificing revenues. A shorter working week is therefore easier to adopt, said Jonathan Boys, a labour economist at the Chartered Institute of Personnel and Development. "Denmark, Sweden, the Netherlands work fewer hours than the UK, yet have higher levels of productivity," he told AFP. 'Hiring superpower'Employees in the UK work roughly 36.5 hours every week, against counterparts in Greece who clock in upwards of 40 hours, according to database company Statista.
Cost-of-living crisis forces more Brits to foodbanks
       
Advertising Read moreBradford Central Foodbank is helping twice as many people compared to pre-pandemic, as spiralling prices for energy, food and other basics leave a growing number of Britons struggling. SurvivalOne of the clearest signs of the crisis is the surge in foodbank use. "You can't expect people to live like that, in crisis, just trying to survive in the long-term." Food bank volunteers say low-income families are worst affected OLI SCARFF AFPHer children's school directed her to the foodbank. Reluctant to reveal too much of her personal circumstances, Hillhands confided that her sister had recently been made homeless and the wider family's situation was "really, really hard" with prices rising.
Eric, it’s safety first! Adams’ loud promises to NYC businesses not kept
       
Adams is a frequent customer at some of the city’s glitziest and most pricey restaurants (on a salary of around $250,000). Adams was photographed on the red carpet sporting an “End Gun Violence” jacket — as if we all need to be reminded. Letting down supportersBuyer’s remorse is starting to roil the relationship between the mayor and the city’s business leaders. Mayor Eric Adams seems to be reveling in the spotlight at events like the Met Gala, which he attended with longtime partner Tracey Collins on May 2. Let’s hope Adams got their message and, by all means, enjoys the city’s nightlife, restaurants and hanging with celebs.
Opinion: When it comes to work, we can do better than 'back to normal'
       
It is clear an economic recovery is well under way, but the benefits of that recovery have been unevenly distributed. Though the overall Black unemployment rate has nearly returned to pre-pandemic levels, it is still almost twice the national average. The average person may think that the economy isn’t doing well because the normal state of the economy isn’t good enough for most people. These diverse groups agreed: the economy isn’t truly thriving when their immediate communities continue to face unemployment, underemployment and resource scarcity. "Better looks like being able to work and not have to go to the plasma bank after work so I can get extra money for gas," Danielle said.
Border voices: Coffee cooperative nourishes community, opportunity
       
He heard about the coffee cooperative through the Presbyterian Church in Agua Prieta, Sonora, where he is a member. “We felt like Douglas and Agua Prieta were the same city, the same community,” he says. Coffee farmers arrived in Agua Prieta looking for work because they couldn’t support their families or educate their children. Sanchez is the secretary for Café Justo y Más — the Café Justo coffee house that opened in 2016. Café Justo has taught me so many things.”Being a part of Café Justo taught her there are no limits, that si, se puede, she says.
EU spares pipeline oil from Russian embargo plan to break logjam
       
The European Union proposed banning seaborne oil from Russia while delaying restrictions on imports from a key pipeline in an effort to satisfy Hungarian objections and clinch an agreement on a stalled sanctions package that would target Moscow for its war in Ukraine. The European Commission, the EU’s executive arm, sent a revised proposal to national governments on Saturday that would spare shipments of oil through the giant Druzhba pipeline, which is Hungary’s main source of crude imports, according to people familiar with the matter.
Over W100b embezzled by financial firms' officials over past 5 years: data
       
(Yonhap)More than 170 employees from banks and other financial firms have embezzled more than a combined 100 billion won ($79.62 million) over the past five years, but about a mere 11 percent has been retrieved, data showed Sunday. According to the data compiled by the Financial Supervisory Service (FSS), a total of 174 officials from the country's financial firms pocketed 109.18 billion won combined from 2017 through May 2022. The amount of stolen money has surged in recent years from 2.08 billion won in 2020 to 15.27 billion won in 2021 and further to 68.79 billion as of mid-May this year. Bank employees took up the largest share with 91 people, followed by those working for insurance firms with 58 and workers at securities firms with 15. In terms of amount, bank officials stole the largest amount with 80.8 billion won, followed by savings bank workers with 14.68 billion won and securities firm employees with 8.69 billion won, the data showed.
Gathering for Herald retirees
       
Former and incumbent Herald Corp. senior managers met at Cheonggyesan, a mountain located in the district of Seocho-gu in Seoul, on May 28, to promote solidarity and harmony.It was the first time the members of the Herald Retirees’ Club met in three years due to the COVID-19 pandemic. It was attended by about 40 members, including club Chairman Park Haeng-hwan, Honorary Chairman Yun Ik-han, Herald Corp. CEO Jeon Chang-hyeop and former CEO Kwon Chung-won.By Korea Herald ( khnews@heraldcorp.com
Zelenskyy takes jab at Putin over G20 summit, hopes 'no occupiers' will be in attendance
       
Ukrainian President Volodymyr Zelenskyy took a jab at Russian President Vladimir Putin Friday and said he hopes "no occupiers" will attend the upcoming Group of 20 summit this year. PUTIN TO ATTEND G20 SUMMIT, INDONESIA SAYS; ZELENSKYY ALSO INVITED"We must prevent mass starvation, stop massacres and repressions, forever wean any state of the world from nuclear blackmail. I believe that only friend states, partner states will attend the summit, and there will be no occupiers," he said in an address to the Foreign Policy Community of Indonesia. Widodo announced last month that he also invited Putin to the summit, given Russia’s usual standing as a G20 member, and claimed the Kremlin head had accepted. Russia’s war in Ukraine has lasted for more than three months, displacing millions, killing thousands and causing the greatest security threat to Europe since World War II.
Chevron California refinery workers ratify contract; ending strike
       
HOUSTON, May 28 (Reuters) - Striking union workers at Chevron Corp's (CVX.N) Richmond, California, refinery voted on Saturday to ratify the latest contract offered by the company, ending a 10-week strike without achieving their goal of additional pay to counter rising health care costs, said sources familiar with the vote. Chevron has said striking workers would return to work in the weeks following the contract's ratification. At least 60 workers had crossed the picket line and returned to the refinery before a tentative agreement was reached on Thursday. Chevron did not offer the local pay increase before the strike. Chevron has kept the refinery in operation with managers, supervisors and workers who crossed the picket line.
Costco Just Raised The Price of These Two Bakery Items
       
Grocery items from aisle to aisle have fallen victim to the rapidly rising inflation numbers, but Costco members have long flocked to warehouses because some foods have fixed prices that company leaders have vowed not to raise. However, recently two treats in the bakery section have caught members' eye because the price tag is different—and Costco just confirmed that they are now more expensive. Costco bakery croissantEvidence started swirling on social media in the last few weeks that both the Kirkland Signature Croissant Pack and the Kirkland Signature Muffins have become $1 more expensive each. No other information was given about other price increases across the Costco bakery and/or the warehouse, but Nelson also noted that members and potential members won't see membership costs go up just yet either as predictions have said. Eat this, not thatTo get all the latest Costco news delivered right to your email inbox every day, sign up for our newsletter!
You could be a landlord for Amazon, FedEx and Walmart with these simple REITs that net up to a 4.4% yield
       
You could be a landlord for Amazon, FedEx and Walmart with these simple REITs that net up to a 4.4% yieldBeing a landlord is one of the oldest ways to earn an income stream. Amazon’s landlordThe first one is STAG Industrial (STAG), a REIT that owns and operates single-tenant industrial properties throughout the U.S. Its biggest tenant is Amazon. While most dividend-paying companies follow a quarterly distribution schedule, STAG Industrial pays shareholders every month. The monthly dividend rate stands at 12.2 cents per share, which translates to an annual yield of 4.4%. Considering that Realty Income trades at roughly $69 today, the price target implies a potential upside of 12%.
Republican senators want to ban Apple and Google from hosting apps that accept China's digital yuan stablecoin
       
Marco Rubio is one of the sponsors of a bill that would ban app stores from hosting apps that accept China's digital yuan stablecoin. REUTERS/Mike SegarRepublican senators have drafted a bill that would ban China's digital yuan from app stores. Apple and Google would be barred from hosting apps that accept digital yuan as a form of payment. Three Republican senators have launched a bill that would ban Apple, Google, and other app store providers from hosting apps that accept China's digital yuan stablecoin as a form of payment. The digital yuan is a central bank digital currency (CBDC), meaning it's pegged to the Chinese renminbi and issued by the Chinese central bank.
CEO pay rose 17% in 2021 as profits soared; workers trailed
       
CEO pay took off as stock prices and profits rebounded sharply as the economy roared out of its brief 2020 recession. Because much of a CEO’s compensation is tied to such performance, their pay packages ballooned after years of mostly moderating growth. Whatever its composition, the chasm in pay between CEOs and the rank-and-file workers they oversee keeps widening. Surveys suggest Americans across political parties see CEO pay as too high, and some investors are pushing back. For 2020, many companies rejiggered the intricate formulas they created to determine their CEOs’ pay.
Elon Musk Says He Welcomes Recession So Money Stops 'Raining' Down On 'Fools'
       
AdvertisementAs for raining money, critics were happy to point out that Musk has been the recipient of millions of dollars in tax breaks ($64 million from Texas alone), and a very hefty government loan, among other support. It has been raining money on fools for too long. Rude awakening inbound! — Elon Musk (@elonmusk) May 27, 2022Twitter critics had a “rude awakening” (inbound!) A megalomaniac who would have failed without public money, tax breaks & everything he criticises others for.
Chevron California refinery workers ratify contract; ending strike -sources
       
HOUSTON (Reuters) -Striking union workers at Chevron Corp's Richmond, California, refinery voted on Saturday to ratify the latest contract offered by the company, ending a 10-week strike without achieving their goal of additional pay to counter rising health care costs, said sources familiar with the vote. At least 60 workers had crossed the picket line and returned to the refinery before a tentative agreement was reached on Thursday. The sources said the members of Local 12-5 ratified the contract by a narrow margin on Saturday. Chevron did not offer the local pay increase before the strike. Chevron has kept the refinery in operation with managers, supervisors and workers who crossed the picket line.
Vallejo Police refute dispatch stations claim by its union
       
On Wednesday the Vallejo Police Officers Association released a statement complaining of a possible lack of a 911 dispatch center in the future due to a staffing shortage. Another chapter in the divorced parents-like battle between Vallejo police officers and their union played out in tense fashion over the past week. On Friday, the VPD refuted a VPOA claim over the lack of dispatch stations in the City. Maintaining staffing levels for City of Vallejo Emergency Dispatch is an ongoing challenge, like many other areas of city operations. The City of Vallejo has been working on strategies that would attract strong candidates to join our effort.
Construction worker dies after falling off West Palm building
       
A construction worker died after falling off a building in downtown West Palm Beach Saturday, according to police. The woman, identified as Yamileth Martínez Poncé, 23, fell from of the 13th floor of a building under construction at 1515 S. Flagler Drive, according to WPEC-Channel 12. A new development called La Clara, with 83 high-rise condominiums is being built at the address, according to public records. He said West Palm Beach Fire Rescue pronounced her dead on the scene, and a police homicide unit is investigating. “Nobody observed her falling, but there were workers that saw out of their peripheral vision.
Five things to know about Colombia's election
       
Image source, Getty Images Image caption, Gustavo Petro and Francia Márquez appeal to voters who demand changeThe 62-year-old has run for president before. Not surprisingly, Gustavo Petro is running on a promise to handle things differently. Mr Petro has held a number of political posts, including mayor of the capital, Bogotá, and is currently a senator. It's a battle between former mayorsThe main challengers of Gustavo Petro, himself a former mayor of Bogotá, are also ex-mayors. At one of their final rallies in Cali, Mr Petro and Ms Márquez spoke to their supporters from behind bulletproof shields.
Spring cleaning 2022
       
Bernie Madoff’s Ponzi scheme collapsed not because of law enforcement derring-do or its inherent contradictions, but because of the financial crisis. It was only when the subprime contagion sank the broader markets that Madoff’s investors sought to take their profits off the table. No need to really understand any of the supposedly innovative technology behind it (blockchain is 30 years old, but never mind that). The problem with get-rich-quick schemes is that they are based on lies, and people invariably lose the money they put into them. With many crypto investors (who bought in when prices were higher) now in the red, the question is just how bad the damage will be — and just how many are swimming naked.
Two more miners found dead in flooded Burkina Faso mine
       
A view shows one of the galleries during a rescue operation inside Perkoa mine where a flood trapped eight miners inside the galleries, in Perkoa, Burkina Faso, May 13, 2022. REUTERS/Anne Mimault/File PhotoOUAGADOUGOU, May 28 (Reuters) - The dead bodies of two more missing miners have been found at a zinc mine owned by Trevali Mining Corp (TV.TO) in Burkina Faso that flooded last month, the government said on Saturday. The bodies of four of the eight missing miners were found earlier this week. The government said in a statement that search operations were continuing for the remaining two missing miners. The Perkoa mine abruptly submerged on April 16 after torrential rain fell unexpectedly during Burkina Faso's dry season.
Letters: Why is this Government so afraid of basic Conservative economics?
       
He suggests, incorrectly, that all it would take is a “smart TV, and some willpower”. Mr Orlowski offers two solutions: controlling access by either pay-TV set-top boxes or a “BBC premium” app for smart TVs in non pay-TV homes that allows access to encrypted broadcast channels. The first is that only 68 per cent of homes have a smart TV connected to broadband. The second is that DTT (Freeview), the UK’s largest TV platform, and Freesat have no conditional access system, so channels cannot be encrypted. As Mr Orlowski notes, there could be software solutions that provide conditional access to broadcast streams on smart TVs, and in specific scenarios they might not require internet access.
Champions League final: Horror in Paris as Liverpool demand enquiry as fans are targeted by police
       
There's a bottleneck down there and there's literally a six-foot gap for maybe 20,000 Liverpool fans to get in. 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.'
Opinion: The Fed is determined to stop wages from rising
       
In the late 1970s, monetarists promised that if the Fed would focus only on controlling the supply of money, inflation could be tamed without increasing unemployment. But the Fed has periodically shadowboxed with “inflation expectations”—raising rates over time to “pre-empt” the invisible demons, and then congratulating itself when none appeared. Now, we are also seeing rising land prices (among other things), which feeds into (somewhat artificial) estimates of housing costs. Inflation rates are reported on a 12-month basis, so once any shock hits, it is guaranteed to generate headlines about “inflation” for 11 more months—a boon for the inflation hawks. Obviously, logically, inevitably, and despite all the crocodile tears about inflation harming ordinary Americans, the Fed is determined to stop rising wages.
Greece emerging as new hub for Russian ship-to-ship fuel oil exports, data shows
       
Summary Russian fuel oil arrivals at Greek ports hit record in April – Refinitiv dataBeing shipped from offshore Greece to other destinationsEU considering ban on trade of Russian oilLONDON/ATHENS, May 18 (Reuters) - Russian fuel oil arrivals offshore Greece jumped to record levels in April, as sanctions on Moscow drive traders to find new ways to export Russian oil via ship-to-ship (STS) loadings, Refinitiv Eikon data showed and sources said. read moreIn April, shipments of Russian fuel oil with Greece as a destination reached nearly 0.9 million tonnes, about double March levels and could reach new records in May, according to Refinitiv data. The tanker then made its way to the United Arab Emirates oil hub of Fjairah, Refinitiv data shows. The Kriti King, which loaded a 130,000 tonne fuel oil cargo offshore Kalamata in early May, is currently heading to China, according to Refinitiv data. Fuel oil is used as a shipping fuel, in power generation, or as feedstock for some refining units which upgrade it into other fuels.
Cash-strapped Sri Lanka gets Russian oil to ease shortages
       
The 90,000-tonne consignment of Russian oil waited offshore for more than a month as Sri Lanka was unable pay for shipment. Sri Lanka has taken delivery of a consignment of Russian oil to restart operations at the country’s only refinery, the energy minister said. Sri Lanka will pay $72.6m to buy the 90,000-tonne shipment of Russian oil, the minister said. “I have made an official request to the Russian ambassador for direct supplies of Russian oil,” Wijesekera told reporters. Sri Lanka has defaulted on its $51bn foreign debt and on Tuesday appointed international consultants to help restructure its international sovereign bonds and bilateral loans.
The Texas Law That Has Banks Saying They Don’t ‘Discriminate’ Against Guns
       
But the bank has been shut out of working for the state since the law went into effect in September. It would not be able to secure that contract until it is certified under the new law, known as S.B. This past week, calls for gun control grew louder after an 18-year-old attacked an elementary school in Uvalde, Texas. Unlike after the Parkland shooting, leaders of the nation’s largest companies — including the big banks — have largely been silent this time. “The banks were willing to take these stands against guns before the Texas law, so why aren’t they standing up now,” said Paul A. Argenti, a business professor who studies public relations and ethics at Dartmouth’s Tuck School of Business.
The illusion of Russia’s economic stabilization
       
Western sanctions, intended to hurt Russia, have led to a surge in export revenues, at least in the short term. "Russia's current account surplus and the inflows it represents help Russia's economy by keeping interest rates low," the IIF’s Brooks said via Twitter on Sunday. Closing up shopBut financial stability is only one of the necessary conditions for economic prosperity. But it’s in manufacturing, Russia’s traditional Achilles’ heel, that the impact is likely to be felt hardest. The direction of travel — back to Soviet-era level of competitiveness, stagnation and economic underperformance — seems clear.
A look at all the Kentucky cities and counties with active Fairness Ordinances
       
Since 1991, the Fairness Campaign has worked to get cities and counties around the commonwealth to pass anti -LGBTQ discrimination ordinances. The movement has picked up speed with time. In early 2020, Woodford County passed the first county-wide fairness ordinance in the state in 20 years. Today, 23 municipalities across the Blue Grass State have fairness ordinances in place. The ordinances seek to bar discrimination against the LGBTQ community when it comes to housing, employment and public accommodations.
Major train companies turn their backs on crippling national rail strike
       
The failure of union leaders to extend a planned rail strike to the country’s largest train franchise has prompted optimism within the Government that any action will be unable to cripple the network. The Telegraph understands that the low turnout in the Rail, Maritime and Transport union’s vote on strike action by Govia Thameslink Railway (GTR) is being seen as evidence of a falling appetite for industrial action among rail staff. Separately, the turnout among South Western Railway workers was 64 per cent, compared to 77 per cent in a dispute over guards in 2017. “Staff on commuter networks are clearly smelling the coffee here. Writing in The Telegraph, he said: “These rail reforms would create a raft of big new politically-commissioned single-firm monopoly train services.
Video: Shocking moment a Sainsbury's security guard punches a schoolboy
       
Video: Sainsbury's security guard punches boy, 12, in the face after accusing him of stealing from the supermarket's shelvesThis is the shocking moment that a Sainsbury's security guard punched a schoolboy in the face after being accused of shoplifting in Elephant and Castle in south London.
Russia Gets Tough on Coronavirus. And What Does Surkov's Departure Say About Modern Russia
       
From today — that’s Thursday the 20th of February — most Chinese citizens will be temporarily blocked from entering Russia as part of Moscow’s latest moves to contain the spread of coronavirus. The ban covers all Chinese citizens traveling to Russia on employment, tourist and student visas. to discuss Russia’s latest moves to stop the coronavirus spread is Alexander Gabuev , chair of the Asia-Pacific programat Carnegie Moscow Center.
Putin Forever? And Russia's Economy Rocked by Coronavirus Fallout
       
This week on the podcast:— In a televised statement to Russia’s parliament, Vladimir Putin backed a constitutional shake-up that could see him remain president for another two full terms. — Last week, Russia rejected a proposal from Saudi Arabia to cut oil production in response to the economic fallout of the coronavirus, kicking off an “oil price war” and sending global energy prices tumbling. In the studio to weigh up those claims and assess the real damage is Natasha Doff, economy and government editor at Bloomberg News here in Moscow. From Russia With News is hosted by Jake Cordell and produced by Pjotr Sauer. The episode was recorded and edited at CM Records Studio in central Moscow.
Adult use marijuana campaign making headway
       
Financial ReportAdvertisementAccording to its financial report filed with the Arkansas Ethics Commission, Responsible Growth Arkansas spent $377,989 last month, putting the group’s total expenditures at $1,006,655. McLarty Consulting is the political consulting firm of Robert McLarty, who is an owner of Good Day Farm Cultivation and The Source dispensary in Bentonville. The president of Arkansas Graphics is Kevin Wilcox, who is an owner of Good Day Farm Cultivation and Berner’s by Good Day Farm. Armstrong said the experience of Arkansas marijuana industry professionals benefits the campaign. NEA Green LLC was incorporated by Alex Gray who is an owner of Good Day Farm Cultivation and Berner’s by Good Day Farm.
Sri Lanka: Police and protesters clash again as Russian oil docks
       
Sri Lanka is nearly bankrupt, has defaulted on its foreign loans, and is battling acute shortages of goods like cooking gas, fuel and medicines. Despite US and Western sanctions, Sri Lanka is also trying to arrange crude, coal, diesel and gasoline/petroleum deliveries directly from Russia. "I have made an official request to the Russian ambassador for direct supplies of Russian oil," Wijesekerra said. Sri Lanka's only oil refinery ceases to operateThe country's only oil refinery stopped operating in late March, with Sri Lanka no longer able to import crude oil. While the Siberian grade crude was not an ideal match for the country's refinery, which is optimized for Iranian light crude, Wijesekerra said no other supplier was willing to extend credit.
Iran says it has 'not arrested' crews of seized Greek tankers
       
Tehran said Saturday that the crew of two Greek oil tankers seized by Iran in the Gulf a day earlier have not been detained, contradicting comments from Greece's Foreign Ministry. Athens also notified all Greek ships in the Gulf and called on Greek citizens to avoid traveling to Iran. Greek media said the Lana had only been stopped because the ship sought refuge in April from a powerful storm in a bay on the Greek island of Euboea. Authorities then found that the tanker was carrying Iranian oil and the US authorities demanded that it remain confiscated, Greek media said. In addition, Iran last year seized and held a South Korean-flagged tanker for months amid a dispute over billions of dollars of frozen assets Seoul holds.
Joan Robinson Changed the Way We Think About Capitalism
       
Joan Robinson was one of the most remarkable figures in the world of economics during the twentieth century. Breaking the Mold Joan Violet Robinson was born in Camberley, Surrey, on October 31, 1903, into an upper-class English family. In her preface to the second edition of the book, Robinson was strongly self-critical. A sufficient rise in money wages will always lead to a rise in the rate of interest and so check an increase in employment. This was sufficient, Robinson maintained, to discredit the quantity theory of money (later revived by monetarist economists such as Milton Friedman).
Dollar General Workers Are Fed Up
       
That’s how David Williams, who works at a Dollar General in New Orleans, describes the discount retail chain’s resistance to workers’ demands for better wages and working conditions. Raised in the city’s Lower Ninth Ward, Williams has worked at Dollar General for around two-and-a-half years. A recent report from the Economic Policy Institute finds that 92 percent of Dollar General employees make less than $15 an hour. Dollar store workers put too much into this to get paid as they do,” he adds. Coming as it does at a time when other low-wage workers in the retail sector are beginning to organize other large companies — from Starbucks to Apple, Target, and Trader Joe’s — Dollar General workers say that now is the time to change what has become intolerable.
The Empty Promises of Pierre Poilievre’s Pocketbook Populism
       
Poilievre’s campaign, bolstered by his sizable social media following, has attracted substantial crowds in cities across the country. Poilievre’s politics comprise a fusion of far-right dogmas, which run the gamut of libertarian skepticism of government “overreach” — most notably in relation to pandemic-related public health measures — to anti-union politics. Deflationary Mantras, Ruling Class Politics The paradox of Poilievre’s brand of sound money populism is that it evinces an unmistakably ruling-class politics. This is revealed most plainly by the policy implications behind his promise to conquer the scourge of inflation: restoring central bank independence. Central bank “independence” has long been a euphemism for insulating control over monetary policy from the vicissitudes of democratic politics.
“I’ve Just Been Made Redundant, What Am I Entitled To?” – We Speak to the UAE’s Legal Experts to Find Out
       
We reach out to Taronish Mistry, Associate at BSA Ahmad Bin Hezeem & Associate LLP, to find out what those who have, unfortunately, been made redundant are legally entitled to under the UAE Labour Law. Traditionally, Mistry explains, there has been no concept of redundancy in UAE Labour Law (Federal Law No. "The courts have previously acknowledged that redundancy dismissals can be fair under UAE law," Mistry reveals. However, certain transgressions on the employee's part justify termination without notice – these can be found in Article 120 of the UAE Labour Law. If the dismissal is declared arbitrary, the court may order the employer to pay compensation of up to three months of wages to the employee," Mistry states.
Children among 31 killed at church fair stampede in Nigeria
       
A view of sandles outside Kings Assembly Pentecostal church, following a stampede in Port Harcourt, Nigeria, Saturday, May 28, 2022. Police say a stampede at a church charity event in southern Nigeria has left at least 31 people dead and seven injured. Such events are common in Nigeria, (AP Photo)A view of sandles outside Kings Assembly Pentecostal church, following a stampede in Port Harcourt, Nigeria, Saturday, May 28, 2022. Police say a stampede at a church charity event in southern Nigeria has left at least 31 people dead and seven injured. Some church members were attacked and injured by relatives of the victims after the stampede, according to witness Christopher Eze.
Tribal request to halt Arizona copper mine work is denied
       
Switchbacks for roads cut through three ridges in the area being worked for Hudbay Minerals Inc. in the Santa Rita Mountains south of Tucson, Ariz., Thursday, Aug. 5, 2021. A federal judge has rejected a request by opponents to stop Toronto-based Hudbay Minerals Inc. from preparing a planned new copper mine's site in the Santa Rita Mountains near Tucson. (Kelly Presnell/Arizona Daily Star via AP)Switchbacks for roads cut through three ridges in the area being worked for Hudbay Minerals Inc. in the Santa Rita Mountains south of Tucson, Ariz., Thursday, Aug. 5, 2021. A federal judge has rejected a request by opponents to stop Toronto-based Hudbay Minerals Inc. from preparing a planned new copper mine's site in the Santa Rita Mountains near Tucson. (Kelly Presnell/Arizona Daily Star via AP)TUCSON, Ariz. (AP) — A federal judge has rejected a request by Native American tribes to stop Toronto-based Hudbay Minerals Inc. from preparing a planned new Arizona copper mine’s site in the Santa Rita Mountains near Tucson.
TIMELINE: Texas elementary school shooting, minute by minute
       
A state trooper places a tiara on a cross honoring Ellie Garcia, one of the victims killed in this week's elementary school shooting in Uvalde, Texas Saturday, May 28, 2022. (AP Photo/Jae C. Hong)A state trooper places a tiara on a cross honoring Ellie Garcia, one of the victims killed in this week's elementary school shooting in Uvalde, Texas Saturday, May 28, 2022. ADVERTISEMENT11:27 a.m. — Video shows a teacher, whom authorities haven’t publicly identified, propping open an exterior door of the school, McCraw said. 11:30 a.m. — 911 receives a call saying there was a crash and a man with a gun at the school, McCraw said. ___For more AP coverage of the Uvalde school shooting: https://apnews.com/hub/uvalde-school-shooting
Millennials, boomers part of 'triple threat' driving up housing prices: Real estate expert
       
Baby boomers and millennials are part of a "triple threat" driving up prices in the housing market, according to the founder and executive of America’s largest owner of single-family homes. "There’s a huge amount of inventory stuck in baby boomers," Pretium CEO Don Mullen told FOX Business’ Maria Bartiromo on "Mornings with Maria" Wednesday. Mullen noted that he founded Pretium in 2012 when expectations were that millennials, as they aged, would want to form households in a "classic," single-family home. He believes that the only solution to bringing down soaring housing costs is to lower the number of buyers. "The only answer in the near term to increased housing prices is a reduction in the people trying to buy," he said.
Newsday | Long Island's & NYC's News Source
       
The actions — or more notably, the inaction — of a school district police chief and other law enforcement officers moved swiftly to the center of the investigation into this week's shocking school shooting in Uvalde, Texas. 4m read 4m read
Phoenix cops find 1,200 catalytic converters as thefts soar
       
(Phoenix Police Department via AP)This photo provided by the Phoenix Police Department shows stolen catalytic converters that were recovered after detectives served a search warrant at a storage unit in Phoenix on Thursday, May 27, 2022. (Phoenix Police Department via AP)This photo provided by the Phoenix Police Department shows stolen catalytic converters that were recovered after detectives served a search warrant at a storage unit in Phoenix on Thursday, May 27, 2022. (Phoenix Police Department via AP)This photo provided by the Phoenix Police Department shows stolen catalytic converters that were recovered after detectives served a search warrant at a storage unit in Phoenix on Thursday, May 27, 2022. Catalytic converters are not imprinted at the factory with serial numbers and stolen converters end up on a black market where they are chopped open for the valuable metals they contain. The insurance group counted just 3,969 reports of stolen catalytic converters in 2019, more than 17,000 in 2020 and more than 52,000 last year.
Internet Drama in Canada. (Really.)
       
Canada’s internet service still isn’t great. The sticking point in Canada is the price that internet pipeline owners charge. The government is set to impose significantly higher fees for smaller internet providers to lease larger companies’ pipelines. Small internet providers say that Canada is about to break a system that was serving customers well. Like other essential services, including electricity and health care, great internet service doesn’t happen by accident.
‘In the crosshairs’: Department of Navy releases climate change strategy
       
The Department of the Navy this week released its strategy for how it will deal with climate change and proceed toward the government’s goal of net-zero greenhouse gas emissions by 2050. “Climate change is one of the most destabilizing forces of our time, exacerbating other national security concerns and posing serious readiness challenges,” Navy Secretary Carlos Del Toro said in the introduction to the 32-page report. “Our naval and amphibious forces are in the crosshairs of the climate crisis and this strategy provides the framework to empower us to meaningfully reduce the threat of climate change.”Setting the department on a course to combat climate change is a main priority of Del Toro’s tenure. While the iconic Parris Island and mid-Atlantic naval bases are threatened by climate change, Pentagon officials have also warned of a warming planet’s effect on the military’s Arctic and subarctic bases. The Army released its own climate strategy in February.
Why One CIO Is Waiting for ‘a Solid Panic’ in the Stock Market
       
(Bloomberg) -- The stock market has staged a ferocious rebound in the past week after almost falling into a bear market. A: I don’t think we found a bottom yet. That being said, it has held -- I just don’t think we’re done yet. Yeah, cash balances have definitely increased and yes, we’ve seen some equity selling, but not a well and true panic. You’re talking a lot of money to sit and wait, plus you might get price appreciations still because they keep making more money.
The week Jack stepped back
       
Late last year, he stepped away from the CEO role but remained on the company's board of directors. We've known for a while that this was in the works, but the $12.7 billion deal was all finalized this week. More tech layoffs: Another week of companies announcing or confirming layoffs — including cuts at Klarna, PayPal and grocery delivery companies Getir and Gorillas. Story continuesSix computer generated images of shiba inu dogs doing various things. Anna Heim checked in with four U.S. cannabis investors for their thoughts on the state of the industry, and what's keeping it from really catching fire.
Zelensky warns of ‘hunger catastrophe,’ accusing Russia of blocking Ukraine’s grain exports
       
President Volodymyr Zelensky of Ukraine warns of a "catastrophe" in global food supplies in a video conference broadcast at the World Economic Forum annual meeting in Davos, Switzerland, on May 23. (Andrey Borodulin/AFP via Getty Images)“Unless this issue is resolved, we cannot speak of any opportunities to export Ukrainian grain by sea,” he warned. Joint Chiefs of Staff chairman Gen. Mark Milley noted out at a press conference Monday with Defense Secretary Lloyd Austin that the U.S. has no vessels in the Black Sea. “I think it’s quite important to the economy of Ukraine, and many countries in the world depend on Ukrainian grain,” he told reporters. He said Russia can offer to export 25 million tons of grain from Aug. 1 until the end of 2022 through the port of Novorossiysk in the Black Sea.
UEFA Champions League: Mayhem in Paris as Liverpool fans are teargassed and held in dangerous queues
       
There's a bottleneck down there and there's literally a six-foot gap for maybe 20,000 Liverpool fans to get in. Other tweets from those at the scene alleged Liverpool fans had been 'teargassed' by French police. 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.
Facing cash crunch, Sri Lanka to get 90,000 tonnes of Russian light crude oil
       
Sri Lanka on Saturday received Russian oil in a bid to restart operations in the island nation's only refinery, AFP quoted the country's energy minister Kanchana Wijesekera. The Russian crude oil delivery has been waiting offshore at Colombo's port for over a month as the island nation was unable to raise $75 million to pay for it. Around 90,000 tonnes of Siberian light crude will be sent to Sri Lanka's refinery after the shipment was acquired on credit from Dubai-based intermediary Coral Energy. Wijesekera said Ceylon Petroleum Corporation (CPC) was already in arrears of $735 million to suppliers and no one came forward to even bid for its oil tenders. The government will call for fresh supply tenders in two weeks before the stock of Siberian light runs out.
DKos Asheville Open Thread
       
-Aisha Adams- Nestled in the scenic Blue Ridge Mountains at the confluence of the French Broad and Swannanoa rivers, Asheville sits as the largest city in the most western part of North Carolina. We invite you to further experience Black Asheville by supporting – and visiting – Black-owned businesses in Asheville. Learn more about some of these amazing entrepreneurs and their stories here: https://www.exploreasheville.com/stories/post/celebrating-black-owned-businesses-in-asheville-nc/Good day and welcome to DKos Asheville. This is the weekly DKos Asheville Open Thread for Saturday, May 28th, 2022. DKos Asheville and other local and state groups can give us all a better sense of connection, a better understanding of who we stand with, work with and share with.
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."
Liberty Mutual’s Climate Conflicts Deepen as Jay Hooley Takes Helm of ExxonMobil Board
       
Big Oil’s Lead Director: Hooley Takes the Helm at ExxonMobilJay Hooley became ExxonMobil’s new lead director following the annual stakeholder meeting on May 25th, 2022. A Conflicted Board: Liberty Mutual’s Climate Governance ProblemHooley is not the only example of conflicts of interest at the core of Liberty Mutual’s governance when it comes to climate issues and the fossil fuel industry. Today, an astounding 9 out of 13 Liberty Mutual board members – a whopping 69% – have close ties to, and are personally profiting from, extractive industries. Companies like Liberty Mutual fuel climate change and environmental injustice when they insure and invest in fossil fuel projects and companies. Jay Hooley’s position as lead director of ExxonMobil while also serving as director of Liberty Mutual raises these exact concerns.
Liberty Mutual Board Member Just Became the New Lead Director of ExxonMobil
       
That’s why it’s so alarming that Liberty Mutual board member Joseph “Jay” Hooley just became the new Lead Director of ExxonMobil, perhaps the most powerful Big Oil supermajor on the planet. Big Oil’s Lead Director: Hooley Takes the Helm at ExxonMobilJay Hooley became ExxonMobil’s new lead director following the annual stakeholder meeting on May 25th, 2022. Today, an astounding 9 out of 13 Liberty Mutual board members – a whopping 69% – have close ties to, and are personally profiting from, extractive industries. Companies like Liberty Mutual fuel climate change and environmental injustice when they insure and invest in fossil fuel projects and companies. Jay Hooley’s position as lead director of ExxonMobil while also serving as director of Liberty Mutual raises these exact concerns.
Rivian executive in charge of manufacturing engineering quits in management rejig
       
New York CNN —Rivian Automotive said on Friday Charly Mwangi, who helped kick-start the electric-vehicle maker’s manufacturing process, will leave the company. Mwangi, a former Tesla (TSLA) executive, served as executive vice president from May 2020 at Rivian. He brought the R1T pickup truck and R1S SUV to production in late 2021. His departure comes amid the arrival of former Magna International executive Frank Klein, who is due to take over as chief operations chief in June and oversee production, supply chain and manufacturing engineering. Rivian’s Chief Executive RJ Scaringe has said it would be able to double its production if there were no supply constraints, after he pointed to allocation of semiconductors being an issue.
Oh Snap! Social media stocks lose billions after Snapchat parent warning
       
May 24 (Reuters) - Snap Inc (SNAP.N) shares plunged more than 40% and sparked a sector-wide selloff on Tuesday after a profit warning from the Snapchat parent signaled tough times ahead for the once-booming digital ad industry. Snap shares closed at $12.79, lower than their 2017 IPO price of $17. Snap said on Monday it was expecting to miss quarterly revenue and profit targets set just a month earlier and would have to slow hiring and lower spending. Valuations for social media stocks are coming back down to earth after the companies posted unprecedented growth last year when advertisers began to recover from the pandemic, said Brian Wieser, global president of business intelligence at ad agency GroupM. "There's a resetting of expectations," he said, adding that while economic problems like inflation are partly hurting revenue, Snap and other platforms have also overestimated their ability to maintain break-neck growth.
I’m a 39-year-old single dad with $600,000 saved — I want to retire at 50 but don’t know how. What should I do?
       
I have $70,000 in liquid savings, $530,000 invested in individual retirement accounts and owe $210,000 on a home worth $500,000. You mention having individual retirement accounts, but you could look into opening a Roth IRA, which is funded with after-tax dollars. Check out MarketWatch’s column “Retirement Hacks” for actionable pieces of advice for your own retirement savings journeyA taxable brokerage account is another potential option for your investments. For instance, someone with $1 million in retirement savings would withdraw $40,000 every year. Have a question about your own retirement savings?
‘Downright shameful’: New York AG and CFPB shut down predatory debt-collection operation that generated $93 million
       
New York Attorney General Letitia James and the Consumer Financial Protection Bureau said Monday that they have shut down a debt-collection operation that had been collecting debts using illegal measures. The operation reached around 293,000 consumers and collected $93 million gross revenue from 2015 to 2020, the New York AG and CFPB said. “Predatory debt collectors make their profit by targeting hardworking consumers and then illegally saddle them deeper into debt. These debt collectors used harassing calls and false threats to coerce consumers to pay, actions that are both illegal and downright shameful, ” James said. “This debt collection operation used illegal and deceptive tactics to prey on consumers, and now they are paying the price for the harm they caused,” she added.
Sports betting boss charged with bilking customers out of $25 million with bogus gambling tips
       
The Florida head of a high-priced sports gambling tip service has been charged with allegedly fleecing customers out of $25 million with promises of “sure bet” insider info on college and pro games that turned out to be made up or widely available online. Billing the service as more of an investment vehicle than pure gambling, customers were lured into paying large fees to “get in on the ground floor” of a major money-making opportunity. In the end, many customers ended up losing their shirts rather than hitting it big, and prosecutors say Zeidman pocketed at least $25 million in fraudulently-obtained money over a 15-year period. Some lost their entire savings to the fraud, prosecutors said. Zeidman was arrested in Florida on Wednesday on charges of conspiracy, wire fraud, mail fraud and money laundering.
Guess who's buying stocks?
       
We’re talking about company insiders. Three new reports dropped onto my desk and they all report the same thing: A big surge in insider buying. “When looking at insiders buying to insiders selling so far this month, more insiders have purchased than sold for the first time since March 2020,” the company reports. Insider stock purchases have usually been a good forward indicator of where businesses (and stock prices) are headed. Note, please, that we are not talking about illegal insider buying based on major information that hasn’t yet been disclosed to the market.
‘I’m a man of simple pleasures’: I live with my girlfriend, 59, who owns several homes and has saved $3 million. I pay utilities and cable, and do repairs. Is that enough?
       
I have no debt other than a car lease, I manage my finances prudently, and I’m a man of simple pleasures. Given our markedly different financial circumstances, I think it best to keep our estates separate, and she is in agreement. In my opinion, any maintenance or repair costs associated with things she owns are her responsibility, as they are for me. But those two issues — your contributions and your girlfriend’s spending habits — are separate issues. Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues.
Opinion: Follow these 3 crucial lessons for weathering the stock market’s storm
       
Here are three lessons to keep in mind during periods of volatility that can help you stick to your well-built plan. But one of the best predictors of the economy is the stock market itself. History shows the stock market tends to rebound quickly. Beyond a well-designed portfolio, one of the best ways to deal with volatile markets and disappointing returns is to have planned for them. A sound approach to investing—through a plan, a well-designed portfolio, and an advisor—is the ultimate self-care during these rough markets.
Judge gives initial OK to $1-billion deal in Florida condo collapse
       
A Florida judge on Saturday gave initial approval to a settlement of more than $1 billion to families who lost loved ones in the collapse last year of a Florida beachfront condominium building in which 98 people died. The total for the families who lost loved ones in the collapse is about $1.02 billion. The money comes from several sources, including insurance companies, engineering companies and a luxury condominium that had recently been built next door. The National Institute of Standards and Technology is investigating the cause of the collapse, a process expected to take years. Champlain South had a long history of maintenance problems and questions have been raised about the quality of its original construction and inspections in the early 1980s.
MBTA plans to crack down on fare evasion
       
While the T said it must establish a new fine structure for fare evasion, per Massachusetts law, some community activists feel the policy would unfairly target low-income riders or people of color. Charlie Baker in January 2021, gave the MBTA the regulatory authority to set the citation levels for fare evasion. It also decriminalized fare evasion, clarifying that it is a civil offense that no one will be arrested for. Stacy Thompson, Livable Streets executive director, said her organization thinks “the T should have a low-income fare or no-fare option before they implement a fare evasion fine.”“The most likely reason for someone to evade or underpay a fare is because they simply can’t afford it,” said Thompson. The MBTA will hold a virtual public meeting on June 21 at 6 p.m., which will include a presentation on the proposed regulation, and provide an opportunity for feedback.
Key inflation gauge slowed to still-high 6.3% over past year
       
While high inflation is still causing hardships for millions of households, any slowing of price increases, if sustained, would provide some modest relief. Yet all that spending is helping keep prices high and could make the Federal Reserve’s goal of taming inflation even harder. Still, high inflation is forcing consumers, on average, to save less. The savings rate fell to 4.4% last month, the lowest level since 2008. Excluding the volatile food and energy categories, so-called core prices rose 0.3% from March to April, matching the previous month’s rise.
Sri Lanka police tear gas protesters opposed to president
       
COLOMBO, Sri Lanka (AP) — Police in Sri Lanka used tear gas and a water cannons Saturday to disperse demonstrators trying to approach the president's office to demand he resign over the country's ongoing economic crisis. The demonstrators were rallying to mark the 50th day of protests in which they have camped outside President Gotabaya Rajapaksa's office. Sri Lanka is nearly bankrupt, having defaulted on its foreign loans, and is battling acute shortages of essential goods like cooking gas, fuel and medicines. Sri Lanka has to pay up $25 billion through 2026. It nearly dismantled the Rajapaksa dynasty after the president's brother, then Prime Minister Mahinda Rajapaksa, resigned amid the violence.
Retailers warn online sales tax will harm high street
       
Rishi Sunak has been warned that proposals for an online sales levy amount to a “shopping tax” that would deepen the cost-of-living crisis and “hurt, not help, the high street”. The Treasury states that the consultation was “exploratory” and that it has not yet made a decision on whether to introduce an online sales tax (OST). M&S recently said that a new online tax would leave retailers with less money to invest in high street shops. In the letter to Mr Sunak, dated May 27, the companies and industry groups state: “We believe an OST would ... hurt - not help - the high street, and stifle retail innovation and investment. The industry groups backing the letter were The Coalition for a Digital Economy, which represents startups, The Association of Accounting Technicians, and techUK.
Iran rocked by third night of violent protests over deadly building collapse
       
Iran has been rocked by a third night of protests, amid claims that corruption close to the Revolutionary Guards was responsible for a deadly building collapse. At least 28 people were killed when the unfinished Metropol building, in the oil city of Abadan, crashed to the ground on Monday, with dozens more still trapped under the rubble. Locals say Hossein Abdulbaghi, the project's main investor, was able to get a construction licence through his links with the Islamic Revolutionary Guards Corps, which controls Iran’s shadow economy - despite not having met engineering regulations. Iranian authorities say he died in the collapse, but his body has not been recovered. It said 13 people involved in issuing the licence for the construction of the building have been arrested.
Return to pounds and ounces in ‘common sense’ move ahead of Platinum Jubilee
       
Boris Johnson will pave the way for the return of pounds and ounces in British shops this week, in a "common sense" move heralded by Tory MPs as taking advantage of freedoms delivered by Brexit. On Friday, the Government will publish proposals to repeal EU-derived law requiring metric units to be used for all trade, with only limited exceptions. A government source said: “We Brits measure our walks in miles and our beer and milk by the pint. And nobody knows what a 4.5kg baby looks like, but we all know a 10-pounder is a whopper. “And what better way to celebrate Her Majesty’s Platinum Jubilee than restoring the crown emblem back onto the side of pint glasses so that we can toast her health and service to this country.”
UN Warns of ‘Total Societal Collapse’ Due to Breaching of Planetary Boundaries – Byline Times
       
That failure, however, is directly linked to the rate at which human activities are interfering with natural systems, in particular, ‘planetary boundaries’. The report notes that at least four of the nine planetary boundaries now seem to be operating outside the safe operating space. Byline Times revealed last summer that, according to Professor Will Steffen of the Stockholm Resilience Centre, two more planetary boundaries – ocean acidification and freshwater use – would probably by then also be “transgressed”, meaning that we are breaching six out of nine planetary boundaries. While the global collapse scenario represents the worst-case, it is difficult to avoid the conclusion that we can see signs of it emerging today. In this feedback loop, earth system disruptions – in this case, triggered by breaching of planetary boundaries – destabilise social, political and economic institutions.
How to manage rising mortgage rates
       
Here are 12 ways to adapt to rising mortgage rates:1. More buyers are considering an adjustable-rate mortgage (ARM) now because they have a lower rate for the initial fixed period, Knull says. Buy in a location with lower property taxes and lower homeowner association dues. Lock in a mortgage rate while still shopping. Some lenders are offering to lock in a mortgage rate even before a contract has been signed by both parties, Knull says.
Is the U.S. stock market closed on Memorial Day? What investors need to know.
       
The S&P 500 SPX, +2.47% and Nasdaq Composite COMP, +3.33% ended a run of seven weekly declines. While stocks have suffered in 2022, investors were cheered by data that showed inflation pressures, while still running hot, may be peaking. The Securities Industry and Financial Markets Association, an industry trade group, recommended a 2 p.m. Eastern close for U.S. fixed-income trading on Friday. Treasury yields, which move opposite to price, have pulled back since hitting their highest levels since late 2018 earlier this month. Memorial Day also marks the start of what analysts call “summer driving season” in the U.S., which runs through the Labor Day weekend in September.
‘We’re headed for a family feud’: My father offered his 3 kids equal monetary gifts. My siblings took cash. I took stock. It’s soared in value — now they’re crying foul
       
He was an active investor and offered the gift in the form of the stock instead of cash. My siblings took the cash and I decided to take it in stock valued the same as the cash amount. There’s no changing their mind and I’m convinced that we’re headed for a family feud. Your siblings could have chosen stocks over cash, but they wanted immediate gratification. The gamification of stock trading with apps such as Robinhood HOOD, +11.85% , which has extended its trading hours beyond the market’s official hours, is in part about getting that dopamine hit.
Sky-high gas prices aren’t stopping Americans from hitting the road this summer
       
Data from GasBuddy showed that nearly 60% of Americans are planning on hitting the road for a vacation at some point this summer. Across the US, gas prices are already sky-high – and most experts expect them to continue to climb. During the week before Memorial Day, the national average gas price was around $4.598 per gallon, according to data from AAA. And there’s no relief in sight – at least not according to analysts at the major investment banks, who expect gas prices will continue to climb as the summer drags on. But this year, since mid-April, US gasoline inventories have fallen counter seasonally and today sit at the lowest seasonal levels since 2019.
Opinion: Saving enough money for retirement is a big job, but you don’t have to go it alone
       
In the midst of all this uncertainty, Congress still believes the best way to solve America’s retirement savings crisis is to revamp 2020’s Securing a Strong Retirement (SECURE) Act. It’s your job to determine how much money you’ll need to live on during retirement, estimate where that money will come from, and how much you’ll need to withdraw from your retirement accounts each year. So, you’re better off overestimating than underestimating how much money you’ll need. Estimating your retirement income sources: Next, you need to figure out whether all the income you receive during retirement will pay for your desired retirement expenses or fall short. Estimate how much money you’ll need to withdraw from your nest egg each year, both in terms of dollar amounts and as a percentage of your savings.
Why Bank of America won't be rushing into crypto anytime soon
       
DAVOS, Switzerland — The crypto faithful shouldn't expect Bank of America to make a major push into the sector anytime soon. "No," replied Bank of America CEO Brian T. Moynihan when Yahoo Finance Live asked him at the World Economic Forum whether he felt like the company was missing out on the next big thing by not aggressively moving into crypto (full interview above). "Our big thing is helping consumers in America have a successful financial life," Moynihan said. Chairman and CEO of Bank of America Brian T. Moynihan attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. Read the latest financial and business news from Yahoo FinanceFollow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Judge rules Cydia's antitrust case against Apple can move forward
       
Cydia’s antitrust case against Apple can move forward, according to Reuters . On Thursday, Judge Yvonne Gonzalez Rogers, the same judge that oversaw the case between Apple and Epic Games , ruled Cydia’s creator, Jay “Saurik” Freeman, could present his claim against the company after rejecting a bid by Apple to dismiss the complaint. Freeman first sued Apple at the end of 2020, alleging the company had an “illegal monopoly over iOS app distribution.” Judge Gonzalez Rogers dismissed Cydia’s initial complaint against Apple, ruling the suit fell outside the statute of limitations. In its latest complaint, Cydia argues that iOS updates Apple released between 2018 and 2021 constituted “overt” acts that harmed distributors like itself. That’s a claim Judge Gonzalez Rogers found credible enough to explore.
Strippers can apparently better forecast the market than your finance bro
       
In a tweet that has since gone viral, a netizen who claims to be a stripper declared that we are currently in a recession based on the empty status of strip clubs. In a series of recent posts related to their original tweet, the user made their case, arguing that “Sex work has survived through every war, recession, decline of empires,” and pointing out that strip clubs have been “an operative tool” for business people, and not just a source of ‘sinful’ entertainment. More from NextShark: Man Hospitalized for 2 Months With COVID-19 Returns to Find Home Cleared OutReferencing the 2001 Enron Corporation scandal, they claim strip clubs are where “energy salesmen bring their clients” and “recruiters bring prospective finance bros,” describing strip clubs and the world of business as “deeply integrated.”As strippers, “we always have to be aware of fluctuations in the market and how upper class white men are behaving and spending their money,” the user continued. “i thought she was crazy. but she did it, and she ended up almost doubling her money.”Featured Image via GQ
Barbara Corcoran on Elon Musk: 'I’d like to zip him in a Ziploc bag'
       
Real estate mogul Barbara Corcoran didn't mince words when asked about Tesla (TSLA) CEO Elon Musk's recent behavior. "I'd like to zip him in a Ziploc bag and try to get his ego stuffed inside and calm him down," the "Shark Tank" investor told Yahoo Finance in an interview (video above). Musk offered to buy Twitter (TWTR) for nearly $44 billion, or $54.20 per share, on April 14. REUTERS/Andrew KellyCorcoran previously sung the praises of Musk during a January 2020 interview with Yahoo Finance, describing him as a "winner." Follow her on Twitter @alliecanal8193 or email her at alexandra.canal@yahoofinance.comFollow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Ticker: Prepare for sticker shock if you are traveling this summer
       
Airlines and tourist destinations are expecting monster crowds this summer as travel restrictions ease and pandemic fatigue overcomes lingering fear of contracting COVID-19 during travel. “The time to have gotten cheap summer flights was probably three or four months ago,” says Scott Keyes, who runs Scott’s Cheap Flights site. Keyes said Europe is the best travel bargain out there. Wall Street breaks 7-week losing streak, longest since 2001Technology companies led a broad rally for stocks Friday as Wall Street notched its best week in 18 months. The S&P 500 rose 2.5% and finished 6.6% higher for the week, its best weekly gain since November 2020.
Judge gives initial OK to $1B deal in Florida condo collapse
       
A week later on June 23, Judge Hanzman will have a fairness hearing to allow anyone objecting to the settlement to be heard. The total for the families who lost loved ones in the collapse is about $1.02 billion. The money comes from several sources, including insurance companies, engineering companies and a luxury condominium that had recently been built next door. The National Institute of Standards and Technology is investigating the cause of the collapse, a process expected to take years. Champlain South had a long history of maintenance problems and questions have been raised about the quality of its original construction and inspections in the early 1980s.
Breaking: Terra's LUNA 2.0 crashes 86% after the airdrop
       
LUNA 2.0 was rumored to cost between $30 and $50 upon launch by some members of the Terra community. The recent price action has caused a furor among investors who continue suffering from the losses incurred following Terra's LUNA and UST death spiral. Terra has successfully distributed the new LUNA tokens to market participants who held LUNA Classic (LUNAC) and TerraUSD (UST). The author has not received compensation for writing this article, other than from FXStreet. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
A look at big US legal settlements amid Surfside's $1B deal
       
The proposed settlement of more than $1 billion as compensation for the 98 people who died in a Florida condominium collapse is far from the largest in U.S. history. GULF OIL SPILLThe 2010 Deepwater Horizon offshore oil rig explosion that killed 11 people dumped tens of millions of gallons of oil into the Gulf of Mexico, fouling beaches, ruining fisheries and killing birds. It resulted in a $20.8 billion settlement, the largest involving the environment in history, according to the National Oceanic and Atmospheric Administration. Four states, including Florida, reached their own settlements with tobacco companies. ENRONShareholders in the now-defunct Enron Corp. reached a $7.2 billion settlement in 2008 after a massive accounting fraud scandal was uncovered, showing how the company's earnings had been misrepresented.
Biden Is Running Out of Options to Tame Soaring Gasoline Prices
       
(Bloomberg) -- President Joe Biden has vowed to do everything in his power to fight record-setting gasoline and diesel prices, but he’s up against a stark reality: There are few options for taming the surge. Americans have already begun paring their driving in the face of gasoline prices that have set near-daily records for the last two weeks, but no one should expect Biden to encourage more of that conservation. Expand Summertime Sales of Higher-Ethanol GasolineThe Biden administration has already moved to allow wider summer sales of E15 gasoline that contains 15% ethanol by waiving it from fuel-volatility restrictions. Lower Biofuel-Blending MandatesThe Biden administration is under pressure to lower biofuel-blending quotas and exempt some refineries from them altogether. Tap US Emergency Fuel StockpilesThe Biden administration is considering withdrawing supplies from emergency stockpiles of fuel, going beyond raw crude reserves.
Putin, Macron, Scholz Discuss Ukraine Arms, Grain Supplies
       
Russian President Vladimir Putin on Saturday told the leaders of France and Germany Moscow is ready to look for ways to ship grain stuck in Ukrainian ports but demanded the West lift sanctions. The Kremlin chief also warned French President Emmanuel Macron and German Chancellor Olaf Scholz against ramping up arms supplies to Ukraine, saying they could further destabilise the situation in the pro-Western country. Putin said the difficulties in supplying grain to world markets were the result of "erroneous economic and financial policies of Western countries." "Russia is ready to help find options for the unhindered export of grain, including the export of Ukrainian grain from the Black Sea ports," Putin told Macron and Scholz, the Kremlin said. Russia and Ukraine produce 30 percent of the global wheat supply.
Donald Trump’s Media Company Plans “Non-Woke” Streaming Service Featuring “Canceled Shows”
       
Donald Trump’s media and technology company has committed to developing a new streaming service TMTG+—in a recent SEC filing—that will be considered a “non-woke alternative” to Netflix and Disney+. TMTG, which is backed by $1 billion from a number of different investors, began with the social media platform Truth Social earlier this year. With this latest news, it appears the company now plans to take on the giants of streaming. Yesterday morning the former president’s company expanded on its plans in a prospectus disclosed to the SEC. TMTG’s programming will thus provide a non-woke alternative to the programs offered by streaming services that operate in an increasingly politicized environment.
Queens pol wants NYC Sheriff’s Office to crack down on abandoned boats
       
Enforcement would fall to the city’s deputy sheriffs, while the Parks Department would become officially responsible for removing abandoned boats, a duty it already carries out. Unlike abandoned cars, New York lacks a formal system with enforcement rules for removing and disposing abandoned boats. Ariola’s bill would also require the Department of Small Business Services to create and maintain a log of abandoned boats and their locations. The Parks Department would become officially responsible for removing abandoned boats, a duty it already carries out. Ariola said her new bill, when updated, would also set up a recycling program for abandoned boats.
Judge gives initial OK to $1B deal in Florida condo collapse
       
FILE - Rescue crews work at the site of the collapsed Champlain Towers South condo building after the remaining structure was demolished Sunday, in Surfside, Fla., Monday, July 5, 2021. (AP Photo/Lynne Sladky, File)FILE - Rescue crews work at the site of the collapsed Champlain Towers South condo building after the remaining structure was demolished Sunday, in Surfside, Fla., Monday, July 5, 2021. (AP Photo/Lynne Sladky, File)A Florida judge on Saturday gave initial approval to a settlement of more than $1 billion to families who lost loved ones in the collapse last year of a Florida beachfront condominium building in which 98 people died. The quick settlement of the unprecedented collapse of the 12-story Champlain Towers South building in the early morning hours of June 24, 2021, means that potentially years of court battles will be avoided. Champlain South had a long history of maintenance problems and questions have been raised about the quality of its original construction and inspections in the early 1980s.
‘I am angry’: I’m an unmarried stay-at-home mother in a 20-year relationship, but my boyfriend won’t put my name on the deed of our house. Am I unreasonable?
       
When I asked why I was left out, my partner made some noises about loan applications, the cost, etc. Through the various discussions we’ve had, it seems my partner is unwilling to add me to the deed. First, he got angry whenever I tried to discuss it, and tried to make it sound as if I was being completely unreasonable. To me, not being on the deed is a direct correlation to how I am devalued for my time and labor. I feel like I am considered “less than” simply because I am a woman, an at-home parent, and a homemaker.
These Five Billionaires Fortunes Sank By $300 Billion
       
Five billionaires lost $300 billion of their net worth during the market downturn. Five billionaires lost a total of $300 billion recently as their fortunes plummeted during the recent market downturn, according to the Bloomberg Billionaires Index, which is a daily ranking of the world’s richest people. Former Amazon ( (AMZN) - Get Amazon.com, Inc. Report) CEO Bezos saw his net worth dip by $57.4 billion. Musk is now worth $211.8 billion while Bezos is worth $134.82 billion. His total net worth is $115 billion and he has gained $6.5 billion year-to-date.
When Not Just Any Dividend Stock Will Do
       
But not just any dividend stock will do; we believe in selecting the best stocks with sustainable payouts. M.D.C. HoldingsOur first stock is M.D.C. Holdings (MDC) , which is a homebuilder and financial services business. The stock is trading fractionally below fair value, so the return potential is from earnings growth and the yield. Verizon CommunicationsOur final stock is Verizon Communications (VZ) , the popular telecommunications company that offers wireless service, internet access, cable television, and more. The stock trades for just 9.4 times this year's earnings, well under our estimate of fair value at 13 times earnings.
FCC won't revoke radio licenses held by convicted ex-speaker
       
AUBURN, Ala. (AP) — The Federal Communications Commission will not revoke radio broadcast licenses held by former Alabama House Speaker Mike Hubbard, after ruling that Hubbard’s convictions on ethics charges did not automatically disqualify him. According to commission filings, after his conviction, Hubbard agreed to sell the stations to Frank Lee Perryman for $775,000. But a decision on the license transfer request was held in abeyance while the revocation was decided. Hubbard is serving a 28-month prison sentence after being convicted in 2016 of violating the state ethics law, including using his public office for personal financial gain. Hubbard last year filed a motion seeking early release from prison, but a judge has not acted on that request.
Car-free high street in Gloucestershire turned into 'ghost town'
       
For nearly a century, very little has changed inside Riddiford’s grocers in the market town of Thornbury. But outside on the once thriving street a seismic change to the town centre is shattering the tranquility of the rural community nestling in the Severn Valley. South Gloucestershire Council has been accused of acting “like a dictatorship” by closing the High Street to through traffic at a cost of £4 million despite the majority of residents opposing the scheme. People used to pull up in their car to spend £20 and have a chat. Petitions and protests (coffins were carried to represent their new “ghost town”) failed to sway Toby Savage, the council leader, who insisted the closure was in fact popular, but those in favour were reluctant to say so.
Putin warns Macron, Scholz about danger of pumping Ukraine with weapons
       
Russian President Vladimir Putin, during a conversation with French and German leaders and Olaf Scholz, pointed out the danger of pumping with Western weapons. He warned European colleagues that this carries the risks of destabilization. Putin also announced Moscow's readiness to facilitate the search for options for the unhindered export of grain. "For its part, Russia is ready to help find options for the unhindered export of grain, including the export of Ukrainian grain from the Black Sea ports," the Kremlin said. --IANSsan/skp/(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
China’s industrial profit falls sharply in April amid COVID curbs
       
Profits at China’s industrial firms fell at their fastest pace in two years in April as high raw material prices and supply chain chaos caused by COVID-19 curbs squeezed margins and disrupted factory activity. The industrial sector has been hit hard by the stringent and widespread anti-virus measures that have shut factories and clogged highways and ports. The world’s second-largest economy saw very weak activity growth last month as exports lost momentum and the property sector wobbled. Liabilities at industrial firms jumped 10.4 percent from a year earlier at end-April, slightly slower than 10.5 percent growth as of end-March. The industrial profit data covers large firms with annual revenues of over 20 million yuan ($2.97m) from their main operations.
LaGuardia High School in NYC in uproar over ‘equitable’ academics
       
The academic debasement of LaGuardia High School — Manhattan’s renowned “Fame school” — is accelerating, parents fear, as woke principal Yeou-Jey Vasconcelos makes plans to slash its demanding 10-period schedule down to eight periods a day for most students. “Teachers have been warning students and parents that the eight-period day will decimate academics at LaGuardia,” a furious mom told The Post. “Not just advanced academics, but all academics.”Principal Yeou-Jey Vasconcelos has drawn the ire of parents for the plan. “There appears to have been lots of misinformation,” Orlen told the 160 parents, teachers, and students who listened in. A third of them take only three years of math and science, and nearly 40% skip out on languages after two years.
Nevada Senate race: Anti-Laxalt funding traces back to DC dark money network, foreign billionaire's group
       
Before 2020, the Family Friendly Action Fund had never taken in more than $442,000 annually since its launch in 2018. The money went to the committee just days after the Sixteen Thirty Fund had transferred $200,000 into its coffers. The Sixteen Thirty Fund has also provided $75,000 worth of in-kind administrative support and polling services to Change Now, Federal Election Commission records show. Between 2016 and 2020, the Berger Action Fund transferred $135 million into the Sixteen Thirty Fund. The Somos PAC previously received millions from the likes of America Votes, Michael Bloomberg and George Soros during the 2020 elections.
Coal India to import for first time in years as power shortages loom
       
REUTERS/Amit Dave/File PhotoNEW DELHI, May 28 (Reuters) - State-run Coal India (COAL.NS), the world's largest coal miner, will import the fuel for use by utilities, a power ministry letter seen by Reuters showed on Saturday, as shortages raise concerns about renewed power outages. "Coal India would import coal for blending on government-to-government (G2G) basis and supply ... to thermal power plants of state generators and independent power producers (IPPs)," the federal Power Ministry said in the letter dated May 28. Register now for FREE unlimited access to Reuters.com RegisterThe letter was sent to all utilities, top federal and state energy officials including the federal coal secretary and the chairman of Coal India. read moreThe power ministry said in the letter the decision was taken after nearly all states suggested that multiple coal import tenders by states would lead to a confusion and sought centralised procurement through Coal India. Coal inventories at power plants have declined by about 13% since April to the lowest pre-summer levels in years.
Putin: We could reopen Odesa, but we want sanctions removed
       
In what sounds like bargaining rather than an unconditional promise, Russian President Vladimir Putin toyed with the idea of reopening the Odesa port for grain exports — while again calling for the lifting of Western sanctions against Russia. Putin made the remarks during a call Saturday with French President Emmanuel Macron and German Chancellor Olaf Scholz, as concerns worsened over a looming food crisis due to the inability to export Ukraine’s grain amid the conflict. Macron and Scholz “insisted with President Vladimir Putin on the urgency of lifting the blockade of Odesa in order to allow the export of Ukrainian cereals by the Black Sea and to avoid a world food crisis,” according to a readout issued by the Elysée Palace in Paris. There’s no mention of de-mining in the Russian statement, contrary to the French statement. In April, Ukraine managed to export less than 1 million tons of grain.
My mother-in-law moved into our rental home years ago and made $60,000 in upgrades. We now want to sell. Should we repay her?
       
Dear MarketWatch,My mother-in-law moved into our rental home eight years ago. She also put in $60,000 into the house via upgrades — her picks, not ours. From the very start, your mother-in-law was willing to pay more than she expected in monthly rent. To answer, your first question: You need to let her know as soon as possible of your plans to sell. Upgrades to rental properties are depreciable — and those tax benefits extend to tenants if they are the ones who paid for the improvements.
The share of adults who say they would be able to cover a $400 emergency expense reaches 9-year high
       
(Some 11% of respondents said they would not be able to pay for a $400 emergency expense “by any means,” similar to the 12% who said so in 2020.) Some 15% of workers said they were in a different job than 12 months earlier. Around 15% of adults reported that they had changed jobs in the previous 12 months and most reported that their new job was better. During the week of the survey, 22% of employees worked entirely from home, down from 29% in late 2020, but well above the 7% who worked entirely from home before the pandemic. “Most employees who worked from home preferred to do so, often citing work-life balance and less time commuting.
Elon Musk says SpaceX accepting dogecoin ‘soon’, joining Tesla
       
The price of the popular crypto meme token dogecoin jumped Friday after Elon Musk indicated that his private space exploration firm SpaceX would begin accepting it as payment for merchandise. Musk, whose frequent public support for dogecoin has regularly driven spikes in its value, revealed his plans for SpaceX on Twitter. “Tesla merch can be bought with Doge, soon SpaceX merch too,” Musk tweeted. Musk did not specify exactly when SpaceX will start accepting dogecoin as payment. Musk’s advocacy has helped dogecoin transform from a meme token to investment vehicle for some crypto touts.
Americans’ financial security soared last year. But that may be due to a lucrative, but temporary tax break
       
Parents, especially those in lower-income households, said they were doing a lot better financially last year, and the government’s expanded child-tax credits may have played a significant part in that. Lawmakers increased the child-tax credit to a maximum total of $3,600 for children under age 6 and $3,000 for kids between the age of 6 and 17. As a result, parents with lower incomes reported an even higher increase in financial well-being in 2021 than other parents. The expanded version of child-tax credit ended last December with the credit returning to a maximum of $2,000 in 2022. During the final days of the extra credit, some parents became increasingly worried about rising prices due to inflation.
Biotech stocks get a boost, or plunge, as new clinical data is shared before major cancer meeting
       
The stocks for companies developing cancer therapies were moving in morning trading on Friday as biotechs and researchers shared new clinical findings in advance of next week’s American Society of Clinical Oncology annual meeting. Here’s a recap of Friday’s big premarket moves:Arcellx Inc.’s ACLX, +20.56% stock jumped 11.9% after an abstract provided updated data for its CART-ddBCMA. Mizuho Americas analyst Mara Goldstein attributed the stock drop to the difference in median duration of response in different groups of patients. Stifel analyst Benjamin Burnett said he thought the stock was down on lower-than-expected median duration of response, compared with Lumakras’ median duration of response. J.P. Morgan analysts called the data a “clear win/home run” but noted that it’s too early to make conclusions about the cohort expansion data.
Coinbase is testing a real-time employee feedback system. It sounds rough.
       
The crypto exchange Coinbase is testing a real-time workplace feedback tool called Dot Collector, created by hedge fund billionaire Ray Dalio, founder of Bridgewater Associates. Per a report from The Information, Coinbase has been using Dot Collector since the first quarter of the year, emulating a less intense version of the practices at Bridgewater. With the Dot Collector program and Zoom plug-in, any company (like Coinbase) can invite their employees to judge each other’s performance in real time, even while working remotely. In June 2020, a group of Coinbase employees staged a walk out in response to CEO Brian Armstrong’s refusal to support Black Lives Matter. To me, it's a wonderful community of people who bust their asses to be excellent.”It’s still up in the air whether or not Coinbase will continue using Dot Collector.
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?’
       
I’m pretty sure I’m going to have to work until I drop, but is there any hope for me? I don’t need a lot. If you tend to spend money you don’t have for items you don’t actually need – or even necessarily want – prevent it from happening. See what you have left over and before you go trying to spend it on fun things, earmark a significant portion for your retirement savings. Have a question about your own retirement savings?
UPDATE 1-Coal India to import for first time in years as power shortages loom
       
(Adds details and background)By Sudarshan VaradhanNEW DELHI, May 28 (Reuters) - State-run Coal India , the world's largest coal miner, will import the fuel for use by utilities, a power ministry letter seen by Reuters showed on Saturday, as shortages raise concerns about renewed power outages. "Coal India would import coal for blending on government-to-government (G2G) basis and supply ... to thermal power plants of state generators and independent power producers (IPPs)," the federal Power Ministry said in the letter dated May 28. The letter was sent to all utilities, top federal and state energy officials including the federal coal secretary and the chairman of Coal India. The power ministry said in the letter the decision was taken after nearly all states suggested that multiple coal import tenders by states would lead to a confusion and sought centralised procurement through Coal India. But the power ministry on Saturday asked states to suspend tenders that are "under process".
My mother-in-law moved into our rental home years ago and made $60,000 in upgrades. We now want to sell. Should we repay her?
       
MarketWatchWhile 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.
Crypto Giant FTX Ready With Billions of Dollars for Acquisitions
       
(Bloomberg) -- Fast-growing crypto exchange FTX is prepared to spend billions of dollars to buy stakes in other companies as it looks to grow the suite of products it offers customers, according to the firm’s chief executive officer. “You can look at the amount that we’ve raised over the last year or two -- it’s a few billion dollars. In January, the exchange raised $400 million at a $32 billion valuation, bringing the total amount raised in the prior half a year to close to $2 billion. While Bankman-Fried said FTX doesn’t need to buy new firms to grow, the company has already been on a spending spree. Most Read from Bloomberg Businessweek©2022 Bloomberg L.P.
U.S. savings rate hits lowest level since 2008 — here's why economists aren't concerned
       
In April, the U.S. personal savings rate fell to 4.4%, the lowest since September 2008, according to data from the Commerce Department published Friday. The personal savings rate has dropped as stimulus dries up, inflation bites, and consumers resume normal habits as pandemic-related restrictions fade away. So while the level of savings is under pressure, economists estimate consumers are still sitting on a stock of unused savings worth trillions. And that's why Ian Shepherdson at Pantheon Macroeconomics called April's decline in the savings rate "no big deal." The personal saving rate is calculated as simply the difference between total disposable personal income less personal outlays.
Will Connecticut offshore wind jobs be union jobs? Here’s what the US Energy secretary says.
       
NEW LONDON, Conn. (AP) — The growing offshore wind industry is often touted as a boon for job creation, but who will do the work? Energy Secretary Jennifer Granholm visited the New London State Pier facility last week to see how Orsted, energy provider Eversource and the state of Connecticut are transforming it into a hub for the offshore wind industry. It sets the terms and conditions for union workers to build offshore wind farms, with targets to ensure a diverse workforce. “We know it’s new and there’s a lot coming.”The first U.S. offshore wind farm began operating off Block Island, Rhode Island, in late 2016. Its transmission system will connect to the electric grid on Long Island, New York, making it the state’s first offshore wind farm and jumpstarting the offshore wind industry there.
Police: 69-year-old killed after driver hit two pedestrians in marked crosswalk and fled
       
A 69-year-old man is dead after a driver struck two pedestrians and fled the scene Friday night in Avondale, according to Cincinnati police. Officers were dispatched to 3400 Reading Road at around 10 p.m. to investigate a fatal injury crash. Investigators said an unknown car headed north on Reading Road struck two pedestrians crossing east in a marked crosswalk and left the scene before police arrived. A 31-year-old man sustained serious injuries after being struck by the vehicle, investigators said. A 69-year-old man who was also hit was taken to the hospital, where he was pronounced deceased, investigators said.
Bailout planned for British microchip giant as China deal comes under scrutiny
       
A US-backed consortium preparing to make an offer for Newport Wafer Fab has held talks with the £1bn Automotive Transformation Fund (ATF) about supporting high-tech research at the Newport Wafer Fab facility in South Wales. Nexperia, which is 100pc owned by the Chinese technology company Wingtech, acquired Newport Wafer Fab for £63m last year. The plant fell into financial trouble during the pandemic, allowing Netherlands-based Nexperia, which owned 14pc of Newport Wafer Fab, to exercise an option to buy it. One source said this could include former members of Newport Wafer Fab’s management team. Mr Constance declined to comment on any potential funding, but said the fund was interested in funding gallium nitride and silicon carbide projects.
British Airways to cut pilots’ pay despite runaway inflation
       
British Airways is preparing to slash pilots’ pay by as much as 9pc amid soaring inflation as the airline seeks to fund salaries for staff left out of work during the pandemic. Bosses were accused of “dipping their snouts back into the bonus and dividend troughs” by the leader of the pilots union. Earlier this month, pilots rejected a new version of the pay deal, that includes a mechanism called a “long-term pay delta”, which was originally agreed during the height of the pandemic. However, pilots would have been locked into the schedule until 2028, when they would be docked 2.3pc of their pay. The airline has been forced to cancel thousands of flights in recent weeks after grappling with widespread staff shortages.
National Lottery could be suspended for first time in game's history
       
A legal battle could halt the National Lottery for the first time in 30 years, depriving good causes and players of millions of pounds, the regulator has warned. However, the Commission warned that Allwyn needed at least 19 months to prepare for and complete the complex process of taking over the lottery operation, the first transfer from one company to another in its 30-year history. “This will almost certainly mean that, as a minimum, the National Lottery does not operate to its full potential at the start of the fourth licence term. Mr Tanner said: “There would be no contributions to Good Causes during any period where the National Lottery is not operating. The Commission warned that June 30 2022 would be less than the minimum 19 months needed.
Jamie Oliver claws back £2.4m from restaurant empire collapse
       
Celebrity chef Jamie Oliver has clawed back £2.4m from the collapse of his Italian restaurant empire, company filings reveal, as suppliers to the chain are forced to swallow tens of millions of pounds worth of losses. This takes the total which has been paid out to Jamie Oliver Holdings, a business majority owned by Mr Oliver, to £2.4m. The collapse of Jamie's Italian came amid a downturn in the casual dining sector, with other companies including Gaucho, Byron and Gourmet Burger Kitchen having struggled. Jamie Oliver's Italian chain went through a painful restructuring in which it offloaded unprofitable sites, in an attempt to stay afloat. "This particular mechanic makes people spend more of their income and waste more," Mr Oliver said.
Ukraine war: Russia willing to discuss allowing Ukrainian grain out of blockaded Black Sea ports amid fears of food crisis, Putin says
       
Vladimir Putin has told Western leaders he is willing to discuss allowing Ukrainian grain to be exported from Black Sea ports, as fears swirl of a global food shortage. Ukraine war latest - Russia says it's taken key town in DonetskMore than 20 million tonnes of grain is lying idle in silos in Ukrainian ports amid a blockade by Russian ships. Latest news:Advertisement"For its part, Russia is ready to help find options for the unhindered export of grain, including the export of Ukrainian grain from Black Sea ports," the Kremlin said. Russia on the other hand has blamed the food crisis on Western sanctions and the mining of Ukrainian ports. According to the Kremlin, Mr Putin also said Russia was willing to resume frozen negotiations with Ukraine.
Cash-strapped Sri Lanka gets Russian oil to ease shortages
       
Colombo (AFP) – Cash-strapped Sri Lanka took delivery Saturday of Russian oil -- which could soon be subject to a European embargo -- to restart operations at the country's only refinery, the energy minister said. "I have made an official request to the Russian ambassador for direct supplies of Russian oil," Wijesekera told reporters in Colombo. Around 90,000 tonnes of Siberian light crude will be sent to Sri Lanka's refinery after the shipment was acquired on credit from Dubai-based intermediary Coral Energy. Sri Lanka will nonetheless call for fresh supply tenders in two weeks before the stock of Siberian light runs out, Wijesekera said. Russian oil is already subject to a US embargo and its barrels have traded at a steep discount from international benchmarks, which have risen substantially since the conflict began.
McDonald's in Russia could be called 'Fun and Tasty,' documents show, after 'McDuck' is ruled out
       
McDonald's in Russia has submitted a list of names, patent office filings seen by RBC show. Businessman Alexander Govor has agreed to buy all McDonald's restaurants in Russia. McDuck, a slang term for McDonald's in Russia, had already been trademarked by the US company. In the future, one of all registered names will be selected, " a McDonald's spokesperson told RBC. Moscow's governor, Andrey Vorobyov, told RBC that the restaurants would reopen in mid-June and retain most menu items.
NY arrests 41 connected to $3.5M retail theft ring
       
Retail theft ring takedown Authorities have announced that they have busted a massive retail theft ring in New York City, charging 41 people with stealing luxury goods from stores like Bloomingdale's and Macy's, before reselling the merchandise on eBay. New York law enforcement officials, including the Office of the Attorney General and the Mayor, announced Thursday that 41 people have been arrested as part of a takedown of a massive retail theft operation. According to officials, the shoplifters stole around $3.5M in goods from stores like Bloomingdale's, Macy's, Duane Reade, and Sephora. Law enforcement seized over $3.8M of stolen retail items, more than 550 stolen gift cash cards, and more than $300,000 dollars in cash from Rubinov. The investigation by the NYPD and the Office of the Attorney General remains ongoing and they say they are looking into other possible shoplifting schemes.
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.
Why cash is an important part of your retirement plan
       
Retirement savers are often told they’ll see a greater return in their retirement assets if they invest it – and that may be true – but it’s important to prioritize some cash in a retirement plan as well. Retirement Tip of the Week: For those close to retirement, consider keeping a portion of your retirement plan in cash – whether that be in the portfolio itself, or in a separate account. Check out MarketWatch’s column “Help Me Retire”As the saying goes, “cash is king.” That’s not always true when it comes to preparing for retirement, but having cash on hand does allow retirees the opportunity to avoid tapping into their portfolio during market volatility. Also see: My wife and I will have $250,000 in a retirement emergency fund – what’s the best way to store that cash? The short-term bucket would be invested conservatively, such as cash investments, while the long-term would be invested more aggressively to generate returns over that time horizon.
Fed's Brainard says recent crypto 'turmoil' could make the case for a digital dollar
       
Brainard said that physical cash provides the public with access to safe central bank money that is free from the risk that the Federal Reserve will go bankrupt, unlike private digital currencies like Terra. It was so widespread that it led to the need for a uniform national currency.”In January, the Federal Reserve issued a report on central-bank digital currency, which explained the potential risks and benefits of a Fed-issued digital dollar. Meanwhile, the Federal Reserve Bank of Boston has been experimenting, in partnership with the Massachusetts Institute of Technology, with the technological architecture that could serve as the basis for a digital dollar. A central-bank digital currency could work much like the mostly bank-issued digital money Americans use today, with some key differences. Second, transactions using a CBDC could be executed nearly instantaneously at little cost, and with proper collaboration with foreign central banks, while greatly reducing the cost and time it takes to execute cross border transactions.
Cook out cash out: Memorial Day BBQ cost surges over inflation
       
Surging inflation means Americans will face steep bills at the grocery store while stocking up their fridges with Memorial Day food and snacks this weekend. Barbecue staples have jumped in price over the last year, leading to more financial pain for cash-strapped Americans. The cost of food in supermarket aisles spiked a whopping 10.4% in April compared to the same month last year, according to the Consumer Price Index.
Howard Marks explains how to avoid crashes by learning to recognize signs of bull-market excess
       
A year before, Marks presciently warned investors that the market’s seemingly boundless optimism had gotten out of hand. Old-school, bear marketBefore the pandemic relief hysteria took hold, Marks argues that the most recent true bull market was the dot-com boom of the late 1990s-early 2000s. Bull markets are “best described by what it feels like, the psychology behind it, and the behavior that psychology leads to,” Marks said. The same is true of bear markets: “Does it really matter whether the S&P 500 SPX, +2.47% is down 19.9% or 20%? While the 2020-2021 bull market had many unique characteristics, there were also features that were reminiscent of previous bull markets as well.
‘Lots of stagflation in the new home market’: Homebuilder ETFs are struggling
       
Homebuilder exchange-traded funds are sliding this year, pummeled by rising interest rates and soaring prices in the housing market. All four ETFs have been trading below their 50-day moving average for most of this year, FactSet data show. “There’s lots of stagflation in the new home market,” wrote Yardeni Research in a note Tuesday. Here’s your weekly look at the top and bottom performers over the past week through Wednesday, according to FactSet data. “We’ve seen increased demand for floating rate strategies as investors look to protect against rising rates,” said Stuart Parker, president and chief executive officer of PGIM Investments, in the announcement.
My bank accidentally deposited $10K in my account. I reported it, then moved it to my savings account. Have I done enough?
       
I also reported the error to the branch manager, who assured me that it would be corrected in a couple of days. A month later, the money was still in my account, so I transferred it to my savings account so that I wouldn’t accidentally spend it. I have nothing against the bank reclaiming the extra money; it is theirs, and I only have it because of an accident. If the end result was moving the $9,000 to your savings account for safekeeping, then I’m afraid it’s hard to argue the latter. Would you have left the bank if the money had come out of your bank account in error instead of being deposited into it?
Wall Street permabear Albert Edwards highlights the recession threat hidden in retailers' earnings
       
Société Générale’s Albert Edwards has spent years building his reputation as one of Wall Street’s most closely-followed market bears. When it comes to those retailers’ earnings, Edwards explains that it wasn’t disappointing sales that were the primary source of disappointment, but rather the sharp decline in profit margins. And the slowing pace of buildup has created an inventory “elephant” that is haunting the economy, and by extension markets. Edwards added that while inventory-to-sales ratios remain depressed, a closer look reveals that the autos sector is causing some distortions here. And just like that, Edwards has sketched out a vision of how the supply chain crunch could evolve into an economy-crushing glut.
Opinion: The S&P 500 may be finding a short-term bottom -- but the intermediate worries remain
       
Lawrence McMillanEquity-only put-call ratios have generated buy signals, at least according to the computer programs that we use to analyze them. In addition, the weighted ratio’s chart has rolled over to the naked eye, confirming the buy signal. These buy signals are coming from very high levels on their charts, meaning that they had gotten extremely oversold – reflecting a lot of bearish opinion. Lawrence McMillanLawrence McMillanBreadth has improved, too, and the breadth oscillators first gave buy signals on May 20. VIX VIX, -6.47% has continue to languish near 30, never really spiking much higher on this last probe downward by the broad stock market.
War surges Norway's oil, gas profit. Now, it's urged to help
       
Europe’s frantic search for alternatives to Russian energy has dramatically increased the demand — and price — for Norway’s oil and gas. As the money pours in, Europe’s second-biggest natural gas supplier is fending off accusations that it’s profiting from the war in Ukraine. Taxes on the windfall profits of oil and gas companies have been common in Europe to help people cope with soaring energy bills, now exacerbated by the war. Oil and gas prices were already high amid an energy crunch and have spiked because of the war. “We are doing whatever we can to be a reliable supplier of gas and energy to Europe in difficult times.
Tesla won't set up manufacturing plant in India until allowed to first sell and service cars, Elon Musk says
       
Responding to an individual on Twitter, who had asked for an update on Tesla's manufacturing plant in India, Musk responded, "Tesla will not put a manufacturing plant in any location where we are not allowed first to sell & service cars." Tesla incorporated a subsidiary in India early last year and registered an office in the city of Bengaluru in Karnataka. The Southern Indian state of Karnataka said shortly afterwards that Tesla "will be opening an electric car manufacturing unit in Karnataka." “If Elon Musk is ready to manufacture Tesla in India, then there is no problem,” India's Road Transport Minister Nitin Gadkari said at an event last month. But manufacturing cars in China and selling them in India is not a “good proposition,” he added.
Elon Musk Says Bill Gates Has ‘Multi-Billion Dollar’ Tesla Short Position
       
(Bloomberg) -- Bill Gates has a short position against Tesla Inc. that would now need between $1.5 billion and $2 billion to close out, Elon Musk said Friday in a series of tweets. Most Read from BloombergMusk said the position was $500 million and grew after Tesla “went up a lot.”When asked last year on CNBC whether he was short Tesla, Gates said, “I don’t talk about my investments.”Musk was replying to tweets after the close of his Twitter poll asking who respondents trust less -- politicians or billionaires. More than 75% said they had less trust in politicians. READ: Michael Burry Takes Dig at Musk as Short-Seller Battle Heats UpMost Read from Bloomberg Businessweek©2022 Bloomberg L.P.
Cars and 'collabs': luxury watchmakers turn to autos for inspiration
       
High-end cars and high-end watches may sound like a match made in heaven for wealthy men and women of a certain age. “We’ve got engineers, we’ve got some of the same machines — our case machines — that they [Williams] use to manufacture parts,” English says about Bremont’s relationship with Williams F1. Part of the Porsche Lifestyle Group, Porsche Design works closely with the automaker’s customers who wish to personalize their Porsche Design watches, with materials from the car they actually own. Porsche Design Chronograph 1“The colors, types of leather, and decorative stitching on these chronographs all originate from automotive production,” Porsche Lifestyle CEO Dr. Jan Becker said in a statement to Yahoo Finance. Read the latest financial and business news from Yahoo FinanceFollow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn
Eviction rates climb as protections for Oregon renters dwindle
       
It’s been over two months since Oregon closed its emergency rent assistance program. In that time, safety nets for renters have continued to disappear, leaving hundreds of renters even more susceptible to eviction. And, Straus said, about half of the nonpayment rent cases the Oregon Law Center handles end in renters getting displaced. Demographic-specific data about Oregon evictions was not immediately available. But she said things have gotten worse as evictions protections dwindle, such as the so-called “safe harbor protections” the Oregon Legislature passed to provide renters with a buffer from evictions.
Which president did the best job with inflation?
       
Buzz: “Which president did the best job with inflation?” It’s not a simple question to answer. ToplinePresident Joe Biden has seen inflation average 6.5% in the last 12 months vs. 1.3% in 2020 before he was elected. Global tensions and economic mismanagement meshed to create 10.2% average inflation — the highest in this post-WWII history. Inflation averaged 2.6% inflation — No. Inflation averaged 2.2% inflation — the third-lowest of the 10.
They Lost Major Coin—and Now the Tax Bill Is Due
       
The crypto market endured its worst crash in years this month, wiping out more than $400 billion in value in a matter of weeks. Tax attorneys who specialize in crypto told The Daily Beast they, too, were inundated by calls, from people who had lost more than they owed in taxes. It’s a serious ethical quandary.”‘We’re a Cult’: Inside Bitcoin’s Shameless HypefestThis, many tax advisers agree, is a major reason tax season is a nightmare for crypto fans. In the traditional stock market, Gordon said, “usually you don't see a billion-dollar project go to shit like that.”Crypto investors also tend to be younger and less knowledgeable about finances than typical stock market investors, Gordon said. Gordon says he has clients who are still paying off their tax bills from a 2018 crypto market crash.
Rail chief working from home is ‘blatant hypocrisy’
       
A top rail chief is still working from home part time 130 miles away from the office despite urging commuters to return to the railway, The Telegraph can reveal. The main industry body has led the charge for more commuting by rail since guidance to work from home was ditched in January. But it has been accused of “blatant hypocrisy” after an investigation by this newspaper found the RDG and Network Rail allow office-based staff to commute only twice a week. A Rail Delivery Group spokesman said Ms Starr commutes “by rail several times a week” and this is “consistent with both her role and her personal travel arrangements”. “The industry is working hard to attract a more flexible workforce, with measures like the introduction of flexi season tickets for commuters.
McDonald’s new brand name in Russia could be ‘Fun and Tasty’
       
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. Initially in March, shortly after the war began, McDonald’s followed other Western companies in temporarily shutting down its restaurants in Russia. McDonald’s will take a significant write-off from exiting Russia — between $1.2 billion to $1.4 billion. In its most recent earnings report, McDonald’s said closing its restaurants in Russia had cost it $127 million last quarter. McDonald’s had 847 restaurants in Russia at the close of last year, according to an investor document.
Save big all summer long and beyond with a Sam’s Club Membership, now $5
       
You can save big on all your BBQ must-haves, outdoor necessities, and more with a Sam’s Club Membership. Yep, that means a year-long membership to Sam’s Club is essentially yours for just $5, and it will help you save money for twelve months straight. Shave money off your monthly budget all year with this record low Sam’s Club membership opportunity. Sam’s Club Membership, $15, plus a $10 gift card upon signupGetty ImagesAside from wandering the aisles and discovering a plethora of savings, Sam’s Club memberships also include some other awesome perks. Take advantage of this amazingly low Sam’s Club membership offer at just $15 and take home a $10 Sam’s Club E-Gift Card, too, effectively making your membership just $5 before May 31st.
Your credit score is essential to obtain a good mortgage — here's how to boost your score before you apply for a loan
       
That's because payment history makes up 35% of your FICO® score, making it the most influential factor when determining a person's credit score. But your credit score isn't just impacted by your credit card bills. Keep your credit utilization rate lowYour credit utilization rate is the amount of credit you've used divided by your total available credit. For example, if you've spent $5,000 on a credit card with a credit limit of $10,000, your credit utilization rate is 50%. Additionally, you might also consider (thoughtfully) opening a credit card with a 0% APR intro period if you're already carrying a lot of credit card debt (as long as you aren't already opening too many new lines of credit).
Robinhood soars after 30-year old crypto billionaire takes stake
       
New York (CNN Business) It's been a brutal year for Robinhood. The stock has plummeted 40% this year and Robinhood recently announced a big round of layoffs. Shares of Robinhood surged more than 25% Friday after an investment firm run by 30-year-old crypto billionaire Sam Bankman-Fried disclosed in a Securities and Exchange Commission filing that it has bought a 7.6% stake in the company. Bankman-Fried, who runs the startup FTX, a cryptocurrency exchange based in the Bahamas, said in the filing that he bought Robinhood shares because he believes they "represent an attractive investment." He added that his stake is meant to be a passive investment and that he does "not currently have any intention of taking any action toward changing or influencing the control of" Robinhood.
Crypto is dead. Long live crypto
       
London (CNN Business) The deepening chasm between the crypto evangelists and naysayers may never have been as stark. But the crypto faithful say that despite its problems, crypto isn't going away. For one thing, according to some experts, crypto has to confront its branding problem. Mykhailo Fedorov, Ukraine's minister of digital transformation, has a message for tech giants SAP and Cloudflare: Get out of Russia, now. 2 figure in the Communist Party after President Xi Jinping, described the country's economic conditions as "complex and grave."
Davos: Central bankers say cryptos aren’t real currencies
       
(Photo by Jim Watson/AFP/Getty Images)The statue of former Los Angeles Lakers Magic Johnson is seen in front of Staples Center following an NBA basketball game between the Los Angeles Clippers and the San Antonio Spurs Tuesday, Nov. 16, 2021, in Los Angeles. But she said central bank digital currencies (CBDCs) supported by governments can, in fact, be stable. Sethaput Suthiwartnarueput, a governor with the Bank of Thailand, said that Thailand has been experimenting in the world of digital currencies. That said, Georgieva noted that digital money can be a “global public good” that can help people send remittances across borders. The key is for interoperability, so that it is just as easy to transfer digital currencies as it is paper-backed currencies like the dollar and euro.
Budweiser's slogan wasn't always the 'King of Beers'
       
New York (CNN Business) Budweiser's slogan, the "King of Beers," is as recognizable as its Clydesdales. Let's start from the beginning: German immigrant Adolphus Busch arrived in the United States in 1857. Budweiser was primarily sold bottled, so the original slogan was actually the "King of Bottled Beer." A "King of Bottled Beer" cardboard sign from the 1930s. The slogan was tweaked to "King of All Bottled Beers" as competition grew.
Sisters still searching for answers in May 2013 murder of Karen Bellinger Canestaro
       
“She has two kids and four grandchildren now.”The sisters told Dateline that Karen and her husband were high school sweethearts. The sisters told Dateline that Karen had been struggling with alcohol abuse and on March 29, 2013, she was kicked out of the house. The sisters told Dateline that Karen suffered from health issues and was dealing with problems in her marriage. Mary CourtrightAlthough it has been almost a decade since Karen died, her sisters told Dateline they will never stop fighting for justice. They run the ‘Justice for Karen Bellinger Canestaro’ Facebook page and continue to post about Karen, hoping someone will provide information that could help solve her case.
Putin says he’s willing to discuss resuming Ukrainian grain shipments
       
Russian President Vladimir Putin told the leaders of France and Germany in a phone call on Saturday that Russia was willing to discuss ways to make it possible for Ukraine to resume shipments of grain from Black Sea ports, the Kremlin said. “For its part, Russia is ready to help find options for the unhindered export of grain, including the export of Ukrainian grain from Black Sea ports,” the Kremlin said. Russia has blamed the situation on Western sanctions against it, and on the mining of Ukrainian ports. The Kremlin said Putin also said Russia was willing to resume talks with Ukraine. President Vladimir Putin confirmed the Russian side’s openness to resume dialogue,” it said.
Lawsuit Accuses Elon Musk Of Trashing Twitter To Drive Down Price
       
The proposed class action, filed Wednesday in the U.S. District Court for the Northern District of California, claims Musk aimed to drive down Twitter’s stock price because he either wants to walk away from the deal or negotiate a lower purchase price. Musk made an agreement last month to purchase the social media company for $44 billion, but has since repeatedly publicly complained about Twitter. He later said a lower purchase price wasn’t out of the question. Since Musk’s acquisition bid — and the grumbling — Twitter’s share price has dropped more than 12%, and Tesla’s is down about 28%. Musk was using Tesla stock to finance the Twitter purchase.
What if we get a 'soft landing' for the economy after all?
       
But what if the Fed Chairman Jerome Powell succeeds in his “softish” landing, like the central bank’s rare 1994-’95 tightening cycle that didn’t knock the economy into the dumps? Mizuho Securities economists looked at which assets performed best through that cycle. What worked in the ‘model’ 1994-1995 Fed tightening cycle. “Of course, there are major economic and valuation differences between today and 1994,” the team wrote, adding that a “soft landing” isn’t their baseline economic scenario for the current tightening cycle. This year, it’s been sharp losses for stocks, even outside of the high-flying technology companies that earlier lifted equity indexes to pandemic records.
Opinion: Inflation has been pummeling the middle class for decades, but the out-of-touch CPI masks this reality
       
Perhaps “fake” is too strong a term to describe the data-driven consumer price index (CPI), which serves as the U.S. government’s proxy for inflation. But the narrative the CPI has long burnished—namely that, since 2000, ordinary expenses have been fairly manageable amid rising wages—is entirely debunked by new research. But, as a study done by the Ludwig Institute for Shared Economic Prosperity (LISEP) reveals, that’s no longer true. So the CPI’s heavy weighting of those luxury goods divorces it from the inflationary reality it purports to track. Bad statistics have shrouded a worrisome economic reality that affects not only the poor and working class, but those earning median incomes as well.
TerraUSD crash led to vanished savings and shattered dreams
       
TerraUSD was touted as a blue-chip cryptocurrency. Now its investors are reeling from painful losses and asking if it was all a get-rich-quick scheme. A surgeon in Massachusetts can’t stop thinking about how he lost his family’s nest egg. A young Ukrainian considered suicide after losing 90% of his savings. Other investors have given up dreams of starting new businesses or quitting their day jobs.
New Yorkers sued by debt collectors can now get legal advice from non-lawyers — here’s what that could mean for low-income consumers across the country
       
These cases can constitute one-quarter of the caseload in New York, and many go answered, Upsolve said in court papers. But eyeing New York state’s rules against the unauthorized practice of law — and, specifically, the ban on non-lawyers providing legal advice — Upsolve sued to block the state from enforcing them against the organization and any trained volunteers. A Bronx reverend who wanted to give debt-collection lawsuit advice to community members also sued. The profession involves drafting legal documents, court arguments and other duties beyond offering advice, he noted. Other states, like Arizona and Utah, allowed very limited instances in which non-attorneys could help a person in a legal bind, Upsolve’s lawyers said.
What if we get a 'soft landing' for the economy after all?
       
But what if the Fed Chairman Jerome Powell succeeds in his “softish” landing, like the central bank’s rare 1994-’95 tightening cycle that didn’t knock the economy into the dumps? Mizuho Securities economists looked at which assets performed best through that cycle. What worked in the ‘model’ 1994-1995 Fed tightening cycle. “Of course, there are major economic and valuation differences between today and 1994,” the team wrote, adding that a “soft landing” isn’t their baseline economic scenario for the current tightening cycle. This year, it’s been sharp losses for stocks, even outside of the high-flying technology companies that earlier lifted equity indexes to pandemic records.
Buying Will Get You Nowhere If You Don't Know How to Sell
       
But the decision of when to sell has a far greater impact on our investing. Even when we know that we should be selling, we have to deal with emotions that drive us to hold on. They just want to buy a great stock and wait for the profits to roll in. When you don't have a plan that forces you to act, then you will constantly be looking for reasons not to sell. Don't make a buy unless you have a set stop-loss point in mind, and then honor it.
Real Estate newsletter: Billionaire chases $127.5 million in Malibu
       
Welcome back to the Real Estate newsletter. Billionaire aims for $127.5 millionTamara Gustavson is asking for $127.5 million for her Malibu estate, making it the fourth-priciest property on the market in L.A. County. (Adrian Anz)Tamara Gustavson — daughter of B. Wayne Hughes, the late self-storage titan who donated a record $400 million to USC — is asking $127.5 million for her prized Malibu estate. (Hilton & Hyland)When biotech entrepreneur Roy Eddleman bought Villa Firenze at auction for $51 million, real estate sources considered it a steal — given that the Beverly Park mega-mansion originally surfaced for sale at $165 million. Realtor.com took a peek at the Caribbean real estate market, profiling the priciest home in Puerto Rico.
Las Vegas housing market looks ‘unusual’ as sales fall, prices rise
       
Construction continues on homes in the northwest Las Vegas Valley on Monday, May 23, 2022, in Las Vegas. (Benjamin Hager/Las Vegas Review-Journal) @benjaminhphotoConstruction continues on homes in the northwest Las Vegas Valley on Monday, May 23, 2022, in Las Vegas. (Benjamin Hager/Las Vegas Review-Journal) @benjaminhphotoConstruction continues on homes in the northwest Las Vegas Valley on Monday, May 23, 2022, in Las Vegas. (Michael Quine/Las Vegas Review-Journal) @Vegas88sConstruction continues on homes in the northwest Las Vegas Valley on Monday, May 23, 2022, in Las Vegas. (Benjamin Hager/Las Vegas Review-Journal) @benjaminhphotoConstruction continues on homes in the northwest Las Vegas Valley on Monday, May 23, 2022, in Las Vegas.
Photos: 2022 Tucson High Magnet School graduation
       
U.S. gas prices are hitting new records every day. Check out average gas prices today and compare to the past in these five graphics.
State Police Had Most Fatal Shootings in Kentucky - Kentucky Center for Investigative Reporting
       
Pridemore’s track record helps illustrate the low level of accountability at the Kentucky State Police, whose officers shot and killed at least 41 people from 2015 through 2020. That is more fatal shootings than any other law enforcement agency in the state, according to an investigation by The Marshall Project and the Kentucky Center for Investigative Reporting. “Everybody knows everybody else.”Troopers don’t wear body cameras, although the Kentucky State Police says it is exploring the possibility of employing them. Neither of these questions was addressed by the Kentucky State Police inquiry into the death of Michael Asher. Internal Investigations, No ProsecutionsThe Kentucky State Police created a special unit in 2017 to investigate state police shootings, as well as those of many local police departments.
Gas prices won't affect Memorial Day weekend travel plans, Americans say
       
Most Americans who spoke with Fox News said they wouldn't change their Memorial Day weekend plans despite record-high gas prices impacting their budgets. "We’re only going down for Memorial Day itself," she said of her planned visit to the Jersey Shore. "The rest of the weekend we're staying around because the gas prices are making us stay home." HIGH GAS PRICES WON'T DETER MEMORIAL DAY WEEKEND TRAVEL, AAA EXEC SAYS"Spending extra money anywhere else is pretty much not gonna happen," Kathy continued. THIS IS HOW MUCH YOUR MEMORIAL DAY WEEKEND ROAD TRIP WILL COST WITH RECORD HIGH GAS PRICESTravelers told Fox News they felt strain from high gas prices, but wouldn't let them ruin their plans.
This couple bought and renovated a 109-year-old mansion for less than $500,000. Now it's worth $900,000–take a look inside
       
When Abby Brothers first saw the Page Mansion listed for sale online, she knew she had found a forever home. Abby and Trey Brothers found the listing for the 109-year-old Page Mansion on Zillow before the couple moved in 2018. Here's how they found and developed a vision to transform the vacant house into their DIY dream home. When Abby and Trey went to see the home in person, remains of that history were scattered throughout the vacant mansion. The couple spent $268,000 renovating the Page Mansion, keeping much of the house's old features, furnishing and even furniture.
Wall Street analysts reveal the safest stocks to 'hide' as investors ride out the market storm
       
The market turmoil has many investors on edge, but Wall Street analysts said this week there are a raft of companies that offer a high level of portfolio protection. CNBC Pro looked through the top Wall Street research to find analysts' top picks for navigating the market uncertainty. Fox "Still a good place to hide," MoffettNathanson analyst Robert Fishman said in a recent note to clients. "As investors look for safe investments in this challenging market environment beset with macro headwinds, we continue to recommend FOXA..." he added. In a bear market, where investors lament they have 'nowhere to hide,' we think EDA stocks like SNPS are the right places to be.
Choosing between pre-tax and Roth 401(k) plans can be much trickier than you think
       
Whether you're a current employee or changing jobs, you may need to choose between pre-tax and Roth 401(k) contributions, and it may be trickier than you expect. Here's the difference: Pre-tax 401(k) deposits reduce your adjusted gross income, and the money grows tax-deferred, meaning you'll pay levies on withdrawals. By contrast, Roth 401(k) contributions don't provide an upfront write-off, but earnings are tax-free. However, there may be other tax trade-offs, so you'll need to weigh the pros and cons before diverting funds, financial experts say. If you plan on more income or higher taxes in retirement, tax-free withdrawals from Roth contributions may make sense, and tax-deferred contributions may be better if you expect lower earnings and levies.
Your Memorial Day BBQ is going to cost you a lot more this year
       
New York (CNN Business) People who got an early jump on their Memorial Day barbecue shopping may have noticed something alarming: Prices are up. Sticker shock is everywhere, from burgers to buns, from ketchup to mustard. The price of frozen meat packages, not including poultry, popped 15.7% while frozen sausages prices jumped 24.4%. Packaged hamburger and hot dog buns got 11.2% more expensive. Ketchup spiked 15.8%, mustard popped 10.4% and carbonated beverage prices increased 13.9%.
Athens calls Iran’s seizure of two Greek oil tankers ‘piracy’
       
Iran’s paramilitary Revolutionary Guard said on Friday that Iranian forces "seized two Greek tankers for violations in Gulf waters," according to a statement quoted by Iranian state news agency IRNA. The Greek ministry called for the immediate release of the vessels and their crews, saying the “acts effectively amount to acts of piracy,” according to a statement. The ministry warned that the seizure would have “particularly negative consequences” in the bilateral relations between Greece and Iran and on Iran’s relations with the European Union. The two Greek tankers were seized on Friday. “A similar incident was reported on another Greek-flagged ship, carrying seven Greek citizens, off the Iranian coast,” the ministry added.
The astronomical price of diesel is making everything more expensive
       
The astronomical price of diesel is making everything more expensiveEnlarge this image toggle caption Samantha Kraulik/Anderson Trucking Service Samantha Kraulik/Anderson Trucking ServiceYou know the commercial that says America runs on a certain brand's coffee and donuts? At around $5.50 a gallon, diesel prices are up a whopping 75% more than last year and blew past all-time record recently. Diesel prices have skyrocketed faster than gasoline, which has itself hit record levels. He that operators like him won't be able to continue hauling if diesel prices climb higher. In less than six months, Stringham has spent the same amount on fuel as he did all of last year.
Get ready for the Great Resistance. Companies and employees are locked in a battle of wills over returning to the office.
       
The Great Resignation — regarded by some observers as more of a Great Negotiation for better pay and working conditions — has led to the Great Resistance, a battle of wills between senior management and, well, everyone else. Faust Liggayu counts herself among the Great Resistance. “The Great Resignation has led to the Great Resistance, a battle of wills between senior management and, well, everyone else. “Over the last two years, companies have found out people don’t need to be in the office for great work to keep happening,” he said. Remote work is a tradeoff for everyoneAs managers negotiate with office workers, companies are negotiating with landlords about their office leases.
How does the big change coming to 401(k)s impact my retirement plans? Here's what you need to know about the accounts vs. Roth IRAs
       
Understanding 401(k) plansA 401(k) is a retirement savings vehicle that's offered by employers. How a Roth IRA is differentA Roth IRA individual retirement account is similar to a 401(k), though with the taxes flipped. Wealthy people have long used a loophole called the backdoor Roth IRA, contributing unlimited after-tax dollars into traditional IRAs or 401(k)s, then converting to a Roth IRA for tax-free withdrawals in retirement. Your expected retirement income tax bracket. And if you have more to invest, you could consider a backdoor Roth IRA conversion.
Proposal to overhaul business taxes in Oakland on the ballot this November
       
OAKLAND — Residents will decide in November whether to overhaul the way the city’s businesses are taxed. The City Council this week decided to place a measure on the ballot that would require businesses making a lot of money to pay higher taxes and others to pay less. The council members’ original proposal would have generated $40 million extra per year for the city, but the Oakland Metropolitan Chamber of Commerce called that too drastic. Earlier this week, city leaders, union groups and the business chamber announced they had drafted a measure they could all get behind this election. Under the proposed ballot measure, the higher the revenue the higher the rates based on gross receipts, though they’ll still vary by industry.
Too close for comfort? Don’t wall us in, critics say as building boom transforms Hendricks Isle from shabby to chic
       
A new construction project is seen next to 427 Hendricks Isle on Monday, May 23, 2022 in Fort Lauderdale. We’re talking about Hendricks Isle, the longest finger island of Fort Lauderdale’s famous Las Olas Isles just east of downtown. Several developers on Hendricks Isle have made similar requests over the years with no trouble at all, he noted. (In-Site Design Group)The building boom transforming Hendricks Isle really took off in the past decade or so — and it’s not over yet. Bending the rulesMost of the buildings on Hendricks Isle seem bunched together without much space between them — even the older ones.
Property insurance crisis: as state tries fixes, these are the real stories behind an industry on the brink
       
Prohibitive insurance premiums, a flurry of litigation and failing companies are combining to leave many Florida property owners uncovered and without options, consumers and industry critics say. [ RELATED: Florida lawmakers approve property insurance, condo reforms ]The experts were also slow to learn that mold was part of the damage equation, Bright says. [ RELATED: Florida lawmakers leave lots of unfinished business on property insurance reforms ]But the next month, Avatar was in receivership. Advertisement“When I went to deposit the [settlement] check it bounced,” she saidHer claim is now in the hands of the Florida Insurance Guaranty Association, the state agency which processes claims of customers of insurance companies that go belly-up. Her bathroom was damaged in December and has been unrepaired since her insurance company went belly-up earlier this year.
Inside the race to master supersonic air travel
       
Bold corporate claims of bringing back supersonic travel will run headlong into scientific challenges for years to come, they added. “These manufacturers are trying to reinvent supersonic aircraft,” said Dan Rutherford, director of the aviation program at the International Council on Clean Transportation. Over the past decade, numerous start-ups have cropped up promising a better, more cost-effective supersonic jet for commercial air travel. © Boom Technology A rendering of the Boom Overture supersonic jet. Mike Leskinen, president of United Airlines Ventures, said his company’s bet on supersonic travel will fill customer demand for high-speed business travel.
NHS fails to make use of private hospitals to clear Covid backlog
       
Danger of 'lost year' for tackling NHS waiting listsThe Government previously announced a “Build Back Better” plan for health and social care, which included a £9 billion funding commitment to tackle the elective backlog. The plan claimed the NHS could deliver 30 per cent more elective activity by 2024-25, including through new surgical hubs working with the private sector. Sajid Javid, the Health Secretary, said in March that patients waiting more than 18 months could be offered treatment in a private hospital. Estimates by the trade association suggested NHS procedures carried out by private providers dropped by six per cent between 2019 and 2021, from 1,297,356 to 1,220,072. Private hospitals could deliver 130 per cent of pre-pandemic activity, the IHPN suggested, representing an additional 389,207 completed procedures a year.
Hundreds of students attend protest march in Chile
       
Hundreds of students protested in Santiago, Chile on Friday, demanding that food subsidies and funds for structural improvements to public schools be allocated in the country's budget.
Saudi Arabia, Argentina showing interest in BRICS — Lavrov
       
27 May 2022 21:47 (UTC+04:00)By TrendRiyadh and Buenos Aires show interest in BRICS activities, Russian Foreign Minister Sergey Lavrov said in an interview with RT Arabic, Trend reports citing TASS. "The interest in it [BRICS group - TASS] is showed by our Saudi friends and Argentina, which stated the desire to become a full-fledged BRICS member, coming from mouth of its Foreign Minister Santiago Cafiero," the Minister said. The next BRICS summit is being prepared, Lavrov said. The Minister also indicated that many countries of the Arab world show interest in establishing partner relations with the Shanghai Cooperation Organization. "These are processes of building up meaningful and positive, non-antagonistic alliances, not aimed against anyone," Lavrov added.
Mark Zuckerberg Predicts More Metaverse Pain After Spending $10 Billion in 2021
       
TheThe company spent $10 billion in 2021 alone, but Zuckerberg expects it to bleed money for another 3-5 years. The Meta CEO told investors some products could take as long as 15 years before they are ready for the market. When announcing the change in October 2021, Meta CEO Mark Zuckerberg said the company was going to build its business around the metaverse. After spending $10 billion in 2021 towards building the metaverse, Meta shares tanked amid the impact the capital expenditure had on the bottom line. The metaverse is an immersive space where creators and businesses will be able to create an economic system selling virtual products and services.
“There Has to Be a Line”: Substack’s Founders Dive Headfirst Into the Culture Wars
       
One day last June, Patti Smith opened her laptop, typed a brief message to the thousands of readers of her Substack newsletter, and hit Send. Four months after discovering Anderson through her Substack, Smith stood onstage with him in the darkness of Glasgow’s Theatre Royal. More recently, the company has found itself on the front lines of the culture wars. In addition to her serialized memoir and other miscellaneous writings, Smith uses Substack for audio messages, poetry readings, and photography. “It wasn’t smooth sailing,” McKenzie told me.
5 Korean office dramas about falling for your boss, streaming on Netflix
       
From 2022’s breakout hit Business Proposal to the classic What’s Wrong With Secretary Kim, Korean office dramas have supplied decisive proof that love can be found in the unlikeliest places—such as the swanky corner cabin. As offices around the world start cautiously stepping into the new normal, here are 5 Korean office dramas that will motivate you to swap the couch for the cubicle:Business Proposal (2022)Content This content can also be viewed on the site it originates from. Looking to catch the eye of the dashing business scion (played by Ahn HyoSeop) appointed as the new CEO? Chances are your job will be on the line once he discovers the deception, but all’s fair in love and war—and slippers used as projectile missives. What’s Wrong With Secretary Kim (2018)
A Photographer Pays Loving Tribute to the Korean Community in Flushing
       
“If you're from this part of Queens, you constantly go to Flushing: to do business, hang out with your friends, eat food, get your hair cut,” she adds. “In a way, I wanted to capture my childhood because Flushing is changing so quickly. Community leaders say the number of Korean businesses has plummeted dramatically as a result. The 2010 demolition of a five-acre municipal parking lot used by the customers of surrounding Korean stores was also a turning point. “It used to be a bubble, a Korean ethnic enclave,” Chung says, adding that “Han in Town” (which means Koreatown) is how longtime Korean business owners still refer to downtown Flushing.
Derick Dillard in Court: Jim Bob Duggar Stole from Everyone, Forced His Kids to Beg for Food
       
As previously reported, Jill Duggar revealed in some of these papers that her dad was often verbally abusive toward her. Similarly, Jill's husband, Derick Dillard, sat down for a deposition on May 25, 2021. Derick has said in the past that Duggar stole millions of dollars from his kids by taking their TLC salaries for himself. "It probably ended up being a little more than minimum wage," Dillard revealed in a video on their Dillard Family Official YouTube page. "We all love Jill, Derick, and their boys very much.
Derick Dillard and Jill Duggar Sell Home as Due Date Approaches
       
Earlier this year, Jill Duggar and Derick Dillard revealed that they are selling their home. While they're sorry to see the property go, they know that they need to uproot for Derick's new job. Derick and Jill purchased the four-bedroom, two-bathroom, 1,486 square foot house more than three years ago, in April of 2019. Jill and Derick will likely show off their new home in the not-so-distant future. Jill and Derick are doing okay, but it's hard to think about any of this -- home shopping, how much Jill makes through Instagram endorsements, etc -- without remembering how she was robbed.
Is Princess Charlotte set to inherit one of Princess Diana's most precious tiaras?
       
Is Princess Charlotte set to inherit one of Princess Diana's most precious tiaras? Loading the player...WATCH: Princess Charlotte shares cute moment with Princess BeatriceThe catalogue note reads: "Having been worn by Princess Diana at her wedding, the Spencer Tiara is one of the most famous diadems in modern history. It was subsequently worn by all three of his daughters at their wedding: Lady Jane in 1978; Lady Sarah in 1980; and finally Lady Diana the following year, in 1981. The Spencer Tiara is now set to be inherited by Princess Charlotte." Sotheby's catalogue states Princess Charlotte will inherit the tiaraWhile the catalogue states Charlotte will inherit the tiara, it is still in the possession of Diana's brother Charles Spencer, 9th Earl Spencer.
Can Josh Duggar Visit His Kids as Registered Sex Offender?
       
David Haas, former U.S. Attorney, who has also defended against child porn-related charges before, tells In Touch exclusively that Duggar will have to register as a sex offender. As such, his ability to see his kids will be restrained. Duggar’s child pornography trial following an April 2021 Department of Homeland Security raid of his car dealership*began on November 30, 2021. Duggar’s defense attorneys asked the court on May 11 for a combined prison sentence of five years. The prosecution is asking that the former 19 Kids and Counting star serve the maximum of 20 years behind bars for each count respectively.
American Eagle exec: The supply chain is broken. Here’s how to fix it
       
But the supply chain we currently have is severely underfunded and in need of a massive retooling. Edward Hertzman: We all know the supply chain is broken. The typical supply chain is sub-scale. No matter how well-run a midsize retailer’s supply chain is, or how much it invests, that company will never, ever be able to catch up and compete on supply chain with the biggest names. In the end, scalability in the supply chain is about sustainability—both environmentally and financially.
How one New Hampshire sawmill is taking a stand against big timber
       
Wood products are such a pervasive part of modern life that they’re invisible to most people. That, to me, is kind of crazy.” Katrina and Miles started Timberdoodle somewhat improbably out of the apartment they shared while studying at the University of New Hampshire. That’s part of why Katrina wants the public to start interrogating where the wood that serves as the backdrop to their lives comes from. advertisementUltimately, Timberdoodle’s business model and intention—providing wood products on an as-needed basis in a hyperlocal context—requires that it stay small, meaning it will never single-handedly represent a solution to all the environmental problems of the wood industry. “That’s how I hold that tension between sustainable building materials and the destructive power of most timber harvests.
It’s time to tap your secret recruitment weapon: your workforce
       
If your company has 800 employees, your company has 800 recruiters. In today’s competitive hiring market, recruiting top talent needs more. Employees know a company’s culture, values, and mission better than anyone, and this makes them your best resource for hiring strong candidates. Referral bonuses encourage employees to take the time to play matchmaker in a sense—connecting people in their network to their company’s recruiting team. If everyone on your team has their eye out for talent, think of how effective your organization’s hiring strategy will be.
5 takeaways from Sequoia’s dire ‘Adapting to Endure’ presentation
       
“Many of [the monetary and fiscal policy] tools have been exhausted,” the presentation reads. Negative real interest rates led to effortless fundraising for growth companies and record valuation levels. advertisementThe presentation also touched on changes in valuation, noting the financial markets are a barometer on the economy. And in the medium- to long-term picture, consistent growth will lead to improved margins, which investors will reward. advertisementThere is one bright side While the presentation is a gloomy one on the whole, it does point out one area of optimism.
5 lessons I learned from helping to launch Tesla’s Model S
       
But I’m not sure anything compares to one challenge I had to meet as the President of Tesla Japan: the 2014 launch of the Model S for Japan. The logistics of the Model S launch, for instance, required no small amount of creativity. Coordinating Elon’s schedule, managing media and partner needs, and handling delivery to our first Model S customers was a needle to thread. And with only five weeks to get ready for the Model S launch, we knew we wouldn’t have all the usual assets available for a typical launch. advertisementFirst-principle ruling prevails My big takeaway from the Model S launch was the importance of clarity in problem solving–the value in distilling things to their basic elements.
How early-stage startups can adapt to the new VC landscape
       
The global economic challenges, alongside a volatile stock market, has resulted in a fundamentally new VC marketplace. Business plans, go-to market strategies, and valuations that had all been tailored to certain VC criteria are being forced to rapidly change. advertisementEven if you have 12 to 24 months of runway, raise money now if you can. Go to your internal investors and take a hit on your valuation or raise a smaller round if necessary. This also demonstrates that yours is the type of company that can raise money in any kind of financial environment.
Gen Z doesn’t want to go back to the office without these 3 things
       
According to a Generation Lab survey, cited by Axios, about 40% of Gen Z wants to return to the office. “For Gen Z employees, a collaborative team and/or mentor is important because they are still learning,” says Hernandez. This can take a toll on individuals’ mental health—which is extremely valuable to Gen Z, according to a recent Microsoft workplace index. “The ability to have flexibility is very important to [Gen Z],” says Hernandez. In her recruiting experience, Hernandez has felt it encouraging that Gen Z is insistent on prioritizing mental health at work.
Yet to try a 4-day week? Here’s how to do it productively
       
The four-day workweek and productivity One of the first four-day workweek trials took place at Perpetual Guardian in New Zealand. The company found that job performance remained unchanged when reducing working hours, with improvements in staff attendance and work-life balance. It is also noteworthy that both environments had low productivity where long working hours were encouraged. Disentangling employee engagementIt is also important to reflect on what is the goal of a four-day workweek. Employees working four days report less burnout and higher well-being, compared with those working five or six days.
How to future-proof your job by thinking like a futurist
       
But, if your job is at risk, it’s a good idea to have plan B in place now so you can seamlessly transition and stay relevant. advertisementadvertisement“The only thing we can predict is the unpredictable,” says Scott Steinberg, author of Think Like a Futurist 2022: The Next Normal. Be irreplaceable Not every job is at risk, and companies are always going to need proactive problem solvers, dynamic thinkers, and creative innovators, says Steinberg. For example, if your job in communications uses research, critical-thinking, and problem-solving skills, they could translate into becoming a business analyst. Future-proofing your job means always thinking two or three steps ahead.
Too many people are working while sick. The Great Resignation could help change that
       
In the months since, there have been dozens of explanations proffered for this Great Resignation. Even if policies are in place to encourage self-care or sick leave, when managers model unhealthy behavior, employees take notice. Longitudinal research has shown that when people avoid taking sick leave when it’s needed, they will often end up needing more sick leave overall. Working while sick, in pain, or depressed can also lead to more errors, accidents, and injuries. In the U.S., for those who have no, or limited, paid sick leave, presenteeism is an economic necessity.
Report card: Microsoft’s board boosts CEO Satya Nadella’s annual compensation to nearly $50M
       
Microsoft CEO Satya Nadella’s total compensation rose more than 12% to $49.9 million in fiscal year 2021, ended June 30, the company’s new proxy statement shows. In addition, Mr. Nadella strengthened and deepened Microsoft’s capabilities across critical offerings including AI, industry-specific solutions, and gaming through strategic acquisitions. Under Mr. Nadella’s leadership, Microsoft continued to meaningfully impact the lives of users across geographies, expanding efforts to ensure an inclusive economic recovery. The living culture and talent of the Company is a core priority for the Board and Mr. Nadella, and his efforts in this area have been exceptional. Mr. Nadella has enthusiastically fostered a culture of empowerment.
What happened to Starbucks? How a progressive company lost its way
       
Since August, partners at more than 150 Starbucks stores in 27 states have filed petitions for union votes, mobilizing one of the fastest-moving union drives in U.S. history. This is Starbucks, the longtime bastion of progressive capitalism, the progenitor of groundbreaking people-first policies, the first company to offer stock to even part-time employees. '” Wartzman says the lesson isn’t that Starbucks is bad, “it’s that Starbucks is now typical.” By many measures, Starbucks is an equitable and generous employer. '” Starbucks has opened eight new Community Stores since its original round of 15, and recently promised to build 1,000 by 2030. Because, hell, that’s what the rest of the world did.” Other Community Stores have shared similar fates.
Alphabet CEO Pichai's base salary more than triples, but total compensation plunges to $7.4 million
       
Google parent Alphabet Inc. GOOGL, +4.20% GOOG, +4.16% disclosed over the weekend that Chief Executive Sundar Pichai's base salary more than tripled to more than $2 million in 2020, but his total compensation plunged to just $7.43 million, as he received no stock awards. The internet giant disclosed in its 2020 proxy statement filed late Friday that Pichai's total compensation in 2020 included $2.02 million in base salary, up from $650,000 in 2019, and $5.41 million in "all other compensation," which included $5.4 million for personal security. In 2019, Pichai's total compensation was a whopping $280.62 million, as it included $276.61 million in stock awards. The median employee compensation rose to $273,493 from $258,708 in 2019, while the big drop in Pichai's total compensation means the CEO pay ratio fell to 27 to 1 from 1,085 to 1 in 2019. Alphabet's stock rallied 30.9% in 2020 after rising 28.2% in 2019, while the S&P 500 gained 16.3% in 2020 after hiking up 28.9% in 2019.
Tech giants lost more than $1 trillion in value in the last three trading days
       
The world's largest technology companies have shed over $1 trillion in value in just three trading sessions. Stocks at large have sold off since the Federal Reserve raised its benchmark interest rate on Wednesday, but technology has endured more pain than other sectors of the economy. Investors now have less interest in what drove business during a strong bull market in recent years, including during the pandemic, and are now pushing more money toward safer pockets of the market, including staples like Campbell Soup, General Mills and J.M.
Look out, Apple and Spotify: TikTok’s owner is getting into the streaming music biz
       
Well, now the app’s parent company, ByteDance, wants to dominate another field: streaming music. As Bloomberg reports , ByteDance is developing a paid music streaming service that is aimed at taking on industry leaders Apple and Spotify in emerging markets. But ByteDance is taking a bit of a different approach than the music streaming giants. People familiar with ByteDance’s plans also told Bloomberg that the company’s new music streaming service will not be branded with the TikTok name. In addition to music, members of ByteDance’s streaming music service will reportedly also be able to stream music videos.
Here’s how Grand Forks, North Dakota, created a successful drone delivery program
       
During quarantine, residents of Grand Forks, North Dakota, didn’t have to rely on a person bringing takeout to their doorstep. Instead, a drone, hovering 80 feet in the air, lowered packages by retractable wire into their backyards. On the horizon for several years, drone delivery has been slow to achieve full commercial application due to complex legal and regulatory issues, but this North Dakota pilot launched in April 2020 when on-demand drone-delivery company Flytrex, headquartered in Tel Aviv, Israel, partnered with Grand Forks-based EASE Drones, the Grand Forks Region Economic Development Corporation, and the city to bring food, medicine, and other items to homes during COVID-19.
Is private equity joining—or co-opting—the employee ownership movement?
       
A dragon entering the midst of the employee ownership field—that’s how Jim Bonham, head of the Employee Stock Ownership Plan (ESOP) Association, described the splashy April announcement of a new nonprofit, Ownership Works, which says it aims to create $20 billion in worker wealth through employee ownership over the next decade. The difference between short-term equity and real employee ownership can be seen in the stories of Gibson Guitars, taken over by KKR in 2018, and Taylor Guitars, which transitioned to 100% employee ownership in 2021. Her organization’s website emphasizes that more than 60% of retail job losses have been at firms owned by private equity and hedge funds. Karen Kahn is editor of TDC’s Employee Ownership News, where a series of commentaries on Ownership Works are being published. Employee Ownership News is continuing the conversation on Ownership Works and private equity’s role in employee ownership.
3 steps to identify the most impactful companies to invest in
       
Here are three starting points to help others identify companies that go beyond traditional corporate social responsibility. Case New Holland has developed a comprehensive global sustainability strategy, and is achieving ambitious goals regarding energy use, waste, and circular product lifecycles. Companies such as these are using the immense global climate challenge to catalyze innovation and positive change, ensuring increased growth across all time horizons. Consume enough of this information, and it becomes clear fairly quickly which companies’ sustainability efforts end with a fancy report and which go much further. He is also the President of Global Impact LLC, an advisory firm specializing in impact measurement and management.
A living wage doesn’t just benefit workers. It benefits businesses and society, too
       
One of the single-most-important things any company can do to reduce poverty is to pay its employees a living wage. Our new report demonstrates in detail how a living wage not only benefits employees and workers, but also employers and society as a whole. advertisementadvertisementOur expert interviewees reported that being paid a living wage can reduce stress levels and the excessive working hours sometimes needed to make ends meet. In 2021, Unilever announced plans to work toward a living wage for the people who provide goods and services to the company in areas like logistics and packaging. To achieve this, Unilever is partnering with suppliers to commit to and report on paying their workers at least a living wage.
How several states are taking the lead on restoring overtime pay
       
After decades of decline in overtime pay, the Biden administration is considering action to sharply expand access in a time of high inflation. Many of the state’s workers became part of a strong middle class based on solid jobs with secure pensions, respectable salaries, and overtime pay for those who worked extra hours. The result: While most salaried workers were once eligible for overtime pay, today only a small fraction of them are. Lawmakers failed to update the state’s overtime wage threshold so that it kept pace with inflation, mirroring decades of federal inaction on that front. But the impact of the state’s overtime laws on its huge economy is difficult to assess.
Does your company need a podcast?
       
“Beyond branded podcasts, we think about full funnel impact—everything from conversion to consideration to brand affinity.”advertisementadvertisementSo, should your company invest in launching a podcast? Does your audience listen to podcasts? This [the podcast] fell into the category of bolstering what we care about.”advertisementDo you have a podcast idea that is timely, relevant, and informative? “You need to be able to make the investment on the storytelling side and the distribution and promotion side,” Howard says. “You don’t want to create a great podcast and have it sit and not have it be discovered.
This fund wants to give you $100,000 to launch your climate tech startup quickly
       
In a second round of grants, the funding team made decisions within two weeks. That inspired a new project called Shared Future Fund, which now wants to do something similar for startups working on climate solutions. Within a week, they’ll be told if they qualified; within 10 days, they’ll get $100,000, enough money to get started before looking for larger amounts of funding. Collaborative Fund already invests in climate tech startups like Dandelion, a geothermal heating company, and Modern Meadow, a company making biofabricated alternatives to leather. But the fund is relatively small, and as Shapiro saw the field quickly expand—and many new graduates choosing to work on climate tech—he wanted to find a new way to support growth.
Climate inaction could cost the world $178 trillion
       
Climate change is already costing the world billions. Floods in Germany that swept away homes cost more than $40 billion; floods in China caused $17 billion in damages. In the Western U.S., wildfires caused $10 billion in damages, and widespread drought cost another $8.9 billion. By 2070, if emissions continue on the current path, the model estimates that it will cost the global economy $178 trillion. “Because the climate has changed, our economics, too, need to change,” the report authors wrote.
Is it time to rethink what ESG investing means?
       
But if other ESG funds continue to hold Tesla, while S&P’s ESG index includes an oil company, and the Dow Jones Sustainability Index includes the tobacco giant Philip Morris, what does ESG investing really say about corporate responsibility overall? The first thing to understand is what ESG investing means: Most ESG ratings aren’t actually looking at the impact a company has on the environment or society. And as ESG investing keeps growing—with assets that could reach $41 trillion by the end of 2022—it’s worth questioning if it’s measuring the right things. Each of the firms producing ESG ratings uses different criteria, and they aren’t transparent about the details of their methodology. And for now, rather than relying on outside ESG ratings, it may make sense for investors to compare corporate ESG performance themselves.
This is how you are inadvertently being a bad boss
       
If you work long enough, you are likely to have at least one bad boss–and no amount of workplace perks, money, or even meaningful work can make up for the impact bad boss has on your happiness and productivity. But few people set out to be a bad boss. In fact, most bad bosses have no clue how unhappy their employees are. So what makes someone turn into a bad boss? She says that a lot of what’s behind bad boss behavior is stress.
No soil, no problem: Reshaping agriculture to be more carbon friendly
       
According to a 2019 IPCC report on climate change and land, agriculture is to blame for about 8.5% of all greenhouse gas emissions. Other companies are setting up urban farms, allowing them to farm without soil, right in the middle of metropolises like New York City. This all eliminates the need for manure lagoons—and even for tilling the soil, which are major sources of emissions. There’s a misconception that crops need soil to grow, says CEO and cofounder, Viraj Puri. You can listen and subscribe to World Changing Ideas on Apple Podcasts, Google Podcasts, Spotify, Stitcher, or wherever you get your podcasts.
The leader’s ultimate guide to keeping employees engaged so they don’t quit
       
Here are some of the ways to make it less appealing for employees to quit your company. Bhawna Provenzano, former head of benefits at Zappos, says the company adopted a six-month wellness program on site to help employees manage stress. Review compensation and benefits Employees can be tempted by bigger salaries at other jobs. “In reality, companies should be striving for engaged employees, not just satisfied employees,” Louie says. When employees begin to look for a new job, they’re encouraged to share that with their managers, who will support them in the search.
How advertisers can prepare for an adless future on Google
       
advertisementadvertisementGoogle has always been a proponent of privacy and giving the consumer ad choices—no surprises there, with AdChoices and now Google My Ad Center. The Ad World Is Turning Upside Down. Imagine a world where 96% of users opt out of providing their key identifiable advertising information to third-party data providers. There’s also the other alternative, which Google would prefer: Switch your advertising to DV360 and the GoogleAds platform, where you can still leverage activities and histories of Google users to target them both on- and off-platform. advertisementAdvertisers can also consider ramping up their programmatic, data onboarding, data warehousing, and data clean room infrastructure.
Why Shopify is doubling down on crypto—even after the crash
       
The cryptocurrency market took a heavy tumble in May, with Bitcoin still down some 22% since the beginning of the month. But despite all that, Shopify announced that it was partnering with Crypto.com to allow the more than 2 million businesses using the Shopify platform to accept more forms of cryptocurrency as payment. Shopify was relatively early to the crypto scene: Its customers have had the option to accept payments in cryptocurrency since 2013. Of course, the volatility of the crypto market of late may give some retailers pause about accepting those payments in cryptocurrency. Still, Shopify says it is banking on the future of digital currency.
Thousands of oil and gas assets are at risk of becoming stranded—and you might own them
       
advertisementadvertisementWhen that happens, the well and the oil become what’s known as stranded assets. advertisementadvertisementHow risk flows from oil field to small investor When an asset becomes stranded, the owner’s anticipated payoff won’t materialize. We found that $1.4 trillion in oil and gas assets globally would be at risk of becoming stranded. Stranded assets mean a wealth loss for the owners of the assets. At the moment, with oil and gas prices near record highs due to supply chain problems and the Russian war in Ukraine, oil and gas companies are paying splendid dividends.
Most people can’t answer all 5 of these basic financial literacy questions. Can you?
       
Financial literacy is en vogue these days, with states like Florida becoming one of the most recent and largest states to mandate personal finance courses for high schoolers. Only 13% of workers were able to answer at least four out of the five following financial literacy questions correctly: You should pay off credit cards each month. A year ago, in 2021, 20% of workers were able to answer four of those five questions correctly, for a one-year decline of 7%. While no personal finance class is going to help lower prices, furthering financial literacy education could help some people learn to better cope with stress related to financial planning. The findings of the survey–which, again, show an apparent decline in respondents’ abilities to correctly answer financial questions–are seemingly at odds with expanding opportunities to learn about money.
Tech CEOs who are reaping gigantic paydays could face investor fury this week
       
But executive compensation at Silicon Valley’s top companies has never been higher. Dodd-Frank requires companies to give their shareholders a vote on executive pay practices. But binding or not, investors haven’t traditionally seen executive compensation as so outrageous or untethered from reality that they routinely reject the proposals. Speaking of whom: Last week, two-thirds of Intel shareholders voted down the company’s latest executive compensation package, including another massive compensation package for Gelsinger—$178 million. And, maybe most ironically of all, one of Musk’s mounting criticisms of the social media platform he wants to purchase is Twitter’s executive compensation.
Financial stress is almost universal: Here’s how it affects you most
       
“What is surprising is that these results aren’t exclusive to households with lower incomes,” said Trey Loughran, the CEO of Purchasing Power, a provider of employee purchasing programs. advertisementadvertisementAnd financial stress can be a multidimensional problem. advertisementPeople with financial stress also say it affects their sleep, physical health, and overall happiness, in addition to contributing to their overall stress at home, according to the Purchasing Power report. Paying employees more may not be a permanent solution for all workers, especially during a time of high inflation, since even relatively high-income households, such as those bringing in six figures, struggle with financial stress. For the millions of Americans trying to get a grasp on their financial anxiety, getting back to some financial basics is probably the simplest and most effective route forward.
Social media stocks tumble as Snap crashes to fresh lows: Here’s what’s happening
       
Snap’s shares plunged more than 40% today after the social media company warned it would miss its own revenue forecast yesterday—dragging down other social media stocks with it. advertisementadvertisementThe stock price for Snapchat’s parent company fell below $14 a share in midday trading, a dramatic decline from its $80-plus share price last year. Meta Platforms, parent company of Facebook, saw shares fall almost 9% on Tuesday while Twitter dropped 4%, Alphabet declined 6%, and Pinterest sank 22%. DiMassimo agrees, saying that most of the advertisers on Snap are packaged goods, beauty, or fashion brands. “Hand-wringing over prospects for a U.S. recession beginning in the next year or two has become increasingly fevered,” he wrote.
What really killed Honest Tea—and what it means for mission-driven brands
       
With borrowed money and a lot of hustle, Honest Tea became a solid business. Still, some observers were startled—and skeptical—when, in 2008, Honest Tea sold a 40% stake to Coca-Cola for $43 million. Sales in the first half of 2019 declined 16%, according to Beverage Digest, in the midst of a wider decline in ready-to-drink tea sales. Honest Tea’s identity, in contrast, seemed less flexible or expansive. Honest Tea really did carve out an authentic, specific space in the consumer landscape: It truly stood for something.
How to Write a Resume That Stands Out
       
Now, with the introduction of applicant tracking systems (aka the bots that scan your resume), the resume writing process has become even more challenging. But thankfully, there are some ways to make your resume work for you. I talked to Kristi DePaul, CEO of Founders and a personal branding expert, about how to make my resume stand out. TranscriptPAIGE COHEN: So, you’re writing a resume, and you want it to be perfect. There used to be this trend where you’d write a little mission statement at the top of your resume.
3 Things to Consider Before Working at a Startup
       
If you’re a new grad deciding whether the startup world is right for you, here a few things to consider:Should you work for the big corporation or the lean startup? Company founders sense its presence. If you’re a new grad deciding whether the startup world is right for you, here a few more things to consider. At the same time, due to the uncertain nature of the startup environment, you will also likely have less job security. Instead, focus on finding the right boss, the right founders, and the right environment for the great career that is waiting for you.
What to Do When Your Raise Isn’t Enough
       
What should you do when you receive a raise that just isn’t enough? So, what should you do when you receive a raise that just isn’t enough? Before meeting with your manager, organize all the information you’ve gathered into a clear story about why you deserve to get a raise. Share your big accomplishments, as well as the salary data you’ve gathered, to back up why you would like your manager to reconsider your raise. Keep in mind that whether your employer gives you the raise that you want or not, you have agency over your earning potential.
How Digital Currencies Can Help Small Businesses
       
This could drastically improve small businesses’ liquidity and cash buffers, and help them survive negative economic shocks and thrive. The Financial Fragility of Small BusinessesMost small businesses operate with razor-thin cash buffers. While small businesses have relied more on community banks, bank consolidations have further limited this source of funding. Additionally, it can take several days to actually receive the funds, which increases the working capital needs for small businesses. While large businesses, such as Costco, can negotiate significantly lower fees when accepting digital payments, small businesses do not have much negotiating power.
Why Employers Should Fund Debt-Free Education Programs
       
By one 2015 estimate, U.S. employers spend $177 billion annually on formal education programs (and the current number is likely even higher). Once enrolled, the income distribution of students demonstrates a clear preference for debt-free programs among the lowest wage earners. We recommend reassessing the equity and appeal of your organization’s existing education programs with the following considerations in mind:Review the outcomes of your current education program offerings. While the approach employers select to roll-out debt-free education programs may vary, the success of early adopters like Walmart and Chipotle has reduced the uncertainty of positive outcomes for frontline employees and their employers. As more organizations follow their lead, employer-led investment in debt-free education will pave the way for a more equitable workforce of the future.
How Exposed Is Your Supply Chain to Climate Risks?
       
Executives now are asking: “How exposed is our global supply chain network? The map below highlights the supply chain sites with the largest temperature and precipitation swings over the period of study. Supply chain executives must be especially vigilant to detect such early warning signals of climate volatility. AI-powered scanning of climate news and events in many languages can provide weeks’ and sometimes months’ notice of emerging climate risk events and developments. Such climate monitoring and predictive systems have become essential to running a globally dispersed supply chain.
When to Change Your Company’s P&L Responsibilities
       
Most major rearrangements, or “leaps,” involve a change of profit and loss (P&L) responsibility in the organization’s primary dimension. This leap, which CEO David Taylor described as “the most significant organization change we’ve made in the last 20 years,” elevated product as the company’s primary dimension. When leaders make a major design change, the result is never perfect — it’s typically the least-bad design, so to speak. At that point, it may be time for a major change, including of the primary dimension. Changing an organization’s primary dimension, i.e., making a different choice of which verticals have full P&L responsibility, is not something to get into lightly.
How to Spot — and Develop — High-Potential Talent in Your Organization
       
To tackle this problem, we developed a model for predicting leadership potential that’s grounded not in achievements but in observable, measurable behaviors. Instead, they capture how people use these qualities on the job, and together, they give organizations a concrete, objective way to gauge leadership potential, regardless of candidates’ depth of experience. Using the Model to Develop PotentialTo tap leadership potential earlier — and more effectively — organizations can build a few key steps into their talent processes. Case Study: Developing a High-Potential LeaderA Fortune 500 company engaged us to help identify and develop their high-potential pool. But together, these markers can help your organization identify and develop the next-generation leaders needed to navigate unknown challenges ahead.
Here's Why You Should Consider Enrolling in Autopay Before Student Loan Payments Resume
       
Because one thing is (almost) certain: student loan payments will eventually come back. Pros and cons of autopay for student loansAfter roughly two years in an automatic forbearance, it can be easy to fall out of the habit of making student loan payments every month. Your student loan payment will be withdrawn from your designated bank account, regardless of whether you have sufficient funds in there, warns Rebecca Safier, a certified student loan counselor and debt expert with Student Loan Hero. Don’t assume your student loan payments will resume on autopay when the emergency forbearance ends. Mayotte says that you should be able to see your due date by logging into your student loan account.
More Companies Are Wooing Workers by Paying off Their Student Loans
       
Millions of debt-ridden college graduates want help paying off their student loans. Employer student loan contributions are getting biggerThe value of a student loan repayment benefit varies by industry, but in general, companies are being more generous with their monthly contributions. Before the pandemic, companies typically contributed an average of about $83 a month toward each employee's student loans. Click below to get a free quote and refinance your student loans while rates are at historical lows. Now, every dollar a company spends on a qualified student loan repayment program goes toward its intended purpose — paying down debt.
Millions of Borrowers Behind on Student Loan Payments Just Got a 'Fresh Start'
       
Millions of people who have fallen behind on their student loan payments just got some very welcome news. Before the pandemic, about 20% of all federal loan borrowers were in default. The department's decision to pull borrowers out of default is an important step toward fixing a broken student loan system, Abby Shafroth, interim director of the National Consumer Law Center's Student Loan Borrower Assistance Project, said in a written statement. "The Department must not squander this opportunity to fix the broken student loan system," Yu said in a statement. More from Money:Student Loan Pause Extension: Biden Confirms Payments Won't Resume Until SeptemberHow to Refinance Student LoansHow 2 Years Without Student Loan Bills Changed the Game for America's Borrowers
How to Choose a Financial Advisor in 6 Easy Steps in 2022
       
6 steps to finding the right financial advisorStep 1: Identify why you need financial adviceFinding the right kind of financial advisor is easier after you determine why you need one. Here’s a list of issues financial advisors may help you with:Services financial advisors offer Things financial advisors can do to help you Retirement planning A financial advisor can ensure you’re maximizing retirement-specific tools like your 401(k) or Roth IRA so you can maintain your lifestyle after you retire. Start NowStep 2: Find the best financial advisor for youA financial advisor is a certified expert that provides guidance on personal finances, tax laws, investments and asset management. Meeting the fiduciary standard matters most when you’re hiring a financial advisor to invest and choose financial products on your behalf. Bottom lineFrom helping you save for retirement to managing a complex investment strategy, a financial advisor can make your financial life much easier.
5 Signs Investors Are Dangerously Overconfident Right Now
       
As the U.S. finally emerges from COVID lockdowns, the stock market has been soaring, setting two dozen records in 2021 alone. But stock market always seems most exciting at times, like right now, when prices are already high. It's a big reason professional investors tend to regard rosy market sentiment as a contrarian — that is, bearish — sign. For additional context: On the eve of the 1929 stock market crash the Shiller PE reached only about 30. As it happens, today's stock market is even more historically expensive when measured against sales than it is when measured against earnings.
Gas Prices Are Over $4 in Every State for the First Time
       
Gas prices in the U.S. just reached two new unfortunate milestones: The average gallon of regular now costs over $4.50 nationally, and prices exceed $4 in every state in the country. Right now marks the first time that average gas prices in America have ever topped $4.50. While gas prices are nominally at their most expensive levels ever in the U.S., the true cost of gas has been higher in the past after adjusting for inflation. Apply TodayWhere gas prices are most (and least) expensiveAs usual, the West Coast is where gas prices are highest, largely because of local taxes and regulations. Average gas prices in these three states were under $4 on Monday, but they all crossed the threshold as of Tuesday.
'Cheap Old Houses' Are All Over Instagram. But Are They Good Investments?
       
Listings for these houses can be found in all the usual places — Zillow, Redfin, Realtor.com — but they tend to gain the most attention on highly-curated Instagram and Facebook pages like Cheap Old Houses (an offshoot of Circa Old Houses), Old Houses Under $50,000 and Vintage Houses for Sale. Across Facebook and Instagram, there’s a treasure trove of accounts featuring aging, on-the-market, properties: For the Love of Old Houses, Love of Houses, Old House Calling, Old House Dreams. Hands-down the most popular of the bunch — and the locus of many prospective homebuyers’ “the grass is always greener out of Victorian-era windows” reverie — is Cheap Old Houses. Its Instagram page has 2 million followers, and that’s just the main account — newsletter subscribers get access to offshoots like Cheap Old Farmhouses and Cheap Old Houses Abroad. Over 100 families have purchased homes they found via Cheap Old Houses, Elizabeth says, many during the throes of COVID-19.
Bear Market Fears: Here's When Stocks Usually Bounce Back After a Downturn
       
If you've been following news around the stock market recently, you've likely heard a lot about a "bear market." The S&P 500, which is down 18% for the year, entered bear market territory during trading on Friday, before recovering. Bear markets are "natural occurrences in the stock market," Sam Stovall, chief investment strategist at CFRA Research, recently told Money. Looking at the data from 1950 until today, if a bear market was accompanied by a recession, the weakness in stocks usually continued longer, LPL Research found. On average, it took about 19 months for stocks to recover their losses from a bear market or near bear market, according to the analysis.
Homebuyers Are Trying to Save With Adjustable-Rate Mortgages — but It Might Backfire
       
More homebuyers are turning to adjustable-rate mortgages as interest rates on fixed-rate loans rise. The rush to ARMs comes as the average interest rate on the uber-popular 30-year fixed-rate loan has surged past 5%. For the first few years of an adjustable-rate loan — commonly 5, 7 or 10 years — the loan will actually have a fixed rate. However, lenders didn’t cap how high the interest rate could rise once it became adjustable. Ad Mortgage Rates are expected to increase — act now Now is the time to get ahead of rising Mortgage Rates.
Bitcoin's Price Is Down More Than 50% From Its High. Is Now a Good Time to Buy?
       
Bitcoin's price is plunging, which may have you wondering if now's the perfect time to buy the dip. The cryptocurrency's price has plummeted to $32,000 per coin amid a wider stock market selloff. That's a more than 50% dive from bitcoin's high of above $68,000 per coin in November, according to data from CoinMarketCap. Back in 2017, its price hit a high of $20,000 before crashing to below $5,000 the next year. The stock market — and therefore, the crypto market — is also dealing with uncertainty surrounding the war in Ukraine which has led to a surge in commodity prices.
Daily Mortgage Rates Moved Down This Week | May 28 & 29, 2022
       
?The latest mortgage refinance ratesThe average refinance rates for 30-year loans, 15-year loans and ARMs are:The refinance rate on a 30-year fixed-rate refinance is 5.984%. View Rates for May 28, 2022Where are mortgage rates heading this year? While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. 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.
Research Confirms It's Harder for Millennials to Get a 'Good' Job Than It Was for Boomers
       
It’s official: Landing a good job these days is much harder than it used to be. At the national level, a good job must pay at least $35,000 for young workers under the age of 45. “There are consequences to the delayed transition to good jobs,” Artem Gulish, one of the authors, said in a statement. By the age of 35, older millennials were actually more likely to hold a “good job” than boomers of the same age. Georgetown’s studies found that by the age of 35, 80% of older millennials with a bachelor’s degree had good jobs.
McDonald's (MCD) Stock: Tasty, Empty Calories
       
Indeed, McDonald's (MCD, $244.52) stock is a popular Buy call on Wall Street, and it features prominently in our own Kiplinger Dividend 15 as a stalwart payer. Here, we'll explore how MCD stock falls short, and what the blue chip has going for it. And indeed, MCD stock is facing its share of controversies and challenges on the environmental, social and governance (ESG) front. More Meaty Controversy MCD stock investors should expect a prickly shareholder battle at the annual meeting on May 26. Gestation crates had for years been especially abhorrent to animal welfare groups, and McDonald's commitment was momentous.
Legg Mason Low Volatility High Dividend ETF (LVHD) Pays Off
       
Low-volatility funds, which aim to offer a smoother ride, are living up to their name. The Legg Mason Low Volatility High Dividend ETF (LVHD) has held up better than both, with a 2.2% loss. And the fund's sector preferences can shift. Don't expect low-volatility funds to outperform every market correction. The Legg Mason Low Volatility High Dividend struggled because it shuns firms that lack earnings and dividends, and thus it didn't own the growthy, pandemic-themed stocks – think Zoom (ZM) – that were rewarded that year.
Sometimes Renting Is Better Than Buying
       
For everyone else, buying a home was the primary way to invest, says professor Ken Johnson, of Florida Atlantic University, who specializes in rental housing and real estate market research. Rent Index. The index analyses 23 U.S. metropolitan areas to determine whether market conditions favor renting or buying in terms of wealth accumulation. How to Rent StrategicallyFor renting to deliver a higher return, you need to have enough money left after you pay your monthly rent to invest. Once I pay down debt, I plan to increase the amount I’m investing in those accounts, and I’ll continue to review whether home buying fits in with my long-term wealth-building goals
Bond Values in a Volatile Market
       
The model: In May, the Federal Reserve hiked short-term interest rates by half a percentage point, the most in a single adjustment since 2000, and promised to do it again and again until inflation slows. Stock prices curiously rallied as long-term interest rates fell back, also generating gains for bonds and bond funds. But after a night to contemplate, the rabble of day traders, debt-and-inflation scolds and Fed cynics undid the gains and then some, in both bonds and stocks. In such a world, everyone with diversified savings and investments is in zugzwang, the chess player's trap where every possible move makes you worse off. Plenty of higher-income-paying stuff, despite being in the red so far in 2022, looks oversold.
How Many Stocks Should You Have in Your Portfolio?
       
I'm not talking here about portfolio diversification – the allocation of your assets to stocks, bonds, cash and maybe more. Portfolio diversification is a necessity but a subject for another day. The topic today is diversification in the part of your portfolio that consists of stocks and stock funds. But what if you want to construct your own portfolio of individual stocks? Skip advertDo you need international stocks or small-company stocks as well as large-caps to get true diversification?
6 of the Worst Assets to Inherit
       
Here are six of the worst assets to inherit and what you can do to help manage them before you are gone. Skip advert Guns Skip advert Guns can present considerable problems as inheritances. If you’d like your kids or other family members to inherit guns, start that planning as soon as possible. Even if everyone is on good terms, a vacation property does come with considerable expenses like maintenance, property taxes, insurance and any remaining mortgage. Dungey suggested leaving liquid assets to pay the ongoing costs associated with keeping the vacation property “so that no one is required to chip in.
Preparing Your Family-Owned Business for Sale?
       
We’ve certainly seen it with several construction business owners we’ve worked with. So, it comes as no surprise that when the time comes to sell your business, one can easily take their eyes off of their target. If you own a business in the construction industry, perhaps the house analogy strikes a chord with you. For those business owners who may not be positioned for a sale, consider the following three best practice ideas to help get your “house in order.” 1. Skip advert In preparing for a thorough evaluation of your business, consider what elements increase the value of your business: Where does the majority of your revenue come from?
Stock Market Today: Stocks Snap Weekly Losing Streak
       
Stocks headed into the long weekend on a high note with all three major indexes posting gains for the week for the first time in a long time. As a a reminder, markets will be closed this Monday, May 30, for Memorial Day. However, the personal savings – or, savings as a percentage of disposable income – rate fell to 4.4% from March's 5.0%. "True, they are not well distributed across income cohorts – hence the wildly differing experiences by varying retailers. But, even if just a third of these pandemic savings are spent, this will readily support overall outlays through 2023," Porter says.
What You Need to Know About Mutual Fund Returns
       
To set the record straight, we've put together a primer based on questions we've received from readers about fund returns. Just make sure the dates of the returns you're scrutinizing match up, especially if you're comparing returns from different sources. Skip advert Remember, too, that fund performance numbers assume all dividend, interest and capital gains distributions were reinvested. Are the Fund's Annualized Returns the Same as an Average of Annual Returns Over That Period? Annualized returns differ from cumulative returns, which are aggregate returns of an investment over time.
Could Diversity Hiring Efforts Endanger Your Company?
       
However, when businesses make a good-faith effort to hire diverse employees, they may unwittingly be opening themselves up to lawsuits. When carrying out the good intentions of diversity planning and hiring, businesses need an integrated business, estate planning and asset protection plan to protect them. Cover Your Bases Almost universally, an effective asset protection plan will consist not of one, but multiple strategies integrated into a holistic plan designed to achieve many benefits, including asset protection. If so, these efforts could subject you to serious legal jeopardy and even violations of state and federal laws. Consult with a law firm that has extensive experience in this area of practice to determine if you are a candidate for integrated asset protection planning.
2 Strategies to Reduce Taxes from the Sale of Your Business
       
We both already knew that the opportunity to reduce the tax recognition on the capital gain had long passed. The Qualified Small Business Stock Exclusion One option our client may have considered is to investigate qualifying his business for Small Business Stock treatment under Section 1202 of the Internal Revenue Code (IRC). Tennessee law enables a person who owns a highly appreciated asset, like QSB stock, to reduce or eliminate his resident state capital gains taxes on the sale of the QSB stock through a TING. The trustee may then sell the QSB stock in a manner that allows treatment as a long-term capital gain. However, these strategies also require that the QSB management and the QSB shareholder plan many years ahead of any contemplated sale.
5 Things to Do Before You Retire
       
For many people, retirement planning is a rather nebulous concept. Skip advert So, if you are closing in on retirement, here are five things to do before you get there: 1. Here’s just one way you can reduce your retirement tax bill with early planning: If you are 62, the RMD doesn’t start for another 10 years. 5. Review the risk in your portfolio How much risk do you have, and how much risk do you want? But if your retirement planning failed to measure up, you might need more risk to try to get back on track.
Should Retirees Stay Invested and Ride Out These Volatile Times?
       
Relying on generic advice to determine the most appropriate strategies can be dangerous and result in less-than-desired outcomes. Know your ‘Income Security Score’ Your Income Security Score is quite simply the percentage of your monthly expenses that are covered by predictable and guaranteed sources of income, such as Social Security, pensions and annuities. For example, if your monthly expenses are $5,000 and these guaranteed income sources combined account for $3,000/month, then your income security score would be 60%. Skip advert The actual need for cash in the near future would ABSOLUTELY apply and be considered a near-term need. However, because the impact of market highs and lows is felt even more in retirement, it’s important to help smooth out the ride.
Thinking about Rolling Your 401(k) into an IRA? 7 Deciding Factors to Consider
       
The Department of Labor has outlined new rules for advisers to follow when rolling over retirement plans. All-In Fees and ExpensesBefore deciding whether to do a rollover, you will want to compare the fees within your 401(k) plan vs. the fees for the IRA. Sometimes the fees may be higher in your 401(k), but there may be additional benefits to keeping your funds in the 401(k) wrapper. In certain circumstances you may be able to keep some asset protection if 401(k) funds are rolled into a separate IRA and not commingled with other IRA funds. In addition, some retirement plans offer Roth 401(k) contributions, which may not be available to you otherwise.
4 Tax-Smart Ways to Share the Wealth with Kids
       
My top recommendations are UTMA/UGMA accounts, 529 accounts, IRAs and irrevocable gift trusts. A 529 account, like a custodial account, allows you to designate who will manage the funds, keeping beneficiaries from having direct control over the money. Unlike with custodial accounts, 529 beneficiaries never have an absolute legal right to receive the funds. Child IRAs A child IRA is no different than an adult IRA, as far as the IRS is concerned. Skip advert Just like an adult IRA, a child IRA can be set up as either a traditional or Roth IRA.
How Psychology Affects Your Search for a Financial Adviser
       
Selecting the right financial adviser is an important but difficult decision. Key considerations include whether your prospective adviser has the right technical skills, charges fair fees and puts your interests first. For example, a study investigating clients’ trust in their financial advisers found the adviser’s communication skills were twice as important as their technical competency. Individual differences are not the only thing to consider when selecting a financial adviser. Many financial advisers have excellent cross-cultural communication and cultural competence.
Effective Tax Strategies for the Present and Future
       
Others sold assets in 2021 and incurred taxes because they suspected a proposed tax increase would push capital gains rates from 20% into tax rates of 37% or more, though ultimately there wasn’t political support to pass such tax increases. Current income tax rates affect our ability or willingness to save – especially in light of incentives offered by qualified retirement plans. Alternatively, a Roth IRA or a Roth 401(k), may result in greater current tax payments but permit tax-free growth and tax-free distributions when funded with after-tax dollars. This material is not intended to constitute legal, tax, investment or financial advice. However, this material is not intended to be a full and exhaustive explanation of the law in any area or of all of the tax, investment or financial options available.
How to Find the Perfect Saving-Spending Balance
       
I believe that if you can find this balance, you’ve got yourself a successful financial plan. You want to make sure you can enjoy a secure financial future and not run out of money. That’s OK — your financial plan just needs to be able to change with it. What It Really Means to Maintain Balance That’s something important to understand about creating “balance” in your financial plan. This does not mean that you must keep everything in perfect balance, all the time.
Don’t Move to Another State Just to Reduce Your Taxes
       
We know lots of friends who are considering moving from a high-tax state, such as New York, to a state with low or no state income taxes. The question is whether she gives back that advantage in federal and state income taxes in her home state of New York. Together with interest on state and local bonds that is not taxed, a retiree has a head start in reducing state income taxes. But the question remains how much of that advantage is eaten up in New York state income taxes. What if the lure of zero state income taxes is too great?
Should You Consider a Roth Conversion While the Market is Down?
       
Stock market drops like we’ve seen recently might make a Roth IRA conversion more appealing as a strategy for investors. Should you consider converting a traditional IRA to a Roth during a down market? What is a Roth Conversion? Before you embark on a Roth conversion, you need to fully understand what it is. What You Need to Know About a Roth Conversion in a Down MarketWhen you trigger a Roth conversion, you’ll be responsible for paying the tax due on any pre-tax contributions or earnings within the traditional IRA.
Are You Maximizing Your Tax-Exempt Bucket?
       
Tax-deferred: Money in, say, a retirement plan or 401(k) that’s taxed when we use it and will fund us from retirement through death. The advantage of this approach is that it shows you exactly where your money currently sits and, crucially, whether you’re maximizing that all-important tax-exempt bucket. The backdoor RothWith a backdoor Roth, you contribute to a non-deductible IRA and then sweep the money from there into a tax-exempt Roth IRA. Whatever route you decide to take, the key is to ensure you keep on maximizing your tax-exempt bucket while balancing it with your taxable and tax-deferred funds too. That way, you can maintain a financial plan that matches your spending expectations in the short-, medium- and long-term.
PODCAST: This Couple Tackles Love and Money as a Team
       
Maybe there’s a reason that you need money in the near term or going to need money in the near term. Coming up, we will talk to a pair of financial planners who are a couple and advise couples as a couple, about money management. Fyooz Financial Planning Tackles Love and Money as a Team David Muhlbaum: Welcome back to Your Money’s Worth. And yes, they’re a married couple and yes, they do financial planning together and they specialize in counseling other couples on money management. My girlfriend said, “Hey, you’re you’re studying for this exam.
PODCAST: Which Documents to Keep, Which to Shred and Which to Scan
       
Sandy Block: Right, and even then, just because they’re using Fidelity doesn’t mean that they’re going to automatically offer Bitcoin. Sandy Block: That’s right. Sandy Block: That’s right, it has to sit there until you retire, and then you will pay taxes on your gains. Which Documents to Keep, Which to Shred and Which to Scan David Muhlbaum: Welcome back to Your Money’s Worth. Sandy Block: I think either scan, or just keep receipts for all of that work that you had done.
Medical Professionals: It’s Not Too Late to Save on Your Taxes
       
After experiencing financial hardships in 2020 caused by COVID-19, 2021 was a banner year for many medical professionals. These plans are an attractive option, allowing medical professionals to potentially save a substantial amount for retirement annually in a tax-deferred retirement savings account. While this won’t save you on your 2021 tax bill, you can utilize the excess cashflow earned during 2021. Fund Future Charitable Contributions by Setting Up a Donor Advised Fund Many medical professionals contribute thousands of dollars annually to their favorite nonprofit organizations. 2021 was an unusual year for many medical professionals who own their own practices.
No Tax for Donating Leave to Ukraine Victims
       
Russia's invasion of Ukraine has triggered a worldwide outpouring of support for victims of the war. In the U.S., some companies are facilitating this effort by setting up leave-based donation programs. Fortunately, the IRS has cleared up this concern for leave-based programs set up to help victims of the war in Ukraine. As a result, employees who elect to forgo leave under a leave-based donation program to help Ukrainian war victims won't be treated as having constructively received gross income, wages, or compensation. However, to prevent "double dipping," workers who participate in a leave-based donation program can't claim a charitable contribution deduction on their 2022 tax return for the value of their forgone leave.
3 Tax-Efficient Strategies to Help Maximize Your Retirement Income
       
Looking at tax strategies that will help you hold on to and pass down more of what you worked so hard to save. Skip advert Creating a plan that distributes your investments in the most tax-efficient manner possible can help you reach your goals for retirement and beyond — but it’s no easy task. Here are three tax strategies that could strengthen your retirement plan going forward. Converting Traditional IRA Dollars to Roth IRA Dollars Worried about future tax rates — especially when required minimum distributions (RMDs) kick in at age 72? Converting your traditional IRA to a Roth IRA could help you reduce the tax burden down the road for both you and your heirs.
4 Keys to Planning Your Hard-Earned Retirement Income Distributions
       
Once you’re ready to retire and are living off your assets, you can ease your concerns by having a strong grasp of your distribution plan. Here are some steps you can take to come up with a plan before retirement that will allow you to determine your income needs, take distributions smartly and retire comfortably. Knowing how to navigate the distribution phase of retirement is crucial. And the first thing to know is that retirement planning doesn’t end on your last day of work – when the distribution phase begins. Overall, it’s important during the distribution phase to control the withdrawal rate so that retirement savings are not exhausted during your lifetime.
Now You Can Own Bitcoin in 401(k)s. Should You?
       
A 401(k) plan might look like a brokerage account, but they are managed, administered and regulated very differently. This makes Fidelity the first major plan provider – though almost certainly not the last – to allow trading in Bitcoin. News was scant as to whether other major cryptocurrencies such as Ethereum would eventually be allowed in Fidelity 401(k) accounts. Fidelity Investments just made a major splash by announcing they will allow trading in Bitcoin in the 401(k) plans they administer starting midyear. So, not every fiduciary is going to be in a hurry to make Bitcoin available as part of their 401(k) plans.
Education is Key: 3 Financial Lessons for Retirees Nearing Retirement
       
Your level of knowledge in the financial world can have big ripple effects, especially when preparing for retirement. As financial professionals, we advise clients from a wide range of financial levels. So, we’re sharing our top retirement planning tips for retirees nearing their golden years. A retirement plan is a written income plan that includes income and tax planning, Social Security strategies and long-term care and estate plans. For years, many retirement planners have suggested retirees add a 3% annual inflation rate to their plan, but it might not hurt to raise that rate.
Retirement Income Shouldn’t Depend on the Market; It Should Depend on Math
       
From 1928 through March 2022, there have been 26 “bear markets.” A bear market is a market decline greater than 20% that lasts at least two months. Skip advert For me, this approach to retirement can be summed up with this phrase: Your income shouldn’t depend on the market. Certainly, they need money for groceries and to pay the electric bill, water bill and other necessary expenses. The last thing you want in retirement is to be forced to take money out of your savings when the market is tanking. Maybe you expect to do a lot of traveling in retirement and want enough money in the income bucket to cover those desires.
Why Are Gas Prices Still Going Up?
       
Skip advert Why are gas prices rising so much? And when will gas prices go back down again? Let’s explore some of the drivers behind higher gas prices, then delve into whether there’s any relief in store for consumers at the pump. COVID Crushed Oil Demand … Then Crushed Oil Production No single person, company or even government controls gas prices. But that’s not the only reason gas prices are going up.
Don’t Want to Leave Money to Your Kids? You’ll Probably Change Your Mind.
       
Some parents fear leaving their children too much money. Here’s how to re-think leaving money to your children. Learn about controls and family conflict Parents can put controls on the wealth they leave their adult children by using trusts. And if parents are still fearful their kids won’t use their money properly, they can place controls on what they give. But parents’ goals will inevitably change as they get older and situations change, so leave room for flexibility.
3 Preferred Stock ETFs for High, Stable Dividends
       
Skip advert Preferred stocks typically aren’t first, second or even third to mind when investors think about what they want to include in their portfolios. However, like bonds, preferred stocks typically don’t include any voting rights. Preferred stock dividends are actually closer to bond coupon payments in nature, in that they’re typically set at a fixed amount. With that in mind, here are three preferred stock ETFs to buy. Skip advert VanEck Vectors Preferred Securities ex Financials ETF Skip advert Assets under management: $984.9 million$984.9 million SEC yield: 5.7%5.7% Expenses: 0.40% The VanEck Vectors Preferred Securities ex Financials ETF (PFXF, $19.19) stands apart from most other preferred stock ETFs.
In Search of Relief at the Pump
       
Matthew Lewis is a professor in the John E. Walker Department of Economics at Clemson University and a gas price expert. When crude oil prices rise, gas prices tend to increase quickly, but they fall much more slowly when oil prices decline. When consumers see a price for gas that’s higher than what they’re used to paying, they search around more carefully for a gas station with a lower price. In places like California, where gas prices are high, it can definitely pay to shop around. Although it’s difficult to predict oil prices, the oil futures market is about as good a predictor as you can get, and it’s forecasting that prices won’t fall anytime soon.
Which States' Taxes Are Going Down
       
Awash in budget surpluses, lawmakers are cutting taxes on everything from income to groceries, and the trend isn’t limited to red states. For example, Mississippi enacted legislation that will lower the state’s top income tax rate from 5% to 4% by 2026, and Gov. Some tax analysts warn that broad tax cuts could backfire if tax revenue slows. If those goals are met, Republican lawmakers hope to phase out the state’s income tax entirely. More workers having the option of working remotely is “one of the driving factors behind states’ desire to cut income tax rates and even phase out income taxes,” she says.
Mark Rotblat, Chief Revenue Officer, Tubi
       
How Contextual Targeting Will Make Its Resurgence in OTTAs digital has grown, the benefits of one-to-one targeting based on audience attributes have diminished the value placed on the TV mode of contextual advertising.
Ben Eachus, CEO and Co-founder, Flowspace
       
The Key to Survive and Thrive During Supply Chain UpheavalAn improved union between marketing and logistics could be the key to not just surviving but thriving during a time of supply chain upheaval.
The Key to Survive and Thrive During Supply Chain Upheaval
       
But they can do something internally: Improve the collaboration between their marketing and supply chain departments. While these two units might seem like an unlikely pair, an improved union between them could be the key to not just surviving but thriving during a time of supply chain upheaval that shows no signs of slowing. Don’t silo marketing and logisticsWhen marketing is disconnected from supply chain and logistics, misalignment and mistakes that increase costs to you and your customers are likely to occur. “With demand far outpacing our supply, we knew we’d need to adjust our marketing to avoid a stockout,” said Kelsey Chabolla, Sundays for Dogs’ director of logistics and supply chain. Forecasting accuracy: By better understanding forecasting and tracking costs, marketers can increase the profitability of their campaigns based on fluctuating pricing and costs to procure materials.
Going Beyond Modeling for New Customer Acquisition Targets
       
Adweek's annual #Brandweek summit will explore the ideas behind breakthrough successes, discuss solutions to pressing challenges and explore new opportunities in the Metaverse. Join leaders from Alo Yoga, Hyundai Motor America, Frito-Lay and more, Sept. 12–16 in Miami. Sign up early to save . When it comes to finding “prospects who look like your customers but aren’t your customers yet,” modeling is the most consistently reliable way to find your target. But this is not just another article to advocate the power of statistical modeling.
Spotify Makes Its Clickable Ads Feature Available Outside of the US
       
Introducing the Adweek Podcast Network . Access infinite inspiration in your pocket on everything from career advice and creativity to metaverse marketing and more. Browse all podcasts . Spotify said Wednesday that it is expanding its call-to-action cards to advertisers in Australia, Canada and the U.K., enabling brands in those markets to display interactive ads.
Dear Retail Media: Amazon Prime Day Is Nigh
       
Adweek's annual #Brandweek summit will explore the ideas behind breakthrough successes, discuss solutions to pressing challenges and explore new opportunities in the Metaverse. Join leaders from Alo Yoga, Hyundai Motor America, Frito-Lay and more, Sept. 12–16 in Miami. Sign up early to save . Treat yo’self: Not to box seats, diamonds and spas, but to a retail media strategy mix that aligns with Prime Day, which is all but certain to land in July again this year.
Audible Consolidates Global Media Business With Wavemaker
       
Audible, the Amazon subsidiary that provides audio storytelling, consolidated its global paid media with GroupM agency Wavemaker following a review that began late last year.
Here’s Why Unilever Doesn't Have a CMO Any More
       
Unilever, one of the world’s biggest advertisers, no longer has a dedicated chief marketing officer (CMO) role. Since April 2022, its most senior marketer, Conny Braams, has been appointed as its first chief digital and commercial officer to reflect the “blurring lines” between digital marketing and commerce.
Adweek's 2022 Media All-Stars
       
As a result, media agencies are racing to add new capabilities and teams, and in the process, they’re redefining what it means to be a media agency. Behind the ever-growing responsibilities of media agencies are some of the brightest minds in advertising. This year’s Media All-Stars represent the many facets of media buying. Adweek’s Executive of the Year built a 300-person shop from the ground up, while Adweek’s Rising Star was the brain behind the media plan for some of Dove’s most impactful advertising. Across Adweek’s bank of All-Stars, you’ll find the many areas of media agencies’ growth represented, including masters of retail media networks, TikTok strategists and drivers of equitable media buying.
Why Smart Brands Are Turning to Latin America for Creative Talent
       
As brands and agencies around the world seek support for their creative production needs, they’re increasingly tapping into digital hubs in Latin America—particularly in Brazil and Mexico. A study by São Paulo Tech found that tech startups in the state of São Paulo attracted $2.8 billion in investment between 2019 and 2020, outpacing the tech ecosystems of some nearby countries—Chile, Colombia and Argentina. Nearly 3,000 startups across 34 sectors operate in the state of São Paulo, with 70% of them based in the capital city. Since then, we have developed an in-region talent pool of remarkable digital and creative production talent, including CGI artists, Flame artists, graphic designers, After Effects artists, and account managers. These dynamic markets enable enhanced end-to-end creative production capabilities for omnichannel brand campaigns, and are better, faster and more cost-effective.
How Brands and Artists Work Together in the Metaverse
       
Adweek's annual #Brandweek summit will explore the ideas behind breakthrough successes, discuss solutions to pressing challenges and explore new opportunities in the Metaverse. Join leaders from Alo Yoga, Hyundai Motor America, Frito-Lay and more, Sept. 12–16 in Miami. Sign up early to save . With promises of the metaverse making headlines worldwide, defining where your brand fits in this rapidly evolving landscape is more important now than ever before. Leaders from Roblox, Logitech and Google joined Adweek’s Social Media Week to explore how labels, brands and artists can work together seamlessly in the metaverse to drive value for all parties.
Creative Commerce Is at the Center of Industry Change
       
Creativity has evolved with commerce at the center—opening a space of new opportunity for creative talent. The potential creative scale of commerce is unrivalled, ranging from social commerce to sustainable commerce, from digital to physical experiences, from packaging design to livestream shopping. And let’s not forget entertainment commerce, voice commerce and conversation commerce—the creative canvas is wide. The opportunities of creative commerceAs a CEO obsessed with creative commerce, I am privileged to work with some of the most innovative brands in the world and highly creative people. Creative commerce is the seamless joining together of brand experience with consumer experience—leading to conversion.
The Ransomware Dilemma
       
A. Richard Allen/theispot.comThe ransomware business is booming: In the United States alone, this form of cyberattack increased in frequency by 200% between 2019 and 2021. Ransomware is malicious software that uses encryption to prevent access to data on the infected machine, effectively paralyzing the computer system. In a recent study of 300 companies, 64% revealed that they had experienced a ransomware attack within the previous 12 months, and a staggering 83% of those paid the ransom. If your organization is hit with a ransomware attack, your first step should be to notify law enforcement and, if applicable, relevant data protection authorities. Fabian Muhly is a partner at Leo & Muhly and a criminology researcher at the University of Lausanne.
How Organizations Can Balance Authenticity With Propriety
       
Other employees feel miserable and unsafe. Leaders and managers can feel helpless, convinced that if they try to discourage such behaviors, they’ll be accused of denying employees’ authenticity. Define ‘Authenticity’ ClearlyEach business needs to be specific about what it means when it encourages employees to be themselves. Training can also help employees at all levels learn how to decide whether to share something. Make Psychological Safety Everyone’s ResponsibilityRelated ArticlesFor years, business leaders have been told that it’s crucial to make sure employees feel psychologically safe to speak their minds.
What Does the Four-Day Workweek Mean for the Future of Work?
       
For example, last year in Iceland, researchers found that a four-day workweek without a pay cut improved workers’ well-being and productivity. Ireland, too, will test out a four-day workweek for six months this year, and Spain has launched a three-year 32-hour workweek experiment as part of the country’s economic recovery from COVID-19. Email updates on the Future of Work Monthly research-based updates on what the future of work means for your workplace, teams, and culture. The British arm of camera company Canon is among the latest to try a four-day workweek without a pay cut. In the wake of the great resignation, organizations should embrace the four-day week to retain staff and attract new talent.
Set Up to Fail
       
Richard Mia/theispot.comThe Research The authors set out to investigate the quality and within-role alignment of C-level job design. They analyzed a total of 185 C-level job specifications that included descriptions of CFO, CIO, and CMO jobs. These confidential job specifications were created by the four largest executive recruiting firms and some midsize and boutique firms and were sourced from the firms and individual candidates. A large majority of the executives were interested: They had no idea how to assess how well aligned the responsibilities, performance expectations, and qualifications were — and whether the job design set them up to succeed or fail. Ed Tazzia is a principal at Sycamore and Co., a management consulting firm specializing in executive recruiting; global chairman of the P&G Alumni Network; and coauthor of Crafting Persuasion (1845 Publishing, 2019).
Should Organizations Link Responsible AI and Corporate Social Responsibility? It’s Complicated.
       
This month’s question for our panelists: Should an organization tie its RAI efforts to its overall corporate social responsibility (CSR) efforts? Scale is defined as the degree to which RAI efforts are deployed across the enterprise (e.g., ad hoc, partial, enterprisewide). The Panelists RespondOrganizations should tie their responsible AI efforts to their corporate social responsibility efforts. Reasons to Connect Responsible AI and CSRA slight majority of our panelists (52%) believe that organizations should tie their RAI efforts to their CSR efforts. If AI maturity levels are high and AI use is linked to your social responsibility, it might be beneficial to link your RAI and CSR efforts.
Manage the Risks of Software Reuse
       
Today, most software is at least partially built on functionality acquired through external software components. Software Reuse Dependencies in Principle — and in Practice NOTE: The data on technical dependencies for Express version 4.17.2 was retrieved using npm-remote-ls. At the same time, business leaders should be aware of the implications of software reuse, even if they are not in the business of developing software. Ask vendors to demonstrate that they have good governance over reuse decisions, including properly vetting software for quality and meeting licensing requirements to reuse open-source software. While software reuse is critical to the accelerated pace of digital innovation, it has the potential to cause widespread, unanticipated, and damaging consequences.
This Entrepreneur Said Jumping from Cozy Corporate to Risk-Taking Entrepreneur Was the Best Decision for Her Well-Being
       
Sun & Swell Foods launched in 2017 with date and cashew bites. “Our goal is to allow you to stock your pantry with healthy foods,” Flynn says. Now compostable packaging is sold only through Sun & Swell online orders because it takes less time to get to the consumer. Sun & Swell Foods is also a certified B-Corp business, which testifies to its minimal environmental impact. Photos by Ali Beck and Sun & Swell Foods.
Why Some CFOs Make Better M&A Deals
       
Generalist SkillsCompanies employing CFOs with general management skills paid 9% lower premiums for acquisitions than did those with specialist CFOs. However, less than 40% of the acquiring companies’ finance chiefs can be characterized as independent CFOs. This suggests that the status of CFOs has been decreasing relative to the status of CEOs. After studying finance and earning an MBA, he held a variety of positions in finance, M&A, and strategy at PepsiCo’s headquarters and at its North American snack and beverage businesses. When companies bolster the CFO’s informal power, they can mitigate the risk of overpaying for the target company.
Effective Leaders Decide About Deciding
       
Sometimes, I didn’t see how their execution of a strategy lined up with what I saw in my mind’s eye. Respondents to a 2018 McKinsey survey, for instance, said they spent 37% of their time making decisions, on average — and they estimated that more than half that time was spent ineffectively. In this two-by-two matrix, decisions are categorized into four boxes along axes representing how urgent the decision is and how high or low the stakes are. Decide without me: Your direct reports should have most of their responsibilities piled under this item. This way, I stay informed and don’t need to ask about it but still get the joy of watching it develop.
The inflation scare will fade – here’s why
       
Is it time to wonder if the inflation panic, far from becoming embedded, is peaking and will soon fade rapidly? Inflation really is a monetary phenomenon “Inflation is like toothpaste. Yet for the last 30 years, the annual rate of UK inflation oscillated around 2%, never rising above 5%. “Inflation is always and everywhere a monetary phenomenon,” said Milton Friedman. That surely stretches the notion of transitory.” Monetary growth in 2020 had been the highest since 1943.
The UK jobs market is still red hot – but will it last?
       
The UK jobs market is blazing hot. Some PR advice for the Bank of England boss Bank of England governor Andrew Bailey was being cross-examined at the Treasury Select Committee yesterday. He got a pretty easy ride given that inflation is running at nearly five times the Bank of England target of 2%. A few months ago, Bailey made the mistake of saying that workers should show restraint in the annual wage-bargaining process. But today’s papers are again full of somewhat disingenuous headlines about Bailey saying that workers should “think and reflect” before asking for pay rises.
Do Kwon: the King of Crypto Lunatics
       
Back then the so-called “King of Lunatics” was riding high, thanks to the soaring value of two cryptocurrencies: Luna and its sister “stablecoin”, TerraUSD . “Right now, my role in the crypto industry is a little polarising,” observed Korean entrepreneur Do Kwon in April. “Now history seems to be repeating.” At the end of last week, Kwon broke his silence and apologised to Luna and Terra investors. Did Kwon really believe in his project, or was this “a lengthy and complex deception”? SEE ALSO:The biggest threat to crypto comes from stablecoinsWhy has the Terra stablecoin broken its US dollar peg and should you care?
Get set for another debt binge as real interest rates fall
       
Yet the really important number is the real interest rate; the cost of money after you allow for inflation. Right now, the real interest rate is -6%, and soon it is going to hit -9%, historically an extraordinarily low figure. No major developed economy has ever seen real rates as deep into negative territory as that. In the inflationary spiral of the 1970s, inflation touched 20% in the UK, but interest rates also went as high as 16%, so the real rate remained relatively stable. In the US, real interest rates are now -8% and will probably go deeper into negative territory.
Interest-rate rises mean more pain for stocks
       
The Bank of England has warned that inflation will top 10% later this year while issuing gloomy growth forecasts. As central banks “try to engineer a soft landing” the risk of a “policy error” that crashes the economy is high. Policymakers last week raised interest rates by 0.25 percentage points to 1%, the highest level since February 2009. Three of the nine members of the monetary policy committee wanted to go further and voted for a 0.5% rise. Markets now expect UK interest rates to keep rising until they hit 2.5% next year.
The return of the Marcos dynasty to the Philippines
       
Amnesty International estimates that under the dictator 70,000 “enemies of state” were arrested, 34,000 tortured and more than 3,000 killed. Marcos Jr’s vice-president is Sara Duterte, daughter of the current “strongman” leader. Following Marcos Sr’s death, the family returned to the Philippines in 1991, ostensibly to face corruption charges, but immediately got stuck into politics again. The Marcos family also has a long association with China. This susceptibility to external influence is “a potential liability” for the Philippines at a delicate time in international politics.
The end of the era of optimisation
       
In recent decades, we have lived through an era of optimisation, which was enthusiastically embraced by American executives, in particular. Optimisation boosted the components that determine return on equity (ROE): corporate profit margins, asset turns and leverage. Optimisation has rendered the corporate world more fragile. The era of optimisation sounded the death knell for vertically integrated companies which owned and controlled the entire production process. Companies will have to bring more key activities in-house, suggests Julien Garran of MacroStrategy in a note entitled “The End of Optimisation”.
Flexible working: don't rush your staff back the office
       
For many small businesses, flexible working makes lots of sense. Above all, there is a growing body of evidence that flexible working policies boost output. One landmark study of 16,000 workers conducted by Stanford University found productivity increases of up to 13% at businesses that embraced flexible working. Should small business owners continue to let staff work from home in the wake of the pandemic? Check your insurance: does your employers’ liability cover extend to staff working at home and what is the position on equipment taken out of the office?
Let’s adjust to living with Covid and get Britain back to work
       
Many offices are still half-empty and staff reluctant to go back to their desks five days a week. The public sector is still operating in second gear, with simple tasks such as driving tests taking months to book. With the government ending its restrictions, this is surely the right week for the private sector to adjust to “living with Covid-19” as well. After all, no one wants to pay for expensive office space if people don’t work as well there. Lockdown and working from home has made everyone sluggish, hollowed out teams that used to work well together, and undermined corporate culture and morale.
Cryptocurrencies are crashing – so how low will bitcoin go?
       
With bitcoin crashing – in fact, the entire cryptocurrency sector crashing – I thought I should quickly cover it today. Faith in cryptocurrencies has been battered – in most cases, quite rightly This time last year, bitcoin went on one its monster runs above $60,000. As an asset, bitcoin has become highly correlated to the Nasdaq and tech stocks and, as we all know, tech stocks have been walloped. So over the past fortnight, I was quite encouraged to see bitcoin holding up quite well relative to other tech stocks. Bitcoin will survive (again) but it’s likely to hit $20,000 and could go even lower Of course, bitcoin and cryptocurrencies are not one and the same.
Domino’s Pizza’s share price will heat up again – here's how to play it
       
Domino’s Pizza Group (LSE: DOM), the UK master franchise of the US takeaway pizza chain Domino’s Pizza, is a good example. How my tips have fared Over the past six weeks, my four long tips haven’t done very well, with three out of the four positions falling in price. Overall, my four long tips are making a net profit of £2,650, down from £3,423. The good news is that five out of my six short tips have also declined in value. Overall, my six short tips are now making net profits of £5,312.
HubSpot: a tech stock set to tumble
       
With the share price showing signs of collapse, I’d suggest shorting it at the current price of $530 at £4 per £1. This year, I’m going to do the same thing again, with three principles that I’m going to follow in 2022. Avoid revisiting past tipsIn the past I’ve revisited both successful and unsuccessful share tips. Overall, my short tips are making £1,909, up from £1,714 two issues ago. As noted in my resolutions, I’ll be looking to add more short tips in the future.
The pound is falling hard – is a UK recession on the cards?
       
If it’s any consolation, this isn’t just a UK problem. Usually this would imply significantly higher interest rates. They don’t think the Bank of England will be able to raise interest rates because we’ve just had some woeful economic data. UK retail sales for March were awful, dropping by 1.4% compared to the previous month, a much worse figure than expected. Of course, this still means you have an inflation problem.
How to invest in litigation finance – and get returns from bankrolling legal disputes
       
Uncorrelated returns A key attraction for investors is that legal disputes should be uncorrelated with other asset classes, such as government bonds or equities, which all respond to economic cycles. Since the start of the pandemic, Manolete is down by almost 50%, whereas Litigation Capital Management has risen 56% over the same time frame. Litigation Capital Management reports an even higher ROIC of 162% and an IRR of 79% over the last 10.5 years. Still, Litigation Capital Management uses historical-cost accounting, not fair-value accounting. The case for and against Burford Capital Burford Capital (Aim: BUR) floated in 2009.
The case for cryptocurrencies in times of war
       
A week is long in the cryptocurrency world, and the past week is a perfect example of this. But the opposite happened this week, with cryptocurrencies soaring on Wednesday even as stocks struggled. Ukranians are flocking to cryptocurrencies Ukraine has seen a surge in demand for cryptocurrencies. “On Binance, the largest exchange in the world, bitcoin was trading for the equivalent of $45,894 in hryvnia terms. Cryptocurrencies were gaining traction in Ukraine even before the war took place after it passed a law in February legalising cryptocurrencies.
Currencies: the yen just keeps on tumbling
       
In any case, while politicians have begun to “fret” about the weaker yen raising the cost of living, there is little they can do, says The Economist. The weak yen could be a buying opportunity, says David Brenchley in The Sunday Times. A weaker currency makes Japanese exports more competitive and flatters the earnings of multinationals in yen terms. Offshoring means that Japanese exporters get less of the upside from a weaker yen than they used to. He may be right, but “some of Kuroda’s former finance ministry colleagues now see the weak yen as a sign of Japan’s fading economic power”.
Why has the Terra stablecoin broken its US dollar peg and should you care?
       
This was the inventory of as-yet-undiscovered fraud which led to the false impression that everyone was wealthier than they really were. How Terra broke its US dollar peg I’ve been reminded of this notion of the bezzle because something really rattled the horses in the cryptocurrency sphere yesterday. A stablecoin is a type of cryptocurrency which is “pegged” to another asset –usually the US dollar. The point is to offer a form of crypto whose value can be relied upon. The algorithm would adjust the supply of TerraUSD in order to keep its value pegged to that of the US dollar.
The return of the currency wars
       
Talk of “currency wars” became popular in the wake of the 2008 financial crisis. We’re now in a very different environment, says Vincent Deluard of financial services group StoneX. In short, “the winners of the currency wars of the 2020s will be the currencies which can rise the fastest”. Sharp-eyed readers will note that four are commodity currencies: Norway and Canada are oil plays, while Australia and Chile export lots of key metals. Meanwhile both Norway and Switzerland have vast reserves: “Every Norwegian and Swiss owns $243,000 and $128,000, respectively, in foreign assets,” notes Deluard.
Three undervalued mid-cap stocks with attractive prospects
       
This is bolstered by the brand’s inflation-proofing potential – luxury watches are durable assets with higher demand than supply, and retailers can pass on cost pressures to their largely price-insensitive base of customers. However, the past few years have been a mixed bag for mid-cap stocks, with market uncertainty affecting domestically focused stocks particularly hard. Today, there is recognition that mid-cap UK companies are substantially undervalued, which could offer an attractive buying opportunity. Sales of luxury watches in the US are 40% lower per capita than in the UK, providing Watches of Switzerland with a potential growth opportunity. Clients are supporting it in setting-up across the globe, which should continue to drive revenue growth.
Mortgage rates have hit a five-year high – is it time to fix?
       
Mortgage rates hit a five-year high last month as markets reacted to the Bank of England interest rate creeping slowly but steadily higher. The average interest rate on a two-year fixed-rate mortgage rose to 2.86% in April, the highest level since 2015, according to the Moneyfacts UK Mortgage Trends Treasury Report. At the same time the average interest rate on a five-year fixed mortgage also climbed. Standard variable rates (SVR) have also risen. Halifax began offering a five-year fixed rate mortgage and a ten-year version at 2.48%, whereas its two-year deal had a rate of 2.54%.
Could a stronger euro bring relief to global markets?
       
A strong US dollar sucks money out of risk assets The US dollar is one of the most important prices in the world. As a result, when the price of US dollars goes up, you can view it as monetary policy getting tighter around the world (that’s an oversimplification, but it’s quite a useful one). The second reason is that the euro was threatening to hit parity with the US dollar. Why a stronger euro might be good news for markets So why is this good news from a strong dollar front? As a result, when the euro bounces against the dollar, DXY tends to fall.
Private pensions: act early to avoid a big inheritance tax bill
       
The first principle to grasp is that private pension saving almost always falls outside of your estate for IHT purposes. They’ll pay income tax on the money only if you were 75 or over at the time of your death. Spend taxable savings firstSince IHT is not payable on pension cash left to heirs, it makes sense to run down other savings later in life before tapping into your pension cash. If you reach retirement with, say, cash in both individual savings accounts (Isas) and private pensions, it’s a good idea, all other things being equal, to use the former first. Isa savings count towards IHT calculations, so running these down before you turn to your pensions reduces your heirs’ potential liability to tax.
How to make your child a financial whizz
       
The study found that allowing children to make age-appropriate decisions about their money can help them create positive habits. Unfortunately, you can’t rely on schools to tell your child what they need to know. Children need to start learning about money from a young age. From the age of 16 they can make investment decisions about their account, but they can’t withdraw the money until they are 18. Before your child lives away from home for the first time, they need to learn about budgeting.
Wall Street’s sell-off has further to go
       
Last Friday, Wall Street’s S&P 500 share index briefly entered bear-market territory after falling 20% from the record high it hit at the start of 2022. The index has fallen for seven weeks in a row, its worst such streak since the dotcom bubble imploded in 2001. The Dow Jones Industrial Average has fallen for eight straight weeks, its worst showing since 1932. Trouble spreadsThe sell-off has been led by tech stocks. On an equal-weighted basis (which strips out the higher weighting given to big firms) the index has fallen by 13% this year, rather than 18%.
ESG investing could end up being a classic mistake
       
What was not discussed was the huge mistake today’s fund managers are making: the fervent embrace of the idea that investing according to environmental, social and governance (ESG) principles is both a good thing and something that guarantees long-term outperformance. The fuss around Elon Musk’s takeover of the company centres in large part on free speech concerns – and his apparent full embrace of it. It might also be a reminder that free speech is not just a good thing in theory but an essential driver of equality, democracy and, perhaps, of successful capitalism. Let’s not forget, writes Jacob Mchangama in his book Free Speech, that in allowing everyone to challenge the elite, “free speech may well be the most powerful engine of equality ever devised by humankind”. You can pull out a good percentage of the companies in the average ESG portfolio and make a similar argument.
Four high-quality US stocks to give shelter from the storm
       
Last year ended on a high note for US stocks, which were in their third year of double-digit returns. While pandemic-related risks have reduced, new headwinds such as inflation, rising interest rates and geopolitical tensions are affecting investors’ sentiment. Except for the first quarter of 2021, when value outperformed, growth was the clear winner. Yet today, value stocks are once again outperforming as investors try to shield themselves from rising inflation and geopolitical instability. Our trust provides this balance through a diverse selection of high-quality value and growth names, which we believe will perform well over the long term.
How to cut the cost of living
       
Tips on how to cut your bills to fight the cost of living crisis are coming thick and fast as inflation hits 9%. And while you’re at it, go to the settings page on your iPhone or the Google Pay app on Android and check your recurring app subscriptions. Cancelling unused ones or ones you no longer need could save as much as £265 a year. Tesco, Boots, Sainsbury’s, Waterstones and Lidl are just a few of the stores that offer loyalty-card holders discounts and points that can be used to cut the cost of a shop. Switch or invest for fast cash If you want to make some money quickly, consider switching bank account.
A fund that should give good returns from investing in good deeds
       
The trust is a joint venture between Schroders and Big Society Capital, where Rogers is chief investment officer. It now has £2.5bn invested, making it a leading player in the £6.4bn social investment market. The debt is usually secured and generally carries an interest rate in the range of 3%-5%, while the borrowers are reputable charities, housing associations and community organisations. “The returns for the risk we are taking stack up so the social impact is a bonus.”The trust is 82% invested and fully committed. The trust fulfils a demand from clients for uncorrelated returns while delivering a social impact.
Value is starting to emerge in the markets
       
We might instead say that this has been the worst start to a year for very expensive stocks in 90 years. Value stocks are outperforming growth stocks Look again at the investment style split and you will see that the outperformance comes from value stocks. Waverton says stocks it categorises as “deep value” are up 5.6% on the year, while value stocks are up 2.1%. The truth is that while it is growth stocks that are falling fastest, they are probably not falling purely because they are growth stocks but because they are – in some cases we can now say were – expensive stocks. This is just maths – and when interest rates rise, or are expected to rise, the dynamic reverses.
Older people may own their own home, but the young have better pensions
       
Before auto-enrolment, that number was only 47% – and a genuinely pathetic 32% in the private sector. A total of 22.6 million people saving into pensions adds up to real money: in 2019-2020 savers made combined pension contributions of £31.3bn – up from £27.9bn the year before. Today’s young are less likely than their parents to retire to a home of their own but are more likely to finish working with a private pension income, which is nice. But even so it is hard to overstate just how well funded UK retirements are relative to those in other countries. I’d take private funded over public unfunded any day.
Everything is collapsing at once – here’s what to do about it
       
I’m not often glad I am no longer the young person in the room, but this month I am. Finally, it turns out that the idea of sticking with a long-term portfolio consisting of 60% equities and 40% bonds does not mean everything will always be fine. The Vanguard Global Corporate Bond Index is down over 12% in the year to date, making its performance not so different from that of the MSCI World Index, down 13%. Equities and bonds are collapsing in tandem The problem here is that the protection you are supposed to get from bonds involves their yields falling (and hence prices rising) in the bad times. Mostly, when things look tricky in equity markets there is a reason (or central banks at least manage to find one) to cut interest rates to sort things out.
Will the rise of ESG investing cause stagflation?
       
ESG investing is rather more explicit about the idea that there need not be a trade-off between “good” behaviour and attractive investment returns. Indeed, ESG investing argues that high-quality corporate governance, environmentally friendly practices and good corporate citizenship are material to the performance of financial assets. ESG investing – or just growth stocks? You might assume that ESG investing is the way to go. It’s hard to pick winners In the long run, some renewable energy companies and others involved in the energy transition are likely to do very well.
What sardines can teach investors about today's markets
       
“These are not eating sardines, they are trading sardines.”In his very good book on investing, Margin of Safety, Seth Klarman tells the story of a California speculative mania – in sardines. Trading sardine. Trading sardine. Eating sardine. Eating sardine.
Six high-yielding funds for income investors to buy now
       
Income investors are in a quandary: rising interest rates make many conventional bonds a difficult sell. Residential-focused funds are also having a tough time, even if average yields are higher at 5.2%. Some of the infrastructure lending funds, such as GCP Asset Backed Income (LSE: GABI) – on a 6.3% yield – and RM Infrastructure Income (LSE: RMII) – on a 7% yield with a 2.8% discount – both look interesting. It offers a 5.1% income yield and is trading at a small sub-2% discount; the US dollar share class (LSE: BPCR) yields closer to 7%. Last, shipping fund Tufton Oceanic (LSE: SHIP) is still churning out a 5.8% income yield off the back of its portfolio of mid-sized bulkers and small tankers.
Marks & Spencer shares look cheap – should you buy in?
       
The Marks and Spencer (LSE: MKS) share price has been a perennial disappointment for investors over the past 20 years. On a total return basis (ie including dividends) the picture is a bit better, but investors have still lost money. Is the Marks & Spencer comeback crumbling? Despite the pandemic, between July 2020 and the start of this year, Marks & Spencer shares returned more than 160% excluding dividends, compared to a return of just 25% for the FTSE All-Share Index. There are three branches within walking distance of me right now, all M&S Food Halls, and they’re always quite busy.
The Federal Reserve wants markets to fall – here’s what that means for investors
       
It’s this: the Federal Reserve and America’s other policy-making powers that be, actually want the stockmarket lower. It’s not that I’m treating what they say with a healthy dose of cynicism; I’ve reached unhealthy levels of cynicism. My default, so low is my trust, is now not only not to believe a word they say, it is to assume they are lying. Back in 2008, and for many years since, everyone in Policymakerland was worried about deflation, and every effort went into staving it off. But, no, in Policymakerland they are genuinely worried about inflation, and so asset prices are not going to be defended.
Scottish Mortgage Investment Trust has fallen hard. But is now the time to buy?
       
The Scottish Mortgage Investment Trust (LSE: SMT) has been part of the MoneyWeek investment trust portfolio since its launch in 2012. So, owning a growth-focused trust such as Scottish Mortgage alongside more value-focused entities such as the Law Debenture Trust (LSE: LWDB) offers the best of both worlds. This performance will certainly have a negative effect on the performance of the MoneyWeek investment trust portfolio, but diversification across the equally-weighted portfolio should cushion that. The question investors might be asking after recent declines is if now is the right time to bulk up their holdings in the Scottish Mortgage Investment trust? That’s why even after the firm’s run of success over the past 20 years, Scottish Mortgage still has its critics.
Which companies will lose the most from the energy windfall tax?
       
Rishi Sunak‘s decision to introduce a windfall tax on North Sea oil producers has divided opinion. The North Sea tax regime was already fiendishly complex before the new windfall tax was introduced. The new windfall tax is supposed to be temporary, although a 2025 sunset clause suggests it might be more permanent than the government is willing to admit. This looks like it is intended to draw more money out of Shell (LSE: SHEL) and BP (LSE: BP). Source: Jefferies As the table shows, the large integrated producers, Total, BP and ENI, are unlikely to see much of a dent in their earnings due to the windfall tax.
Here’s how the government plans to cut consumers’ energy bills
       
Perhaps the most eye-catching part of this mini-Budget was a major change to the energy bill rebate scheme. Even core inflation, which strips out the effect of rising food and energy prices, is sharply rising. The chancellor plans to partially fund the energy relief measures through a 25% windfall tax on the profits of oil and gas companies. Even though the introduction of the windfall tax was largely anticipated today, it still made headlines because the Conservatives have long been resisting pressure to introduce such a tax. SEE ALSO:Should you be worried about energy windfall tax proposals?
How the Fed came through the pandemic
       
To do this, he settled on a nationwide tour, dubbed “Fed Listens.”What Powell heard was that the Fed was paying too much attention to inflation and too little to unemployment. The Fed was alert to the seriousness of the pandemic faster than the administration or Congress. That the Fed quickly understood the ruinous potential of the pandemic meant that it assumed a bigger and bigger role in combating it. Had Powell’s Fed overdone it or merely been unfortunate? That the Fed quickly understood the ruinous potential of the pandemic meant that it assumed a bigger and bigger role in combating it, at the same time that it also tried to correct its errors of the past.
The real value of video content
       
The surge in consumer demand for streaming video content is yielding blockbuster—and eyebrow-raising—deals. As rights holders pull their content from streaming services in droves to offer it on their own, the rules of content ROI have changed dramatically. Each player in the streaming ecosystem has its own content strategy and business and revenue model. For every content investment made, Netflix must ask itself: Can this piece of content be expanded to realize its full value? The Ecosystem TechiesNostalgists see content as the primary driver of value, but others perceive content as a means to an end.
It’s time to challenge the status quo at family businesses
       
For those fortunate enough to be born into a family that operates a successful family business, it often feels like walking a predetermined path. The skill sets and strategies required for business success are changing, and family businesses have often been slow to react to change. Recent research by Family Capital, an online publishing platform dedicated to family enterprises, shows that over the last decade, the market value of family businesses has dipped below that of similar publicly listed companies. Many family businesses are formalizing wealth management through a separate family office—some 42% of NextGens responded that their families had one. Successful family businesses have proven their ability to think in these differing dimensions.
Determining “nonnegotiables” in the new hybrid era of work
       
“It’s a new era, one that’s focused on hybrid and new ways of working,” PwC’s recent workplace pulse survey reported. In those industries in which remote and hybrid work is possible, flexibility is essential to attracting and retaining great employees, particularly amid low unemployment. The flexibility of hybrid work brings benefits, but it must not damage these elements.) CommunitiesFinally, it is critical to consider the implications of the hybrid work model on the broader community. So, as organizations experiment with hybrid work options, it’s crucial that they also examine their impact on communities and show a strong commitment to helping lead the way in creating positive change.
The surprising upside to provocative conversations at work
       
Photograph by Compassionate Eye Foundation/Mark LangridgeWhen it comes to the future of work, digital skills are only part of the story. After all, employee conversations about societal topics like climate, immigration, race, and gender equity may seem like a potential source of discord—and HR headaches. Most leaders treat these conversations as a possible minefield, with the potential to distract employees from work (at best) and—more likely—lead to disputes if employees feel outnumbered or out-argued. Notably, people also said that these conversations helped create a more open and inclusive work environment—a key goal of most organizations these days. Only 30% of employees said their company provides support to help them work effectively with people who share different views.
A time-tested strategy for leaders facing a “perfect storm”
       
In business, leaders are facing a perfect storm of a different sort. For the past decade, I have researched some of the most dangerous and difficult polar expeditions to see how their leaders managed the many perfect storms they faced. I’ve come to the conclusion that having a second-in-command on a team, no matter the team’s size, was a defining feature of a mission’s success. And most important, the team leaders had a second-in-command on all teams. Some people excel in the second-in-command role, while others find that they prefer their role as an individual contributor.
Dentsu International’s pursuit of a more conscious consumerism
       
She came to the agency world with a deep understanding of what clients want and need. This understanding helped inform her decision to launch a major transformation initiative upon joining Dentsu International, to enhance the company’s ability to provide integrated solutions. That’s why we need to move toward conscious and mindful consumerism, and to help our clients understand that. We identified 60 high-potential female leaders for a yearlong development learning experience to accelerate their advancement within Dentsu at the senior leadership level. When we do this, it creates an employee experience that is much richer, and it makes our work definitively better.
Climate Change Risks on Business with 3 Real-Life Examples
       
Three pressure pointsCEOs may not be thinking hard enough about climate risks, but key corporate stakeholders are doing their best to change that. And whether stakeholders’ motivations are informed by climate risk, decarbonization commitments, or both, it’s imperative for business leaders to pay closer attention. Too many leaders have not come to grips with the implications of a business world where climate risks are transparent, public, financially material for shareholders, and ultimately part of a board’s fiduciary duty to manage. Better nonfinancial reportingAs lenders, asset managers, investors, and insurers get sensitized to the climate risks in their portfolios, they are demanding more transparency from clients and customers. The TCFD framework provides a useful starting point for companies eager to start understanding the climate risks and opportunities they should anticipate.
How cooking saved my mom's mental health and fed her Chinese food restaurant empire
       
Katie ChinOpinion contributorIn many Chinese American families and especially mine, love isn’t shown through physical gestures like hugging, touching or saying I love you. Stigma even greater in faith communities:I struggle with mental health – and I love JesusPatty moved out at the age of 19. A few weeks later, Patty took a turn for the worse, and my parents checked her into a mental health facility for severe depression. I don’t know that my mother ever recovered from my sister’s premature death; I’m not sure any mother can. Everything I know about life and cooking I learned in the kitchen from her.
Truck wars electrified: Many GM Silverado EV, Ford Lightning buyers just want to be first
       
Ty Damon is one of the first 140,000 people to reserve a 2024 Chevrolet Silverado electric pickup. Damon's $100 deposit to get on the reservation list at Bowman Chevrolet in Clarkston, Michigan, is refundable should he grow impatient and buy the Ford F-150 Lightning electric pickup – which will be out first – instead. But Damon says he can wait.
Chicago pastor: ‘I live on a roof to raise cash for black youths—but BLM won’t help’
       
Brooks’ church is located on “O Block,” named for gang member Odee Perry, where violence is a constant (above). Project HoodAt the end of 2020, I emailed the director of Black Lives Matter Global Network Foundation for the first time on the website where it says you can apply for donations. I kept emailing and asking: How do you go about trying to get funds for your organization from Black Lives Matter? NurPhoto via Getty ImagesThere’s a Black Lives Matter chapter in Chicago but they’re like a secret. I’ve been saying for a long time that Black Lives Matter doesn’t benefit the black community in any way.
After lull, employers renew interest in helping workers repay student debt
       
Before the pandemic, student loan repayment benefits were becoming one of the most popular perks taking hold in corporate America. The percentage of employers offering student loan repayment assistance doubled to 8 percent between 2016 and 2019, according to the Society for Human Resource Management. Craig Copeland, a senior research associate at the Institute, said the two-year pause on federal student loan payments also placed employer-sponsored programs on the back burner. Google started a program in January that matches up to $2,500 in student loan payments a year for its employees. And that sunset is giving some companies pause about creating a student loan assistance program, Copeland said.
$60 billion collapse of major cryptocurrency is not the industry's Bear Stearns moment — senators and regulators explain why
       
But so far, government officials don't seem to be worried about a crypto crash taking down the broader economy. "What we don't want to do is choke a new industry and innovation out so that we lose out on opportunities. At their height, luna and UST had a combined market value of almost $60 billion. In it, the group divides the stablecoin landscape into two main camps: trading stablecoins and payment stablecoins. The act included stricter regulation of derivatives, plus new restrictions related to the trading practices of FDIC-insured institutions.
I took control of my future after a layoff and now make 6 figures from my multiple income streams
       
Knowing that many millionaires have multiple streams of income, today I have five main sources of income, that bring in a combination of active and passive income, and help me earn more than six figures a year. It also sells products, like a card game and merchandise, which brings in passive income on a weekly basis. I offer one-on-one coaching and consulting, and I offer passive income products, like books and merchandise. Even two years later, these courses bring in a few thousand dollars of passive income every month. I consistently earn interest and royalties from past projectsOne of my goals for 2022 is to bring in more passive income streams.
Analysis: Russia's 'political' debt default sets emerging market precedent
       
Its strong solvency track record, bumper export revenues and an inflation-fighting central bank had made it a favourite of emerging market investors. But the U.S. Treasury's decision not to extend a licence allowing Russia to keep up debt payments despite wide-ranging sanctions, have set Moscow on the road to default. read moreEmerging market debt crises are nothing new -- Russia itself reneged on its rouble bonds in 1998. "This would be the first externally and politically driven default in emerging markets' history," Monier said. The Treasury license expiry means creditors may be unable to receive payments anyway, which Daniel Moreno, head of global emerging market debt at Mirabaud Asset Management, likened to "turning the world upside down."
G-7 pledges put coal on notice, could boost climate aid
       
Ministers from the G-7 countries meeting in Berlin also announced a target to have a “highly decarbonized road sector by 2030,” meaning that electric vehicles would dominate new car sales by the end of the decade. The agreements, which will be put to leaders next month at the G-7 summit in Elmau, Germany, were largely welcomed by climate activists. In practice, this means countries need to phase out coal by 2030 at the latest,” said Luca Bergamaschi, director of Rome-based campaign group ECCO. G-7 members Britain, France and Italy have already set themselves deadlines to stop burning coal for electricity in the next few years. “Time is literally running out,” Habeck said, calling climate change “the challenge of our political generation.”___Follow all AP stories on climate change issues at https://apnews.com/hub/climate
Confused about where Fed policy is headed? Don’t worry. Professional forecasters are, too.
       
”The highest five median forecasts, in contrast, call for the Fed to continue to push up its policy rate to just under 4%. The full sample median expected the Fed’s policy rate to get to 3% by the end of next year. The good news is that a large majority of economists think inflation will peak this year. Fed policy was seen as the greatest downside risk to the U.S. economy, followed closely by a global growth slowdown due to Russia’s invasion of Ukraine. The economy is forecast to rebound to a 2.3% growth rate in 2023.
As Biden fights inflation, economists warn his weapons for this battle look ‘extremely limited’
       
President Joe Biden says fighting high inflation is his “top domestic priority,” and his administration has touted the moves it’s making to help Americans with rising costs. Economists continue to warn, however, that every president — whether Democrat or Republican — lacks powerful weapons for battling high prices. They’re reiterating a view that they voiced three months ago, before Biden talked up his efforts to tackle inflation in his State of the Union speech. Analysts have been predicting defeats for Biden’s Democratic Party in November’s midterm elections if high prices persist. He said Monday that he was considering such a move, as U.S. inflation runs at its hottest pace in 40 years.
I want to retire to the San Diego coast. My son wants to invest in real estate. Should I rent a home from him, and rent our $2.5M San Francisco pad to our son?
       
We would like to enjoy retirement on the San Diego coast without having to sell our house. I’ve proposed that he buy a house or condo somewhere on the San Diego coast that he will rent to us. Then, he and a couple of his friends can rent our house in the Bay Area where they all work. You and your husband want to retire to a cozy beachfront abode, and your son wants to invest in real-estate. For that reason, you should be cautious about giving discounts to your son on rent (and vice versa.)
‘She has no ambition’: I make $100,000. I’m buying a home before the wedding. My fiancée earns $50,000 and has $20,000 in student debt. What’s a fair prenup?
       
We don’t live together, but we have started the marriage discussion and plan on moving in together when I close. She has no ambition, and makes significantly less than I do. Given all this, I need help figuring out what’s fair for the prenup and for our living situation. After marriage, we will open joint savings and checking accounts. Then we contribute the same amount each month to a joint savings account to build a joint emergency fund.
Inflation is not stopping 'pet parents' from spending: Petco CEO
       
Pet parents are unwilling to buy cheap food and that’s helped fuel sales for Petco, according to the retailer’s chief executive. “The majority of our business is staples,” Petco CEO Ron Coughlin said on Yahoo Finance Live (video above). “Just like you don’t cut back on milk or eggs, pet parents don’t cut back on food for their pets. A January 2022 survey from Rover found that 71% of dog parents were attributing higher pet-related costs to inflation. As for the pet adoption boom that boosted sales for Petco and peers like Chewy during the pandemic, Coughlin said it’s continuing, albeit more slowly.
The red-hot U.S. housing market finally ‘offers hope’ for buyers and sellers, according to this real-estate economist
       
Nearly half (49%) of sellers said they plan to sell their home at $500,000 and below, with 15% of them aiming for $200,000 or less, according to a report released Tuesday by real-estate site Realtor.com. Roughly 29% of sellers are trading up, and 32% making a lateral price move. Mortgage rates jumped from just 2.75% in the fall for a 30-year fixed to more than 5.25% in mid-May. Low mortgage rates had made it easier for buyers to purchase a home despite record prices. “The distribution of sale prices points to an encouraging sign for many buyers who found last year’s housing market highly frustrating due to escalating prices,” the poll of more than 3,000 home buyers and sellers said.
Redbox Stock Is Sky-High at 13 Times Chicken Soup Buyout Price
       
Under terms of the deal, Chicken Soup will assume $321 million of Redbox debt, and issue 0.087 shares for each outstanding Redbox share. Under that formula, each Redbox share would be exchanged for Chicken Soup shares now worth about 59 cents. The stock price has nearly doubled over the past six trading days, leaving Redbox shares overpriced by more than 13 times. Including the conversion of some debt, it holds about 80% of the outstanding Redbox shares, according to Chicken Soup. Once a real stock, Redbox shares are now all about a game of, well, chicken.
Durability of U.S. stock- market bounce in question as inflation worries linger ahead of payrolls report
       
However, history shows that inflation can linger long after the Federal Reserve has started hiking interest rates. Friday’s reading on the Fed’s preferred inflation gauge, known as the personal-consumption expenditures price index, showed price pressures easing in April. 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. U.S. financial markets, including the New York Stock Exchange, will be closed on Monday for Memorial Day. 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.
Why the Dow finally bounced — and what it will take to convince investors it’s for real
       
TipRanksThe stock market is a game of risk and calculation, and in recent months the risks are mounting. The first quarter of 2022 showed a net negative GDP growth rate, a contraction of 1.4%; another contraction in Q2 will indicate a recession. Wall Street’s experts are trying to look ahead, to see through the fog of uncertainty and get some feel for where things are going. Covering the market for Morgan Stanley, chief US equity strategist Michael Wilson believes that we’ll dodge the recession bullet –
Easton votes to spend $1 million to bring historic hall back to life
       
Richardson to honor congressman and Easton native Oakes Ames. The hall, which is owned by the Oakes Ames Memorial Association and managed by a board of trustees, closed this spring because of structural problems and is expected to reopen in the fall. Easton’s Town Meeting voted to spend nearly $1 million in Community Preservation Act money on Oakes Ames Memorial Hall — the historic landmark and event space in North Easton — with the prospect of voting to spend millions more next spring on a complete restoration and upgrading. “Oakes Ames Memorial Hall is iconic to the landscape of Easton, and we want to restore it to its former glory, and do what is needed so the hall can be fully used and there is a good return on public investment. In 1879, his children commissioned Richardson, architect of Trinity Church in Boston, to design the memorial hall as a tribute to their father.
As Uvalde parents seethe, recourse against police may be limited
       
The Texas Torts Claims Act grants permission to sue in certain limited circumstances, but according to legal experts interviewed, those wouldn’t apply in the Uvalde school shooting case. Protesters angry about gun violence demonstrated outside, including some holding crosses with photos of the Uvalde shooting victims. Maite Yuleana Rodriguez, a victim of the Robb Elementary School shooting in Uvalde, Texas. Meghan, Duchess of Sussex, places flowers as she mourns at a makeshift memorial outside Uvalde County Courthouse in Uvalde, Texas, on Thursday. Mass shooting after mass shooting, more than 200 so far this year.
This 1930s Lakewood home has a designer’s touch and a nonprofit connection
       
6722 Lakeshore Drive is a 4,308-square-foot home with four bedrooms, three bathrooms and one half-bathroom. 1 / 11Take a look at the home at 6722 Lakeshore Drive in Dallas. (Shoot2Sell Photography) 2 / 11Take a look at the home at 6722 Lakeshore Drive in Dallas. (Shoot2Sell Photography) 3 / 11Take a look at the home at 6722 Lakeshore Drive in Dallas. (Shoot2Sell Photography) 4 / 11Take a look at the home at 6722 Lakeshore Drive in Dallas.
Time running out on indicting crimes related to 2020 George Floyd protests
       
Melvin Williams and Garland police Officer Joe Privitt are likely to be the only ones indicted in the protests. Dallas County District Attorney John Creuzot has previously said that the statute of limitations on any potential crimes from the protests is May 30. The DA’s office previously accepted 20 cases against protesters for alleged misdemeanor and felony crimes, according to the office. He also faces four misdemeanor counts of official oppression, one of which was from an incident unrelated to the protests. The two Dallas officers indicted were filmed inflicting injuries on demonstrators, according to court records.
Russian-speaking technologists rebuild their lives in a San Francisco home
       
Because they spoke Russian, they thought they had a private key that could unlock resources most Silicon Valley technologists could not. “But the war broke so many of those ties.”Doronichev and his housemates are among the hundreds of Russian-speaking technologists working in the Bay Area who are struggling to rebuild their personal and professional lives after the invasion of Ukraine. Last summer, as they met with other companies and colleagues in Kyiv, the two of them attended a boat party whose hosts were a group of Ukrainian technologists and investors. As many other tech workers flee both Russia and Ukraine, there is a new pool of available talent. But the entrepreneurs at DobryDom have a new rule: They only hire people who oppose the war.
Freshcraft owner closing downtown Denver bar and restaurant
       
After working as a general manager at Stoney’s Bar and Grill for two years, Erik Riggs was given the chance to own his own bar and restaurant. Riggs and Stoney Jesseph, the owner of Stoney’s, purchased Freshcraft at 1530 Blake St. in downtown Denver in 2019, just five months before the pandemic. “It put strains on my life and relationships.”After a few difficult years, Riggs is closing down Freshcraft on May 29. “As someone who was a general manager for so long, the security of working for someone else sounds good for once,” he said. Subscribe to our new food newsletter, Stuffed, to get Denver food and drink news sent straight to your inbox.
Another golf course will be used for new homes and shops. It’s sparked an outcry in this multimillion-dollar community.
       
Construction of the drainage system is seen on the former Heron Bay golf course in Coral Springs in mid-May. The golf course, which once hosted the Honda Classic, will be redeveloped as a park and part of it will be zoned for commercial use in addition to 70 acres of planned homes. “Everybody who bought into the neighborhood, originally there was a golf course and green space, they were buying into a bedroom community that didn’t have any commercial development in the area,” said Robert Tankoos, the president of Citizens Against Golf Course Redevelopment. Walking paths will replace golf cart paths at the former Heron Bay golf course, seen here in mid-May. The golf course faces redevelopment.
Fears mount that many insurers might not be financially prepared for hurricane season, despite reforms
       
New RAP fund falls shortInsurers were hoping the Legislature would open $4.5 billion worth of reinsurance held by the Florida Hurricane Catastrophe Fund. As a result, “you’re going to have people in insurance companies rooting for tropical storms to become named hurricanes,” Petrelli said. AdvertisementIn a typical year, Demotech-rated insurers will report during the third week in May that they are nearly finished buying their reinsurance coverage, Petrelli said. Progressive owns several insurance companies operating in Florida, including American Strategic, ASI Preferred, ASI Assurance, Progressive Property Insurance, and ASI Home Insurance. After a certain percentage of that surplus is paid out, then insurers are reimbursed by their private reinsurance coverage.
Wall Street breaks 7-week losing streak, longest since 2001
       
Technology companies led a broad rally for stocks Friday as Wall Street notched its best week in 18 months. The gain broke a seven-week losing streak for the market, the longest such stretch since 2001. The S&P 500 rose 2.5% and finished 6.6% higher for the week, its best weekly gain since November 2020. The Commerce Department said that inflation rose 6.3% in April from a year earlier, the first slowdown since November 2020 and a sign that high prices may finally be moderating, at least for now. “It’s definitely one of the signs you would want to see.”The S&P 500 ended 100.40 points higher at 4,158.24.
Iran seizes 2 Greek tankers in Persian Gulf as tensions rise
       
DUBAI, United Arab Emirates — Iran’s paramilitary Revolutionary Guard seized two Greek oil tankers Friday in helicopter-launched raids in the Persian Gulf, officials said. The raid marks the first major incident at sea in months as tensions remain high between Iran and the West over its tattered nuclear deal with world powers. An Iranian helicopter landed on the Greek-flagged Delta Poseidon in international waters, some 22 nautical miles off the coast of Iran, the ministry said. “A similar incident has been reported on another Greek-flagged vessel, that was carrying seven Greek citizens, close to the coast of Iran,” the ministry said. Both vessels had come from Iraq’s Basra oil terminal, loaded with crude, according to tracking data from MarineTraffic.com.
Energy secretary: US offshore wind jobs should be union jobs
       
NEW LONDON, Conn. (AP) — The growing offshore wind industry is often touted as a boon for job creation, but who will do the work? Energy Secretary Jennifer Granholm visited the New London State Pier facility last week to see how Orsted, energy provider Eversource and the state of Connecticut are transforming it into a hub for the offshore wind industry. It sets the terms and conditions for union workers to build offshore wind farms, with targets to ensure a diverse workforce. “We know it’s new and there’s a lot coming.”The first U.S. offshore wind farm began operating off Block Island, Rhode Island, in late 2016. Its transmission system will connect to the electric grid on Long Island, New York, making it the state’s first offshore wind farm and jumpstarting the offshore wind industry there.
Should I Use My 2022 Roth IRA Contribution to Buy Shares of Amazon?
       
We'll explore the pros and cons of a Roth IRA and give you some pointers to determine if Amazon deserves a spot in your portfolio. Here are some important dates you should be aware of if you are interested in following Amazon's stock split:May 25, 2022: Amazon's 2022 annual meeting of shareholders will take place. If Amazon stock traded at $2,000 per share before the split, then whole shares of Amazon would be around $100 on June 6. Although the Roth IRA is considered the darling of retirement accounts, there are some drawbacks to consider. If you're under 50, you can only contribute up to $6,000 to a Roth IRA in 2022.
War surges Norway's oil, gas profit. Now, it's urged to help
       
STAVANGER, Norway (AP) — Europe’s frantic search for alternatives to Russian energy has dramatically increased the demand — and price — for Norway's oil and gas. As the money pours in, Europe's second-biggest natural gas supplier is fending off accusations that it's profiting from the war in Ukraine. Taxes on the windfall profits of oil and gas companies have been common in Europe to help people cope with soaring energy bills, now exacerbated by the war. Oil and gas prices were already high amid an energy crunch and have spiked because of the war. “We are doing whatever we can to be a reliable supplier of gas and energy to Europe in difficult times.
Can You Still Retire a Millionaire After the 2022 Stock Market Sell-Off?
       
The big question is: Can you still retire a millionaire after this stock market sell-off? Check your retirement balance and timelineThe first step is easy. It would likely play out as lower growth (or negative returns) in the immediate future, followed by higher growth when the market recovers. Down markets are part of the processInvesting in the stock market is a popular and effective strategy for amassing a seven-figure retirement balance. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.
Elon Musk welcomes global recession: ‘it’s been raining money on fools for too long’ | Andrew Lawrence
       
“This is actually a good thing,” Musk said in response to a question from a Twitter user. “It has been raining money on fools for too long. “Also,” he continued, “all the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard. The company would probably be as dead as Nikola Tesla himself if it hadn’t been for the government “raining money on fools”. Tesla also benefits from state tax income tax breaks for green vehicles and routinely helps itself to corporate subsidies.
Norway's energy sales growth spurs accusations of profiting from war, demands for help
       
Europe's frantic search for alternatives to Russian energy has dramatically increased the demand — and price — for Norway's oil and gas. But the continent's second-biggest natural gas supplier is now fending off accusations that it is profiting from the war in Ukraine. Norwegian prices inflate as continent scrambles to dump Russian gasOil and gas prices were already high amid an energy crunch and have spiked because of the war. European countries, meanwhile, have helped inflate Norwegian energy prices by scrambling to diversify their supply away from Russia. "We are doing whatever we can to be a reliable supplier of gas and energy to Europe in difficult times.
Energy secretary: US offshore wind jobs should be union jobs
       
(AP Photo/Jennifer McDermott)NEW LONDON, Conn. (AP) — The growing offshore wind industry is often touted as a boon for job creation, but who will do the work? Energy Secretary Jennifer Granholm visited the New London State Pier facility last week to see how Orsted, energy provider Eversource and the state of Connecticut are transforming it into a hub for the offshore wind industry. The “National Offshore Wind Agreement” covers contractors working on those projects and future ones, with no termination date on the project labor agreement. It sets the terms and conditions for union workers to build offshore wind farms, with targets to ensure a diverse workforce. Its transmission system will connect to the electric grid on Long Island, New York, making it the state’s first offshore wind farm and jumpstarting the offshore wind industry there.
Russia's Gazprom continues shipping gas to Europe via Ukraine
       
Russian gas producer Gazprom said on Saturday its supply of gas to Europe through Ukraine via the Sudzha entry point stood at 43.96 million cubic metres (mcm), slightly up from 43.6 mcm on Friday. An application to supply gas via another major entry point, Sokhranovka, was rejected by Ukraine, Gazprom said. AdvertisementFor all the latest headlines follow our Google News channel online or via the app. Read more:Some 10,000 Russian troops in Ukraine's Luhansk region: GovernorPutin says he is ready to deliver gas, discuss prisoner swap: AustriaUkraine FM calls on West to ‘kill Russian exports’ at Davos
What Is the Fall in the Stock Market Telling Us?
       
After staging a rally on Monday, when the Dow Jones Industrial Average rose two per cent, the stock market stalled on Tuesday. The news media is full of stories about a bear market, which is usually defined as a fall of twenty per cent or more, but what is happening needs to be put into perspective. The pandemic bubble may have burst, but stock prices are still at very high levels. “Most household balance sheets are strong and can provide some cushion for rising prices,” Rouse said. “I understand rising prices are painful.
The Baby-Formula Blame Game
       
Then, in October, a former employee at the Sturgis plant sent a shocking whistle-blower report to senior officials at the F.D.A. It alleged that Abbott had falsified records, shipped untested and potentially contaminated formula, permitted lax cleaning practices, and concealed information from F.D.A. inspection of the Sturgis plant did not commence until January 31, 2022. Abbott denied that its products were to blame; strangely, part of the company’s defense has been that each baby consumed a different formula product from the Sturgis plant, and that they were sickened at different times. for a reopening of the Sturgis plant, tentatively slated for June 4th; from that point, it would take another four to eight weeks for formula produced there to hit store shelves.)
Iran Seizes 2 Greek Tankers in the Persian Gulf
       
Iran’s Revolutionary Guards Corps said on Friday that its naval forces in the Persian Gulf had seized two oil tankers belonging to Greece, escalating tensions between Iran and the West at a time when diplomatic efforts to revive the deal limiting Iran’s nuclear program have stalled. The two ships were seized in retaliation for Greece impounding an oil tanker in April carrying Iranian oil near its shore, with the seizure carried out at the request of the United States, according to reports in two semiofficial Iranian news agencies, Tasnim and Fars News, which are affiliated with the Revolutionary Guards. The cargo of Iranian oil was then handed over to the United States for being in violation of American sanctions that ban Iran from selling its oil, according to Iranian news media, a claim that could not be independently verified. According to The Associated Press, citing an anonymous Greek official, U.S. authorities had made a formal request that the ship’s cargo be seized and that Greece hand over the oil at one of its ports.
Trump’s Federal Suit Against New York A.G. Is Dismissed
       
In the latest legal blow to Donald J. Trump, a federal judge on Friday dismissed a lawsuit the former president filed that sought to halt the New York attorney general’s civil investigation into his business practices. The ruling, in federal court in Albany, was Mr. Trump’s second defeat related to the investigation in two days. On Thursday, an appellate court ordered Mr. Trump and two of his children to sit for questioning under oath from the office of the state attorney general, Letitia James. Together, the rulings clear the way for Ms. James to complete her investigation in the coming weeks or months. Last month, one of her lawyers indicated that a suit could be coming soon, saying that the office was preparing an “enforcement action” in the near future.
How a French Bank Captured Haiti
       
But when the market tanked in the 1890s, Haiti’s coffee taxes exceeded the price of the coffee itself. It was time for yet another loan: 50 million francs (about $310 million today) from the National Bank of Haiti in 1896. But records in the French Diplomatic Archives show that the national bank still had a powerful ally in its corner: the French government. The National Bank of Haiti, should it survive at all, would actually need to work toward the economic development of Haiti, he said. Once again, the country had been undermined by the institution President Salomon had so proudly feted that night at the palace: Haiti’s national bank.
The Root of Haiti’s Misery: Reparations to Enslavers
       
“To make them pay for that independence again, it was setting up another form of slavery.”Since then, the double debt has largely faded into history. No detailed accounting of how much the Haitians actually paid has ever been done, historians say. We scoured libraries and archives in Haiti, France and the United States to study the double debt and its effect on Haiti, financially and politically. But several others said that without the burden of the double debt, Haiti might have grown at the same rate as its neighbors across Latin America. They called the burden imposed on Haiti “perhaps the single most odious sovereign debt in history.”
The Colorful KN95 Face Masks Jennifer Garner, Rihanna, and More Celebs Have Worn Are Only $1.50 Each Right Now
       
For a limited time, Maskc is offering 10-packs of some of its colorful KN95 masks for just $15. If you do the math, that comes out to just $1.50 per mask, which is one of the cheapest prices we've seen them go for. What's more, the company is also offering 30 percent off all other protective gear with the promo code SPRING30. (The discount can't be combined with the masks that are labeled part of its Super Sale.)
How the Long-Defunct AWA Is Stoking Wrestling Fans’ Nostalgia
       
Long before Vince McMahon ruled the wrestling world, there existed a promotion out of Minneapolis called the American Wrestling Association. Founded in 1960 by Verne Gagne and Wally Karbo, the AWA established itself as a true landmark and destination. In an effort to be the first wrestling action figure line available at the time, Rosenthal was able to flawlessly modify Remco’s line of The Warlord action figures to quickly establish the AWA figures in the marketplace. There is a certain innocence to those old-school AWA figures from the 80s, but that is looking through a modern lens. Cutting-edge at the time, the Remco line was the first articulated wrestling action figure in the United States.
MLB lockout cancels games, baseball continues to fade
       
And with that, on what was exactly the kind of day baseball should own, the sport hurtled itself deeper into danger. There is no baseball today because of a labor dispute in a business that generates $11 billion in revenue. APSTEIN: MLB Owners Fail to Realize Their Own FoolishnessIt was bound to come to this, especially as evidenced in the death of the last breath of hope. In the meantime, baseball continues to fade. More MLB Coverage:• MLB Owners Fail to Realize Their Own Foolishness• This Is the Path MLB Chose• Derek Jeter Is a Player Again• Rob Manfred’s Argument About Owning an MLB Team Is False
Sports Illustrated and TheStreet Tour the New York Stock Exchange
       
At Sports Illustrated, Robin Lundberg spends his days taking stock of players on the court or on the field. Seeing the stocks being traded on the floor of the New York Stock Exchange was a first for him. Robin met up with Katherine Ross from TheStreet.com to take a tour of the NYSE. Despite being a fish out of the water, Robin was the one fishing for answers when he spoke with traders Michael Pistillo, Matthew Cheslock and Jonathan Corpina. His answer is better seen than read because after a career covering players and games, being at the New York Stock Exchange exposed him to a kind of trading he was unfamiliar with.
Odds Are 'Slim' That the Panthers and Rock Hill 'Resurrect' Terminated Agreement
       
Unfortunately, things have come to a screeching halt after the Panthers accused Rock Hill of not providing the payments for the public infrastructure of the project. Rock Hill had been warned that if payments were not made in thirty days that they would end the agreement completely. The City of Rock Hill responded, stating that the claims made by the Panthers were "misleading and erroneous." He, too, was just as shocked as the residents of Rock Hill that this project came to an end this far into it. So, what happens if the Panthers and Rock Hill can't come to terms on a new agreement?
The Verdict Is In: Customer Service Isn't Human Enough
       
Since the pandemic first began, consumer demand for heightened levels of customer service has exploded. For more than eight out of 10 people, just one poor customer experience will send them packing. Consider these three tips to ensure your customer experience is truly human enough for your valuable customers. While most Millennials like to start their customer experience through live chat, 76 percent of all consumers still prefer to connect with customer service professionals via a phone call above all else. Of course, providing easy and speedy access to a human agent can mean the difference between an angry customer and a satisfied one.
SBA Offers Last Call for a Key Covid-Era Small-Business Aid Program
       
The SBA is offering the opportunity to request more money before the program runs out, which is estimated to be in the next couple of months. The SBA has not recently given a statement as to how much money is left. While access to program funds overtly hinges on whether a business can show financial deficits related to the pandemic, in practice, that's a farce. New applications for the EIDL program are not being accepted but appeals and reconsiderations submitted before December 31, 2021, or within six months of being declined, will continue to be reviewed. So far, there have been over a billion dollars in EIDL funds seized, criminal charges filed against more than 1,000 defendants, and 240 civil investigations into pandemic loan fraud.
12 Daily Habits Practiced by Highly Successful People
       
From deciding to respond to a mobile notification to picking which shoes to wear, we are inundated with micro-decisions every day. You start the day feeling productive, and you end the day enjoying the rewards of keeping to your commitments. The best place to start is to simply say thank you every day, especially when you see great things happen." "There are multiple parts of my daily routine, but every morning, I give myself a short but impactful positive self-talk. Embrace loved ones before a hectic work day.
6 Classic Ways to Crash Your Company
       
In most cases, Hoffman says, the employee does not understand the gap in competency. In such situations, he takes pains to explain why the company needs a different type, or level, of expertise. He doesn't cut anyone's pay, but he does not hesitate to recruit the talent the company needs. Ulukaya wanted to expand his facilities to make 1.4 million cases a week. By 2010, he had enough capacity to produce 1.4 million cases a week.
14 Venture Firms That Are Helping to Close the Massive Gender Funding Gap
       
Female Founders FundNew York CityEntrepreneur Anu Duggal created Female Founders Fund in 2014 to make early-stage investments in women-led companies. Female Founders Fund also tracks the venture investments that are going to women-led companies across the U.S.7. The fund's investments include Brit + Co, Venafi, and Vidcode. Jane VCCleveland and LondonJane VC launched in October with a $2 million fund. JumpStart Focus FundClevelandThe JumpStart Focus Fund is a $10 million fund for women and minority entrepreneurs.
This Startup Wants to Help Black Millennials Invest in Themselves, With a Unique Spin on Banking
       
Don't confuse Breaux Capital with a bank, however. Strength in NumbersBeyond being just an automated savings platform, the Breaux Capital network encourages individuals to support one another and reach their financial goals. Since setting up an account with Breaux Capital in January, Howard says he has been able to save more than $700, which he plans to reinvest in his company. "We knew that this is part of a bigger problem, which is the inequality that [black people] face," he says. He also points out that Breaux Capital, unlike most financial services, is completely transparent about how much everyone on the platform is saving.
This Beauty Founder Started a School to Help Others Overcome All the Challenges She Once Faced
       
In her 20 years as a business owner, Mahisha Dellinger, founder of Frisco, Texas-based hair care company Curls, has had to overcome her share of challenges. (A few months prior, Curls had entered into a partnership to become one of the beauty brands under the Beauty By Imagination umbrella. Here are the biggest challenges Dellinger, 49, says she faced in her entrepreneurial career and how she specifically designed the academy's coursework to help the next generation of Black women founders overcome them. "And that's typically been the case for most minority business founders." In the "Blow-Up" track of the Black Women Making Millions Academy, Dellinger addressed these challenges by teaching participants how to pitch different kinds of investors.
Here's Activist DeRay Mckesson's 3 Brilliant Tips for Leaders Everywhere
       
Good leaders can boost motivation and productivity. I picked his brain about the makings of a good leader. He explained that good leaders from all walks of life should have these three qualities. Being a good leader means empowering the people who follow you. Good leaders take risks to have fulfilled big dreams and achieve tangible efforts.
Why Slutty Vegan's Founder Said Yes to $25 Million in Funding From Danny Meyer and Richelieu Dennis
       
--As told to Brit MorseMany investors were trying to approach me about funding, and I always closed the door, because we didn't need them. We wanted people who really cared about more than just money. So of course I had concerns about taking on investors, but I'm not going to dwell on it. It feels so good to know that level of growth can come beyond money, and funnel back out to our communities. Obviously, they love the idea of Slutty Vegan, but the community element was something they especially wanted to be aligned with.
Want to Scale Your Small Business? Consider Offering Your Employees Equity
       
Equity ownership can come in a variety of forms. Through direct ownership, employees are directly given equity or the chance to purchase stocks. And employee stock ownership plans are a type of retirement plan involving the company's own stocks. Here's how to make the transition to an employee ownership model as seamless and successful as possible. At the Great Game of Business, which itself offers an employee stock equity program, Baker says that employees take part in a weekly huddle about the company's finances.
Offering a Seat at the Table to Everyone
       
--As told to Matt HaberBeing a Black business owner in Oakland now is interesting. Here I am, this Black woman walking home with two bags from Whole Foods, and all these White people are walking toward me with Black Lives Matter T-shirts. I haven't been on the street during protests, because I've been working all day and at home at night. I don't feel worried for my business, really. Even before these protests, I've been talking about the challenges I face as a Black woman in business.
Black Business Owners: Leveraging Community in Crisis
       
When Covid-19 first hit, Ewing and Sheena Collier, the CEO of membership group Boston While Black, started weekly Zoom calls for their network of Black women business owners, billing the sessions as business and wellness checks. As the country reacts with outrage over the killing of George Floyd, Black business owners are leveraging their networks and communities to commiserate, strategize, and push for a better world. She's in the process of forming a Black women business owners' network particularly for New York City. She's already in regular contact with about 20 other Black women business owners. Craig J. Lewis points out that just being a Black business owner is to engage with a community.
In 1 Sentence, Walgreen's CEO Roz Brewer Reveals What We Still Don't Get About Equality -- and How We Can Get It Right
       
In late 2021, CEO Roz Brewer of Walgreens Boots Alliance sat down with The Harvard Business Review for a chat. Empowering employees, the importance of learning the inner-workings of business, and the problems we still face in diversity, equality, and inclusion (DEI). And so we began to look at things like, how do you feel about yourself and are we developing that in people? Brewer, however, shines the spotlight on the work that still needs to be done when you've reached the top, emphasizing more than just dollars and cents. It's about ensuring that the people who make your company successful feel seen and heard, given a fair chance to succeed on their own terms.
How My Company Went From a Garage to an IPO in Under a Decade--And Yours Can, Too
       
In 2019, just five months after launching her weighted blanket company, Bearaby, Kathrin Hamm received an email from a buyer at the home furnishings retailer West Elm. The only problem: Bearaby didn't have a showroom. "We were two people with five sewing machines in a garage," Hamm says. "At that stage, we didn't know how to do digital marketing, and we were just figuring out the product-­market fit." HUANG: If you think of it like a Venn diagram, anything that you're really good at that overlaps with what you're really passionate about--those things you should do all day long, because they're good for you and the company.
Demand Has Never Been Higher, but These Infant-Formula Startups Are Pausing New Orders
       
The shortage of powdered baby formulas in American stores has meant a surge in demand for Bobbie and ByHeart, two young, direct-to-consumer formula companies. As such, both startups have reacted by halting new customer orders entirely. It's a sensible decision, to be sure, but not one that is necessarily easy to convey to eager new customers. The company explained the decision on its website: "We are temporarily pausing taking orders from new families while we re-evaluate the pace at which we can accept new customers." House Democrats plan to convene a hearing on the formula shortage May 25.
Biden Has a Plan to Unite the Asia-Pacific on Supply Chain and Climate. Just Don't Expect It to Help Your Business
       
President Joe Biden just unveiled a plan to form a new alliance between the U.S. and countries in the Asia-Pacific region, offering a counterpoint to China's growing dominance there. But without also improving access to international markets among member countries, the scope--as well as the economic benefits--of the union may be limited. Along with Japan, a dozen other countries including India, Brunei, Australia, and Singapore are expected to sign on to the pact. Biden noted that other countries could join in the future should they agree to upholding the same standards. Instead, according to the framework, member countries can pick and choose which measures they want to sign on to.
Recession Planning: How to Prep Now for More Economic Woes Ahead
       
If that happens, you can bet consumer demand will falter and potentially spur a recession. Small businesses, he adds, "need to race ahead of the issues, instead of chasing them as they show up." Here's how small businesses can stay ahead of the game. "Prudence in preparing for a range of financial outcomes is an important thing for small businesses today," he says. Reach out for supportNewity focuses on helping other small businesses take advantage of Small Business Administration-backed loans.
Meet a Founder Who's Pulled Off the Rarest of Feats: Taking His Company Public Twice
       
Reggie Aggarwal led Cvent through an IPO, in 2013, as well as a $1.65 billion sale that took the event-software company private three years later. Then, in the middle of the pandemic, the Tysons, Virginia-based firm went public again, this time through a SPAC deal with Dragoneer Growth Opportunities Corp. II. Here's how the 52-year-old founder turned a dire reality for his business into a $5 billion-plus valuation. For this deal, we did a multimonth road show, several meetings apiece with investors, many of them lasting many hours. Plus, with a SPAC, unlike with an IPO, you're allowed to include your future projections.
Meet the 20 Most Purpose-Driven Brands of 2022
       
The 2022 Purpose Power Index is here, and it points to the 100 most purpose-driven companies at work in the U.S. today. This is the third year that the Purpose Power Index has ranked companies according to these attributes. This year, 10 companies are new to the top 20 spots on the Purpose Power Index, including Pfizer, Patagonia, and Zoom. A company's sense of purpose isn't just important for altruistic reasons; as Dynata CEO Gary S. Laben noted while announcing the 2022 Purpose Power 100 during Inc.'s Purpose Power Summit 2022 livestream event on Tuesday, a sense of purpose creates economic benefits, too. It's clear that U.S. audiences care about where companies stand--and these are the top 20 that they see making a real difference.
Small Businesses Are Starting to See Sales Slow--and That's Not Likely to Change
       
That's according to small businesses surveyed in May by The Wall Street Journal. Some say that sales have decreased over the past few weeks--and the majority aren't optimistic about things getting better anytime soon. More than half (56 percent) of the 600 small businesses surveyed say that they expect economic conditions to worsen over the next year--up from 42 percent in April. To this point, customers have mostly been willing to pay those increased prices because they had no other alternative. Especially with the possibility for a recession on the horizon, small businesses need to prepare for a drop in demand as consumers make cuts or look for cheaper alternatives.
Bombas Co-Founder on Why the Buy-One-Give-One Model Isn't for Everyone
       
When David Heath launched the New York City-based Bombas in 2013, he didn't have a company in mind. At the time Bombas was coming online, Toms Shoes--now just Toms--was pioneering the buy-one-give-one model in which the company donated a pair of shoes to a child in the developing world for every pair purchased. "Here's an item of clothing that I've never spent more than a few seconds a day thinking about," said Heath, CEO and co-founder of Bombas, during a conversation with Inc.'s Diana Ransom. While the one-for-one model has worked for them (the company recently donated its 65 millionth pair of socks), Heath knows that it has to work within the constructs of the unit economics, especially for consumer-oriented companies. It's also worth noting, Heath said, that the model continues to net the company positive attention from would-be employees, which any founder should factor in when deciding whether to pursue the one-for-one model.
Everything You Need to Know About Company Values
       
Because while your company values might be unique to you, no one says you have to manage them on your own. Amy Errett Founder and CEOMADISON REED"Before we even had our products finalized, we set our company values. I would recommend going as broad and inclusive as you can when starting the process for identifying your company values, to ensure true representation and the largest impact. We value our ­employees and their overall well-being and want to make sure our company values reflect that. Company Values: By the Numbers65% of companies say one of their core values is "integrity," the most commonly cited value.
How Serial Founder Toni Ko Found Inspiration In Her Darkest Days
       
More than two decades later, in 2014, when she sold the brand she'd spent 15 years building, NYX Cosmetics, she could barely recall a day she hadn't spent working in the cosmetics industry. But upon selling NYX to L'Oreal for an estimated $500 million, she signed a five-year non-compete agreement. For instance, finding retail venues was a challenge, because Luxottica owns some 80 percent of the sunglasses market, and its retail. Ko ended up rebranding and selling Perverse in 2019, at a loss. Her latest venture is Los Angeles-based Bespoke Beauty Brands, which creates, launches, and distributes beauty lines for influencers, designers, and celebrities.
Why This Stanford Alum is Building "Microsoft for Web3"
       
Welcome to Inc.'s Founders Project podcast with Alexa Von Tobel, where we bring you tales of guts, inspiration , and drive that define the entrepreneurs building the future. Each week, we dig into a founder's professional playbook and uncover what makes them tick. In the case of Nikil Viswanathan's Alchemy, the answer comes down to speed and hustle. Viswanathan and his co-founder are both Stanford-educated serial entrepreneurs who set out to build a company that would change the world. They see Web3 as a major paradigm shift and business opportunity--and the duo has scaled Alchemy into the world's leading blockchain developer platform (think: Microsoft for Web3).
The Secret to This Founder's Success? Making a Lot of Mistakes
       
How to Build an Entrepreneurial Company With Nik Storonsky of RevolutWith the rise of fintech apps, consumers find themselves with accounts scattered across institutions and brands. Nik Storonsky co-founded Revolut in 2015 to provide a one-stop financial solution for consumers, and has seen exponential growth since. The app now has more than 18 million customers across 35 countries and a valuation over $33 billion. But Storonsky says that success came from moving quickly, working harder than companies with more resources, and accepting that mistakes come with the territory. In this episode, Storonsky shares how Revolut scaled entirely by word of mouth for the first five years, and why tackling big obstacles starts with drawing a roadmap: "My secret is that almost every single goal is achievable as soon as you have the right approach," he says.
Mark Cuban's Audacious Cure for High-Priced Drugs
       
A prime example was right onstage with Cuban at SXSW, in orange block letters on the front of his blue T-shirt: MARK CUBAN COST PLUS DRUG COM­PANY. Cost Plus offers a head-slappingly simple solution to a problem that's given politicians and pundits fits for years. Let's start with the market you're entering with Cost Plus Drug. Can you explain, in a nutshell, how Mark Cuban Cost Plus Drug Company does it differently? [A hospital company] won't be able to scale as quickly as Cost Plus Drug has, because of the brick-and-mortar requirements.
Why Now Might Be the Best Time to Look for New Office Space
       
Many companies are sitting on their hands while figuring out how much office space they will actually need in a hybrid work environment. In Los Angeles, for example, Rivani says areas that are purely corporate, with vast, traditional office space, or those in more suburban locations, lost tenants to smaller spaces in more bustling neighborhoods. For example, while the overall office vacancy rate declined across L.A. in the first quarter of 2022, in downtown the vacancy rate rose to 22.4 percent, according to reports from CBRE. In Miami, however, which experienced a population boom during the pandemic, there was a corresponding surge in demand for downtown office space, and in areas such as Brickell, which touts high-end restaurants, bars, and nightlife. Absorption climbed to an all-time high of 6.8 million square feet in the last quarter of 2021, and overall office vacancy declined to 3 percent, according to CBRE.
3 Ways Companies Can 'Adapt to Endure' Tough Times, According to Sequoia Capital
       
The world economy is in a "crucible moment"--and businesses need to adapt for more change to come. That's according to a leaked, 52-page memo that the venture capital firm Sequoia Capital presented to its portfolio companies on May 16, The Information first reported. This isn't the first time that a Sequoia Capital memo predicted economic hardship. Good Times memo foretold the Great Recession, and in early March 2020, its Black Swan letter told businesses what to anticipate at the outset of the Covid-19 pandemic. "We believe the best, most ambitious, most determined of you will use this moment to rise to the occasion and build something truly remarkable," reads Sequoia's memo.
Farming Drives Toward ‘Precision Agriculture’ Technologies
       
No segment of agriculture is without its passionate advocates of robotics and artificial intelligence as solutions to, basically, all the problems facing farmers today. But the promises of precision agriculture still haven’t been met. “The marketing around precision agriculture, that it’s going to have a huge impact, we don’t have the data for that yet,” says Emily Duncan, a researcher in the Department of Geography, Environment, and Geomatics at the University of Guelph in Canada. “The biggest thing we can do is make it easier for farmers to focus on profit, and not just on yield,” Chowdhary wrote in an email to Undark. “Management tools that help reduce fertilizer and herbicide costs while improving the quality of land and keeping yield up will help farmers realize more profit through fundamentally more sustainable techniques.”
How to Order Your Free At-Home Covid-19 Tests
       
This is usually within two to three days of the first test—most tests come with two tests per box for this reason. If you need a test ASAP, please check guide to 12 Good Rapid At-Home Covid-19 Tests and Where to Find Them. During the first round, many apartment dwellers found themselves unable to request tests because their multi-unit building was classified as a single residence. This should be resolved, but if you find this happening again, file a service request here. However, several members of the WIRED staff were unable to request tests using any of these methods.
Benjamin Franklin Meets the Blockchain
       
The plain truth is that we have got to stop selling weapons of war to random civilians. It consisted of budding tech founders discussing Web3. SPC focuses on prequel territory, taking members from –1 to zero, on their own time. It’s what Franklin might have set up if he were a venture capitalist. “In the technology industry everyone basically jumps into the next company or begins a startup and spins it up in three months,” Sanghvi says.
Buy Now. Pay (and Pay, and Pay, and Pay) Later.
       
On TikTok, try-on hauls from Shein teach you a killer finance hack: “Buy now, pay later.”It seems smart, almost responsible. And BNPL isn’t credit — it’s debit with fixed payments taken right from your bank account, and you’re told there’s no interest or late fees. And now nearly a third of them can’t afford the BNPL debt. The 24-year-old out there defaulting on his Klarna payments isn’t going to ruin just his credit score. The 35-year-old mother who refinanced her home to buy bitcoin isn’t going to cost just her daughter her college fund.
Adam Neumann’s New Business Plan
       
“Our mission is to elevate the world’s consciousness” was the infamous pitch to Wall Street investors in WeWork’s initial 2019 securities filing. The document attempted to explain the We parent company’s patchwork of seemingly unrelated companies, including wave pools and private schools. Some investors considered that a reasonable question — until it all exploded spectacularly, resulting in a delayed initial public offering and Neumann’s own ignominious and expensive severance from the company. In theory, this will make it easier and less costly to trade the credits on a market — all Neumann’s company wants in return is a 2 percent cut. Neumann’s company doesn’t really address any of this, but it does have backing from investors such as Andreessen Horowitz’s crypto arm, and the deck has input from McKinsey.
We Buy Baby Formula!
       
Another offers to pick up and “Pay Top Cash $$$” for baby formula of any kind. A year ago, the monopoly on baby formula belonged to the four major producers that sold more than 90 percent of formula purchased in the U.S.: Abbott, Mead Johnson Nutrition, Nestlé USA, and Perrigo. That all of these sellers are attempting to price gouge baby formula is somewhat at odds with the market’s attitude toward the necessary good. Given how essential baby formula is and how short-lived its demand (infants generally rely on formula for up to 12 months), websites like SellFormula.com launched years ago to encourage parents to trade in the products for cash. Instead of baby formula inside, there was flour.
Brooklyn Heights Penthouse Shatters Cuck-Money Ceiling
       
This is what you look at when you spend $40,000 a month to live in Brooklyn. Photo: Roy Rochlin/Getty ImagesA Brooklyn Heights penthouse entered the rental market earlier this month, and within two days, overbidding tenants helped the apartment break the record for the highest rent in Brooklyn. The family was relocating to move from schools in the Upper East Side — which were apparently not good enough — for schools in Brooklyn Heights. What we’re seeing happening here is either the pinnacle of the term or a shattering of the cuck-money ceiling altogether. Can you really be a cuck if you have $120,000 more per year to spend on rent?
The Apartment Mayor Is the Roommate Who Never Leaves
       
Photo-Illustration: CurbedBen Lebovitz moved into his two-bedroom apartment in the East Village, with old, splintered wood floors and exposed brick, in 2006. “The little stuff of, like, how my ex-girlfriend put up the backsplash in the kitchen and a bunch of shelves.”It isn’t easy to become an apartment mayor. In his early years in the apartment, Lebovitz realized his hunch about being ripped off was correct and he was in fact being illegally overcharged above the rent-stabilized rate by the previous leaseholder. After confronting the former apartment mayor, Lebovitz ended up taking over the lease. It was a peaceful transfer of power: “He’s the new apartment mayor now.”
Texas School Shooting: There Is A Future For Gun Control
       
But there is no more important moment this century than on December 21, 2012, when the National Rifle Association doubled down after 26 people, most of them children, were murdered at Sandy Hook Elementary School in Newtown, Connecticut, which remains the deadliest school shooting in the nation’s history. It catalyzed the gun lobby into action. The NRA even managed to cut off funding from the Centers for Disease Control to study gun violence. Michael Bloomberg, whose group Everytown for Gun Safety lobbies for stricter gun-safety measures, spent millions electing candidates who backed gun safety in 2018, after the Parkland school shooting, and kept on heavily spending in 2020. The gun lobby has also historically performed best at times when Democrats have been in power, making Clinton, Obama, and now Biden into convenient foils that animated their base.
Summer Too Hot? Stay Ultra-Cool With This Groovy Modernist House in the Hills
       
With just a little spit and polish, this place could be one of the brightest stars in the Hollywood Hills! Located near the Cahuenga Pass area, the slick midcentury modern just popped onto the market for only the third time ever, asking a speck below $3 million. Highlights include a family room boasting an integrated seating area adorned with a marigold-hued sofa and living room sporting a brick-inlay fireplace next to a wet bar. Outdoors, the newly landscaped grounds hold a pool and spa flanked by a sundeck, an infrared sauna and a pergola that’s ideal for al fresco entertaining. Donovan Healey and Preston Ukra of Coldwell Banker Realty serve as the listing agents.
Epic goods-buying spree wanes, as consumers ramp up services spending
       
But having weathered the worst of the coronavirus pandemic, his restaurants are rebounding, as pandemic-weary consumers shift from buying goods to spending on services, such as dining out. Now, consumers are returning to their pre-pandemic habits with the balance between goods and services spending back to where it stood in May 2020, according to inflation-adjusted data from Flexport, a freight forwarder. “We’re just in the early stages of seeing the rotation of consumer spending from goods to services. Executives at Target had expected some of the froth in consumer demand to taper off this year with the waning of stimulus dollars. AdvertisementA shift to higher services spending might reshape demand for labor, too.
Exclusive: India faces wider coal shortages, worsening power-outage risks
       
REUTERS/Amit DaveNEW DELHI, May 27 (Reuters) - India is expected to face a wider coal shortage during the quarter ending September over expectations of higher power demand, an internal power ministry presentation seen by Reuters showed, worsening risks of widespread power outages. India expects domestic coal supply of 154.7 million tonnes, 42.5 million tonnes short of the projected requirement of 197.3 million tonnes in the September quarter, the presentation showed. The higher coal demand could also stifle efforts to build power plant inventories. The projected annual coal shortage is now 49.3 million tonnes, nearly three times the 17.7 million tonnes projected earlier, the presentation showed. India reconciled its coal demand projections after higher-than-expected power demand growth in April, when electricity use hit a record high due to soaring temperatures.
Floods, then bias: Inside an unfair FEMA climate program
       
The decision points to biases within FEMA’s flood grant programs, which for years have favored wealthy or white areas. In four states — Kentucky, Massachusetts, Ohio and West Virginia — more than 75 percent of the FEMA elevation money has gone to overwhelmingly white or wealthy communities. In four states — Kentucky, Massachusetts, Ohio and West Virginia — more than 75 percent of the FEMA elevation money has gone to wealthy or overwhelmingly white communities. They’re too poor to qualify for help,” said Rep. Earl Blumenauer (D-Ore.), who has worked to reform FEMA grant programs. There are hundreds of examples of people selling homes within a few years of getting FEMA money for elevation projects.
My wife and I are in our 50s with $300,000 in a 401(k) and $700,000 in a pension. Will we have enough to ‘live a simple life’ in retirement?
       
I am married, my wife is two years older than I am and she plans to retire at 62. My work at a prestigious hospital will give me more or less a $700,000 pension from 26 years in service. Think very carefully about the sort of income you’ll be receiving until you can begin claiming Social Security at age 62. Whether you’ll be able to live a comfortable and simple lifestyle in your retirement depends largely on how you define that. How does that compare to the amount of money you’re bringing in now, and will it cover the bills and then some for the future?
$250 billion in ‘rebalancing’ inflows could rescue stocks by the end of June, JPMorgan says
       
The team of JPMorgan equity quants, led by Nikolaos Panigirtzoglou, told the bank’s clients that potentially more than $250 billion could flow into stocks by the end of June as American mutual funds and pension funds, along with foreign pensions and sovereign-wealth funds, “rebalance” by buying stocks and selling bonds to compensate for the latest drop in stocks. But even larger than the mutual-fund universe is the world of defined-benefit pension funds, which Panigirtzoglou and his team believe could dump as much as $167 billion into U.S. stocks by the end of June. Finally, the JPMorgan analysts expect an additional $40 billion of inflows from major foreign buyers like the Norges Bank (which controls Norway’s massive sovereign-wealth fund), the Swiss National Bank (which maintains a large portfolio of U.S. equities) and Japanese pension funds. All told, that’s potentially more than $250 billion in inflows that could bolster Wall Street stocks. JPMorgan’s strategists, particularly Panigirtzoglou and his colleague Marko Kolanovic, have been some of the most stridently bullish voices on Wall Street so far this year.
Opinion: Strong insider buying suggests a 15% rally in the S&P 500 from here
       
They’re bullish now — signaling the stock market is oversold and due for at least a short-term bounce if not more. “We’ve definitely seen the ratio of insiders buying to selling spike,” says Mike Stein, research manager at The Washington Service. Here are data demonstrating the strength of the spike in insider buying, followed by my take on three large-cap names insiders really like right now. Three stocks insiders loveThere are literally dozens of attractive stocks to consider, based on bullish insider buying. As an investment bank, Morgan Stanley’s MS, +1.71% performance is directly linked to the stock market and the economy.
Withdrawing from your 401(k) or IRA in a down market? What you need to know
       
Investors incur a hefty penalty when they do not take their annual required minimum distributions from their retirement accounts, but these mandatory withdrawals might come when portfolios are already suffering from a market downturn. DJIA, +1.76%Retirees may try to avoid taking any withdrawals from their retirement accounts for the foreseeable future because of the market volatility their portfolios are facing. There’s no one-size-fits-all approach to withdrawing from a retirement plan, even on a good market day, but there are ways to minimize the damage when distributions are necessary. “If you don’t need the money, then you should wait and see how the year continues to unfold,” Sestok said. “The shares now residing in a Roth IRA will have an even better chance to grow, eventually withdrawing tax-free,” he said.
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...
Even a recession wouldn't cure inflation, former Obama adviser says
       
There’s increasing talk that the Federal Reserve’s interest rate hikes will cause a U.S. recession next year, but even a recession induced by the central bank might not be enough to tamp down inflation. Furman also said markets may be unrealistic in expecting inflation to settle at a normal rate after one bad spell. While he says a recession is possible, Furman said he expects above-trend jobs growth and below-trend economic growth as productivity normalizes. One is that inflation will remain high, and the second is that it is really impacting working Americans. “I don’t think there’s a great message.
Fed will succeed in bringing inflation down over next couple of years, Bernanke says
       
Former Fed Chairman Ben Bernanke said Monday that he thinks the Fed will be successful in containing inflation. The Fed will be helped by “contained inflation expectations” — which means the public doesn’t think the high inflation over the past year will continue indefinitely, Bernanke said. Another difference from the high inflation era is that former Fed chair Arthur Burns didn’t think that the Fed was an effective tool in fighting inflation, Bernanke said. In contrast, today’s Fed has “30-plus years of low inflation, political support, and a leadership that is willing to say the Fed must take the lead in reducing inflation,” Bernanke said. The former Fed chairman said that the unemployment rate was likely to rise as a result of the Powell Fed’s actions.
Opinion: Inflation will be higher for longer — and you’re not going to like what comes next
       
Sanctions on oil will only have an impact on the Russian economy if everyone stops buying Russian oil. Western companies brought much-needed technical expertise to very challenging Russian oil and natural gas fields. LNG stands for liquified natural gas — the gas is cooled to -260F and turned into a liquid. Western Europe, especially Germany, is heavily reliant on Russian gas, which today is transported to Europe through pipelines. Call me a skeptic, but I think it will take a long time for Europe to completely abandon Russian natural gas, as building LNG terminals takes years, and so does increasing natural gas production.
Biggest takeaways from Davos, World Economic Forum
       
The World Economic Forum (WEF) Annual Meeting 2022 in Davos, Switzerland concluded without definitive solutions to a number of global issues. Vladimir Putin's aggression and the subsequent economic impacts remained the prevailing focus during the World Economic Forum, especially in the headlining address by Ukrainian President Volodymyr Zelenskyy. "Tensions over trade, technology standards, and security have been growing for many years, undermining growth—and trust in the current global economic system," says IMF Managing Director. Attendees left Switzerland feeling a sense of urgency with war, food shortages, and economic uncertainty showing no immediate signs of easing. For the first time in its over 50-year history, the World Economic Forum has decision makers reassessing the idea of globalization.
Used 2021 Ford Super Duty F-250 XLT
       
*The site owner or the dealership are not responsible for any errors or omissions concerning any data presented. We strive to ensure that all data is correct and up-to-date, but errors may occasionally occur that affect the accuracy or reliability of such data. All prices plus government fees and taxes, any finance charge, any dealer document processing charge, any electronic filing charge and any emissions testing charge. The dealer or auto publishers is not responsible for any loss or damage caused by your reliance on any data contained on this website. Please contact the dealer directly to confirm that the information provided on this page is accurate.
I Know Exactly Where This Market Is Heading (Just Kidding)
       
Mr. Bailey said he might take that approach, investing a set sum every month, so that he felt better if the market went into a protracted decline. Are these prices really bargains? Brian deWit of Memphis said he had been through major market declines before and viewed them as opportunities. ?”We chatted about whether stocks were really on sale. Since we don’t know the answer, the issue, really, is how long you can afford to wait.
Goldman says signs that inflation is peaking could be positive for stocks
       
Signs that inflation is at least starting to abate from a 40-year high could be a positive for stocks, according to Goldman Sachs. Goldman analysts said history indicates the market will react positively when inflation shows signs of peaking. In 13 inflation runs since 1951, the market was higher 12 months later nine times. "In truth the peak in inflation might be helpful but equities really need other supports, especially if investors fear a sharper downturn," Goldman's team wrote. Key components needed to boost market momentum include a strong economy, low valuations and falling interest rates.
No recession — but a growth slowdown due to Russia-Ukraine war, EU economics chief says
       
The European Union's economics chief says Russia's war with Ukraine will trigger a growth slowdown this year, warning the bloc's existing growth forecast of 4% is now no longer viable. European commissioner for economics and taxation, Paolo Gentiloni, said Saturday that the Ukraine crisis will usher in a period of lower growth for the 19 countries sharing the euro. The bloc's projection of 4% growth in 2022, issued shortly before Russia's invasion of Ukraine on Feb. 24, will need to be revised downward, he said. However, in an attempt to take the sting out of the downbeat assessment, Gentiloni said there was no prospect of a recession. And I think that we are not running a risk [of] entering negative territory overall in 2022," he added.
EU-China summit may be 'incredibly difficult,' with neither breakdowns nor breakthroughs: Think tank
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEU-China summit may be 'incredibly difficult,' with neither breakdowns nor breakthroughs: Think tankZack Cooper of the German Marshall Fund of the United States says China is probably overestimating the degree to which Europe sees a need to engage "in a productive way" with it, especially when it comes to the Russia-Ukraine war.
Lipow Oil Associates on the possibility of an EU ban on Russian oil
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBrent crude may rise to $120 a barrel in the event of a complete EU ban on Russian oil: ConsultancyAndy Lipow of Lipow Oil Associates says coming up with alternatives to Russian oil would be a key issue for the market.
China needs Europe 'more than ever,' says EU Chamber of Commerce in China
       
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina needs Europe 'more than ever,' says EU Chamber of Commerce in ChinaJoerg Wuttke of the European Union Chamber of Commerce in China says "we matter twice as much to the Chinese exporters than Chinese importers matter to us."
Young L.A. Latina wins prestigious environmental prize
       
She also helped convince the Los Angeles City Council and Los Angeles County Board of Supervisors to unanimously vote to ban new oil exploration and phase out existing sites in Los Angeles. Cobo co-founded the South Central Youth Leadership Coalition in 2015 to bolster efforts against oil sites and work toward phasing them out across the city. That year, the youth group sued the city of Los Angeles, alleging violations of the California Environmental Quality Act and environmental racism. I started crying.”During the 1920s, Los Angeles was one of the world's largest urban oil-exporting regions. That year, the youth group sued the city of Los Angeles, alleging violations of the California Environmental Quality Act and environmental racism.
War surges Norway’s oil, gas profit. Now, it’s urged to help
       
Europe’s frantic search for alternatives to Russian natural gas has dramatically increased the demand — and price — for Norway's oil and gas. Europe’s frantic search for alternatives to Russian natural gas has dramatically increased the demand — and price — for Norway's oil and gas. Natural gas is trading at three to four times what it was at the same time last year. Russia has halted natural gas to Finland , Poland and Bulgaria for refusing a demand to pay in rubles . The 27-nation European Union is aiming to reduce reliance on Russian natural gas by two-thirds by year’s end through conservation, renewable development and alternative supplies.
How Starbucks uses dubious ‘connection scores’ to evaluate its workforce
       
Starbucks uses crowd-sourced ratings known as connection scores to evaluate the customer service at its cafes around the country. But he also said that customer connection scores reflected the company’s priorities for its workers, whom they call partners. “People come to Starbucks for the experience.”Starbucks coffee supervisor Maddie Vanhook holds Starbucks Workers United pins, in Cleveland, on May 19. Amber N. Ford for NBC NewsBorges emphasized that connection scores are only one signal Starbucks uses to assess the performance of its stores. “It’s so fake and cringey,” said Cierra Goolsby, 29, a Starbucks worker in Carbondale, Illinois.
What happens to my Roth account when I die?
       
For instance, the IRS allows “in-plan” conversions whereby 401(k) funds may be converted to a Roth 401(k) account inside the plan, but many plans do not permit such conversions. If it has been more than five tax years since you opened your first Roth IRA account, even if that Roth IRA no longer exists, the rule does not apply and earnings in the account (amount above all contributions and conversions) is tax-free. When inherited, if you die more than five years after opening your very first Roth IRA, all funds will be available tax-free to your heirs. If you die within five years of opening your very first Roth IRA (not five years from date of your death), the beneficiaries could take any or all contributions and conversions out tax-free immediately. Once it had been five years since you opened your first Roth IRA, everything could be withdrawn tax-free.
News and analysis for those planning for or living in retirement
       
What you need to know: Some retirees may not have a choice in withdrawing from their retirement plans this year if they face required minimum distributions… so what’s the best way to go about that? This is the ‘secret sauce’ to retirement satisfactionThe power in Black women’s wealth‘What are the chances? All my plans are upside down.’ I want to draw on my 401(k) to renovate my new home. (The Washington Post)Stretch your dollar: Planning for retirement (WTNH)Retirement income planning: Consumers want it, advisors want to learn more about it (401K Specialist)Save for health care costs in retirement? Bitcoin in 401(k) plans is a terrible idea
‘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.
How a crypto crash could spread to Treasury bonds and other fixed-income securities
       
Contagion could spread to the fixed-income market, and then to other financial markets as well. These stablecoins maintain their value by being backed by non-crypto assets, such as commercial paper and U.S. Treasury securities. The channel that contagion would follow from, for example, a bitcoin crash to the financial markets generally would be via collateralized stablecoins, Kim told me. The managers of the collateralized stablecoins would need to purchase the necessary collateral to back their increased market cap — most prominently, commercial paper and U.S. Treasury securities. Kim closely analyzed daily changes in the market caps of cryptocurrencies, collateralized stablecoins, the commercial paper market, and commercial paper and Treasury yields, and found that they are correlated to each to a statistically significant extent.
I’m 68, my husband is terminally ill, and his $3 million estate will go to his son. I want to spend the rest of my days traveling — will I have enough money?
       
The husband took a lump Social Security payout before we met. I get Social Security and a pension, and now collect about $20,000 total annually. You mentioned Social Security and a pension, and you may take regular withdrawals from your investments. You may be on hold with the Social Security Administration for hours when you call, but it will be worth it. Check out the MarketWatch column Retirement Hacks for actionable pieces of advice for your own retirement savings journey.
I’m 67 and retired with $57,000 left on my mortgage and $600,000 saved for retirement — should I pay off my home now?
       
I own a home worth approximately $275,000 and pay a monthly mortgage of $800. At the end of the day, you really don’t want to drain your retirement accounts for a mortgage you’re able to pay. For example, you have $500,000 in a 401(k), and depending on how it’s invested, it will probably have a return rate higher than your mortgage rate, advisers said. Read MarketWatch’s “Retirement Hacks” columnAlso, keep in mind you’d have to pay tax on your 401(k) distribution to pay off your mortgage, so you’re withdrawing more than $57,000. And as far as cash flow goes — ask yourself what you’d do with that extra $800 you’re currently using to pay your mortgage every month?
My wife and I have $750,000 in savings and earn over $144,000 a year. Can we afford to spend $5,000 per month on housing?
       
We are living in our single family house in a nice neighborhood in Los Angeles. Our monthly housing costs, including mortgage, tax, insurance and utilities, total roughly $3,400 per month. Factoring water and power utilities, I estimate our new housing costs to be close to $5,000 per month. Going from paying $3,400 to $5,000 is a big change, in addition to our growing family and the increasing cost of childcare. Before COVID-19, 41% of these renters had to spend over 30% of their take-home pay on housing.
Can Andreessen Horowitz prevent the next crypto winter?
       
A brief moment of warmth came this week, when Andreessen Horowitz (a16z) announced that it has raised $4.5 billion for its fourth crypto fund, more than doubling the size of its last fund. We talked plenty about Andreessen Horowitz, which really said “what downturn?” this week, announcing the largest dedicated crypto venture fund ever. NFT-based social platform Primitives raised a $4 million seed round with Redpoint as lead investor. the week in web3Everyone’s been talking about a cooldown in the crypto markets, but as reporters covering the space, we’ve felt busy as ever. Soona Amhaz’s Volt Capital announced a $50 million crypto fund, just over a year after it debuted its $10 million vehicle.
Daily Mortgage Rates Moved Down This Week | May 28 & 29, 2022
       
?The latest mortgage refinance ratesThe average refinance rates for 30-year loans, 15-year loans and ARMs are:The refinance rate on a 30-year fixed-rate refinance is 5.984%. View Rates for May 28, 2022Where are mortgage rates heading this year? While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. 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.
LIPA faces another crossroads
       
Mario Cuomo and Long Island lawmakers cobbled together the Long Island Power Authority from the wreckage of the Shoreham nuclear power plant debacle, they bailed out Long Island Lighting Co. shareholders and bondholders. They include supporters of full privatization, who argue that lean, dynamic, for-profit power companies can spur innovation and create savings. And many fear a fully public LIPA could become a haven for all the flaws of bureaucracy, patronage and politics. On Long Island, we all know how poorly a multibillion-dollar operation run entirely by politicos can fare. This time, for the first time, LIPA’s form and future must be determined after all the data is analyzed and shaped by what's best for Long Island.
Feds: Vernon man pleads guilty to gun charge; he dropped a loaded .40 caliber pistol
       
A Vernon man pleaded guilty in Hartford federal court to unlawful possession of a firearm and ammunition by a felon, according to federal authoritiesThe federal case began in Oct. 2020 when Hartford police stopped a vehicle in which Rondell Chambers, 31, was a passenger, in order to arrest Chambers on outstanding warrants, federal authorities said in a statement, citing court documents and statements made in court. AdvertisementBut when Chambers “stepped out of the vehicle, he dropped a satchel containing a loaded Bersa Firestorm .40 caliber pistol,” federal authorities said “Chambers was arrested and the firearm was seized.”Chambers’ criminal history includes state felony convictions, federal authorities said, noting it is a violation of federal law for a person previously convicted of a felony to possess a firearm or ammunition that has moved in interstate or foreign commerce. AdvertisementChambers is scheduled to be sentenced by U.S. District Judge Vanessa L. Bryant on Sept. 22. The charge carries a maximum term of 10 years in prison, federal authorities said. Chambers is free on a $150,000 bond pending sentencing.
The top-selling homes in Greater Columbus that were recorded in late April
       
The Columbus DispatchThese are the highest-priced transfers of residential property in central Ohio from April 25-29, 2022, according to public records. Here's an overall snapshot of the number of homes sold during that period:Delaware County: 48 homes sold; average price: $460,942; total value: $22.1 millionFairfield County: 36 homes sold; average price: $293,148; total value: $10.6 millionFranklin County: 496 homes sold; average price: $295,098; total value: $146.4 millionLicking County: 46 homes sold; average price: $287,333; total value: $13.2 millionUnion County*: 74 homes sold; average price: $374,901; total value: $27.7 millionHIGHEST-PRICED RESIDENTIAL TRANSFERSDELAWARE COUNTY10728 New Castle Place, Powell 43065Price: $1,525,000$1,525,000 Buyer: Brian T. and Ashley D. RufusBrian T. and Ashley D. Rufus Seller: Kevin R. and Kimberly A. Alexander, trustees7699 Perry Rd., Delaware 43015Price: $1,200,000$1,200,000 Buyer: David E. Flores Hernandez and Jenny FloresDavid E. Flores Hernandez and Jenny Flores Seller: Jennifer Palovchik, trustee4877 McGinnis Rd., Delaware 43015Price: $910,000$910,000 Buyer: Joseph Michael and Ann Marie MinardoJoseph Michael and Ann Marie Minardo Seller: Maria V. and Terry S. Slayman, trustees10173 Chelton Wood, Powell 43065Price: $797,900$797,900 Buyer: David Ross MonfortDavid Ross Monfort Seller: Karen K. Agrawal8253 Rookery Way, Westerville 43082Price: $755,000$755,000 Buyer: Jeffrey S. and Mabel M. ZabinskiJeffrey S. and Mabel M. Zabinski Seller: Cheryle R. Irwin, trusteeFAIRFIELD COUNTY3355 Shepard Ave., Millersport 43046Price: $902,000$902,000 Buyer: 3355 Shepard LLC3355 Shepard LLC Seller: Stephen J. and Karla B. Belmont3210 S. Bank Rd. NE, Millersport 43046Price: $625,000$625,000 Buyer: Hagy Real Estate LLCHagy Real Estate LLC Seller: Donald T. and Ronda M. Newlon7720 Stemen Rd. NW, Pickerington 43147Price: $500,000$500,000 Buyer: Chad A. MillerChad A. Miller Seller: Roy E. Crowder III and Rebecca E. Crowder112 Balsam Dr., Picke
Prosecutor: No more criminal charges against Columbus police officers in protest probe
       
A statement provided Friday afternoon on behalf of Nicodemus by Columbus City Attorney Zach Klein said that no additional charges will be filed against any additional Columbus police officers. The probe has resulted in charges being filed against Columbus officers Holly Kanode and Traci Shaw and Sgt. All the charges filed are misdemeanors. What we know about charges filed:What we know about charges against three Columbus police officers from 2020 protestsNicodemus said Friday that he reviewed five different events for potential charges, involving approximately four to six focus officers. On Monday, Columbus City Council approved an extension of Garber's contract for up to an additional $50,000.
Explainer-What will Quebec's new French language law mean for business, hiring?
       
Drafted by the nationalist Coalition Avenir Quebec (CAQ) government, Bill 96 requires students to take more French classes in English colleges, and impacts areas from court hearings to hiring. In 1977, passage of Bill 101 made French Quebec’s everyday business language, and obligated children of immigrants to attend elementary and high school in French, leading to the departure of many English speakers. Court proceedings would now have to be in French for businesses, Fallon said. SERVICESFORIMMIGRANTSImmigrants would not be able to access most government services in a language other than French six months after their arrival. FEDERALCONCERNSOVERBILL 96Liberal Prime Minister Justin Trudeau said this week he had “concerns” about Bill 96, as the federal govern