[Markets]
Another Shutdown Averted As Deal Reached
Another Shutdown Averted As Deal Reached
Congress has reached a deal to avert yet another shutdown following an agreement to fund the Department of Homeland Security (DHS) through the remainder of FY 2024, according to Punchbowl News' Jake Sherman.
In a race against time, Congress passed a package of six appropriations bills earlier this month, narrowly avoiding a partial shutdown. The deal revealed by Sherman avoids a Friday, March 22 drop-dead date.
The text of a minibus combining those bills was widely expected to be released by Sunday, though no such deal emerged.
As Samantha Flom via The Epoch Times reported earlier, House rules require that members be given at least 72 hours to review legislation before it comes up for a vote. This meant that if a deal was not released on Monday, it could mean another last-minute scramble to get something on President Joe Biden’s desk.
The delay came amid fierce Republican opposition to the president’s handling of the crisis at the southern border, which more than 7 million illegal immigrants have crossed since he took office.
Appropriations for the Department of Homeland Security (DHS) are included among the mix of remaining spending bills. Those negotiations reportedly derailed over the weekend amid talks of a potential year-long continuing resolution.
“Republicans want to underfund DHS, which makes the border less secure and the country less safe,” a White House official told Politico on Sunday, asserting that Republicans were trying to “sow chaos on the border ahead of November.”
But Republicans purportedly pushed back on those claims, holding that the issue was not the amount of funds requested but how they would be used.
Nonetheless, talks were said to be back on track on Monday. Commenting on the negotiations at a press briefing, White House press secretary Karine Jean-Pierre said the administration’s position was that DHS needs more funding to adequately address the border crisis.
The deal is likely to face pushback from the GOP’s right flank, which continues to push for stronger border reforms.
“Congress: we are FUNDING a DHS that is MASS RELEASING illegal aliens into our communities, some of whom commit horrific crimes,” wrote Rep. Chip Roy (R-Texas), a member of the staunchly conservative House Freedom Caucus, in an X post.
“Republicans MUST NOT vote to keep funding Mayorkas’ DHS at the same level with zero policy changes next week. We have the power to stop this,” he added.
Thanks to the GOP’s razor-thin majority in the House, Speaker Mike Johnson (R-La.) was forced to ally with Democrats to pass the first appropriations minibus on March 6. A similar partnership may well be in the cards for the second.
Other remaining bills include funding for the departments of Defense, Labor, Health and Human Services, Education, and State, as well as the legislative branch, financial services, and general government.
Tyler Durden
Mon, 03/18/2024 - 22:20
Published:3/18/2024 9:33:59 PM
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[Markets]
Queenpin Of Guatemalan Drug Cartel Sentenced Over International Trafficking Conspiracy
Queenpin Of Guatemalan Drug Cartel Sentenced Over International Trafficking Conspiracy
Authored by Stephen Katte via The Epoch Times (emphasis ours),
A Queenpin of the Lorenzana drug trafficking network has been sentenced to 33 years in prison and forced to forfeit $27 million for charges related to international drug trafficking.
According to the Department of Justice, Queenpin Marta Julia Lorenzana-Cordon from Zacapa, Guatemala, was a leader in one of the largest and most influential drug cartels in Guatemala. Guatemala is a Central American country south of Mexico, with a population of over 17 million people.
During their reign, the Lorenzana criminal group was described by authorities as one of the most brutal and destructive drug trafficking organizations in the world.
Julia Lorenzana-Cordon was extradited to the United States in December of 2021, after Guatemalan authorities took her into custody at the behest of the U.S. government in May 2021. She subsequently pleaded guilty in May of 2023 to conspiring to distribute five kilograms or more of cocaine, and knowing and intending for the drug to be unlawfully imported to America.
According to the Department of Justice, Julia Lorenzana-Cordon, also known as Yulie, began operating within the criminal enterprise around 2008 and continued until at least 2019. The organization itself began operating in 1996. The patriarchal criminal group comprised primarily of family members and had the goal of distributing multi-ton quantities of cocaine from Colombia to Central America and Mexico for eventual distribution into the United States.
The investigation into Julia Lorenzana-Cordon was part of Operation Slipknot and conducted by the DEA’s Bilateral Investigations Unit, with assistance from the DEA Guatemala City Country Office and the Organized Crime Drug Enforcement Task Forces. Investigators found the Lorenzana drug trafficking organization transported tonnage quantities of cocaine from Colombia into Guatemala, where the cocaine was stored on properties owned by the crime organization.
After the cocaine was processed, the drug was transported by the Sinaloa Cartel, among other organizations, into Mexico, through Central America, and eventually, into the United States.
Along with Julia Lorenzana-Cordon, her siblings, Eliu Elixander Lorenzana-Cordon and Waldemar Lorenzana-Cordon have also been hit with lengthy prison sentences. Both were convicted in 2019 on international narcotics trafficking charges in the District of Columbia and sentenced to life in prison.
At the same time, the father of the siblings, Waldemar Lorenzana-Lima Sr., pleaded guilty in August 2014 to international narcotics trafficking charges in the District of Columbia, receiving 23 years in prison. He has since passed away.
According to authorities, the family was deeply dysfunctional, and Julia Lorenzana-Cordon had separate drug trafficking networks different to those of her brothers and father, which allowed her to continue operating for a few years after the rest of her family was convicted.
Julia Lorenzana-Cordon was also reportedly married to Jairo Estuardo Orellana Morales, a Guatemalan narcotics trafficker and accused murderer who was arrested in May 2014. His status since being detained is unknown.
The Department of the Treasury designated the couple as Specially Designated Narcotics Traffickers (SDNT) under the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Under the act, U.S. persons and entities are prohibited from conducting financial or commercial transactions with anyone designated as a SDNT. The act also freezes any assets a SDNT may have under U.S. jurisdiction.
Tyler Durden
Mon, 03/18/2024 - 21:00
Published:3/18/2024 8:27:54 PM
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[Markets]
Before Bernie Sanders, Richard Nixon championed the 4-day workweek
Sen. Bernie Sanders (I-Vt.) and Richard Nixon might seem to have little in common, but the disgraced former president was an early champion of the four-day workweek.
Published:3/18/2024 7:18:43 PM
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[Markets]
High-Schoolers Are Losing Confidence In The Benefits Of A College Degree
High-Schoolers Are Losing Confidence In The Benefits Of A College Degree
Via Campus Reform,
A recently released study that involved focus groups and a national study explores how high school students and non-enrolled adults ages 18-30 view the prospects of a college degree.
New data suggests that prospective college students are finding fewer and fewer reasons to obtain a degree.
Inside Higher Ed recently highlighted a new report by the Gates Foundation-funded HCM Strategists and Edge Research revealing that high school students and young adults have a declining view of the benefits of a college degree.
The study, ”Continuing to Explore the Exodus from Higher Education,”compares the results of focus groups and a national survey conducted in 2023 to findings from a 2022 Gates Foundation report titled, “Where are the students?.”
Researchers found that high schoolers and non-enrolled adults ages 18-30 still associate some benefits with attending college, but those perceived benefits were in decline compared to findings from 2022.
The percentage of non-enrolled adults surveyed who consider reasons to go to college, such as to gain more money or get a better job, as important or very important has also dropped from the year before.
At the same time, however, non-enrolled adults continue to perceive an increasing benefit to other options such as licenses, certificates, and trade schools.
In conclusion, the study’s researchers write that, “Despite our understanding of the value of higher education, perceptions among these high school students and non-enrolled audiences make it clear that institutions need to prove their value to them.”
”In particular, why does the value of a 2-year or 4-year degree outweigh the value of credentials and job training programs?,” the researchers write.
“Both High Schoolers and Non-Enrollees see and select other paths that are shorter, cheaper, and/or more directly linked to specific job opportunities.”
“At the end of the day, higher education has a lot of work to do to convince these audiences of its value,” HCM consultant Terrell Dunn told Inside Higher Ed.
Tyler Durden
Mon, 03/18/2024 - 19:40
Published:3/18/2024 7:07:07 PM
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[Markets]
Russia Mulls Security Buffer Zone As Ukraine Drones Shut Down 600,000 Barrels Of Daily Refining
Russia Mulls Security Buffer Zone As Ukraine Drones Shut Down 600,000 Barrels Of Daily Refining
After Russian President Vladimir Putin's post-election victory speech and Q&A with the press wherein he first unveiled the possibility of creating a buffer zone between Ukrainian land and Russian border regions, the Kremlin has issued more details of the plan being mulled.
Putin had initially described Sunday, "I do not exclude that, bearing in mind the tragic events taking place today, we will be forced at some point, when we deem it appropriate, to create a certain ‘sanitary zone’ in the territories today under the Kyiv regime." He referenced the "tragic events" of cross-border attacks in regions bordering Ukraine which have left scores of civilians dead and wounded over the past several months.
Putin described without elaborating further that the security zone "would be quite difficult for the adversary to overcome with its weapons, primarily of foreign origin."
On Monday, Kremlin spokesman Dmitry Peskov said that as part of the plan Russia "would take measures to safeguard [its] territories" from Ukrainian drone and artillery attacks on critical infrastructure and civilian areas and residences. These areas can be made safe, he explained in follow-up to Putin's words, "some kind of corridor, some kind of… buffer zone that [would put] out of reach any means that the enemy might use to launch strikes."
From Moscow's perspective, this is laying the foundation and likely even 'legal framework' for seizing and solidifying hold over border territories inside Ukraine for the purpose of creating this proposed buffer. In many cases thus far throughout the war, Ukraine forces have been able to send drones hundreds of kilometers inside Russia, reaching even Moscow and St. Petersburg in rare instances.
Oil refineries have been especially targeted, with a dozen or more instances in merely the last few months alone. Crimea too has come under increased drone swarm attack.
The attacks on energy are clearly beginning to have significant impact on a chief source of revenue, part of which no doubt goes to fund the Russian war machine in Ukraine.
"Gunvor Group Ltd. Chief Executive Officer Torbjörn Törnqvist estimates about 600,000 barrels of Russia’s daily oil-refining capacity has been knocked out by Ukrainian drone strikes," Bloomberg reports based on a Monday report. According to some key quotes:
“It is significant because obviously this is gonna hit the distillate exports straight away,” Törnqvist said during an interview at the CERAWeek by S&P Global conference in Houston on Monday. “So that will probably take down exports by a couple of hundred thousand barrels, so to me it’s a distillate problem.”
...Broadly writ, crude oil markets are mostly in balance and fairly valued, Törnqvist said, adding that US supplies are likely to grow this year by about half the rate of 2023’s 700,000-to-800,000 barrel-a-day pace. Still, non-OPEC supply growth overall is likely to be flat this year, he said.
The past week has seen consecutive days of drone strikes on oil facilities inside Russia, with a noticeable uptick in attacks confirmed over the weekend, as Russians went to the polls to vote in the presidential election. Just before the three-day election period began, there was an attack on Rosneft's largest refinery:
Russia's Ryazan oil refinery, controlled by Rosneft, was set ablaze after a drone attack, a regional governor said on Wednesday.
The plant, with installed capacity of around 350,000 barrels per day, refines about 12.7 million metric tons of Russian crude a year (around 317,000 barrels per day), or 5.8% of total refined crude, according to industry sources.
On Sunday alone, 35 drones were launched on Russia, disrupting electricity in a number of border regions, including resulting at another fire at an oil refinery. One drone made to Moscow, and was shot down as it flew near Domodedovo airport.
Tyler Durden
Mon, 03/18/2024 - 18:40
Published:3/18/2024 6:11:42 PM
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[Markets]
Dow Jones Futures Fall: Nvidia CEO Speech In Focus; Google, Tesla Surge Ahead Of Fed Meeting
Dow Jones Futures: Nvidia stock was in focus late Monday during CEO Jensen Huang's speech. Google and Tesla surged ahead of the Fed meeting.
Published:3/18/2024 6:11:41 PM
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[Markets]
"It's Like The Wild West": Crime And Violence On NYC Transit Underreported According To NYPD Source
"It's Like The Wild West": Crime And Violence On NYC Transit Underreported According To NYPD Source
Authored by Matthew Lysiak via The Epoch Times (emphasis ours),
Crime and violence in New York City’s subway system have spiraled out of control and are “significantly higher” than the agency’s official numbers have publicly indicated, according to a New York Police Department (NYPD) source.
The official number of arrests made in the city’s subway system rose by 45 percent this year, with more than 3,000 arrests made underground in the first two months of the year, many of them of repeat offenders, according to figures released by the NYPD Transit Bureau. However, the publicly released data only scratch the surface of the amount of crime in the nation’s largest transit system, a law enforcement source told The Epoch Times.
“The numbers they are putting out are a complete joke and everyone knows it,” the source, who requested anonymity out of fear of retribution, said. “The sense of lawlessness (on the subway) is so bad that unless you have personal experience in the system, especially at night, it is impossible to understand.
“It’s like the Wild West.”
NYPD officers have also been incentivized to not report minor offenses in an effort to keep the numbers as low as possible, according to the source, who said pressure has come from higher-ups to maintain the narrative that crime has plateaued or is going down.
However, not even the city’s own agencies can agree on how much crime is occurring in the subway system. After Transit released figures showing that violent subway crimes went up by 13 percent this year, the mayor’s office quickly pushed back, disputing the numbers released by the agency and claiming that crime actually dropped last month.
New York City Mayor Eric Adams, a former police chief, said that “overall crime is down.”
However, a “significant majority” of the crimes that do occur on the subway go unreported by the victims, according to the source.
“People understand that the majority of those who commit larceny or assaults are never going to be apprehended, so why go through the trouble of making a report?” the source said.
The mayor’s office did not respond to a request for comment by press time.
The topic of commuter safety has risen to the forefront of the national dialogue after several recent high-profile crimes in New York’s subway system, including a shooting caught on film at the Hoyt-Schermerhorn station in Brooklyn on March 14 during a rush-hour commute.
The crime spree provoked New York Gov. Kathy Hochul to order 750 New York National Guard troops and 250 New York State Police troopers be deployed into the subway system to conduct bag searches and combat the surge in crime. The new deployment is in addition to the 1,000 New York City police officers who were ordered to patrol subway lines and do security checks on bags.
“Since taking office, I have been laser-focused on driving down subway crime and protecting New Yorkers,” Mrs. Hochul told reporters at the March 6 news conference. “I am sending a message to all New Yorkers: I will not stop working to keep you safe and restore your peace of mind whenever you walk through those turnstiles.”
“No one heading to their job, or to visit family, or to go to a doctor’s appointment should worry that the person sitting next to them possesses a deadly weapon.”
Morale among NYPD officers is at an all-time low as crime and police resignations have been on the upswing, according to officials.
In recent years, an increasing number of New Yorkers, including police, have been assaulted. From Jan. 1 to March 31, 2023, citywide, 1,251 on- and off-duty police were assaulted, compared with 949 in the first quarter of 2022, according to NYPD crime statistics.
A total of 2,516 officers resigned from the department in 2023, according to police pension data previously obtained by The Epoch Times. It is the fourth most in the past decade and 43 percent more than the 1,750 who resigned their positions in 2018. Further, the data show that the number of officers quitting before they reach the 20 years required to receive their full pensions has increased by 104 percent since 2020.
In January, officers’ jobs became more difficult after the New York City Council pushed through controversial legislation dubbed the “How Many Stops Act,” which requires police to officially document any encounter they have with the public, including logging the race, gender, and age of any person to whom they speak.
The recent exodus comes on top of years of officer attrition, eroding the ability of the nation’s largest police force to serve and protect to dangerous levels, according to Police Benevolent Association President Patrick Hendry.
“This is truly a disaster for every New Yorker who cares about safe streets,” Mr. Hendry previously told The Epoch Times. “Cops are already stretched to our breaking point, and these cuts will return us to staffing levels we haven’t seen since the crime epidemic of the ’80s and ’90s.”
Tyler Durden
Mon, 03/18/2024 - 17:40
Published:3/18/2024 5:35:35 PM
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[Markets]
Border security talks could push spending bills past shutdown deadline
A closure could be brief. Negotiations are continuing, but Congress hasn’t left itself much time to act before a deadline this weekend.
Published:3/18/2024 4:45:20 PM
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[Markets]
Treasury yields climb ahead of Fed meeting. Here's why.
Treasury yields are trending higher as investors brace themselves for the Federal Reserve's highly anticipated decision on Wednesday. To shed light on the factors driving this yield movement, Truist's Managing Director of Fixed Income Chip Hughey joins Yahoo Finance Live. Hughey attributes the rise in yields to three factors: the continued stickiness in inflation data, the Fed's likelihood to maintain a "higher-for-longer" stance, and strong Treasury issuance. However, he notes that "the biggest factor for yields" has been the market's pricing of six to seven rate cuts, which has now been revised to below three, resulting in "big implications on the yield curve." Hughey believes the Fed could initiate rate cuts mid-year when they have a "sufficient" amount of evidence of cooling inflation. Although he acknowledges the increasing probability of zero cuts occurring in 2024, he does not believe that scenario will materialize, stating that despite "a bumpy path," the Fed "will see that inflation is cooling." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
Published:3/18/2024 4:38:16 PM
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[Markets]
Why earnings growth, not the Fed’s interest-rate policy, is driving U.S. stocks
Published:3/18/2024 4:15:14 PM
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[Markets]
Gen-Z OnlyFans 'Creator' Quits As She Dedicates Life To Jesus Christ
Gen-Z OnlyFans 'Creator' Quits As She Dedicates Life To Jesus Christ
OnlyFans has become a site for adult entertainers and amateurs to deliver pornographic content straight to their horny fans. Gen-Zers have flocked to the site, many of whom are young women seeking 'female empowerment.'
The platform boasts about young female superstar "models" making six- and seven-figure earnings, aspiring (or corrupting) an entire generation of young people to give up on education and degrade themselves as a sex worker. This trend exploded during Covid as many youngsters have lost all memory of why sex work is shamed in society.
Taking selfies or videos of feet, asses, boobs, and or pornographic scenes with others isn't real productive work and is self-destructive behavior (daddy problems much?). Normalizing online prostitution is terrible for civilized societies. Also, sex workers are not respected in society, leaving very limited future opportunities in life after OnlyFans.
Recent data from OnlyFans shows that about 70% of creators are women, and 30% are men, translating to about 1.4 million American women and 600,000 American men.
The OnlyFans phenomenon could be a bubble as one top Gen-Zer creator has allegedly given up on her hugely successful account for a life of Christ, or at least she says...
The Whatever podcast, which has interviewed creator "Nala" before, posted on X Saturday evening, "WE DID IT BOYS!!!" while referring to several videos of the creator finding Jesus and allegedly abandoning her account (however, the account is still online).
"I hope she stays on the narrow road that leads to life. And I also hope it's genuine. You can have both of these thoughts at once," one X user said.
And this.
However, only some believe in Nala's awakening and commitment to Jesus....
Rebranding?
Another X user said: "God forgives, but doesn't forget."
Perhaps the OnlyFans creator bubble begins to crack as they must re-enter society and find real jobs.
Tyler Durden
Mon, 03/18/2024 - 16:40
Published:3/18/2024 3:56:57 PM
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[Markets]
Nvidia reveals much-awaited Blackwell chip lineup at GTC conference
Nvidia Corp.’s most hyped debut yet — its long-awaited next chip — was revealed at its annual conference on Monday.
Published:3/18/2024 3:56:57 PM
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[Markets]
Dow Jones Futures: Nvidia CEO Speech In Focus; Google, Tesla Surge Ahead Of Fed Meeting
Dow Jones Futures: Nvidia stock was in focus late Monday during CEO Jensen Huang's speech. Google and Tesla surged ahead of the Fed meeting.
Published:3/18/2024 3:56:57 PM
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[Markets]
Nvidia reveals much-awaited Blackwell chip lineup at GTC conference
Published:3/18/2024 3:56:57 PM
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[Markets]
AI raises existential crisis for Apple and tech’s old guard: Partner or perish
Published:3/18/2024 3:43:11 PM
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[Markets]
My sister is in her 80s, and she recently remarried, but her less-wealthy husband insists on filing a joint tax return. Should she be concerned?
“I believe that my sister’s assets exceed those of her husband. They live in her new husband’s home in California, which has a mortgage.”
Published:3/18/2024 3:43:11 PM
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[Markets]
5 key moments from Elon Musk’s interview with Don Lemon
The X owner resists responsibility for the hate speech on the social media platform and says America must ‘move on’ from racism.
Published:3/18/2024 3:34:43 PM
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[Markets]
Stock markets, Nvidia close day higher amid GTC event
The three major stock indices (^DJI, ^IXIC, ^GSPC) are feeling festive, capping off Monday's trading session in the green the day after St. Patrick's Day. Nvidia (NVDA) shares also close with a slight gain while the chipmaker showcases it latest generation of products at its 2024 GTC (GPU Technology Conference) event. Yahoo Finance's Madison Mills and Josh Lipton review the latest market action after the closing bell. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.
Published:3/18/2024 3:22:23 PM
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[Markets]
Will an Apple-Google AI partnership get past regulators?
Published:3/18/2024 3:22:23 PM
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[Markets]
Here’s the reality about the mutual funds and ETFs that beat the stock market in 2023
One good year doesn’t make a trend.
Published:3/18/2024 2:53:47 PM
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[Markets]
Dow Jones Climbs As Donald Trump Stock Dives; Alphabet Nears Entry Amid Apple Hookup Buzz
The Dow Jones gained on the stock market today. A Donald Trump-linked stock fell while Cathie Wood bought a diving stock.
Published:3/18/2024 2:43:36 PM
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[Markets]
"We're One Event Away From A 1970s-Style Stagflation Explosion..."
"We're One Event Away From A 1970s-Style Stagflation Explosion..."
Excerpted from 'The Turning Point' report via Larry MacDonald's TheBearTrapsReport.com,
We hear the comparisons more and more; they are growing louder by the week.
“The years 2023-2024 look a lot like 1973-1974.”
The history books remind us,1973’s oil embargo shook the global energy market. It also reset geopolitics, reordered the global economy, and a multipolar world saw energy weaponized. After kissing 6% in 1970, in Q1 of 1973, inflation as measured by CPI danced just below 4%, much like today, central bankers were doing the Michael Jackson moonwalk in celebratory form. Then, in bloodcurdling fashion in late 1974, CPI breached 12%.
“Don’t be silly, 1973 was a far different set up,” we are told.
When it comes to demand on a global stage, 2024 is 2x 1973.
Above all, the U.S. is the largest producer of oil in 2024, not as was the case in 1973, when she was the world’s largest petroleum importer.
At the time, oil was 50% of world energy consumption vs. 1/3 today.
There is just one overwhelming difference today.
In the last 8 weeks, we have seen drone technology knock out
a) parts of Russia’s second largest airport,
b) at least three of Putin’s prize oil refineries,
and c) countless ships in the Suez Canal.
Weaponizing oil in a multipolar world is exponentially more uncertain with James Cameron calling the shots. In October of 1984, he brought us the “Terminator” and opened the world’s eyes to the future of AI and the weaponization of robots. If Vladimir Putin, on the eve of an election, cannot protect his second-largest airport, how can the Saudi’s protect their own crown jewel. Measuring 280 by 30 km (170 by 19 mi) (some 8,400 square kilometres (3,200 sq mi)), it is by far the largest conventional oil field in the world. That’s a lot of ground to protect. We are one event away from a 1970s-style stagflation explosion.
More often than not, recency bias is an investor’s foe. The 2008 and 2020 recessions were similar in that a shock triggered a colossal bond rally along with plunging PMI, ISM and LEI data. It’s more and more apparent by the minute. What we are experiencing today is much more of a 1970s – 1980s recession vintage. An inflation-driven slowdown hits the bottom 60% first, but this time around after the Fed suppressed rates for so, so, so long, higher net worth consumers feel like they died and went to heaven. Revenge consumption has been the economy’s tailwind from those with $1m ($50k annual income vs. $8k in 2021) to $10m ($500k annual income vs. $80k in 2021) in a money market fund. This, plus trillions of fiscal overdosing coming out of Washington have prevented the recession so far, but they have also made inflation’s second act far more certain in a multipolar world.
In this note we breakdown the increasing stagflationary landscape.
By our count, $500B has moved into Oil & Gas and Metals in recent months. Likewise, oil’s risk to inflation expectations, rates and the -- CRE wounded -- super regional banks is accelerating.
What does the world look like if the Fed is forced to ease to protect the banks and the bottom 60% of consumers in an election year -- while inflation is heading north for the summer?
Sticky Inflation
Both CPI on Tuesday and PPI on Thursday came in hotter than expected.
Core CPI rose 3.8% y/y vs +3.7% expected and PPI rose 2% y/y vs 1.9% expected. At the same time, several data points show a slowing economy as well. Retail sales, which were reported simultaneous with the PPI on Thursday, rose 0.6% m/m, which was less than the 0.8% forecast. The prior month was revised lower as well, from -0.8% to -1.1%.
In ANOTHER stagflationary turn, the Empire State manufacturing survey for March also came in well below expectations at -21 vs -7 expected.
The report noted that “Demand softened as new orders declined significantly, and shipments were lower. Unfilled orders continued to shrink. Labor market indicators weakened, as employment and hours worked both decreased. The pace of input price increases moderated somewhat, while the pace of selling price increases held steady”.
BofA in its monthly consumer spending report on Monday said that” consumer spending momentum appears soft, Credit card and debit card spending rose 0.4% m/m, after a 0.3% drop in January.”
Oil – High Impact Far and Wide
The oil heavy CRB touched its highest level since November Friday. Every day the super-regional banks go without rate cuts, the day of reckoning on market-tomarket losses grows closer to a reality. The Fed opened the door to a softer path, just an inch – that has fueled inflation’s Act II.
This has LARGE implications for the banks.
Since January 2023; Zions ZION, Comerica CMA and Truist TFC are underperforming the S&P 500 by close to 50%.
The NYCB failure has regulators at the OCC and FDIC on the lookout for other Mark-to-Market cheaters.
In recent days, we have multiple Ukraine drone attacks on Russian oil refineries, another over the weekend.
A multipolar world takes some of the steering wheel away from the Fed with large implications for the banks.
Multipolar World - Drone Strikes with High Impact
By some estimates, in 2023 the EU imported 130 million barrels of seaborne refined products – mostly diesel – from refineries processing Russian crude.
These purchases were worth an estimated €1.1 billion. With some Russian refineries down, Europe must draw more supply from the West, WTI is more than +13% off February levels, +20% off the December lows.
The refineries that are processing Russian crude oil and exporting to the EU are largely the same ones sending laundered Russian fuel to the UK and US.
The seven largest refineries collectively processed 390 million barrels of Russian crude oil in 2023, valued at an estimated €23 billion. (Global Witness).
Connecting the Dots
Higher rates + higher inflation expectations are leaving a stain here. Some banks desperately need rate cuts.
Where does that leave us?
The anxious bond market is now pricing in just 60% odds a rate cut in June and 72bp of rate cuts in 2024. In the upcoming FOMC meeting, some economists are now forecasting the DOT plot to move from 3 to 2 cuts this year.
It only takes two Committee members to raise their dot for the median dot to go from 3 cuts to 2 cuts for the year.
Odds of Rate Cut
The higher the white line above the lower the June rate cut probability.
We are back where we were in late February, with June rate hike odds at 60%.
(The market prices these odds as an expected move in the Fed Fund futures. So -15bp is a 15bp/25bp=60% chance of a 25bp drop in Fed Funds.)
...
"Funny how Nicky-Leaks only mentions the dovish data, failed to mention the Atlanta Fed sticky CPI data out yesterday which showed nice reacceleration" -- Dallas PM.
* * *
Subscribers can read the full 'Turning Point' report from Larry MacDonald's Bear Traps Report here...
Tyler Durden
Mon, 03/18/2024 - 15:25
Published:3/18/2024 2:43:36 PM
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[Markets]
AstraZeneca will cap inhaler costs at $35 per month
The cost-reduction strategy follows a similar move from Boehringer Ingelheim, a rival in the medical device sector.
Published:3/18/2024 2:43:36 PM
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[Markets]
Shares of Weight Watchers parent extend their bounce ahead of Oprah TV special
WW’s stock has been under pressure, but one analyst thinks an upcoming Oprah Winfrey TV special could highlight promise of the company’s clinical business.
Published:3/18/2024 2:43:36 PM
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[Markets]
Why it’s so hard to buy a house right now — and why it could get easier soon
Published:3/18/2024 2:19:34 PM
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[Markets]
Giving up oil is a ‘fantasy’, says Saudi Aramco chief
Ditching oil and gas is a “fantasy” amid increasing demand, one of the world’s most powerful oil and gas bosses has said.
Published:3/18/2024 2:12:39 PM
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[Markets]
Why it’s so hard to buy a house right now — and one reason it could get easier soon
House hunters looking to buy a home this spring are continuing to find the housing market challenging.
Published:3/18/2024 2:03:41 PM
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[Markets]
Reddit’s IPO could be a bellwether for other offerings this year, says Vanderbilt professor
Reddit’s IPO is drawing comparisons to that of another popular social-media platform.
Published:3/18/2024 1:40:57 PM
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[Markets]
United Airlines CEO looks to reassure customers that airline is safe
Published:3/18/2024 1:28:01 PM
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[Markets]
Taibbi Dismantles 'Absurd' NYT Hit Piece
Taibbi Dismantles 'Absurd' NYT Hit Piece
Heading into the 2024 election, corporate media is once again spinning lies in order to re-frame, or contain, legitimate news stories.
In his latest reports, Racket News' Matt Taibbi corrects the record after a desperate slam job on the Twitter Files, published by The New York Times ("We seek the truth and help people understand the world") just before oral arguments in a historic First Amendment case in the Supreme Court...
In advance of oral arguments tomorrow in the Supreme Court for Murthy v. Missouri, formerly Missouri v. Biden, the New York Times and authors Jim Rutenberg and Steven Lee Myers wrote a craven and dishonest piece called, “How Trump’s Allies Are Winning the War Over Disinformation.”
The Times implies both the Twitter Files reports and my congressional testimony with Michael Shellenberger were strongly influenced by former Trump administration official Mike Benz, whose profile occupies much of the text. Benz is described as a purveyor of “conspiracy theories, like the one about the Pentagon’s use of Taylor Swift,” that are “talking points for many Republicans.” They quote Shellenberger as saying meeting Benz was the “Aha moment,” in our coverage, and the entire premise of the piece is that Benz and other “Trump allies” pushed Michael, me, and the rest of the Twitter Files reporters into aiding a “counteroffensive” in the war against disinformation, helping keep social media a home for “antidemocratic tactics.”
This all has a strong whiff of setup. I have nothing to say against Mike Benz, but let’s set some things straight. As Rutenberg and Lee Myers themselves note, I first talked to Benz in March, 2023. The Twitter Files reports were virtually all done by then. I would publish just two more, one on the day of my testimony, March 9, 2023 (“The Censorship-Industrial Complex”) and one on March 17 (“Stanford, the Virality Project, and the Censorship of ‘True Stories’”).
Mike was the source for exactly one piece of information in those two stories: a video his Foundation for Freedom Online posted of Stanford Internet Observatory director Alex Stamos, in which Stamos said Stanford’s Election Integrity Partnership was created to “fill the gap of things the government couldn’t do” legally:
This was true, public, and newsworthy, not a “conspiracy theory” about Taylor Swift or anyone else. Did “Trump Allies” force Stamos to put that video on YouTube?
Rutenberg and Lee Myers imply Benz influenced a change in my personal reporting, since I didn’t discover “evidence of direct government involvement” in the first installment of the Twitter Files about the Hunter Biden laptop story:
The author of that dispatch, Mr. Taibbi, concluded that Twitter had limited the coverage amid general warnings from the F.B.I. that Russia could leak hacked materials to try to influence the 2020 election. Though he was critical of previous leadership at Twitter, he reported that he saw no evidence of direct government involvement.
In March 2023, Mr. Benz joined the fray. Both Mr. Taibbi and Mr. Benz participated in a live discussion on Twitter, which was co-hosted by Jennifer Lynn Lawrence, an organizer of the Trump rally that preceded the riot on Jan. 6… As Mr. Taibbi described his work, Mr. Benz jumped in: “I believe I have all of the missing pieces of the puzzle.” There was a far broader “scale of censorship the world has never experienced before,” he told Mr. Taibbi, who made plans to follow up.
Nice try. Though I didn’t find “direct evidence” of government involvement in censorship programs in the first Twitter Files piece, we did discover it, on a grand scale, almost immediately after. Subsequent Twitter Files reports reflected this, including “Twitter, the FBI Subsidiary” from December 16th, 2022, and the “Twitter and Other Government Agencies” story published on Christmas Eve of 2022, the day the IRS opened a case on me.
Shellenberger, Bari Weiss, Lee Fang, and other Twitter Files reporters discovered the key elements of the Twitter Files reports, from the “industry calls” held between the FBI and Internet platforms like Twitter, to the role of Stanford’s Election Integrity Partnership, to the role of the State Department’s Global Engagement Center in sponsoring “anti-disinformation” work, in the first two weeks of research. Our central thesis about state-sponsored censorship was online months before we met Benz. By mid-December 2022, I knew we were looking at a sweeping federal content-control program, and repeated the idea many times. As I wrote on Christmas Eve, 2022:
The files show the FBI acting as doorman to a vast program of social media surveillance and censorship, encompassing agencies across the federal government —from the State Department to the Pentagon to the CIA… The operation is far bigger than the reported 80 members of the Foreign Influence Task Force (FITF)… Twitter had so much contact with so many agencies that executives lost track.
Nonetheless, the gist of today’s Times piece is that Shellenberger and I got this thesis from Benz. They literally wrote it that way, that when I testified to Congress, I was presenting his thesis:
Later, Mr. Shellenberger said that connecting with Mr. Benz had led to “a big aha moment…”
A week after that online meeting, Mr. Taibbi and Mr. Shellenberger appeared on Capitol Hill as star witnesses for the Select Subcommittee on the Weaponization of the Federal Government. Mr. Benz sat behind them, listening as they detailed parts of his central thesis: This was not an imperfect attempt to balance free speech with democratic rights but a state-sponsored thought-policing system.
Michael, Bari, Lee, David Zweig and others involved with the Twitter Files project have been subject to a lot of silly smear jobs in the last year-plus, but this piece of deep state fan fiction in the Times is low even by their standards. It’s clearly intended to re-cast the outing of federal censorship initiatives as Trumpian conspiracy theory before oral arguments begin in Murthy v. Missouri tomorrow.
As the Times notes, this is one of “the most important First Amendment cases of the internet age,” and “could curtail the government’s latitude in monitoring content online.” Originally filed by the Attorneys General of Louisiana and Missouri, the lawsuit “accuses federal officials of colluding with or coercing the platforms to censor content critical of the government.”
The reason the government faces such danger is because two lower courts have already affirmed the core accusation that multiple Executive Branch agencies, including the White House and the FBI, violated the First Amendment when they engaged in mass-flagging programs of the type identified in both the Twitter Files and the original Missouri v. Biden complaint. After these lower court decisions, the Times notes with sadness, “the Biden administration has largely abandoned moves that might be construed as stifling political speech,” facing as it now does the specter of “legal and political blowback.”
The administration faces this blowback because the story about the censorship programs is true. The Times didn’t bother trying to argue we got anything wrong. It just said we knew Benz, showed a picture of him sitting behind Shellenberger as he testified, then said things like “More recently, Mr. Benz originated the false assertion that Taylor Swift was a ‘psychological operation’ asset for the Pentagon,” as if that had something to do with us. It’s Six Degrees of Misinformation.
Rutenberg two election cycles ago authored the seminal article on “oppositional” journalism in the Trump age. “Trump is Testing the Norms of Objectivity in Journalism” came out in summer of 2016, and was hugely influential. It said Trump was such a threat that the job going forward could no longer just be about reporting facts, but reporting facts that will “stand up to history’s judgment.”
Now he’s arguing the exposure of censorship programs is “paralyzing” official efforts to police social media, the medium that was “central to [Trump’s] political success.” Apparently misleading the public about my reporting is the new version of staying on the right side of “history’s judgment.” Let’s hope the Supreme Court doesn’t get distracted by these hysterics. Is there any doubt that’s what this story is designed to accomplish?
* * *
Subscribe to Matt Taibbi's Racket News substack here...
Tyler Durden
Mon, 03/18/2024 - 14:05
Published:3/18/2024 1:20:50 PM
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[Markets]
Dow Jones Media Giant Disney, AI Stock Arista In Or Near Buy Zones
Dow Jones media giant Disney, along with AI stock Arista and Duolingo, are in or near buy zones in today's stock market action.
Published:3/18/2024 12:41:04 PM
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[Markets]
Reddit’s impending IPO is up to five times oversubscribed, report says
Published:3/18/2024 12:41:04 PM
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[Markets]
Macron's Long Telegram
Macron's Long Telegram
By Benjamin Picton, Senior Macro Strategist at Rabobank
The focus of markets last week was, quite rightly, on US inflation figures. US 2-year yields posted gains every day to close the week just over 25bps higher at 4.73%. The move was prodded along by stronger-than-expected US CPI on Tuesday, strong PPI on Thursday, and then rising prices for goods imports on Friday.
So, it was a trio of bad news on the inflation front, with the goods imports inflation providing the cherry on top because disinflation in internationally-traded goods has been doing the heavy lifting for the Fed (and others) up until now. Perhaps unsurprisingly, market pricing on the quantum of cuts expected from the Fed this year fell from 4.2 last Monday to 3.3 as of this morning. The S&P500 picked up on the vibe by closing lower for the second week in a row. That hasn’t happened since October of last year, which happened to be the cyclical low before Jerome Powell’s ‘pivot’ lit the fuse on a whopping Santa rally that has survived well into 2024.
This week will be dominated by central bank actions, even though we fully expect that actual action in the form of shifting policy rates will be pretty thin on the ground. The BOJ will be a major point of interest on Tuesday, with markets now pricing in a 55% probability of an end to the negative interest rates policy (NIRP). A return to ZIRP (zero interest rates policy) is seen as a 70% probability by the April meeting, or 96% by June.
Markets have been gradually bidding up the implied path of the BOJ’s policy rate for weeks as Japanese unions deliver strong wage gains for their members. Rengo, Japan’s largest labour union, last week secured wage increases of ~5.25% for members. That’s the first time in more than 30 years that wage gains have exceeded 5%. BOJ Governor Kazuo Ueda has stressed in the past that he would need to see evidence of persistent wage growth to be convinced that inflation will converge on the 2% target. Given the events of last week, a lift in the policy rate tomorrow is a certainly a possibility but given past dovishness it seems more likely that the BOJ will hold fire until April.
Tomorrow also brings the RBA’s March policy meeting. We expect no change to the policy rate or the bank’s slight hawkish bias, especially since the RBA meeting will predate the February labour market report by two days. We’re forecasting the unemployment rate to dip to 4%, and for the economy to have added 24,500 jobs last month. That will be sufficient to trigger the Sahm Rule, which might explain why Aussie Treasurer Chalmers has recently started the softening-up process for a more growth-oriented budged in May. The RBA’s Financial Stability Review on Friday will also make for interesting reading, especially with regards to Australia’s gravity-defying mortgage market.
Of course, the main event for the week will be the outcome of the March FOMC meeting on Wednesday. Our Senior US Strategist Philip Marey expects no change to the Fed Funds rate this week and maintains our call for the first cut of the cycle to arrive in June. Philip notes that the Fed will give in-depth consideration to the pace of balance sheet runoff at this week’s meeting. Any lowering of $95bn ‘passive QT’ combined monthly cap for Treasuries, MBS and agency debt would be an encouragement for equity managers looking for a fresh round of monetary stim.
The Bank of England also meets this week and will publish their decision on the Bank Rate on Thursday. We’re expecting no changes there either. Stefan Koopman, our Senior Macro Strategist covering the UK thinks that the BOE will trail both the Fed and the ECB in delivering any policy easing, despite signs of softening in labour markets.
If equity markets do take encouragement from central bankers this week, it will be in defiance of a geopolitical environment threatening escalation. Crude oil last Thursday joined other asset classes making year-to-date highs. That coincided with Russian state media reporting claims that the Houthis now have a hypersonic missile, and comments from Houthi Supreme leader Abdul Malik al-Houthi where he said that the group will begin targeting ships heading around the Cape of Good Hope at Africa’s Southern tip.
If the Houthis DO possess a hypersonic missile (a big ‘if’), it could only have come from Russia (by way of Iran) and would pose a worrying risk to US and allied navies operating in the area. The targeting of commercial shipping taking the long route to Europe via the Cape of Good Hope would be a further detriment for insurance costs and would deal a blow to prospects of an ECB rate cut in June.
Last week also saw a stunning interview delivered by French President Emmanuel Macron. We touched on this on Friday, but it bears repeating that Macron is now taking a much firmer line on the War in Ukraine. Macron’s interview follows Vladimir Putin’s well-publicized history lecture of Tucker Carlson, and news that Russia has shifted tactical nuclear weapons westward into Belarus. It also came just before the weekend’s Russian elections, where Putin dubiously secured 88% of the vote. In this context, there are echoes of George Kennan’s ‘Long Telegram’ that established the US policy of Soviet containment in the 1940s.
Macron’s speech reads like a greatest hits of Realpolitik. Europe must do ”whatever it takes”. “If Russia wins this war, Europe’s credibility will be reduced to zero.” “If Ukraine were to fall, our security is threatened. And so, the time has come to resist.” “If the situation were to deteriorate, we have to be ready, and we will be ready. We will be ready to make the decisions to ensure that Russia never wins.”
These comments arrive in the context of Macron’s earlier refusal to rule out committing French troops to fighting in Ukraine. That was met with threats from Putin and denials from European counterparts that “boots on the ground” could ever happen. Seemingly addressing this, Macron said: “Two years ago we said we would never send a tank. We did. Two years ago we said we would never send medium-range missiles. We did. We said we would never send planes. Some are now in the process. We set too many limits.”
Christine Lagarde is famously on the record saying that the ECB’s commitment to the Euro has “no limits”. Macron is making the same commitment on security.
Tyler Durden
Mon, 03/18/2024 - 12:50
Published:3/18/2024 12:14:13 PM
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[Markets]
Reddit’s impending IPO is up to five times oversubscribed, report says
Reddit’s closely watched initial public offering is between four and five times oversubscribed, according to a Reuters report.
Published:3/18/2024 11:49:17 AM
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[Markets]
Half Of Downtown Pittsburgh Office Space Could Be Empty In 4 Years
Half Of Downtown Pittsburgh Office Space Could Be Empty In 4 Years
Authored by Mike Shedlock via MishTalk.com,
The CRE implosion is picking up steam.
Check out the grim stats on Pittsburgh.
Unions are also a problem in Pittsburgh as they are in Illinois and California.
Downtown Pittsburgh Implosion
The Post Gazette reports nearly half of Downtown Pittsburgh office space could be empty in 4 years.
Confidential real estate information obtained by the Pittsburgh Post-Gazette estimates that 17 buildings are in “significant distress” and another nine are in “pending distress,” meaning they are either approaching foreclosure or at risk of foreclosure. Those properties represent 63% of the Downtown office stock and account for $30.5 million in real estate taxes, according to the data.
It also calculates the current office vacancy rate at 27% when subleases are factored in — one of the highest in the country.
And with an additional three million square feet of unoccupied leased space becoming available over the next five years, the vacancy rate could soar to 46% by 2028, based on the data.
Property assessments on 10 buildings, including U.S. Steel Tower, PPG Place, and the Tower at PNC Plaza, have been slashed by $364.4 million for the 2023 tax year, as high vacancies drive down their income.
Another factor has been the steep drop — to 63.5% from 87.5% — in the common level ratio, the number used to compute taxable value in county assessment appeal hearings.
The assessment cuts have the potential to cost the city, the county, and the Pittsburgh schools nearly $8.4 million in tax refunds for that year alone. Downtown represents nearly 25% of the city’s overall tax base.
In response Pittsburgh City Councilman Bobby Wilson wants to remove a $250,000 limit on the amount of tax relief available to a building owner or developer as long as a project creates at least 50 full-time equivalent jobs.
It’s unclear if the proposal will be enough. Annual interest costs to borrow $1 million have soared from $32,500 at the start of the pandemic in 2020 to $85,000 on March 1. Local construction costs have increased by about 30% since 2019.
But the city is doomed if it does nothing. Aaron Stauber, president of Rugby Realty said it will probably empty out Gulf Tower and mothball it once all existing leases expire.
“It’s cheaper to just shut the lights off,” he said. “At some point, we would move on to greener pastures.”
Where’s There’s Smoke There’s Unions
In addition to the commercial real estate woes, the city is also wrestling with union contracts.
Please consider Sounding the alarm: Pittsburgh Controller’s letter should kick off fiscal soul-searching
It’s only March, and Pittsburgh’s 2024 house-of-cards operating budget is already falling down. That’s the clear implication of a letter sent by new City Controller Rachael Heisler to Mayor Ed Gainey and members of City Council on Wednesday afternoon.
The letter is a rare and welcome expression of urgency in a city government that has fallen in complacency — and is close to falling into fiscal disaster.
The approaching crisis was thrown into sharp relief this week, when City Council approved amendments to the operating budget accounting for a pricey new contract with the firefighters union. The Post-Gazette Editorial Board had predicted that this contract — plus two others yet to be announced and approved — would demonstrate the dishonesty of Mayor Ed Gainey’s budget, and that’s exactly what’s happening: The new contract is adding $11 million to the administration’s artificially low 5-year spending projections, bringing expected 2028 reserves to just barely the legal limit.
But there’s still two big contracts to go, with the EMS union and the Pittsburgh Joint Collective Bargaining Committee, which covers Public Works workers. Worse, there are tens — possibly hundreds — of millions in unrealistic revenues still on the books. On this, Ms. Heisler’s letter only scratched the surface.
Similarly, as we have observed, the budget’s real estate tax revenue projections are radically inconsistent with reality. Due to high vacancies and a sharp reduction in the common level ratio, a significant drop in revenues was predictable — but not reflected in the budget. Ms. Heisler’s estimate of a 20% drop in revenues from Downtown property, or $5.3 million a year, may even be optimistic: Other estimates peg the loss at twice that, or more.
Left unmentioned in the letter are massive property tax refunds the city will owe, as well as fanciful projections of interest income that are inconsistent with the dwindling reserves, and drawing-down of federal COVID relief funds, predicted in the budget itself. That’s another unrealistic $80 million over five years.
Pittsburgh exited Act 47 state oversight after nearly 15 years on Feb. 12, 2018, with a clean bill of fiscal health.
It has already ruined that bill of health.
Act 47 in Pittsburgh
Flashback February 21, 2018: Act 47 in Pittsburgh: What Was Accomplished?
Pittsburgh’s tax structure was a much-complained-about topic leading up to the Act 47 declaration. The year following Pittsburgh’s designation as financially distressed under Act 47 it levied taxes on real estate, real estate transfers, parking, earned income, business gross receipts (business privilege and mercantile), occupational privilege and amusements. The General Assembly enacted tax reforms in 2004 giving the city authority to levy a payroll preparation tax in exchange for the immediate elimination of the mercantile tax and the phase out of the business privilege tax. The tax reforms increased the amount of the occupational privilege tax from $10 to $52 (this is today known as the local services tax and all municipalities outside of Philadelphia levy it and could raise it thanks to the change for Pittsburgh).
The coordinators recommended an increase in the deed transfer tax, which occurred in late 2004 (it was just increased again by City Council) and in the real estate tax, which increased in 2015.
Legacy costs, principally debt and underfunded pensions, were the primary focus of the 2009 amended recovery plan. The city’s pension funded ratio has increased significantly from where it stood a decade ago, rising from the mid-30 percent range to over 60 percent at last measurement.
The obvious question? Will the city stick to the steps taken to improve financially and avoid slipping back into distressed status? If Pittsburgh once stood “on the precipice of full-blown crisis,” as described in the first recovery plan, hopefully it won’t return to that position.
The Obvious Question
I could have answered the 2018 obvious question with the obvious answer. Hell no.
No matter how much you raise taxes, it will never be enough because public unions will suck every penny and want more.
On top of union graft, and insanely woke policies in California, we have an additional huge problem.
Hybrid Work Leaves Offices Empty and Building Owners Reeling
Hybrid work has put office building owners in a bind and could pose a risk to banks. Landlords are now confronting the fact that some of their office buildings have become obsolete, if not worthless.
Meanwhile, in Illinois …
Chicago Teachers’ Union Seeks $50 Billion Despite $700 Million City Deficit
Please note the Chicago Teachers’ Union Seeks $50 Billion Despite $700 Million City Deficit
The CTU wants to raise taxes across the board, especially targeting real estate.
My suggestion, get the hell out...
Tyler Durden
Mon, 03/18/2024 - 12:10
Published:3/18/2024 11:31:43 AM
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[Markets]
How Elon Musk’s interview with Don Lemon went off the rails
Published:3/18/2024 11:31:43 AM
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[Markets]
Stock market today: Nasdaq soars to lead stocks higher as AI hopes run high
Investors are starting the week in an upbeat mood as techs shine ahead of a pivotal Fed policy call.
Published:3/18/2024 11:31:43 AM
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[Markets]
Flood of Chinese imports could renew trade tensions, threaten U.S. jobs
China’s export surplus of cars and electronics helps the fight against inflation. But lower-priced Chinese goods threaten Biden’s hopes of boosting U.S. factory jobs.
Published:3/18/2024 11:09:34 AM
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[Markets]
Trump says he’s asked 30 companies to back his $454 million appeal bond and all have said no
In a legal filing before the New York Court of Appeals on Monday, former President Donald Trump said he has approached nearly 30 surety companies to help back the bond he needs in order to pursue an appeal, and that all have said no.
Published:3/18/2024 11:01:59 AM
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[Markets]
Don't start putting new money into the market now: Strategist
Is a bubble forming around the stock market (^DJI, ^IXIC, ^GSPC)? And if so, is it about to burst? B. Riley Wealth Management Chief Investment Strategist Paul Dietrich sits down with Yahoo Finance to discuss whether certain sectors of the market are becoming overvalued and if the equity market is edging closer to correction territory. "I'm sure that every analyst... is looking at all the different valuation methodologies, and they've got to come to the same conclusion because there's no ambiguity here," Dietrich says about the probability of a market bubble. "It is bizarrely overvalued in most of these things. And so, you're seeing the smart money right now moving massive amounts into cash." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.
Published:3/18/2024 10:38:01 AM
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[Markets]
A new worry for people getting divorced after 50? Where to live in a tight housing market.
“Gray divorces” are pushing older Americans into a heated housing market.
Published:3/18/2024 10:38:01 AM
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[Markets]
Ryan Reynolds–backed company Nuvei’s stock rockets on buyout interest
Published:3/18/2024 10:38:01 AM
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[Markets]
Dow Jones Climbs As Nvidia AI Event Kicks Off; Cathie Wood Snaps Up Stock Amid 51% Plunge
The Dow Jones gained. An Nvidia AI event started amid reports of a tie-up between Apple and Alphabet. Cathie Wood bought a diving stock.
Published:3/18/2024 10:02:23 AM
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[Markets]
Reckitt Benckiser shares bouncing back — from $7.1 billion market-cap wipeout
Published:3/18/2024 10:02:23 AM
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[Markets]
Joann files for bankruptcy as consumers pull back on non-essentials
The crafts and fabrics retailer, which has been operating for more than eight decades, does not plan to shutter any stores
Published:3/18/2024 10:02:23 AM
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[Markets]
U.S. home-builder confidence at highest level since July
Published:3/18/2024 9:51:52 AM
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[Markets]
We Should Thank God For The Communists
We Should Thank God For The Communists
By Eric Peters, CIO of One River Asset Management
Thank God:
“Value investors think China is cheap, at some point it’ll turn,” said the CIO, decades spent in HK, investing globally, Asia focused. “Perhaps they’re right,” he said, a light shrug. “But markets require capitalism, and capitalism requires rule of law.” China is one of the most important wildcards to track to understand the global economy, markets, geopolitics. “Confucius believed in rule by law, with the word of a wise, moral, ethical leader being law. Mencius (Confucianism’s 2nd sage) agreed about morals and ethics but argued for rule of law.”
“Xi Jinping believes in rule by law; what he says is law,” continued the CIO. “Now that Xi has shown his hand as he tightens his grip on the Party, economy, markets, what could he possibly say going forward that would entice any thinking person to take real risk?” he asked. “For the first time in my career, the Hong Kong tycoons have accepted that it’s over,” he said. “They feel the US has it in for them, and they see China as un-investable now,” he said. “Their grandparents fled the mainland in ’49 and taught them to never trust the Communists.
“The Party hired Xi in 2012 to clean up the mess of successive governments,” said the same CIO. “Rampant corruption of Party members, excessive dependency on property and fixed asset investment, environmental degradation, wealth inequality.” Existential threats to the Communist Party. “Xi looked at this rot and took it apart. It was his chance to introduce rule of law. Had he done so, he would have created a China that could have overtaken the US. But just like in 1949 he caused China’s talent to flee. We should thank God for the Communists.”
“Xi saw the experiment with openness and wealth accumulation as dangerous to Party control,” he said. “He will subordinate everything to enhance state power in his quest to displace America as the world’s rule setter,” he said. “He’s telling you precisely what he’s going to do. Eat bitterness. And each day the surveillance state grows stronger.” AI will make it more so. “What we see as economic sickness, Xi sees a price worth paying, because at the other side of this challenge is China’s rightful place at the head of the table. That’s his objective.”
“Xi believes he can allocate capital to build China top down,” said the CIO. “He thinks he can create Nvidia by decree. But Jensen Huang’s grandparents fled China’s Communists in 1949. Jensen had a vision that accelerated compute would be the future. He suffered multiple failures, made numerous acquisitions over decades, took enormous risks.” 30yr overnight success. “TSMC likewise realized it needed to shrink the geometry to make it happen. ASML knew it needed to go beyond the current understanding of the physics of etching.”
“TSMC’s gross cash flows that they can invest back in capital expenditure eclipses the entire market cap of China’s semiconductor industry,” he said. “Taiwan has an ecosystem with engineers and suppliers who have worked together and know how to talk to each other and make things happen.” No way China catches up. Nor does Intel. “And Sam Altman wants trillions to build data centers and buy chips. Google wants the same.” Microsoft too. “They’re signaling that this is where the future value lies.”
“We’re entering a world where the value is in hard tech,” said the CIO. “Where doing important things are very difficult and capital intensive.” We have left a world of capital light opportunity - the software era is ending with the arrival of AI. “Google was built with $100mm and 1000 people. It’s the greatest business on earth,” he said. “Compare those two inputs to what Jensen had to build, it’s drastically different. And this will be more the norm for the people who build tremendous value. More dollars spent, more people, more risk, more time.”
Anecdote
“China’s inward turn will still allow for years of 2-4% growth,” said the CIO from HK. “Each year the Party will forecast better times ahead. They’ll say we’re weaning ourselves off bad habits.” Perpetual propaganda. “What’s interesting is that countries across Asia are now waking up to this problem and becoming more dynamic,” he said.
“Having tried everything else for 35yrs of stagnation, Japan appears willing to try capitalism. It has countless tech companies with small global market share.” Consolidation will create real global competitors. “Tokyo realizes that if you want a defense industry you must pay for it. It’s expensive and requires hard tech.” The Europeans are realizing this too.
“Seoul has too much dependence on China. And with Kim up north and US global engagement increasingly uncertain, they’re copying Japan and trying to increase corporate valuations.” Dynamic economies fund stronger militaries.
“Indonesia has been a non-aligned country and now it wants to join the OECD,” he said. “China joined the WTO at the tail end of the Asian financial crisis,” he said. “Chinese people don’t need to be told how to make money, they sense profit, and go. The WTO was this gigantic green light to stopped cars at the red light. And they said this is it. If I want to make real money, I need to bet the farm. I’m going to build a big factory because now I can sell everything to everyone in America without a tariff.” Those who raced got rich.
“In India, historically, entrepreneurs didn’t know what would happen when the government changed, so they built one small factory to ensure they didn’t have overcapacity,” he said. “India never scaled. But now you have a stable government with a consistent set of policies,” he said. “Ambani and Adani, they’re in a league all their own. But the next 50 people down the rankings have a chance and they’re going to go for it. These two guys can’t do everything. And the government needs aggressive risk takers to build the country. If you want to be Vanderbilt or Rockefeller this is your moment.”
Tyler Durden
Mon, 03/18/2024 - 10:10
Published:3/18/2024 9:31:48 AM
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[Markets]
My husband and I signed a postnuptial agreement. I bought two houses during our marriage. Will I be able to keep them now we’re headed for divorce?
“My husband and I have been married for 22 years.”
Published:3/18/2024 9:31:48 AM
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[Markets]
Diversify away from AI, trends can change quickly: Strategist
US equities (^GSPC, ^DJI, ^IXIC) are moving higher ahead of the Federal Reserve's FOMC meeting on Wednesday, March 20. Some financial firms have lowered their targets for interest rate cuts from the central bank, opening up the potential for more trading momentum. Northwestern Mutual Wealth Management Company CIO Brent Schutte joins Yahoo Finance to discuss the Fed's potential policy decisions, how they may impact the market, and gives his insights into the cyclical market themes investors should keep in mind. Schutte warns on the dominance of AI hype that has captivated markets: "If we wake up five years from now, and the same theme is out there, it would be highly unlikely that that would occur. History would suggest that that's not going to be the case. AI is probably like the internet of the past... Today's winners won't necessarily be tomorrow's winners. In every economic cycle in the past going back to 1981, has had different leadership in the next economic cycle. And that's why I want investors to make sure they stay diversified... At least historically, at the end of the cycle, like we are right now... typically the leaders of the past cycle become the laggards of the next cycle." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
Published:3/18/2024 9:16:18 AM
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[Markets]
Volkswagen workers in Tennessee file petition to hold unionization vote
Volkswagen workers in Tennessee took a major step toward becoming the first big auto factory in the South to unionize, asking federal authorities to hold a factory-wide vote on joining the United Auto Workers.
Published:3/18/2024 9:07:38 AM
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[Markets]
Goldman senior banker Stephanie Cohen departs for strategy role at Cloudflare
Goldman Sachs Group Inc. senior banker Stephanie Cohen is leaving the bank after 25 years to become the first chief strategy officer at Cloudflare Inc.
Published:3/18/2024 9:07:38 AM
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[Markets]
US STOCKS-Nasdaq leads Wall St higher ahead of Fed meeting; Nvidia kicks off AI conference
The tech-heavy Nasdaq led gains amongst Wall Street peers on Monday ahead of the U.S. Federal Reserve's meeting this week, where the central bank is expected to keep borrowing costs steady and provide cues on its monetary policy trajectory. Most megacap growth stocks advanced, with Alphabet gaining 6.4% after a media report that Apple is in talks to build Google's Gemini AI engine into the iPhone.
Published:3/18/2024 8:56:50 AM
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[Markets]
Stock market today: Nasdaq soars to lead stocks higher, Nvidia spurs AI hopes
Investors are starting the week in an upbeat mood as techs shine ahead of a pivotal Fed policy call.
Published:3/18/2024 8:32:43 AM
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[Markets]
Rates Markets Are At A Hawkish Tipping-Point
Rates Markets Are At A Hawkish Tipping-Point
Authored by Simon White, Bloomberg macro strategist,
The rates market in the US is once again on the threshold of expecting rates to peak at a higher level than the Federal Reserve. If the central bank does not raise its projections next week, the market may take the initiative and price higher rates.
Traders have been consistently clear for most of this cycle that Fed rate rises will eventually have to be met with swift cuts to restabilize the economy. Only on a few, fairly brief occasions did pricing get ahead of the Fed and rates were expected to peak at a higher level than the central bank’s projections.
We could be knocking on the door of another of these episodes. The peak expected rate as inferred from fed funds futures has been moored almost identically at the peak rate expected by the Fed itself, based on the FOMC’s dots. The chart below shows the previous times pricing exceeded the Fed’s projections.
There are four distinct episodes, all of them driven by a sell-off in rates markets rather than a move lower in the dots. As shown in the chart, the first two were when CPI was rising and had not yet peaked. The third was a higher-than-expected CPI print, while the fourth was January 2023’s monster payrolls number.
None lasted long, with the previous episode being curtailed by the SVB crisis, but the move higher in rates on each occasion was rapid and brutal if you were on the wrong side of it.
Speculation is mounting that the Fed at its meeting might reduce the number of cuts expected.
All else equal, that would take the market back below the dots.
But traders are beginning to get uneasy about “sticky” inflation. Sticky might not be the problem - there are multiple signs that inflation will start rising again, as discussed here and here. Moreover, it’s not just a US phenomenon: globally there are signs that the disinflation trend is ending.
The market may well get impatient and move rate expectations higher if the Fed does not move the dots higher next week, sensing a policy mistake is in the offing. And if inflation keeps rising, then this latest episode where the market out-hawks the Fed may not be so brief.
Tyler Durden
Mon, 03/18/2024 - 08:51
Published:3/18/2024 8:15:42 AM
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[Markets]
Fisker secures financing but concedes it missed an interest payment
Published:3/18/2024 7:59:58 AM
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[Markets]
Dow Jones Futures Rise As Nvidia Rallies Ahead Of AI Event; Tesla Surges On Price Hikes
Stock Market Today: Dow Jones futures rose Monday, as Nvidia rallied ahead of its AI event. Tesla stock jumped on price hikes.
Published:3/18/2024 7:45:50 AM
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[Markets]
Fisker gets new financing, but also said it didn’t make an interest payment
EV maker said it is taking advantage of a 30-day grace period on the interest payment while it seeks partnership with automaker.
Published:3/18/2024 7:45:50 AM
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[Markets]
Putin claims he supported Navalny prisoner swap before opposition leader’s death
Published:3/18/2024 7:45:50 AM
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[Markets]
Dow Jones Futures: Nvidia Rallies Ahead Of AI Event; Tesla Jumps On Price Hikes
Stock Market Today: Dow Jones futures rose Monday, as Nvidia rallied ahead of its AI event. Tesla stock jumped on price hikes.
Published:3/18/2024 7:24:09 AM
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[Markets]
Nvidia’s stock is cheap in many ways, says this analyst who sees 34% upside
Nvidia “is many things,” according to Truist Securities, but a pricey stock isn’t one of them.
Published:3/18/2024 7:24:09 AM
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[Markets]
"I Wish Upon You Ample Doses Of Pain And Suffering"
"I Wish Upon You Ample Doses Of Pain And Suffering"
By Eric Peters, CIO of One River Asset Management
“When Heaven is about to confer a great office on a man, it first exercises his mind with suffering, and his sinews and bones with toil,” whispered Xi to himself, contemplating the ancient wisdom of Mencius, born 100yrs after Confucius and considered Confucianism’s 2nd sage.
“It exposes his body to hunger, and subjects him to extreme poverty; it confounds his undertakings,” continued Xi, alone on a long walk. “By all these methods it stimulates his mind, hardens his nature, and supplies his incompetencies.”
Xi’s intelligence services had sent him TikTok videos of Jensen Huang, the founder/CEO of Nvidia, who spoke this week at Stanford University, in the heart of Silicon Valley. Jensen was born in Taiwan in 1963, his ancestors having escaped from the Communists all those years ago. His family made their way to Kentucky, where Jensen was mercilessly bullied by racists and worked at Denny’s where he washed dishes and cleaned toilets as he made his way through school.
And now this remarkable man who in a parallel universe would have grown up as a Chinese national, is worth $80bln and built the firm which is leading the West into an unknowable future of artificial intelligence.
“Greatness comes from character and character isn’t formed out of smart people – it’s formed out of people who suffered,” said Jensen Huang to the captivated Stanford students.
“I was fortunate that I grew up with my parents providing a condition for us to be successful on the one hand, but there were plenty of opportunities for setbacks and suffering,” continued Huang, his wisdom racing across social media. Xi sighed, increasingly confused, marveling at Jensen's wildly popular reception, while his directive to Chinese youth to “eat bitterness” had left them lying flat.
“I don’t know how to do it for all of you Stanford students, but I wish upon you ample doses of pain and suffering,” said Huang, as Xi felt a growing sickness rise from within.
Tyler Durden
Mon, 03/18/2024 - 07:45
Published:3/18/2024 7:02:07 AM
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[Markets]
How Wall Street behaves prior to market tops
Sentiment at market tops is not the mirror opposite of sentiment at bottoms
Published:3/18/2024 7:02:07 AM
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[Markets]
Stock market today: S&P 500, Nasdaq futures rise as Fed rate call looms
Investors are starting the week in an upbeat mood as techs shine ahead of a pivotal Fed policy call.
Published:3/18/2024 6:55:05 AM
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[Markets]
Tesla’s stock rallies as prices for Model Y EVs will increase in April
Published:3/18/2024 6:47:17 AM
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[Markets]
Tesla’s stock rallies as prices for Model Y EVs will increase in April
Tesla’s stock closed at a 10-month low last week and has been the S&P 500’s worst performer this year.
Published:3/18/2024 6:35:52 AM
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[Markets]
Dow Jones Futures Rise As Nvidia AI Event, Fed Meeting Loom; Six Stocks Near Buy Points
The stock market is pausing heading into the Fed meeting and AI events from Nvidia and Microsoft. Here's what to do now.
Published:3/18/2024 6:35:52 AM
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[Markets]
Alphabet Shares Higher On Report Apple In Talks To License Gemini For iPhones
Alphabet Shares Higher On Report Apple In Talks To License Gemini For iPhones
Apple is in "active negotiations" to equip iPhones with Google's generative artificial intelligence engine, Bloomberg News reported on Monday, citing people familiar with the situation. The possible deal signals Apple's AI technology remains inferior to Google's suite of generative AI tools.
"The two companies are in active negotiations to let Apple license Gemini, Google's set of generative AI models, to power some new features coming to the iPhone software this year," said the people, adding that Apple also recently held talks with OpenAI.
The report said while Apple and Google talks continue, a deal might not be reached until June, when the iPhone maker plans to hold its annual Worldwide Developers Conference. There is even a possibility that an agreement between the two mega-tech giants will not materialize, and/or Apple will seek multiple partners to build a chatbot.
Alphabet's Class A shares were 3.5% higher in premarket trading.
"A deal would give Gemini a key edge with billions of potential users. But it also may be a sign that Apple isn't as far along with its AI efforts as some might have hoped — and threatens to draw further antitrust scrutiny of both companies," Bloomberg said.
However, the report said, "the two parties haven't decided the terms or branding of an AI agreement or finalized how it would be implemented."
Last month, Apple CEO Tim Cook said the company sees "incredible breakthrough potential for generative AI, which is why we're currently investing significantly in this area."
"We believe it will unlock transformative opportunities for our users when it comes to productivity, problem-solving and more," Cook said, adding a major AI announcement was planned for later this year.
The big question is, if Alphabet is forced to de-woke-ify Gemini too.much after it's last incarnation, will Cook and his cronies still want the AI on their phones?
Tyler Durden
Mon, 03/18/2024 - 06:55
Published:3/18/2024 6:26:54 AM
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[Markets]
What time is the Bank of Japan decision is actually a very good question
The Bank of Japan may end its eight-year stretch of negative interest rates on Tuesday. But precisely what time it will is a very good question and not just a search engine-optimized headline.
Published:3/18/2024 6:26:54 AM
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[Markets]
Oil prices trade at 4 1/2-month high as drone attacks crimp Russia output
Oil futures begin the week with gains.
Published:3/18/2024 5:54:36 AM
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[Markets]
Stock Futures Mixed as Investors Look Ahead to Fed Rate Decision
U.S. stock futures were mostly higher on Monday as investors looked ahead to a monetary policy decision from the Federal Reserve this week, amid shifting expectations over the outlook for interest-rates given recent hot inflation data. S&P 500 futures advanced 0.3% with contracts tracking the tech-heavy Nasdaq up 0.6%. This is set to be a busy week for central bank news, with attention in the U.S. falling squarely on the Fed, which sees its monetary policy committee meet across Tuesday and Wednesday amid expectations it will hold interest rates steady.
Published:3/18/2024 5:29:06 AM
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[Markets]
See what’s fueling the return of supersonic passenger flights
More than two decades after the Concorde’s last flight, here are five things to know about the effort to revive supersonic travel.
Published:3/18/2024 5:07:52 AM
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[Markets]
Apple in talks with Google to use Gemini AI tool in iPhone software, report says
Any agreement would further entwine the Silicon Valley companies’ businesses
Published:3/18/2024 4:59:43 AM
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[Markets]
Germany Is Running Out Of Money And Debt Levels Are Exploding, Finance Minister Warns
Germany Is Running Out Of Money And Debt Levels Are Exploding, Finance Minister Warns
By John Cody of Remix News
German Finance Minister Christian Lindner is warning his own government that state finances are quickly growing out of hand, and the government needs to change course and implement austerity measures. However, the dispute over spending is only expected to escalate, with budget shortfalls causing open clashes among the three-way left-liberal coalition running the country.
With negotiations kicking off for the 2025 budget, much is at stake. However, the picture has been complicated after the country’s top court ruled that the government could not shift €60 billion in money earmarked for the coronavirus crisis to other areas of the budget, with the court noting that the move was unconstitutional.
Since then, the government has been in crisis mode, and sought to cut the budget in a number of areas, including against the country’s farmers. Those cuts already sparked mass protests, showcasing how delicate the situation remains for the government.
Lindner, whose party has taken a beating in the polls, is desperate to create some distance from his coalition partners and save his party from electoral disaster. The finance minster says the financial picture facing Germany is dire, and that the budget shortfall will only grow in the coming years if measures are not taken to rein in spending.
“In an unfavorable scenario, the increasing financing deficits lead to an increase in debt in relation to economic output to around 345 percent in the long term,” reads the Sustainability Report released by his office. “In a favorable scenario, the rate will rise to around 140 percent of gross domestic product by 2070.”
Under EU law, Germany has limited its debt levels to 60 percent of economic output, which requires dramatic savings. A huge factor is Germany’s rapidly aging population, with a debt explosion on the horizon as more and more citizens head into retirement while tax revenues shrink and the social welfare system grows — in part due to the country’s exploding immigrant population.
Lindner’s partners, the Greens and Social Democrats (SPD), are loath to cut spending further, as this will harm their electoral chances. In fact, Labor Minister Hubertus Heil is pushing for a new pension package that will add billions to the country’s debt, which remarkably, Lindner also supports.
Continue reading at rmx.news
Tyler Durden
Mon, 03/18/2024 - 05:00
Published:3/18/2024 4:45:17 AM
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[Markets]
Logitech shares slump after CFO announces departure
Shares of computer peripheral maker Logitech International slumped Monday after the company said its chief financial officer was leaving.
Published:3/18/2024 4:38:27 AM
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[Markets]
"Dramatic Picture For History Books": LNG Tankers Still Absent From Red Sea
"Dramatic Picture For History Books": LNG Tankers Still Absent From Red Sea
Ongoing attacks by Iran-backed Houthi rebels on commercial vessels navigating through the Bab el-Mandeb Strait have forced all liquefied natural gas tankers with destinations to Europe and the US to divert routes, which means longer and more expensive routes.
"This is a dramatic picture for history books. Bookmark it!" Energy Outlook Advisors' Anas Alhajji posted on X.
Alhajji posted a map showing no LNG tankers transiting the Red Sea, Suez Canal, or the Gulf of Adan.
Using Bloomberg data, Alhajji's map is correct when searching for LNG tankers with an end destination in North America, South America, Central America, Eastern Europe, Western Europe, Australia, and Oceania.
Alhajji explained LNG tankers are avoiding the southern Red Sea for two reasons:
- Carries are super expensive and fairly new relative to average oil tankers
- Insurance premium is very high
Analyst Andreas Steno Larsen responded to Alhajji's post, "Not really news? It has been like that for a while."
However, continuous Houthi attacks disrupting the critical shipping lane, which accounts for 12-15% of global trade and 20% of international container shipping, only indicates that shipping companies must continue to rejigger routes that are more costly and longer. These extra costs will only feed into global inflation.
With President Biden's Operation Prosperity Guardian mission failing, there is no immediate solution to resolve the Red Sea crisis.
In a recent interview, former Supreme Allied Commander at NATO, Adm. James Stavridis, told Goldman's Allison Nathan, "In my career, I've never seen a higher level of maritime risk than I do today. That owes first and foremost to the return of great power competition, which we thought was basically over when the Soviet Union collapsed."
Three decades after the Cold War ended, conflicts rage across Ukraine, Gaza, the Red Sea, Myanmar, the Sahel, Sudan, and potentially Taiwan and Iran. The rules-based system of international relations modeled on America's liberal-democratic values is crumbling as the world stumbles into a nascent multipolar era.
With conflict only expected to worsen, David Asher, a senior fellow at Hudson Institute, has warned about increasing risks that Saudi Arabia's refineries could come under drone and or missile attack by Houthi rebels and spark a global financial shock.
Tyler Durden
Mon, 03/18/2024 - 04:15
Published:3/18/2024 3:55:18 AM
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[Markets]
Stock market today: Asian stocks gain ahead of US and Japan rate decisions
Asian stocks advanced Monday ahead of policy decisions this week by Japan’s central bank and the Federal Reserve. Oil prices and U.S. futures rose. Markets are awaiting a decision by the Bank of Japan on Tuesday on whether to raise its benchmark interest rate for the first time in 17 years.
Published:3/18/2024 3:11:49 AM
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[Markets]
Which Countries Have A Legal Cannabis Market?
Which Countries Have A Legal Cannabis Market?
Non-medical cannabis sales are forecast to surge by around 74 percent in the United States between 2024 and 2028, increasing from $20.2 billion to $35.1 billion.
This is according to estimates calculated on July 2023 by analysts at Statista Market Insights and is based on the 11 countries in which cannabis was fully or partially legalized in around the world.
As Statista's Anna Fleck reports, the U.S. is already the biggest market for non-medical legal cannabis worldwide.
It is forecast to expand to become almost seven times bigger than the next largest market, neighboring Canada.
Canada has a sizeable market considering that the drug’s use for recreational purposes only became legal across the country on October 17, 2018.
You will find more infographics at Statista
As the chart above shows, Cannabis will soon be legally available in Germany too, with possession and cultivation of the plant for personal consumption legal for adults as of April 1, 2024.
It will not be the sole market in Europe either, with the Netherlands and Spain both projected to see growth in the next four years.
Tyler Durden
Mon, 03/18/2024 - 02:45
Published:3/18/2024 1:45:49 AM
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[Markets]
Stock market today: Asian stocks gain ahead of US and Japan rate decisions
Asian stocks advanced Monday ahead of policy decisions this week by Japan’s central bank and the Federal Reserve. Oil prices and U.S. futures rose. Markets are awaiting a decision by the Bank of Japan on Tuesday on whether to raise its benchmark interest rate for the first time in 17 years.
Published:3/18/2024 12:02:44 AM
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[Markets]
Escobar: Will BRICS Launch A New World Order In 2024?
Escobar: Will BRICS Launch A New World Order In 2024?
Authored by Pepe Escobar via The Cradle,
BRICS doubled its membership at the start of 2024, and faces huge tasks ahead: integrating its newest members, developing future admission criteria, deepening the institution's groundings, and most importantly, launching the mechanisms for bypassing the US dollar in international finance.
Across the Global South, countries are lining up to join the multipolar BRICS and the Hegemon-free future it promises. The onslaught of interest has become an unavoidable theme of discussion during this crucial year of the Russian presidency of what, for the moment, is BRICS-10.
Indonesia and Nigeria are among the top tiers of candidates likely to join. The same applies to Pakistan and Vietnam. Mexico is in a very complex bind: how to join without summoning the ire of the Hegemon.
And then there's the new candidacy on a roll: Yemen, which enjoys plenty of support from Russia, China, and Iran.
It's been up to Russia's top BRICS sherpa, the immensely capable Deputy Foreign Minister Sergey Ryabkov, to clarify what's ahead. He tells TASS:
We must provide a platform for the countries interested in rapprochement with the BRICS, where they will be able to work practically without feeling left behind and joining this cooperation rhythm. And as to how the further expansion will be decided upon – this should be postponed at least until the leaders convene in Kazan to decide.
The key decision on BRICS+ expansion will only come out of the Kazan summit next October. Ryabkov stresses that the order of the day is first "to integrate those who have just joined." This means that "as a 'ten,' we work at least as efficiently, or, rather, more efficiently than we did within the initial 'five.'"
Only then will the BRICS-10 "develop the category of partner states," which, in fact, means creating a consensus-based list out of the dozens of nations that are literally itching to join the club.
Ryabkov always makes a point to note, in public and in private, that the twofold increase of BRICS members starting on 1 January 2024 is "an unprecedented event for any international structure."
It isn't an easy task, Ryabkov says:
Last year, it took an entire year to develop the admission, expansion criteria at the level of top officials. Many reasonable things were developed. And many of the things that were formulated back then got reflected in the list of countries that joined. But it would probably be improper to formalize the requirements. At the end of the day, an admission to the association is a subject of political decision.
What happens after Russia's presidential elections
In a private meeting with a few select individuals on the sidelines of the recent multipolar conference in Moscow, Foreign Minister Sergei Lavrov spoke effusively of BRICS, with particular emphasis on his counterparts Wang Yi of China and S. Jaishankar of India.
Lavrov holds great expectations for BRICS-10 this year – at the same time, reminding everyone that this is still a club; it must eventually go deeper in institutional terms, for instance, by appointing a secretariat-general, just like its cousin-style organization, the Shanghai Cooperation Organization (SCO).
The Russian presidency will have its hands full for the next few months, not only navigating the geopolitical spectrum of current crises but, most of all, geoeconomics. A crucial ministerial meeting in June – only three months away – will have to define a detailed road map all the way to the Kazan summit four months later.
What happens after this week's Russian presidential elections will also condition BRICS policy. A new Russian government will be sworn in only by early May. It is widely expected that there will be no substantial changes within the Russian Finance Ministry, Central Bank, Foreign Ministry, and among top Kremlin advisers.
Continuity will be the norm.
And that brings us to the key geoeconomics dossier: the BRICS at the forefront of bypassing the US dollar in international finance.
Last week, top Kremlin adviser Yury Ushakov announced that BRICS will work towards setting up an independent payment system based on digital currencies and blockchain.
Ushakov specifically emphasized "state-of-the-art tools such as digital technologies and blockchain. The main thing is to make sure it is convenient for governments, common people, and businesses, as well as cost-effective and free of politics."
Ushakov did not mention it explicitly, but a new alternative system already exists. For the moment, it is a closely, carefully guarded project in the form of a detailed white paper that has already been validated academically and also incorporates answers to possible frequently asked questions.
The Cradle was briefed on the system via several meetings since last year with a small group of world-class fintech experts. The system has already been presented to Ushakov himself. As it stands, it is on the verge of receiving a final green light from the Russian government. After clearing a series of tests, the system in thesis would be ready to be presented to all BRICS-10 members before the Kazan summit.
This all ties in with Ushakov publicly declaring that a specific task for 2024 is to increase the role of BRICS in the international monetary/ financial system.
Ushakov recalls how, in the 2023 Johannesburg Declaration, the BRICS heads of state focused on increasing settlements in national currencies and strengthening correspondent banking networks. The target was to "continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar."
No single currency for the foreseeable future
All of the above frames the absolute key issue being currently discussed in Moscow, within the Russia–China partnership, and soon, deeper among the BRICS-10: alternative settlement payments to the US dollar, increased trade among "friendly nations," and controls on capital flight.
Ryabkov added more crucial elements to the debate, saying this week that the BRICS are not debating the implementation of a single currency:
As for a single currency, similar to what was created by the European Union, this is hardly possible in the foreseeable future. If we are talking about clearing forms of mutual settlements such as the ECU [European Currency Unit] at an early stage of development of the European Union, in the absence of a real means of payment, but the opportunity to more effectively use the available resources of the countries in mutual settlements to avoid losses due to differences in exchange rates, and so on, then this is precisely the path along which, in my opinion, BRICS should move. This is under consideration.
The key takeaway, per Ryabkov, is that the BRICS should not create a financial and monetary alliance; they should create payment and settlement systems that do not depend upon the shifty "rules-based international order."
That's exactly the emphasis of the ideas and experiments already developed by Minister of Integration and Macroeconomy at the Eurasia Economic Union (EAEU) Sergei Glazyev, as he explained in an exclusive interview, as well as the new groundbreaking project on the verge of being greenlighted by the Russian government.
Ryabkov confirmed that "a group of experts, led by the Ministries of Finance and representatives of the Central Banks of the respective [BRICS] countries," is working nonstop on the dossier. Moreover, there are "consultations in other formats, including with the participation of representatives of the 'historical west.'"
Ryabkov's own takeaway mirrors what the BRICS as a whole are aiming at:
Collectively, we must come up with a product that would be, on the one hand, quite ambitious (because it is impossible to continue to tolerate the dictates of the west in this area), but at the same time realistic, not out of touch with the ground. That is, a product that would be efficient. And all this should be presented in Kazan for consideration by the leaders.
In a nutshell: the big breakthrough may be literally knocking at the BRICS door. It just depends on a simple green light by the Russian government.
Now compare the BRICS devising the contours of a new geoeconomics paradigm with the collective west mulling the actual theft of Russia's seized assets to the benefit of the black hole that is Ukraine.
Apart from being a de facto declaration by the US and EU against Russia, this is something that carries the potential, in itself, of totally smashing the current global financial system.
A theft of Russian assets, would it ever happen, will render livid, to put it mildly, at least two key BRICS members, China and Saudi Arabia, who bring to the table considerable economic heft. Such a move by the west would completely destroy the concept of the rule of law, which theoretically underpins the global financial system.
The Russian response will be fierce. The Russian Central Bank could, in a flash, sue and confiscate the assets of Belgian Euroclear, one of the world's largest settlement and clearing systems, on whose accounts Russian reserves were frozen.
And that on top of seizing Euroclear's assets in Russia – which amount to roughly 33 billion euros. With Euroclear running out of capital, the Belgian Central Bank will have to revoke its license, causing a massive financial crisis.
Talk about a clash of paradigms: western robbery versus a Global South-based equitable trade and finance settlement system.
Tyler Durden
Sun, 03/17/2024 - 23:20
Published:3/17/2024 11:06:47 PM
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[Markets]
Supreme Court Rules Public Officials May Block Their Constituents On Social Media
Supreme Court Rules Public Officials May Block Their Constituents On Social Media
Authored by Matthew Vadum via The Epoch Times (emphasis ours),
Public officials may block people on social media in certain situations, the Supreme Court ruled unanimously on March 15.
At the same time, the court held that public officials who post about topics pertaining to their work on their personal social media accounts are acting on behalf of the government. But such officials can be found liable for violating the First Amendment only when they have been properly authorized by the government to communicate on its behalf.
The case is important because nowadays public officials routinely reach out to voters through social media on the same pages where they discuss personal matters unrelated to government business.
“When a government official posts about job-related topics on social media, it can be difficult to tell whether the speech is official or private,” Justice Amy Coney Barrett wrote for the nation’s highest court.
The case is separate from but brings to mind a lawsuit that several individuals previously filed against former President Donald Trump after he blocked them from accessing his social media account on Twitter, which was later renamed X. The Supreme Court dismissed that case, Biden v. Knight First Amendment Institute, in April 2021 as moot because President Trump had already left office.
At the time of the ruling, the then-Twitter had banned President Trump. When Elon Musk took over the company he reversed that policy.
The new decision in Lindke v. Freed was written by Justice Amy Coney Barrett.
Respondent James Freed, the city manager of Port Huron, Michigan, used a public Facebook account to communicate with his constituents. Petitioner Kevin Lindke, a resident of Port Huron, criticized the municipality’s response to the COVID-19 pandemic, including accusations of hypocrisy by local officials.
Mr. Freed blocked Mr. Lindke and others and removed their comments, according to Mr. Lindke’s petition.
The U.S. Court of Appeals for the 6th Circuit ruled for Mr. Freed, finding that he was acting only in a personal capacity and that his activities did not constitute governmental action.
Mr. Freed’s attorney, Victoria Ferres, said during oral arguments before the Supreme Court on Oct. 31, 2023, that her client didn’t give up his rights when using social media.
“This country’s 21 million government employees should have the right to talk publicly about their jobs on personal social media accounts like their private-sector counterparts.”
The position advocated by the other side would unfairly punish government officials, and “will result in uncertainty and self-censorship for this country’s government employees despite this Court repeatedly finding that government employees do not lose their rights merely by virtue of public employment,” she said.
In Lindke v. Freed, the Supreme Court found that a public official who prevents a person from comments on the official’s social media pages engages in governmental action under Section 1983 only if the official had “actual authority” to speak on the government’s behalf on a specific matter and if the official claimed to exercise that authority when speaking in the relevant social media posts.
Section 1983 refers to Title 42, U.S. Code, Section 1983, which allows people to sue government actors for deprivation of civil rights.
Justice Barrett wrote that according to the so-called state action doctrine, the test for “actual authority” must be “rooted in written law or longstanding custom to speak for the State.”
“That authority must extend to speech of the sort that caused the alleged rights deprivation. If the plaintiff cannot make this threshold showing of authority, he cannot establish state action.”
“For social-media activity to constitute state action, an official must not only have state authority—he must also purport to use it,” the justice continued.
“State officials have a choice about the capacity in which they choose to speak.”
Citing previous precedent, Justice Barrett wrote that generally a public employee claiming to speak on behalf of the government acts with state authority when he speaks “in his official capacity or” when he uses his speech to carry out “his responsibilities pursuant to state law.”
“If the public employee does not use his speech in furtherance of his official responsibilities, he is speaking in his own voice.”
The Supreme Court remanded the case to the 6th Circuit with instructions to vacate its judgment and ordered it to conduct “further proceedings consistent with this opinion.”
Also on March 15, the Supreme Court ruled on O’Connor-Ratcliff v. Garnier, a related case. The court’s sparse, unanimous opinion was unsigned.
Petitioners Michelle O’Connor-Ratcliff and T.J. Zane were two elected members of the Poway Unified School District Board of Trustees in California who used their personal Facebook and Twitter accounts to communicate with the public.
Respondents Christopher Garnier and Kimberly Garnier, parents of local students, “spammed Petitioners’ posts and tweets with repetitive comments and replies” so the school board members blocked the respondents from the accounts, according to the petition filed by Ms. O’Connor-Ratcliff and Mr. Zane.
But the Garniers said they were acting in good faith.
“The Garniers left comments exposing financial mismanagement by the former superintendent as well as incidents of racism,” the couple said in a brief.
The U.S. Court of Appeals for the 9th Circuit found in favor of the Garniers, holding that elected officials using social media accounts were participating in a public forum.
The Supreme Court ruled in a three-page opinion that because the 9th Circuit deviated from the standard the high court articulated in Lindke v. Freed, the 9th Circuit’s decision must be vacated.
The case was remanded to the 9th Circuit “for further proceedings consistent with our opinion” in the Lindke case, the Supreme Court stated.
Tyler Durden
Sun, 03/17/2024 - 22:10
Published:3/17/2024 9:46:05 PM
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[Markets]
AI talk is surging during earnings calls — and so are those companies’ shares
Published:3/17/2024 7:51:15 PM
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[Markets]
Planet Fitness Cancels Membership Of Woman Who Exposed Biological Male Using Women's Locker Room
Planet Fitness Cancels Membership Of Woman Who Exposed Biological Male Using Women's Locker Room
Planet Fitness is defending its decision to ban the membership of a customer in Alaska who spoke out about a “man in women’s locker room shaving.”
Patricia Silva left the gym in Fairbanks, Alaska and shared a video on Facebook where she said: “I just came out of Planet Fitness. There is a man shaving in the women’s bathroom.”
She also said the man "woman" was in the locker room at the same time as a 12 year old girl.
She added: “I love him in Christ. He is a spiritual being having a human experience. He doesn’t like his gender so he wants to be a woman, but I’m not comfortable with him shaving in my bathroom.”
Planet Fitness didn't take kindly to the interaction and cancelled Silva's membership, telling ABC affiliate WDPE: “As the home of the Judgement Free Zone, Planet Fitness is committed to creating an inclusive environment.”
The gym said: “Our gender identity non-discrimination policy states that members and guests may use the gym facilities that best align with their sincere, self-reported gender identity. The member who posted on social media violated our mobile device policy that prohibits taking photos of individuals in the locker room, which resulted in their membership being terminated.”
Planet Fitness' website currently states: "At Planet Fitness, we celebrate and champion diversity and provide an environment where everyone feels accepted, respected and like they belong. Planet Fitness prohibits discrimination and harassment that is based on gender identity or gender expression in the workplace and in our clubs. The following is our corporate policy regarding the accommodation of our members and team members in terms of their gender identity."
"Planet Fitness prohibits discrimination and harassment that is based on gender identity or gender expression in the workplace and in our clubs."
Tyler Durden
Sun, 03/17/2024 - 20:25
Published:3/17/2024 7:35:11 PM
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[Markets]
Stock market to face reality check when Fed updates its interest-rate forecasts
Published:3/17/2024 6:37:45 PM
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[Markets]
Default: San Francisco Four Seasons Hotel Investors $3 Million Late On Loan As Foreclosure Looms
Default: San Francisco Four Seasons Hotel Investors $3 Million Late On Loan As Foreclosure Looms
Westbrook Partners, which acquired the San Francisco Four Seasons luxury hotel building, has been served a notice of default, as the developer has failed to make its monthly loan payment since December, and is currently behind by more than $3 million, the San Francisco Business Times reports.
Westbrook, which acquired the property at 345 California Center in 2019, has 90 days to bring their account current with its lender or face foreclosure.
Related
As SF Gate notes, downtown San Francisco hotel investors have had a terrible few years - with interest rates higher than their pre-pandemic levels, and local tourism continuing to suffer thanks to the city's legendary mismanagement that has resulted in overlapping drug, crime, and homelessness crises (which SF Gate characterizes as "a negative media narrative).
Last summer, the owner of San Francisco’s Hilton Union Square and Parc 55 hotels abandoned its loan in the first major default. Industry insiders speculate that loan defaults like this may become more common given the difficult period for investors.
At a visitor impact summit in August, a senior director of hospitality analytics for the CoStar Group reported that there are 22 active commercial mortgage-backed securities loans for hotels in San Francisco maturing in the next two years. Of these hotel loans, 17 are on CoStar’s “watchlist,” as they are at a higher risk of default, the analyst said. -SF Gate
The 155-room Four Seasons San Francisco at Embarcadero currenly occupies the top 11 floors of the iconic skyscrper. After slow renovations, the hotel officially reopened in the summer of 2021.
"Regarding the landscape of the hotel community in San Francisco, the short term is a challenging situation due to high interest rates, fewer guests compared to pre-pandemic and the relatively high costs attached with doing business here," Alex Bastian, President and CEO of the Hotel Council of San Francisco, told SFGATE.
Heightened Risks
In January, the owner of the Hilton Financial District at 750 Kearny St. - Portsmouth Square's affiliate Justice Operating Company - defaulted on the property, which had a $97 million loan on the 544-room hotel taken out in 2013. The company says it proposed a loan modification agreement which was under review by the servicer, LNR Partners.
Meanwhile last year Park Hotels & Resorts gave up ownership of two properties, Parc 55 and Hilton Union Square - which were transferred to a receiver that assumed management.
In the third quarter of 2023, the most recent data available, the Hilton Financial District reported $11.1 million in revenue, down from $12.3 million from the third quarter of 2022. The hotel had a net operating loss of $1.56 million in the most recent third quarter.
Occupancy fell to 88% with an average daily rate of $218 in the third quarter compared with 94% and $230 in the same period of 2022. -SF Chronicle
According to the Chronicle, San Francisco's 2024 convention calendar is lighter than it was last year - in part due to key events leaving the city for cheaper, less crime-ridden places like Las Vegas.
Tyler Durden
Sun, 03/17/2024 - 18:05
Published:3/17/2024 6:06:36 PM
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[Markets]
With Q2 results around the corner, analysts like these stocks the most
Published:3/17/2024 5:26:48 PM
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[Markets]
New York City Reaches Deal To Limit Shelter Stays For Adult Migrants
New York City Reaches Deal To Limit Shelter Stays For Adult Migrants
Authored by Aldgra Fredly via The Epoch Times (emphasis ours),
New York City has reached an agreement with the Legal Aid Society that will enable the city to limit the duration of stay for adult migrants in shelters amid an ongoing surge in new arrivals, according to the mayor.
The agreement essentially ends the blanket right to shelter for adult migrants after 30 days, allowing only those who meet “extenuating circumstances” to reapply on a case-by-case basis.
“Today’s stipulation acknowledges that reality and grants us additional flexibility during times of crisis, like the national humanitarian crisis we are currently experiencing,” Mayor Eric Adams said in a press release.
Mr. Adams said the city’s shelter system had fewer than 2,500 people in its care when “the Right to Shelter” law was enacted over 40 years ago, compared to the 120,000 people today, 65,000 of which are migrants.
“New York City has led the nation in responding to a national humanitarian crisis, providing shelter and care to approximately 183,000 new arrivals since the spring of 2022, but we have been clear, from day one, that the ‘Right to Shelter’ was never intended to apply to a population larger than most U.S. cities descending on the five boroughs in less than two years,” he added.
The settlement applies only to adults seeking shelter and does not impact families with children. Young adults, under the age of 23, will be granted 60 days of shelter.
Additional time can be granted if there is evidence of “significant efforts to resettle,” which can include making an appointment with an immigration lawyer, applying for a resettlement program, or providing proof that they’re searching for housing.
The agreement also requires that the city eliminates the backlog of new arrivals who have been forced to wait many days for another bed when reapplying for placement.
The city also agreed to eliminate the use of waiting rooms as shelters and provide consistent access to bathrooms, showers, and food, according to a statement by the Legal Aid Society and the Coalition for the Homeless.
“We will very closely monitor the City’s compliance with this settlement and we won’t hesitate to seek judicial intervention should there be noncompliance,” said Legal Aid Society attorney Adriene Holder.
The right to shelter has been in place for more than four decades in New York, after a court in 1981 required the city to provide temporary housing for every homeless person who asks for it. Other big U.S. cities don’t have such a rule.
New York’s shelter system is now filled to record levels. The city says it is currently providing housing for 93,000 people. In recent months it has rented out entire hotels to house the influx of migrants, at great cost. It has also put cots in schools, and temporarily housed people in tents, a cruise ship terminal, and a former police academy building.
Mr. Adams has sought financial help from the state and federal government and has been critical of President Joe Biden’s administration for not providing funding to care for migrants.
“Like impacted cities across the country, we cannot bear the brunt of this crisis alone and continue to seek significant support from our federal partners, including expedited work authorizations, more funding, and a national resettlement strategy,” he said.
The Democrat mayor previously estimated it will cost the city roughly $12 billion over the next three years to handle the ongoing influx of immigrants.
He also issued an executive order to clamp down on charter bus companies transporting illegal immigrants from Texas, stating that such firms must notify the city’s Emergency Management Office at least 32 hours before arriving in the city.
Katabella Roberts and the Associated Press contributed to this report.
Tyler Durden
Sun, 03/17/2024 - 17:30
Published:3/17/2024 5:05:07 PM
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[Markets]
Is a June rate cut still possible? Fed’s Powell will look to keep options open.
Published:3/17/2024 4:27:11 PM
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[Markets]
Border security deadlock heightens risk of government shutdown
Funding for about 70 percent of the government will expire Saturday just after midnight unless Congress acts, but disagreements over immigration have stymied talks.
Published:3/17/2024 4:02:14 PM
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[Markets]
How Realtor settlement affects people looking to buy and sell their homes
Published:3/17/2024 3:47:34 PM
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[Markets]
Dow Jones Futures Due Before Nvidia AI Event, Fed Meeting; Six Stocks Near Buy Points
The stock market is pausing heading into the Fed meeting and AI events from Nvidia and Microsoft. Here's what to do now.
Published:3/17/2024 3:39:07 PM
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[Markets]
RFK Jr To Name Sergey Brin's Ex-Wife As Running Mate: Report
RFK Jr To Name Sergey Brin's Ex-Wife As Running Mate: Report
After previously thinking NY Jets quarterback Aaron Rogers might be the right person to be a heartbeat away from the presidency, Robert F. Kennedy, Jr is now planning to select 38-year-old Nicole Shanahan, the wealthy ex-wife of Google co-founder Sergey Brin, as his running mate. This according to a Saturday Mediaite report that cited "a source close to the campaign."
Shanahan is a Bay Area lawyer and tech entrepreneur who's been a Democratic Party benefactor and donated to Biden's 2020 campaign. In a February Times profile, she described herself as a "progressive through and through." Aside from opening her wallet, she has no political profile whatsoever, seemingly not even having spoken out or written about issues of the day.
Last week, the New York Times reported that, in addition to the NFL's Rogers, Kennedy was considering former Minnesota Gov and Predator co-star Jesse Ventura, among others. Mediaite's source said RFK Jr and Shanahan "align on numerous issues," including wariness about vaccines.
The source also candidly spotlighted what is likely the principal attraction: "The campaign is also looking for a candidate who can help finance the ballot access initiative.” The campaign says that effort comes with a $15 million price tag. With under eight months to the election, he's only on four ballots: Hawaii, Nevada, New Hampshire and Utah. Multiple states require the naming of a running mate before giving approval, which is why his decision is coming soon.
This leak doesn't exactly sound like a coordinated trial balloon, as a source close to the campaign proceeded to throw Shanahan under the bus:
“She might be infusing millions of dollars into the campaign to help fund the ballot initiative, which makes her attractive financially; however, she lacks the qualifications to actually do the job."
Shanahan helped bankroll Kennedy's Super Bowl ad, giving $4 million to the American Values 2024 PAC that's supporting him. That represented a major change of heart: When Kennedy announced last fall that he was bailing on the rigged Democratic nomination process, Shanahan was "incredibly disappointed" and, at the time, decided not to back him, despite having given him a $6,000 maximum contribution in May, while he was trying to dislodge Biden.
Mediaite was also first to report Kennedy's decision to go independent. On Wednesday, the outlet found that Kennedy advisor Link Lipsitz registered the kennedyshanahan.com web domain, and observed that the page was ready to facilitate donations. When ZeroHedge tried accessing it, however, we received a "connection not private" warning for the site.
A Kennedy campaign spokesperson declined to confirm the report, merely telling the New York Post, "There has been a lot of speculation in the media about Mr. Kennedy’s pick of vice presidential running mate. The official announcement will be on March 26 in Oakland."
Last summer, the Wall Street Journal reported that Shanahan's 2023 divorce from Brin was sparked by a brief affair she had with Elon Musk. In addition to ending the five-year marriage, the Journal said the episode also terminated a long friendship between Musk and Brin. Musk called the report "total bs":
Tyler Durden
Sun, 03/17/2024 - 15:45
Published:3/17/2024 3:16:56 PM
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[Markets]
Molotov Cocktail Attack On Russian Embassy In Moldova On Last Day Of Election
Molotov Cocktail Attack On Russian Embassy In Moldova On Last Day Of Election
Sunday is the final day of three days of presidential elections in Russia. Yulia Navalnaya, the wife of deceased opposition activist Alexei Navalny, is urging mass protests against President Putin as he stands of the verge of winning another six year term as president, an outcome quite obvious to all observers. She's calling on Russians to disrupt the final day of voting in what's been dubbed "noon against Putin".
While some sporadic minor incidents at polling stations have been reported, there has been a major incident in the small country of Moldova which borders Ukraine. Moldovan police have detained a man who attacked the Russian embassy with two Molotov cocktails as voting was underway there.
"A man threw two containers of flammable substances over the fence of the Russian Embassy in Chisinau," police said in a statement. A 54-year-old Moldovan who described himself as also having Russian citizenship was immediately detained after after hurling the Molotov cocktails.
There were no reports of injuries or damage to the embassy, and police said an investigation is ongoing. "He justified his action by some dissatisfaction he has with the actions of the Russian authorities," authorities said.
Moldova has been scene of controversy and friction especially after Russia allowed the opening of several polling stations in breakaway Transnistria, which the Moldovan government has fiercely protested.
Reuters noted days ago that "A senior official in ex-Soviet Moldova said on Wednesday Moscow was breaking laws by printing ballot papers in the separatist region of Transnistria ahead of this week's Russian presidential election."
"Moldova's pro-European authorities have already summoned the Russian ambassador to complain about a decision to open six polling stations in the pro-Russian enclave," the report continued. "The central government said the move broke an agreement to allow voting only at a single polling station at the Russian embassy in Chisinau."
The United States recently become more vocal in defending Moldova's territorial integrity, and has condemned what the Biden administration has called Moscow's 'interference' in the Eastern European nation's sovereignty.
Last summer, Moldova expelled 45 Russian diplomats and embassy staff members from the country "over numerous unfriendly actions" as tensions reached near breaking point over the war in neighboring Ukraine and the Transnistria issue. As for Russia's election, Kremlin authorities have said Ukraine is engaged in cross-border attacks on polling stations and in annexed regions of Ukraine.
Tyler Durden
Sun, 03/17/2024 - 14:35
Published:3/17/2024 1:57:17 PM
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[Markets]
Rare Drone Attack On Military Base In Breakaway Pro-Russian Republic Of Transnistria
Rare Drone Attack On Military Base In Breakaway Pro-Russian Republic Of Transnistria
An unprecedented or at least extremely rare attack has just targeted a military base in the pro-Russian breakaway Moldovan republic of Transnistria on Sunday.
A kamikaze drone hit a military base in Tiraspol, the capital of unrecognized Transnistria, local officials have told RIA Novosti. The attack reportedly resulted in fire and damage to military assets at the airfield, but there were no casualties.
Russian state media said a helicopter stationed at the airfield was destroyed in the UAV attack. Presumably the helicopter belonged to either Transnistria separatists or to the Russian military.
"Today a fire occurred on the territory of a military base in Tiraspol as a result of an explosion," local authorities were cited in AFP as saying.
"It was preliminarily established that the explosion was caused by a kamikaze drone attack," they added, and alleged the drone launched from the Odesa region. They are blaming Ukraine forces for the rare cross-border attack.
The incident was not immediately confirmed either by the Russian or Ukraine governments. "Grainy footage distributed by separatist authorities showed a projectile slamming into a military helicopter standing at an airbase surrounded by fields," AFP noted.
Regardless of the AFP headline which says Breakaway Moldova Region Blames Military Site Blast On Drone From Ukraine... there remain conflicting reports on the origin point of the drone launch.
Russia's RT writes, "Transnistria’s state security ministry alleged that the drone arrived from the so-called “Clover Bridge” area – a major multi-level highway junction located north of the city of Tiraspol and close to the Ukrainian border." Further the report notes that "The unrecognized republic’s authorities have not named any suspects behind the incident so far."
As we previously wrote in a backgrounder here, in 2006, a Transnistrian double referendum was held gauging popular support for the separatist state's appetite to either renounce its independence and join the Republic Of Moldova or to maintain it and seek to join the Russian Federation. The referendum to become part of Moldova was rejected by 96% of voters while 98% approved of becoming part of Russia.
Tyler Durden
Sun, 03/17/2024 - 13:25
Published:3/17/2024 12:43:23 PM
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[Markets]
Ukrainian Porn Star Poses With Mangled War Veterans For Charity Photo Shoot
Ukrainian Porn Star Poses With Mangled War Veterans For Charity Photo Shoot
First there was the bizarre contingent of pro-Gaza porn stars that twerked their way into the media limelight in support of Palestinians. Now Ukraine appears to be hosting a charity calendar featuring porn actress Yulia Senyuk, also known as Josephine Jackson, posing with armless and legless war veterans wearing tuxedos. Who could have guessed that porn stars would become a staple of public war relations?
The scene looks like something straight out of Paul Verhoeven's Starship Troopers, complete with mechanical prosthetic limbs and plenty of cleavage. Sadly, the intent is not satirical. The actress notes on her Instagram:
"You may ask why we chose theater and suits. It is because we have all seen our guys in military uniforms or in rehabilitation centers, which is, unfortunately, a very hackneyed topic, so most of you just ignore it. But this transformation reveals them from a completely different side, showing what refined, elegant and handsome gentlemen they are. It gives them more self-confidence and a sense of self-sufficiency. These are the emotions we should give them, not pity and tears... Believe me, this is more than enough for them. The stage of pity has long since passed, and now we need to give them a thirst for life by involving them in this kind of activities. And I know that they enjoyed it, and that's the most important thing..."
You might be wondering why the calendar will not feature popular Ukrainian actresses, fashion models or perhaps the Ukrainian winner of the Miss Universe pageant, Angelina Usanova. It's hard to say, but the optics are not great. Since the beginning of the war the country has seen an unprecedented spike in prostitution as well as female refugees being recruited abroad for sex work. The number of Ukrainian women working in prostitution has quintupled in Red-Light districts in European cities like Berlin, Germany. It is estimated that around ten times as many Ukrainian women have entered prostitution globally in the past two years.
The goal of raising funds for the rehabilitation of injured veterans is certainly a noble one. However, since nothing travels outside of Ukraine without some level of propaganda gloss, one wonders what the intended message of this photo shoot really is? Take an artillery round for Zelensky and maybe you too can spend an evening with a porn queen?
Ukraine has become one of the the biggest proxy wars since Vietnam in 1965, or the Russian invasion of Afghanistan in 1979, but it is also possibly the first war to ever be fought in the battlefields of social media. Disinformation, spin and hype have buried the news feeds with the public left to sift through the debris for individual seeds of truth.
In the midst of this chaotic struggle for online supremacy and popular sentiment it's not surprising that some promotional stunts get a little weird. In desperation, Ukraine is willing to try anything to appeal to western populations and get that next injection of sweet NATO cheddar. And to be fair, westerners do love their pornography.
Tyler Durden
Sun, 03/17/2024 - 12:15
Published:3/17/2024 11:31:22 AM
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[Markets]
Musk Defends Former President After Leftist Corporate Media Unleashes Trump "Bloodbath Hoax"
Musk Defends Former President After Leftist Corporate Media Unleashes Trump "Bloodbath Hoax"
Corporate media and their woke allies on the Biden/Harris social media campaign team launched a disinformation and misinformation propaganda campaign against former President Trump, purposely misconstruing his speech at an event on Saturday.
The blatant disinformation and misinformation by leftist newspapers, radicals in the Biden administration, and even Democrat lawmakers have been on full display over the last 15 hours. There has also been an awakening on X of just how bad Democrats are at propaganda - and they can't even make it believable anymore.
Let's begin with the actual speech. On Saturday evening, X account EndWokeness posted a video of Trump at a campaign rally in Vandalia, Ohio. In it, Trump tells the audience that the American automobile industry will be a bloodbath if he's not re-elected because the Biden administration will allow Chinese cars to flood the market.
Almost immediately, legacy media outlets, such as NBC News, ABC News, and Politico, among others, took Trump's speech entirely out of context...
Then, the official X account of Biden/Harris trimmed down the clip to just nine seconds, taking Trump's speech even more out of context.
The Biden/Harris X account even released this ridiculous statement:
And the 'Bloodbath Hoax' by Democrats was even pushed on CNN this morning by the best stock trader who has ever lived:
Meanwhile, Elon Musk commented on the absurd propaganda, saying, "Legacy media lies."
Musk added, "Yup, hoax-making in process. And it is surprisingly effective!"
"Please send links from this platform to your friends who are still being misled by the legacy media!" said Musk.
The disinformation and misinformation campaign by the Democrats this weekend is right out in the open. And they're not even good at it!
And you wonder why trust in corporate media is imploding to record lows as Americans are tired of being lied to for years. The result of breaking out of the corporate/government propaganda matrix has been the flood of Americans finding their news on X.
Tyler Durden
Sun, 03/17/2024 - 11:05
Published:3/17/2024 10:31:24 AM
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[Markets]
Dow Jones Futures: Nvidia Event, Fed Meeting Loom; Six AI Stocks Near Buy Points
The stock market is pausing heading into the Fed meeting and AI events from Nvidia and Microsoft. Here's what to do now.
Published:3/17/2024 10:22:37 AM
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[Markets]
Putin Forever?
Putin Forever?
The first round of the presidential election in Russia is taking place from Friday to Sunday this weekend.
It will be the country's eighth presidential election and more than 112 million voters will be called to the polls.
While four candidates are in the running, Statista's Katharina Buchholz reports that there is almost no doubt among observers that Vladimir Putin will be re-elected for a fifth term in the first round.
The only real unknown is the share of votes he will receive.
During the last presidential election in 2018, this number stood at around 77 percent.
You will find more infographics at Statista
In power for around a quarter of a century - spanning four presidential terms and two terms as prime minister between 1999 and 2000 and between 2008 and 2012 - Putin has spent a total of almost 9,000 days at the helm of the country. If he is re-elected this weekend, the ensuing six-year term of approximately 2,190 days will likely make him Russia's longest serving leader since the start of the twentieth century. This record is currently held by Joseph Stalin, who led the country between 1924 and 1953 for a total of 10,636 days. Putin became Russia's second longest-serving leader overtaking Brezhnev in 2017 late into his third term as president.
During Dmitry Medvedev's presidency from 2008 to 2012, Russian law was amended to extend presidential terms from two terms of four years to two terms of six years.
This change was also designed to reset terms served and therefore enabled Putin to win another two terms.
A decade later, in 2021, Putin signed another law setting the limit at two presidential mandates per person in a lifetime, again paradoxically resetting terms already served and thereby exempting him for a second time.
Tyler Durden
Sun, 03/17/2024 - 09:55
Published:3/17/2024 9:08:43 AM
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[Markets]
With second-quarter results around the corner, here are the stocks that analysts like the most
It’s no secret that lots of analysts like tech behemoths like Amazon.com Inc., Microsoft Corp. and Nvidia Corp. amid the AI gold rush. But as of Friday, they liked one just a bit more, at least based on the percentage of ‘buy’ recommendations: Delta Air Lines Inc.
Published:3/17/2024 9:08:42 AM
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[Markets]
Could Every "Magnificent Seven" Stock Be in The Dow Jones Industrial Average by 2030?
Stock splits and growth are the only things standing in the way of a Magnificent Seven Dow takeover.
Published:3/17/2024 8:46:13 AM
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[Markets]
St. Patrick's Day Spending To Cross Seven-Billion Mark
St. Patrick's Day Spending To Cross Seven-Billion Mark
Saint Patrick was not only a fifth-century bishop and missionary instrumental in converting the Irish to Christianity, but he is also the namesake of one of the most important cultural celebrations on the island. St. Patrick's Day, or Lá Fhéile Pádraig as it's called in Irish, occurs on the alleged death date of the island's patron saint on March 17.
Originally a religious holiday, the Irish diaspora in the United States turned the occasion into a celebration largely divested from the liturgy and rather connected to wearing green and drinking Guinness.
As Statista's Florian Zandt details below, the commercialization of the holiday is also apparent in total and household spending in the U.S. connected to St. Patrick's Day.
According to estimates by the National Retail Foundation (NRF), overall spending for St. Patrick's Day in the United States is bound to cross the seven-billion mark for the first time in 2024, increasing by 57 percent compared to the 2015 spending numbers. Per-household spending is also up significantly compared to ten years prior, although this figure hasn't increased much since 2020.
You will find more infographics at Statista
Data from the NRF survey also shows that 62 percent of respondents plan to celebrate the holiday in one way or another. 82 percent of those celebrating plan on wearing green, 29 percent want to cook a special dinner and 27 percent aim to spend St. Patrick's Day at a party in a bar or restaurant.
Tyler Durden
Sun, 03/17/2024 - 08:45
Published:3/17/2024 8:02:46 AM
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[Markets]
All eyes on the Federal Reserve: What to know this week
An update on the Federal Reserve's plans for interest rates will challenge the market rally in the week ahead.
Published:3/17/2024 8:02:46 AM
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[Markets]
Europe To Arm Ukraine Using Profits From Seized Russian Funds
Europe To Arm Ukraine Using Profits From Seized Russian Funds
In a significant shift from prior policy, German Chancellor Olaf Scholz on Friday endorsed a plan to buy weapons for Ukraine using profits generated from seized Russian assets.
He made the announcement in Berlin at a press conference alongside French President Emmanuel Macron and Polish Prime Minister Donald Tusk. "We will use windfall profits from Russian assets frozen in Europe to financially support the purchase of weapons for Ukraine," Scholz said.
The Biden administration has also of late been increasingly on board with transferring of seized Russian funds to Ukraine. But it remains that Germany, France and Italy have so far opposed giving the underlying assets to Ukraine to Kiev, but only the profits generated via investments.
The Wall Street Journal details, "Two-thirds of the roughly $300 billion in reserves were sitting in European banks and clearinghouses. As those assets mature and are reinvested, they have generated profits that EU officials say could reach 15 billion euros, equivalent to more than $16 billion, over the next four years."
The report notes further that "The bulk of the European assets were held by Belgium’s Euroclear clearinghouse."
The Western allies have out of recent desperation over Ukraine's diminished ammo been getting creative, and seeking to find loopholes in order to free up extra funds that could be used in the war effort.
Britain has meanwhile been at the forefront of countries arguing that the total of all underlying Russian assets should be fully confiscated and used for Ukraine.
"Our view is simple: One day, Russia will have to pay reparations and it doesn’t make sense to wait for those reparations. It makes better sense to use the frozen assets and to make that money available now," UK Foreign Secretary David Cameron said last week.
This is a point of view that the Biden administration has also slowly come to support. But division remains within the G7, also because what many countries would view as outright theft could sow mistrust of keeping their assets in Western financial institutions, leading to a weakening of international confidence in the euro and dollar.
Tyler Durden
Sun, 03/17/2024 - 07:35
Published:3/17/2024 7:11:34 AM
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[Markets]
Dow Jones Futures: Nvidia AI Event, Fed Meeting Loom; Here's What To Do
The stock market is pausing heading into the Fed meeting and AI events from Nvidia and Microsoft. Here's what to do now.
Published:3/17/2024 6:44:01 AM
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[Markets]
What's Preventing Nvidia From Replacing Intel in the Dow Jones Industrial Average?
Nvidia's data center business has undergone explosive growth, but it needs time to prove it's not just a passing fad.
Published:3/17/2024 6:29:50 AM
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[Markets]
Meet the Newest Dividend Stock in the Dow Jones. It May Be the Next Stock-Split Stock Too.
Salesforce recently announced its first-ever dividend, and a stock split is plausible in the near future.
Published:3/17/2024 4:41:11 AM
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[Markets]
Is Wall Street on the Verge of a Crash? The Fed's Most-Trusted Recession Indicator Weighs In.
This top-notch predictive tool hasn't been wrong in 58 years, and it offers a potentially ominous warning for the U.S. economy and stock market.
Published:3/17/2024 4:13:10 AM
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[Markets]
Mistakes Were Made
Mistakes Were Made
Authored by C.J.Hopkins via The Consent Factory,
Make fun of the Germans all you want, and I’ve certainly done that a bit during these past few years, but, if there’s one thing they’re exceptionally good at, it’s taking responsibility for their mistakes. Seriously, when it comes to acknowledging one’s mistakes, and not rationalizing, or minimizing, or attempting to deny them, and any discomfort they may have allegedly caused, no one does it quite like the Germans.
Take this Covid mess, for example. Just last week, the German authorities confessed that they made a few minor mistakes during their management of the “Covid pandemic.” According to Karl Lauterbach, the Minister of Health, “we were sometimes too strict with the children and probably started easing the restrictions a little too late.” Horst Seehofer, the former Interior Minister, admitted that he would no longer agree to some of the Covid restrictions today, for example, nationwide nighttime curfews. “One must be very careful with calls for compulsory vaccination,” he added. Helge Braun, Head of the Chancellery and Minister for Special Affairs under Merkel, agreed that there had been “misjudgments,” for example, “overestimating the effectiveness of the vaccines.”
This display of the German authorities’ unwavering commitment to transparency and honesty, and the principle of personal honor that guides the German authorities in all their affairs, and that is deeply ingrained in the German character, was published in a piece called “The Divisive Virus” in Der Spiegel, and immediately widely disseminated by the rest of the German state and corporate media in a totally organic manner which did not in any way resemble one enormous Goebbelsian keyboard instrument pumping out official propaganda in perfect synchronization, or anything creepy and fascistic like that.
Germany, after all, is “an extremely democratic state,” with freedom of speech and the press and all that, not some kind of totalitarian country where the masses are inundated with official propaganda and critics of the government are dragged into criminal court and prosecuted on trumped-up “hate crime” charges.
OK, sure, in a non-democratic totalitarian system, such public “admissions of mistakes” — and the synchronized dissemination thereof by the media — would just be a part of the process of whitewashing the authorities’ fascistic behavior during some particularly totalitarian phase of transforming society into whatever totalitarian dystopia they were trying to transform it into (for example, a three-year-long “state of emergency,” which they declared to keep the masses terrorized and cooperative while they stripped them of their democratic rights, i.e., the ones they hadn’t already stripped them of, and conditioned them to mindlessly follow orders, and robotically repeat nonsensical official slogans, and vent their impotent hatred and fear at the new “Untermenschen” or “counter-revolutionaries”), but that is obviously not the case here.
No, this is definitely not the German authorities staging a public “accountability” spectacle in order to memory-hole what happened during 2020-2023 and enshrine the official narrative in history. There’s going to be a formal “Inquiry Commission” — conducted by the same German authorities that managed the “crisis” — which will get to the bottom of all the regrettable but completely understandable “mistakes” that were made in the heat of the heroic battle against The Divisive Virus!
OK, calm down, all you “conspiracy theorists,” “Covid deniers,” and “anti-vaxxers.” This isn’t going to be like the Nuremberg Trials. No one is going to get taken out and hanged. It’s about identifying and acknowledging mistakes, and learning from them, so that the authorities can manage everything better during the next “pandemic,” or “climate emergency,” or “terrorist attack,” or “insurrection,” or whatever.
For example, the Inquiry Commission will want to look into how the government accidentally declared a Nationwide State of Pandemic Emergency and revised the Infection Protection Act, suspending the German constitution and granting the government the power to rule by decree, on account of a respiratory virus that clearly posed no threat to society at large, and then unleashed police goon squads on the thousands of people who gathered outside the Reichstag to protest the revocation of their constitutional rights.
Once they do, I’m sure they’ll find that that “mistake” bears absolutely no resemblance to the Enabling Act of 1933, which suspended the German constitution and granted the government the power to rule by decree, after the Nazis declared a nationwide “state of emergency.”
Another thing the Commission will probably want to look into is how the German authorities accidentally banned any further demonstrations against their arbitrary decrees, and ordered the police to brutalize anyone participating in such “illegal demonstrations.”
And, while the Commission is inquiring into the possibly slightly inappropriate behavior of their law enforcement officials, they might want to also take a look at the behavior of their unofficial goon squads, like Antifa, which they accidentally encouraged to attack the “anti-vaxxers,” the “Covid deniers,” and anyone brandishing a copy of the German constitution.
Come to think of it, the Inquiry Commission might also want to look into how the German authorities, and the overwhelming majority of the state and corporate media, accidentally systematically fomented mass hatred of anyone who dared to question the government’s arbitrary and nonsensical decrees or who refused to submit to “vaccination,” and publicly demonized us as “Corona deniers,” “conspiracy theorists,” “anti-vaxxers,” “far-right anti-Semites,” etc., to the point where mainstream German celebrities like Sarah Bosetti were literally describing us as the inessential “appendix” in the body of the nation, quoting an infamous Nazi almost verbatim.
And then there’s the whole “vaccination” business. The Commission will certainly want to inquire into that. They will probably want to start their inquiry with Karl Lauterbach, and determine exactly how he accidentally lied to the public, over and over, and over again …
And whipped people up into a mass hysteria over “KILLER VARIANTS” …
And “LONG COVID BRAIN ATTACKS” …
And how “THE UNVACCINATED ARE HOLDING THE WHOLE COUNTRY HOSTAGE, SO WE NEED TO FORCIBLY VACCINATE EVERYONE!”
And so on. I could go on with this all day, but it will be much easier to just refer you, and the Commission, to this documentary film by Aya Velázquez. Non-German readers may want to skip to the second half, unless they’re interested in the German “Corona Expert Council” …
Look, the point is, everybody makes “mistakes,” especially during a “state of emergency,” or a war, or some other type of global “crisis.” At least we can always count on the Germans to step up and take responsibility for theirs, and not claim that they didn’t know what was happening, or that they were “just following orders,” or that “the science changed.”
Plus, all this Covid stuff is ancient history, and, as Olaf, an editor at Der Spiegel, reminds us, it’s time to put the “The Divisive Pandemic” behind us …
… and click heels, and heil the New Normal Democracy!
Tyler Durden
Sat, 03/16/2024 - 23:20
Published:3/17/2024 12:02:32 AM
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[Markets]
These Are The Top 15 Global Tank Fleets
These Are The Top 15 Global Tank Fleets
Heavily armed and armored, the modern tank is a versatile and mobile weapons platform, and a critical piece of contemporary warfare.
This visualization, via Visual Capitalist's Chris Dickert, shows the top 15 global tank fleets, using data from the 2024 Military Balance report from the International Institute for Strategic Studies (IISS).
Let’s take an in-depth look at the top three fleets:
1. United States
As the world’s pre-eminent military power, it’s perhaps no surprise that the United States also has the largest tank fleet, by a wide margin.
In total, they have just over 45,000 armored fighting vehicles in operation, along with 2,640 main battle tanks (MBTs), and 12,800 vehicles in storage, of which 2,000 are main battle tanks.
The U.S. is internalizing the lessons from the ongoing invasion of Ukraine, where Western-supplied anti-tank weapons and massed Ukrainian artillery have been cutting Russian tanks to pieces. As a result, the U.S. recently canceled an upgrade of the M1 Abrams in favor of a more ambitious upgrade.
Meanwhile, the U.S. is nervously eyeing a more confident China and a potential clash over Taiwan, where air and naval forces will be critical. However, a recent war game showed that Taiwanese mechanized ground forces, kitted out with American-made tanks and armored fighting vehicles, were critical in keeping the island autonomous.
2. Russia
According to Oryx, a Dutch open-source intelligence defense website, at time of writing, Russia has lost almost 2,800 main battle tanks since invading Ukraine. Considering that in the 2022 edition of the Military Balance, Russia was estimated to have 2,927 MBTs in operation, those are some hefty losses.
Russia has been able to maintain about 2,000 MBTs in the field, in part, by increasing domestic production. Many defense plants have been taken over by state-owned Rostec and now operate around the clock. Russia is also now spending a full third of their budget on defense, equivalent to about 7.5% of GDP.
At the same time, they’ve also been drawing down their Soviet-era stockpiles, which are modernized before being sent to the front. Just how long they can keep this up is an open question; their stockpiles are large, but not limitless. Here is what their storage levels look like:
3. China
China holds the third overall spot and top place globally for the number of main battle tanks in operation. Untypically, the People’s Liberation Army has no armored vehicles in storage, which perhaps isn’t surprising when you consider that China has been rapidly modernizing its military and that stockpiles usually contain older models.
China also has one of the world’s largest fleets of armored fighting vehicles, second only to the United States. Breaking down that headline number, we can also see that they have the largest number of light tanks, wheeled guns, and infantry fighting vehicles.
This is equipment that would be integral if China were to make an attempt to reunify Taiwan with the mainland by force, where lightly armored mechanized units need to move with speed to occupy the island before Western allies can enter the fray. It’s worth noting that China also has one of the world’s largest fleets of amphibious assault vehicles.
End of the Tank?
Many commentators at the outset of Russia’s invasion of Ukraine, were quick to predict the end of the tank, however, to paraphrase Mark Twain, reports of the tank’s demise are greatly exaggerated.
With the U.S. and China both developing remote and autonomous armored vehicles, tanks could be quite different in the future, but there is nothing else that matches them for firepower, mobility, and survivability on the modern battlefield today.
Tyler Durden
Sat, 03/16/2024 - 22:45
Published:3/16/2024 11:12:44 PM
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[Markets]
Harvard Medical School Professor Was Fired Over Not Getting COVID Vaccine
Harvard Medical School Professor Was Fired Over Not Getting COVID Vaccine
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
A Harvard Medical School professor who refused to get a COVID-19 vaccine has been terminated, according to documents reviewed by The Epoch Times.
Martin Kulldorff, an epidemiologist, was fired by Mass General Brigham in November 2021 over noncompliance with the hospital’s COVID-19 vaccine mandate after his requests for exemptions from the mandate were denied, according to one document. Mr. Kulldorff was also placed on leave by Harvard Medical School (HMS) because his appointment as professor of medicine there “depends upon” holding a position at the hospital, another document stated.
Mr. Kulldorff asked HMS in late 2023 how he could return to his position and was told he was being fired.
“You would need to hold an eligible appointment with a Harvard-affiliated institution for your HMS academic appointment to continue,” Dr. Grace Huang, dean for faculty affairs, told the epidemiologist and biostatistician.
She said the lack of an appointment, combined with college rules that cap leaves of absence at two years, meant he was being terminated.
Mr. Kulldorff disclosed the firing for the first time this month.
“While I can’t comment on the specifics due to employment confidentiality protections that preclude us from doing so, I can confirm that his employment agreement was terminated November 10, 2021,” a spokesperson for Brigham and Women’s Hospital told The Epoch Times via email.
Mass General Brigham granted just 234 exemption requests out of 2,402 received, according to court filings in an ongoing case that alleges discrimination.
The hospital said previously, “We received a number of exemption requests, and each request was carefully considered by a knowledgeable team of reviewers.”
“A lot of other people received exemptions, but I did not,” Mr. Kulldorff told The Epoch Times.
Mr. Kulldorff was originally hired by HMS but switched departments in 2015 to work at the Department of Medicine at Brigham and Women’s Hospital, which is part of Mass General Brigham and affiliated with HMS.
“Harvard Medical School has affiliation agreements with several Boston hospitals which it neither owns nor operationally controls,” an HMS spokesperson told The Epoch Times in an email. “Hospital-based faculty, such as Mr. Kulldorff, are employed by one of the affiliates, not by HMS, and require an active hospital appointment to maintain an academic appointment at Harvard Medical School.”
HMS confirmed that some faculty, who are tenured or on the tenure track, do not require hospital appointments.
Natural Immunity
Before the COVID-19 vaccines became available, Mr. Kulldorff contracted COVID-19. He was hospitalized but eventually recovered.
That gave him a form of protection known as natural immunity. According to a number of studies, including papers from the U.S. Centers for Disease Control and Prevention, natural immunity is better than the protection bestowed by vaccines.
Other studies have found that people with natural immunity face a higher risk of problems after vaccination.
Mr. Kulldorff expressed his concerns about receiving a vaccine in his request for a medical exemption, pointing out a lack of data for vaccinating people who suffer from the same issue he does.
“I already had superior infection-acquired immunity; and it was risky to vaccinate me without proper efficacy and safety studies on patients with my type of immune deficiency,” Mr. Kulldorff wrote in an essay.
In his request for a religious exemption, he highlighted an Israel study that was among the first to compare protection after infection to protection after vaccination. Researchers found that the vaccinated had less protection than the naturally immune.
“Having had COVID disease, I have stronger longer lasting immunity than those vaccinated (Gazit et al). Lacking scientific rationale, vaccine mandates are religious dogma, and I request a religious exemption from COVID vaccination,” he wrote.
Both requests were denied.
Mr. Kulldorff is still unvaccinated.
“I had COVID. I had it badly. So I have infection-acquired immunity. So I don’t need the vaccine,” he told The Epoch Times.
Dissenting Voice
Mr. Kulldorff has been a prominent dissenting voice during the COVID-19 pandemic, countering messaging from the government and many doctors that the COVID-19 vaccines were needed, regardless of prior infection.
He spoke out in an op-ed in April 2021, for instance, against requiring people to provide proof of vaccination to attend shows, go to school, and visit restaurants.
“The idea that everybody needs to be vaccinated is as scientifically baseless as the idea that nobody does. Covid vaccines are essential for older, high-risk people and their caretakers and advisable for many others. But those who’ve been infected are already immune,” he wrote at the time.
Mr. Kulldorff later co-authored the Great Barrington Declaration, which called for focused protection of people at high risk while removing restrictions for younger, healthy people.
Harsh restrictions such as school closures “will cause irreparable damage” if not lifted, the declaration stated.
The declaration drew criticism from Dr. Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases, and Dr. Rochelle Walensky, who became the head of the CDC, among others.
In a competing document, Dr. Walensky and others said that “relying upon immunity from natural infections for COVID-19 is flawed” and that “uncontrolled transmission in younger people risks significant morbidity(3) and mortality across the whole population.”
“Those who are pushing these vaccine mandates and vaccine passports—vaccine fanatics, I would call them—to me they have done much more damage during this one year than the anti-vaxxers have done in two decades,” Mr. Kulldorff later said in an EpochTV interview. “I would even say that these vaccine fanatics, they are the biggest anti-vaxxers that we have right now. They’re doing so much more damage to vaccine confidence than anybody else.”
Surveys indicate that people have less trust now in the CDC and other health institutions than before the pandemic, and data from the CDC and elsewhere show that fewer people are receiving the new COVID-19 vaccines and other shots.
Support
The disclosure that Mr. Kulldorff was fired drew criticism of Harvard and support for Mr. Kulldorff.
The termination “is a massive and incomprehensible injustice,” Dr. Aaron Kheriaty, an ethics expert who was fired from the University of California–Irvine School of Medicine for not getting a COVID-19 vaccine because he had natural immunity, said on X.
“The academy is full of people who declined vaccines—mostly with dubious exemptions—and yet Harvard fires the one professor who happens to speak out against government policies.” Dr. Vinay Prasad, an epidemiologist at the University of California–San Francisco, wrote in a blog post. “It looks like Harvard has weaponized its policies and selectively enforces them.”
A petition to reinstate Mr. Kulldorff has garnered more than 1,800 signatures.
Some other doctors said the decision to let Mr. Kulldorff go was correct.
“Actions have consequence,” Dr. Alastair McAlpine, a Canadian doctor, wrote on X. He said Mr. Kulldorff had “publicly undermine[d] public health.”
Tyler Durden
Sat, 03/16/2024 - 21:00
Published:3/16/2024 8:36:08 PM
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[Markets]
Visualizing The Explosive Growth Of AI-Powered Fraud
Visualizing The Explosive Growth Of AI-Powered Fraud
Former U.S. president Donald Trump posing with Black voters, President Joe Biden discouraging people from voting via telephone or the Pope in a puffy white jacket: Deepfakes of videos, photos and audio recordings have become widespread on various internet platforms, aided by the technological advances of large language models like Midjourney, Google's Gemini or OpenAI's ChatGPT.
As Statista's Florian Zandt details below, with the right prompt fine-tuning, everyone can create seemingly real images or make the voices of prominent political or economic figures and entertainers say anything they want. While creating a deepfake is not a criminal offense on its own, many governments are nevertheless moving towards stronger regulation when using artificial intelligence to prevent harm to the parties involved.
Apart from the main avenue of deepfakes, creating non-consensual pornographic content involving mostly female celebrities, this technology can also be used to commit identity fraud by manufacturing fake IDs or impersonating others over the phone. As Statista's chart based on the most recent annual report of identity verification provider Sumsub shows, deepfake-related identity fraud cases have skyrocketed between 2022 and 2023 in many countries around the world.
You will find more infographics at Statista
For example, the number of fraud attempts in the Philippines rose by 4,500 percent year over year, followed by nations like Vietnam, the United States and Belgium. With the capabilities of so-called artificial intelligence potentially increasing even further, as is evidenced by products like AI video generator Sora, deepfake fraud attempts could also spill over into other areas.
"We’ve seen deepfakes become more and more convincing in recent years and this will only continue and branch out into new types of fraud, as seen with voice deepfakes", says Pavel Goldman-Kalaydin, Sumsub's Head of Artificial Intelligence and Machine Learning, in the aforementioned report.
"Both consumers and companies need to remain hyper-vigilant to synthetic fraud and look to multi-layered anti-fraud solutions, not only deepfake detection."
These assessments are shared by many cybersecurity experts. For example, a survey among 199 cybersecurity leaders attending the World Economic Forum Annual Meeting on Cybersecurity in 2023 showed 46 percent of respondents being most concerned about the "advance of adversarial capabilities – phishing, malware development, deepfakes" in terms of the risks artificial intelligence poses for cybersecurity in the future.
Tyler Durden
Sat, 03/16/2024 - 20:25
Published:3/16/2024 8:28:24 PM
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[Markets]
Electric Transmission Buildout Could Cost Americans Trillions Of Dollars
Electric Transmission Buildout Could Cost Americans Trillions Of Dollars
Authored by Bernard L. McNamee via RealClear Wire,
Though windmills and solar panels get the headlines, the big energy topic in Washington is electric transmission. Whether it is Congress’s newfound interest in permitting reform, the U.S. Department of Energy’s new Grid Deployment Office, or the Federal Energy Regulatory Commission’s (FERC) upcoming final rule on transmission planning and cost allocation, how to build and pay for long-range transmission to connect generators to customers is considered the final piece in the quest to meet net-zero goals.
Like so many issues in Washington, the need for more transmission lines is accepted without question and the costs are not considered. But for American consumers, especially low-income and elderly, as well as small businesses and energy intense manufacturers, building new transmission lines could result in much higher monthly bills and leave them on the hook for stranded assets.
Traditionally, high-voltage transmission lines, consisting of 150-foot lattice towers crossing the landscape for hundreds of miles, were planned for by local utilities to meet their customers’ energy needs and subject to approval by state public utility commissions. But public policy goals to promote renewables are changing how the grid is being developed.
Over the past few years, States established renewable energy mandates; Congress enacted over $1 trillion in taxpayer subsidies for renewable energy; and President Biden issued an executive order setting net-zero goals for electricity generation by 2035. To fulfill these policies, the grid needs new high-voltage transmission lines—lots of them—and they will be expensive.
According to the “Net-Zero America” analysis published by Princeton researchers, achieving net zero goals with 100% wind and solar by 2050 will require an additional $3.5 trillion in capital spending for new transmission lines. If net-zero goals are pursued with a mix of renewables, nuclear, and natural gas generation (which may include carbon capture), then a significant portion of this transmission investment would be unnecessary. Furthermore, a balanced resource mix of dispatchable and renewable resources would enhance grid reliability without overbuilding renewables or transmission.
Contributing to the cost is that renewable projects are often built far away from where the electricity will be consumed. For example, the Midwest is a great place to build windmills, but long-distance transmission lines are needed to deliver their electricity to big population centers on coasts. Not only are these lines capital intensive, but they also require purchasing or condemning private property to site them. Adding insult to injury, many of these transmission lines will not serve the people whose land is used.
Renewable power developers see the potential for selling their electricity in higher priced power systems near urban centers, while also being able to harvest generous taxpayer subsidies. But having to pay for transmission cuts into profits. Furthermore, property owners impacted by the transmission lines are objecting. The solution: a wave of lobbyists and special interests pressing policy makers to eliminate permitting barriers and to socialize the $3.5 trillion cost of building new transmission lines to more Americans.
In response, FERC is engaged in a rulemaking to change transmission planning and cost allocation. Among the proposals is requiring grid planners to consider factors like “geographic zones”, such as wind potential in the Midwest; state and federal “public policy goals”; and “trends” in technology. If adopted, these factors would provide more subjective ways to justify building big, expensive, long-range transmission projects that would be paid for by a broader number of Americans.
With public concerns about costs, transmission advocates now argue that more transmission is needed for grid reliability. Yet, the threat of blackouts is the result of the very net-zero policies that now require more transmission. For example, Maryland’s recent decision to shut down the Brandon Shores coal plant will cause customers across 12 states and the District of Columbia to pay $796 million for new transmission projects to support reliability.
Customers may also be left paying for transmission projects that are no longer needed. New technology, such as small modular nuclear reactors that can be built at existing power plants that already have transmission access, may negate the need for new transmission lines to serve renewable generators. The current push for transmission reform may be another expensive example of Washington trying to solve yesterday’s problem. This is not mere speculation, since 2008 customers have paid $250 million for the PATH transmission line that crossed three states, even though it was never built and never served customers.
It is time for policy makers to reaffirm that the electric grid exists to serve customers, not developers and investors. Transmission planning and cost allocation should be driven by the needs of customers and overseen by the state regulators who are best suited to protect their citizens. At a time when inflation is making its tougher from families and businesses to thrive, imposing additional costs for transmission buildouts for special interests makes little sense.
Bernard L. McNamee was a Commissioner on the Federal Energy Regulatory Commission from 2018-2020.
Tyler Durden
Sat, 03/16/2024 - 18:40
Published:3/16/2024 6:28:12 PM
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[Markets]
Hertz CEO Out As Firm Seeks Traction After Big EV Bet Goes Bust
Hertz CEO Out As Firm Seeks Traction After Big EV Bet Goes Bust
CEO Stephen Scherr's barely two-year ride with Hertz came to a screeching halt on Friday. In his wake, he leaves a company still working to recover from a big bet on electric vehicles gone bad. It will do so under new CEO Gil West, whose previous posts include executive roles at Delta Air Lines and the Cruise unit of General Motors.
Scherr, who came on board in February 2022 after 30 years at Goldman Sachs, ushered the company through its emergence from bankruptcy. Hertz's EV push began in the previous year, with a splashy move to order 100,000 Tesla Model 3 vehicles. After taking the reins of the Estero, Florida-headquartered company, Scherr doubled down on the green vision, committing to purchased another 65,000 EVs from Polestar, a Swedish company.
In December 2023, Hertz emphatically demonstrated that its massive EV push just wasn't working out, throwing 20,000 EVs into the used-car market to start a systematic liquidation planned to extend through 2024. "The company expects to reinvest a portion of the proceeds from the sale of EVs into the purchase of internal combustion engine vehicles to meet customer demand," Hertz said at the time, adding, "The company expects this action to better balance supply against expected demand of EVs."
The resale of fleet cars is a key driver of rental car companies' profitability. On that front, Tesla threw a wrench in Hertz's financials by aggressively slashing prices across its product line, crushing the resale values of not only Teslas, but the entire EV market. Top-selling EV's saw their secondary-market prices plunge by almost a third in 2023.
Poor resale value isn't the only EV liability biting Hertz -- the company also pointed to the high cost of collision repairs. “For context, collision and damage repairs on an EV can often run about twice that associated with a comparable combustion engine vehicle,” Scherr noted in an October third-quarter conference call.
Then there's the issue of consumer demand. It's fair to assume that most rental car customers don't want their first EV experiment to come on a business or vacation trip, where they may be in an unfamiliar area and unenthused about spending 20 minutes at a recharging station on the way to the airport, to say nothing of the hassle of figuring out how the whole EV-thing works.
There are many horror stories about consumers unpleasantly surprised to be issued an EV when they didn't ask for one. Others say they picked up a car that was only half-charged and missing the charging cable. Earlier this month, Sen. Tom Cotton -- one of the most sinister foreign-policy interventionists to ever walk Capitol Hill -- decided to intervene in the rental car market, by introducing a bill that would make it illegal to force EVs on customers.
In a statement issued Friday, Hertz vice chair Tom Wagner said, "We are appreciative of Stephen's contribution over the last two years, including on a number of key strategic initiatives."
...but definitely not that EV one.
Tyler Durden
Sat, 03/16/2024 - 18:05
Published:3/16/2024 5:58:46 PM
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[Markets]
"Extreme Events": US Cancer Deaths Spiked In 2021 And 2022 In "Large Excess Over Trend"
"Extreme Events": US Cancer Deaths Spiked In 2021 And 2022 In "Large Excess Over Trend"
Cancer deaths in the United States spiked in 2021 and 2022 among 15-44 year-olds "in large excess over trend," marking jumps of 5.6% and 7.9% respectively vs. a rise of 1.7% in 2020, according to a new preprint study from deep-dive research firm, Phinance Technologies.
Extreme Events
The report, which relies on data from the CDC, paints a troubling picture.
"We show a rise in excess mortality from neoplasms reported as underlying cause of death, which started in 2020 (1.7%) and accelerated substantially in 2021 (5.6%) and 2022 (7.9%). The increase in excess mortality in both 2021 (Z-score of 11.8) and 2022 (Z-score of 16.5) are highly statistically significant (extreme events)," according to the authors.
That said, co-author, David Wiseman, PhD (who has 86 publications to his name), leaves the cause an open question - suggesting it could either be a "novel phenomenon," Covid-19, or the Covid-19 vaccine.
"The results indicate that from 2021 a novel phenomenon leading to increased neoplasm deaths appears to be present in individuals aged 15 to 44 in the US," reads the report.
The authors suggest that the cause may be the result of "an unexpected rise in the incidence of rapidly growing fatal cancers," and/or "a reduction in survival in existing cancer cases."
They also address the possibility that "access to utilization of cancer screening and treatment" may be a factor - the notion that pandemic-era lockdowns resulted in fewer visits to the doctor. Also noted is that "Cancers tend to be slowly-developing diseases with remarkably stable death rates and only small variations over time," which makes "any temporal association between a possible explanatory factor (such as COVID-19, the novel COVID-19 vaccines, or other factor(s)) difficult to establish."
That said, a ZeroHedge review of the CDC data reveals that it does not provide information on duration of illness prior to death - so while it's not mentioned in the preprint, it can't rule out so-called 'turbo cancers' - reportedly rapidly developing cancers, the existence of which has been largely anecdotal (and widely refuted by the usual suspects).
While the Phinance report is extremely careful not to draw conclusions, researcher "Ethical Skeptic" kicked the barn door open in a Thursday post on X - showing a strong correlation between "cancer incidence & mortality" coinciding with the rollout of the Covid mRNA vaccine.
Phinance principal Ed Dowd commented on the post, noting that "Cancer is suddenly an accelerating growth industry!"
Continued:
Bottom line - hard data is showing alarming trends, which the CDC and other agencies have a requirement to explore and answer truthfully - and people are asking #WhereIsTheCDC.
We aren't holding our breath.
Wiseman, meanwhile, points out that Pfizer and several other companies are making "significant investments in cancer drugs, post COVID."
Phinance
We've featured several of Phinance's self-funded deep dives into pandemic data that nobody else is doing. If you'd like to support them, click here.
Tyler Durden
Sat, 03/16/2024 - 16:55
Published:3/16/2024 4:16:24 PM
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[Markets]
Leave things alone: The Fed shouldn’t cut rates until recession is an actual threat
The U.S. central bank should stay the course and avoid prematurely celebrating the end of inflation above 2%.
Published:3/16/2024 3:38:12 PM
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[Markets]
Who Is "Mr. 100"? Mysterious Bitcoin Whale Becomes 14th Biggest BTC Holder
Who Is "Mr. 100"? Mysterious Bitcoin Whale Becomes 14th Biggest BTC Holder
Authored by Zoltan Vardai via CoinTelegraph.com,
A mysterious Bitcoin whale, nicknamed “Mr. 100,” has sparked curiosity in the cryptocurrency space after amassing over 52,996 Bitcoin, worth over $3.5 billion, on-chain data shows.
Who is Bitcoin’s “Mr. 100”?
The Mr. 100 whale wallet bought at least 1,000 Bitcoin on March 15, which is 52% of the total 1,907 BTC bought by the 10 spot Bitcoin exchange-traded funds (ETFs), according to an X post by HODL15Capital.
Bitcoin accumulation sheet. Source: HODL15Capital on X
This address has been continually receiving BTC since November 2022, when the FTX exchange collapsed. The wallet has been adding at least 100 BTC nearly every day since Feb. 14.
The wallet received some larger Bitcoin transfers from a secondary wallet address, which has also been adding tranches of 100 BTC since 2019. This suggests that the mysterious whale has been stacking sats since at least 2019, according to HODL15Capital, who also noted in a March 15 X post:
“What I do know is that this is NOT one of the U.S. ETFs. I have all those mapped.”
Based on the size of the acquisitions, there’s speculation that the whale could be either a Hong Kong financial institution pre-seeding for ETFs, the Qatar Investment Authority, other Middle Eastern sovereign wealth funds, a cold wallet associated with South Korean Upbit exchange, or an unidentified address of a tech billionaire.
Mr. 100 continues accumulating regardless of Bitcoin price at near all-time highs, adding 400 BTC on March 12, when Bitcoin traded above the $72,000 mark.
Following the accumulation spree, the Mr. 100 wallet is currently the 14th-largest BTC holder, according to Bitinfocharts data.
Mr. 100 wallet data. Source: Bitinfocharts
Wallet linked to Upbit: Crystal Intelligence
The Mr. 100 wallet has been tagged as a cold wallet belonging to the Upbit cryptocurrency exchange, by blockchain intelligence firm Arkham Intelligence.
Based on blockchain data analyzed by Crystal Intelligence, the mysterious wallet belongs to Upbit, the firm told Cointelegraph:
“We have found that the number and value of transactions associated with this wallet are indicative of a VASP-type service. Additionally, we can confirm with high accuracy that the incoming transactions originate from Upbit, and these have maintained a consistent value since the collapse of FTX.”
Looking at the wallet’s outflows, Mr. 100 has only been sending Bitcoin transactions to a wallet tagged as an Upbit hot wallet by Arkahm’s platform. Most of the transactions were in tranches of at least 500 BTC, with two of the biggest transactions transferring as much as 3,000 BTC.
Upbit: Cold Wallet Outflows. Source: Arkham Intelligence
The analytics team behind Crystal Intelligence confirmed that the secondary wallets also belong to Upbit:
“Bitcoin is moved into three major clusters on the outgoing transaction side, and those clusters appear to be connected in subsequent transactions. We also found some evidence that the clusters that received funds from 1Ay8v belong to Upbit.”
Thus, the “Mr. 100” wallet likely belongs to Upbit, argued pseudonymous on-chain analyst Defioasis, who wrote in a March 12 X response:
“The regular movements of 100 BTC are not purchases but could be Upbit’s unique way of managing cold and hot wallet assets.”
HODL15Capital also noted that a South Korean entity is stacking large amounts of Bitcoin, in a March 15 X post, referencing the heatmap from below.
BTC global transfers heatmap. Source: HODL15Capital
All the 14 secondary wallet addresses associated with the main wallet of Mr. 100 have passed Know Your Customer verification on Upbit exchange, wrote pseudonymous on-chain sleuth Mai in a March 15 X response:
“Mr.100 uses a small wallet address to buy $BTC. I find it very similar to what Upbit usually does with altcoins (ETH network). If we follow Upbit’s cash flow, we will see the coincidence.”
Tyler Durden
Sat, 03/16/2024 - 15:10
Published:3/16/2024 3:27:14 PM
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[Markets]
The Moneyist on one reader's 'indecent proposal' dilemma
Published:3/16/2024 3:27:14 PM
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[Markets]
Hoping to win the bit Powerball or Mega Millions jackpot? This woman once took home a $112 million prize.
MarketWatch spoke with Cynthia P. Stafford, the big winner in a 2007 Mega Millions drawing.
Published:3/16/2024 3:27:14 PM
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[Markets]
These 2 Dow Stocks Are Set to Soar in 2024 and Beyond
The Dow has attracted some dynamic consumer companies in recent years.
Published:3/16/2024 2:20:49 PM
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[Markets]
Chinese Scientists Implant First Pig Liver Into Brain-Dead Human
Chinese Scientists Implant First Pig Liver Into Brain-Dead Human
Who says nothing interesting ever happens in the world anymore? This week, in a "first of its kind" operation, a brain-dead human subject was implanted with the world's first gene-edited pig liver transplant, according to SCMP.
In what could be a pioneering move, Chinese scientists have transplanted a gene-edited pig liver into a human, aiming to potentially mark a solution to organ shortages, the report says.
The liver was modified to reduce rejection risks and was implanted into a brain-dead recipient, showing no rejection signs four days post-operation, as per the Air Force Medical University. SCMP writes that this procedure could significantly aid those with end-stage liver disease, possibly revolutionizing liver transplants.
Gene editing advancements in China also promise to enhance efficiency and accessibility in plant modification, reflecting broader strides in medical innovation, the report continues.
SCMP notes that liver diseases annually claim 2 million lives globally, with China alone witnessing up to 500,000 new cases of liver failure yearly. Xenotransplantation, the process of transplanting organs across species, could be a hopeful strategy, especially for liver ailments, given the complexity and scarcity of human livers for transplantation.
While pig organs have been previously used in research, the liver's complexity means there needs to be innovative surgical approaches, such as auxiliary transplants, to ensure effective integration and function within the body, according to SCMP.
This development signals a critical step toward more sustainable organ transplant solutions, addressing both the technical challenges and the dire need for viable organs.
The Air Force Medical University commented: “From this perspective, xenogenic liver transplantation has great clinical application value.”
Tyler Durden
Sat, 03/16/2024 - 14:35
Published:3/16/2024 1:58:39 PM
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[Markets]
Weaponization Of Crude: Russian Oil Refiners Under Drone Attack
Weaponization Of Crude: Russian Oil Refiners Under Drone Attack
Brent crude prices climbed to their highest level in four and a half months last week following attacks on multiple Russian oil refineries by Ukrainian drones. Additionally, this morning, drone strikes on two more oil refining facilities were reported deep within Russia.
Bloomberg reports drone strikes targeted two oil refining facilities in Russia's Samara region, more than 620 miles from the Ukrainian border.
A petroleum product processing unit caught fire on the territory of the Rosneft PJSC oil refinery in Syzran, RIA Novosti reported, citing Dmitry Azarov, the region's governor. The plant's design capacity is 8.5 million barrels per year or about 170,000 barrels per day.
... other drones attacked the Novokuybyshevsk refinery, according to Russian media. -Bloomberg
Ukraine has been ramping up drone attacks on crude processing facilities across Russia.
On Wednesday, Rosneft PJSC's Ryazan plant near Moscow was hit by a drone attack. This refinery is one of the largest in the country. A day earlier, Lukoil refinery in western Russia was hit by a drone attack.
The wave of drone strikes on Russian crude-processing facilities started in January, with full intentions by Ukraine to cripple the fuel supply that funds Moscow's war machine.
Here are the major Russian refineries that drones have targeted:
Last month, Ukraine's "drone czar," Minister of Digital Transformation Mykhailo Fedorov, explained to Reuters that its manufacturing base can produce thousands of drones capable of hitting targets at "300, 500, 700, and 1,000 kilometers."
The full extent of the damage caused by strikes this year isn't clear, but the attacks caused Msocow to place a six-month ban on gasoline exports starting on Mach 1.
This week, the Brent crude market wasted no time pricing increasing war risks by sending prices above $85 a barrel, the highest level since early November.
Despite two years of war and relentless attacks on Russian refineries, Moscow's energy industry has proved resilient, and flows have shifted from Europe to China and India at heavily discounted prices.
While Ukrainians target Russian refineries, David Asher, a senior fellow at Hudson Institute, recently penned a note that discusses the weaponization of crude could be the next big financial shock to the global economy.
Given the mounting risks in the Middle East, Asher said on slide nine, "Global oil shock could trigger a crisis like 2007-2008."
He also noted, "Iran is Preparing For Oil War: Markets Ignore Growing Risk."
Asher warned: It's only a matter of time before Iran-backed Yemen's Houthi rebels start targeting key oil facilities in Saudi Arabia.
A perfect storm of higher crude prices continues to brew as the world's refineries have become major targets.
Tyler Durden
Sat, 03/16/2024 - 13:25
Published:3/16/2024 1:01:41 PM
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[Markets]
What families need to know after landmark $60M verdict in baby-formula lawsuit
Published:3/16/2024 1:01:41 PM
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[Markets]
FAA investigating United Airlines Boeing plane's loss of panel midflight Friday
Published:3/16/2024 12:34:10 PM
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[Markets]
America The Snackable
America The Snackable
Authored by Charles Hugh Smith via OfTwoMinds blog,
There is only one pathway to health and sanity: stop consuming snackables of any kind.
Everything in America has become snackable: devoid of value, easily consumed, intentionally addictive, and ultimately destructive to all that is healthy for individuals, communities and society at large.
The core features of edible snackables are self-evident yet worthy of a closer look due to the severity of the consequences:
1. The snack is made of highly processed ingredients.
2. The snack has high concentrations of sugar, salt and unhealthy oils/fats.
3. The snack has low nutritional value (empty calories) and is not beneficial to health.
4. The snack is packaged in small quantities so the price appears cheap but is revealed as expensive when converted to price per pound.
5. The snack's "serving size" may be deceptively presented: a 4-ounce package may have a calorie count based on a "serving size" of 2 ounces, as if the package contains two servings when everyone knows a single individual will consume the entire snack.
6. The snack is a legal addictive product as the snack has been designed to hijack humans' innate receptors for sugar, salt and fat and satisfying mouthfeel. (Bet ya can't have just one.)
Highly processed, highly addictive, low nutritional value foods are a key driver of America's declining health. All these foods share the same characteristics of the manufactured snackables: they are heavily marketed, highly profitable and contribute to obesity and metabolic disorders.
When only one-quarter of the adult populace is normal weight, this leads to a host of chronic health disorders including higher risks of heart disease and many cancers, as well as the spectrum of metabolic disorders such as diabetes and prediabetes. Here are the facts: over 73% of adult Americans are overweight or obese.
Given that almost 3/4 of adult Americans are overweight or obese, it shouldn't surprise us that 52% of adult Americans are diabetic or prediabetic. This is a sobering trend, one that won't be reversed by $1,000 a month weight-loss medications which cease to be effective once they're no longer consumed. These medications don't change the patients' diets from highly processed foods to only unprocessed real food, and so the benefits are inherently narrower than advertised.
The snack and beverage aisles take up an astounding amount of space in America's specialty-groceries and supermarkets. These are the profit-generators, and so the processed-food manufacturers and grocery retailers are constantly seeking to entice more addicts with new novelties. For example: Trader Joe's Has Been Releasing A Ton Of New Products Lately.
Consuming this kind of high-fat, empty-calorie snack isn't going to generate a healthy lifestyle.
The marketing of novelty is as refined and devoid of value as the snacks being manufactured and sold:
As those with any knowledge and experience of fitness know, the notion that it's possible to burn off the empty calories of snacks with a bit more exercise is a fantasy--hence America's bulging waistlines and declining health.
The enormous profitability of edible snacks is mirrored in all the other manifestations of America the Snackable: our daily lives are now composed of one bite-sized addictive snack of social media, novelty memes, political opinion, financial data-snacks and pundits' opinions and snackable videos after another.
Attention spans and the ability to grasp complex issues have withered to snack-size, and whatever is being marketed as "ideas" are as devoid of value as an empty-calorie snack.
All share the same characteristics: they are addictive, bite-sized, packaged deceptively, marketed as novelty, devoid of value, destructive to human health and most importantly, astoundingly profitable. So the edible snacks generate chronic illnesses which then provide fodder for highly profitable medications, while the inherently deranging snackables of social media, videos, entertainment, political opinions and memes-du-jour fuel mental disorders which provide fodder for a vast spectrum of highly profitable medications.
There is only one pathway to health and sanity: stop consuming snackables of any kind. Yes, the only solution is cold turkey, baby, and like all addictions, it's painful at first, and then it becomes a great relief to be freed of the addictions.
* * *
Become a $1/month patron of my work via patreon.com.
Subscribe to my Substack for free
Tyler Durden
Sat, 03/16/2024 - 12:50
Published:3/16/2024 11:59:03 AM
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[Markets]
AI talk is surging on company earnings calls — as are those companies’ shares
Published:3/16/2024 11:59:03 AM
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[Markets]
TikTok is teaching young people about money. A ban could bring that to an end.
Published:3/16/2024 11:35:10 AM
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[Markets]
Three ways the Realtor commission settlement affects home buyers and sellers
Published:3/16/2024 11:28:01 AM
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[Markets]
Gen Z, The Most Pessimistic Generation In History, May Decide The Election
Gen Z, The Most Pessimistic Generation In History, May Decide The Election
Authored by Mike Shedlock via MishTalk.com,
Young adults are more skeptical of government and pessimistic about the future than any living generation before them.
This is with reason, and it’s likely to decide the election.
Rough Years and the Most Pessimism Ever
The Wall Street Journal has an interesting article on The Rough Years That Turned Gen Z Into America’s Most Disillusioned Voters.
Young adults in Generation Z—those born in 1997 or after—have emerged from the pandemic feeling more disillusioned than any living generation before them, according to long-running surveys and interviews with dozens of young people around the country. They worry they’ll never make enough money to attain the security previous generations have achieved, citing their delayed launch into adulthood, an impenetrable housing market and loads of student debt.
And they’re fed up with policymakers from both parties.
Washington is moving closer to passing legislation that would ban or force the sale of TikTok, a platform beloved by millions of young people in the U.S. Several young people interviewed by The Wall Street Journal said they spend hours each day on the app and use it as their main source of news.
“It’s funny how they quickly pass this bill about this TikTok situation. What about schools that are getting shot up? We’re not going to pass a bill about that?” Gaddie asked. “No, we’re going to worry about TikTok and that just shows you where their head is…. I feel like they don’t really care about what’s going on with humanity.”
Gen Z’s widespread gloominess is manifesting in unparalleled skepticism of Washington and a feeling of despair that leaders of either party can help. Young Americans’ entire political memories are subsumed by intense partisanship and warnings about the looming end of everything from U.S. democracy to the planet. When the darkest days of the pandemic started to end, inflation reached 40-year highs. The right to an abortion was overturned. Wars in Ukraine and the Middle East raged.
Dissatisfaction is pushing some young voters to third-party candidates in this year’s presidential race and causing others to consider staying home on Election Day or leaving the top of the ticket blank. While young people typically vote at lower rates, a small number of Gen Z voters could make the difference in the election, which four years ago was decided by tens of thousands of votes in several swing states.
Roughly 41 million Gen Z Americans—ages 18 to 27—will be eligible to vote this year, according to Tufts University.
Gen Z is among the most liberal segments of the electorate, according to surveys, but recent polling shows them favoring Biden by only a slim margin. Some are unmoved by those who warn that a vote against Biden is effectively a vote for Trump, arguing that isn’t enough to earn their support.
Confidence
When asked if they had confidence in a range of public institutions, Gen Z’s faith in them was generally below that of the older cohorts at the same point in their lives.
One-third of Gen Z Americans described themselves as conservative, according to NORC’s 2022 General Social Survey. That is a larger share identifying as conservative than when millennials, Gen X and baby boomers took the survey when they were the same age, though some of the differences were small and within the survey’s margin of error.
More young people now say they find it hard to have hope for the world than at any time since at least 1976, according to a University of Michigan survey that has tracked public sentiment among 12th-graders for nearly five decades. Young people today are less optimistic than any generation in decades that they’ll get a professional job or surpass the success of their parents, the long-running survey has found. They increasingly believe the system is stacked against them and support major changes to the way the country operates.
Gen Z future Outcome
“It’s the starkest difference I’ve documented in 20 years of doing this research,” said Twenge, the author of the book “Generations.” The pandemic, she said, amplified trends among Gen Z that have existed for years: chronic isolation, a lack of social interaction and a propensity to spend large amounts of time online.
A 2020 study found past epidemics have left a lasting impression on young people around the world, creating a lack of confidence in political institutions and their leaders. The study, which analyzed decades of Gallup World polling from dozens of countries, found the decline in trust among young people typically persists for two decades.
Young people are more likely than older voters to have a pessimistic view of the economy and disapprove of Biden’s handling of inflation, according to the recent Journal poll. Among people under 30, Biden leads Trump by 3 percentage points, 35% to 32%, with 14% undecided and the remaining shares going to third-party candidates, including 10% to independent Robert F. Kennedy Jr.
Economic Reality
Gen Z may be the first generation in US history that is not better off than their parents.
Many have given up on the idea they will ever be able to afford a home.
The economy is allegedly booming (I disagree). Regardless, stress over debt is high with younger millennials and zoomers.
This has been a constant theme of mine for many months.
Credit Card and Auto Delinquencies Soar
Credit card debt surged to a record high in the fourth quarter. Even more troubling is a steep climb in 90 day or longer delinquencies.
Record High Credit Card Debt
Credit card debt rose to a new record high of $1.13 trillion, up $50 billion in the quarter. Even more troubling is the surge in serious delinquencies, defined as 90 days or more past due.
For nearly all age groups, serious delinquencies are the highest since 2011.
Auto Loan Delinquencies
Serious delinquencies on auto loans have jumped from under 3 percent in mid-2021 to to 5 percent at the end of 2023 for age group 18-29.Age group 30-39 is also troubling. Serious delinquencies for age groups 18-29 and 30-39 are at the highest levels since 2010.
For further discussion please see Credit Card and Auto Delinquencies Soar, Especially Age Group 18 to 39
Generational Homeownership Rates
Home ownership rates courtesy of Apartment List
The above chart is from the Apartment List’s 2023 Millennial Homeownership Report
Those struggling with rent are more likely to be Millennials and Zoomers than Generation X, Baby Boomers, or members of the Silent Generation.
The same age groups struggling with credit card and auto delinquencies.
On Average Everything is Great
Average it up, and things look pretty good. This is why we have seen countless stories attempting to explain why people should be happy.
Krugman Blames Partisanship
OK, there is a fair amount of partisanship in the polls.
However, Biden isn’t struggling from partisanship alone. If that was the reason, Biden would not be polling so miserably with Democrats in general, blacks, and younger voters.
OK, there is a fair amount of partisanship in the polls.
However, Biden isn’t struggling from partisanship alone. If that was the reason, Biden would not be polling so miserably with Democrats in general, blacks, and younger voters.
This allegedly booming economy left behind the renters and everyone under the age of 40 struggling to make ends meet.
Many Are Addicted to “Buy Now, Pay Later” Plans
Buy Now Pay Later, BNPL, plans are increasingly popular. It’s another sign of consumer credit stress.
For discussion, please see Many Are Addicted to “Buy Now, Pay Later” Plans, It’s a Big Trap
The study did not break things down by home owners vs renters, but I strongly suspect most of the BNPL use is by renters.
What About Jobs?
Another seemingly strong jobs headline falls apart on closer scrutiny. The massive divergence between jobs and employment continued into February.
Nonfarm payrolls and employment levels from the BLS, chart by Mish.
Payrolls vs Employment Gains Since March 2023
-
Nonfarm Payrolls: 2,602,000
-
Employment Level: +144,000
-
Full Time Employment: -284,000
For more details of the weakening labor markets, please see Jobs Up 275,000 Employment Down 184,000
CPI Hot Again
CPI Data from the BLS, chart by Mish.
For discussion of the CPI inflation data for February, please see CPI Hot Again, Rent Up at Least 0.4 Percent for 30 Straight Months
Also note the Producer Price Index (PPI) Much Hotter Than Expected in February
Major Economic Cracks
There are economic cracks in spending, cracks in employment, and cracks in delinquencies.
But there are no cracks in the CPI. It’s coming down much slower than expected. And the PPI appears to have bottomed.
Add it up: Inflation + Recession = Stagflation.
Election Impact
In 2020, younger voters turned out in the biggest wave in history. And they voted for Biden.
Younger voters are not as likely to vote in 2024, and they are less likely to vote for Biden.
Millions of voters will not vote for either Trump or Biden. Net, this will impact Biden more. The base will not decide the election, but the Trump base is far more energized than the Biden base.
If Biden signs a TikTok ban, that alone could tip the election.
If No Labels ever gets its act together, I suspect it will siphon more votes from Biden than Trump. But many will just sit it out.
“We’re just kind of over it,” Noemi Peña, 20, a Tucson, Ariz., resident who works in a juice bar, said of her generation’s attitude toward politics. “We don’t even want to hear about it anymore.” Peña said she might not vote because she thinks it won’t change anything and “there’s just gonna be more fighting.” Biden won Arizona in 2020 by just over 10,000 votes.
The Journal noted nearly one-third of voters under 30 have an unfavorable view of both Biden and Trump, a higher number than all older voters. Sixty-three percent of young voters think neither party adequately represents them.
Young voters in 2020 were energized to vote against Trump. Now they have thrown in the towel.
And Biden telling everyone how great the economy is only rubs salt in the wound.
Tyler Durden
Sat, 03/16/2024 - 11:40
Published:3/16/2024 11:12:50 AM
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[Markets]
Europe Panics As Trump Rises From The Political Grave
Europe Panics As Trump Rises From The Political Grave
Authored by Tom Luongo via Gold, Goats, 'n Guns blog,
So last week was fun.
It started with the US Supreme Court’s 9-0 beatdown of using the 14th Amendment to punish political opponents.
Then the Wicked Witch of Kiev, Vic(Toria) “Cookies” Nuland was forced out at the State Department after decades of torturing the world with her psychopathy.
Then Donald Trump pretty much sent Nikki Haley back to her Waffle House outside of Greenville.
It ended with French President Emmanuel Macron making “believe me” eyes at the world that NATO was ready and willing to send troops to Ukraine. Whose troops? Clearly not French troops, which are only good at this point for “going on safari in northern Africa,” according to Col. Doug MacGregor.
Also, clearly not British ships, which can’t seem to get out of port. I think I’m noting a kind of tit for tat going on between Boeing airline failures and British naval ones… but I could just be conspiratorial like that.
*bong*
No, the answer has always been that it would be US troops in Europe fighting Europe’s war that everyone — The UK, Davos and their EU apparatchiks, and the US Neocons — thought would be a slam dunk to bleed Russia out.
And I’m sure that’s exactly the way they plotted it out in their Microsoft Project file over at Globalist Central.
That has obviously not taken place and it is Ukraine that is now in serious trouble. Truth be told, which has been in very short supply since the war started two years ago, Ukraine has always been in serious trouble.
And that has led, predictably, to the situation we see now. US support for Project Ukraine is coming to an end, if it hasn’t ended already. And the panic in Europe is palpable.
This was all very predictable if you accepted the framework that there was a split at the top of the US hierarchy. One faction committed to the Davos vision of the future which implied a compliant, even beaten, US and another that looked up from their quote screens and said, “Uh… no.”
The handwriting was on the wall about eight months ago when the big NATO Summit in Vilnius ended with the whimper by then UK Defense Minister Ben Wallace. Wallace was supposed to replace Jens Stoltenberg as NATO General Secretary and was shot down by no less than Joe Biden (JOAH Bii-Den!).
After that, there was no more real talk of Ukraine joining NATO. Zelenskyy went back to Kiev with the big sads after Biden gave him nothing as well. Then, in October, US Speaker of the House Kevin McCarthy was ousted in a coup by Matt Gaetz and a handful of GOP fiscal hardliners.
They immediately got new Speaker Mike Johnson (R-LA) to tie all further foreign aid funding to as many spending cuts and dollars for border security as a slim majority in Congress would allow.
And since then Biden has been forced to look under the couches at the Pentagon for a few spare millions to send to Ukraine. He found 300 of them the other day As bad as things are, that the number starts with an ‘m’ rather than a ‘b’ has to be considered a victory.
The Senate tried to blackmail Johnson with their ridiculous $95 billion aid bill and Johnson just ‘boss moved’ Chuck Schumer by calling a two-week recess. Now, the best they can hope for a smaller bill with a lend/lease contingent with no money going to ‘humanitarian aid’ — a euphemism for pocket lining.
And despite his movement towards the Senate warhawks, Johnson is still using Ukraine aid as a means to push domestic funding reforms first. Every day these things are haggled over is another day which runs out the clock on Project Ukraine as Russian forces take towns and villages daily in the Western Donbass.
Again, not an ideal solution by any stretch of the imagination, but a Pyrrhic victory nonetheless.
But this is the state of play after last week and it’s far better than it was at the beginning of the year, since this money was already expected six months ago.
It’s put Europe in the position of finally removing the mask completely. Because as the US keeps slowly pulling away from Ukraine the calls from the EU for America to stay the course grow louder and more strident.
Remember, that in 2022-23 when it looked like the US was hellbent on going forward in Ukraine, European leaders like Macron and others were more circumspect. They wanted to virtue signal about the dangers of Ukraine escalating. They got to look like the moderates in the war room, while still sending billions in aid and weapons, arm-twisting everyone into compliance.
The real mask-off event for Europe’s real position on this war was their threatening Hungary’s Viktor Orban with complete economic devastation if he didn’t allow their $50 billion aid package to go through the European Council.
Now that all of Nuland’s military plans have failed, Ukraine’s army has been destroyed for the third time, and all of their attempts to undermine the US legally and economically (Powell must Pivot!) have fizzled, Europe finds itself in the blind panic.
Because as poll after poll suggests, Trump will return to the White House in January and has plans to end the killing and the other shenanigans in Ukraine quickly. Orban is acting as Trump’s voice of reason to both Eastern Europe as well as Russia itself.:
Orban, who spoke with Trump at the Mar-a-Lago estate in Florida on Friday, did not explain how exactly the American would do that, but said that cutting the flow of US aid was a crucial part of the plan.
”If the US will not provide the money, Europeans on their own will not be able to finance this war, and then the war will end,” Orban said in an interview with M1 broadcaster on Sunday.
During his presidency, Trump had shown himself to be “a man of peace,” the Hungarian leader claimed. That stance puts him in alignment with Hungary, unlike the administration of US President Joe Biden and many members of the EU, he added.
”The American Democratic government and the leadership of the EU, as well as the leadership of the largest EU member states are pro-war governments. Donald Trump is pro-peace, Hungary is pro-peace. At the bottom of everything lies this difference,” Orban declared.
Trump’s many things, but he is no dummy when it comes to money. Cut the flow of funds and you end the war. The wildcard is the seizure of Russia’s foreign exchange assets which would be the dumbest thing all these people could do. This is why they won’t shut up about it.
For his part, Putin is as done with the current regime in the EU as he is with the Biden junta in the US. He’s tried to reason with them, and all we hear is the most over-the-top vitriol from the usual suspects, like Macron.
Putin understands now that the only diplomacy will occur is at the point of his gun or not at all. And if Ukraine is going to escalate on behalf of Europe to attack critical infrastructure inside Russia he will take the gloves completely off, rather than just carpet bomb the line of contact.
I told you last year that no matter what the West thinks there will be “No Truce With the Heartland.” And the way for Russia to beat the west in Ukraine was to continue letting them think they had a chance to win by leaving just enough hope to have the West keep funneling billions into a slaughterhouse.
But, regardless of any of that, there will be no truce in the Heartland. Russia will not back down. China will back them to the end, as will OPEC+ and the rest of Central Asia. But they will not escalate one inch further than they need to. Allowing the West to keep thinking they can win is the ultimate form of grinding out a superior opponent.
And even if Ukraine winds up being a decade-long meat grinder with no clear victor, it will serve everyday as a warning to the rest of Asia that there is no going back and their future is better served with their neighbors than accepting bribes to remain viceroys on the West’s payroll.
Soulless ghouls like David Cameron and Lindsey Graham think this is the best money ever spent, killing Russians without any real European or American lives being spent.
I guess Slavs aren’t people too.
And I hate to be the bearer of bad news, but that’s exactly what has happened, Russia has led Europe into the ultimate cauldron, which now looks more like a political and economic black hole. And we’re far beyond the event horizon.
What it has done has left the world with no doubt what the real agenda behind this war, which really has very little to do with Russia itself.
The real agenda is preserving the colonialist business model of old Europe and Great Britain which the US was seduced into believing we were equal partners in. Clearly we aren’t in their minds.
If I’ve come to understand anything over the past few years of covering geopolitics it is that every time you think you understand the imperatives behind current events, another layer is peeled back to reveal an even deeper truth.
And today that deeper truth is that this is Europe’s war with Russia because with a Russian victory in Ukraine they are at the mercy of all the world’s major energy producers — the US, Russia, the Middle East.
This isn’t about Russia’s aggression, or the redrawing of borders through military means.
So, with their true face revealed and their quislings in the US Capitol calling in every marker, we’re going to watch this tragedy drawn out for another year or two in the hope that the US commits suicide on their behalf. For whatever reason actually motivates them, people like Mitch McConnell, Graham and John Cornyn will happily sell what’s left of the country out to salvage their own pathetic skins.
The fact that they’d do this for a bunch of equally pathetic Eurocrats is the most tragic part of this entire affair.
But this is how change ultimately has to occur, by pushing the real motivators to the front of the stage, shining the klieg lights on them and watching them squirm before unleashing another round of rotten food at them.
And what better humiliation for them than for Donald Trump to be the guy passing out tomatoes…
* * *
Join my Patreon if you like throwing fruit.
Tyler Durden
Sat, 03/16/2024 - 10:30
Published:3/16/2024 9:55:14 AM
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[Markets]
Peter Navarro Asks Supreme Court To Allow Him To Avoid Reporting To Prison Pending Appeal
Peter Navarro Asks Supreme Court To Allow Him To Avoid Reporting To Prison Pending Appeal
Former Trump White House aide Peter Navarro on March 15 asked the Supreme Court to allow him to avoid reporting to prison for a contempt of Congress conviction as the matter is being appealed.
The Epoch Times' Sam Dorman reports that Navarro's request came after the U.S. Court of Appeals for the DC Circuit denied his request for release from prison pending appeal. Mr. Navarro revealed on March 10 that he was ordered to report to a Miami prison on March 19 for a four-month sentence.
Mr. Navarro filed an emergency petition to Chief Justice John Roberts on Friday afternoon, arguing that his appeal “will raise a number of issues on appeal that he contends are likely to result in the reversal of his conviction, or a new trial.”
“For the first time in our nation’s history, a senior presidential advisor has been convicted of contempt of Congress after asserting executive privilege over a congressional subpoena,” Mr. Navarro’s lawyers wrote.
“Navarro is indisputably neither a flight risk nor a danger to public safety should he be released pending appeal,” they added.
As Zachary Stieber detailed earlier via The Epoch Times, former Trump White House aide Peter Navarro’s bid to delay his prison sentence as he appeals his conviction was rejected on March 14 by a federal court.
Mr. Navarro, who was convicted in 2023 of contempt of Congress for defying a subpoena from the House Jan. 6 select committee, is slated to report to prison on March 19.
His bid to stay out of prison while he appeals his conviction was turned down initially in February by U.S. District Judge Amit Mehta, who found that the trade adviser to former President Donald Trump failed to pose any substantial questions of law in his motion. Mr. Navarro then asked an appeals court to overturn Judge Mehta’s ruling.
In the decision on March 14, the U.S. Court of Appeals for the D.C. Circuit rejected the fresh bid.
“Appellant has not shown that his appeal presents substantial questions of law or fact likely to result in reversal, new trial, a sentence that does not include a term of imprisonment, or a reduced sentence of imprisonment that is less than the amount of time already served plus the expected duration of the appeal process,” the court said.
The ruling from the three-judge panel, which included Circuit Judges Patricia Millett, Cornelia Pillard, and Robert Wilkins—all of whom were appointed by former President Barack Obama—was unanimous.
Federal law requires individuals seeking release pending an appeal to present a “substantial question of law or fact” that is likely to result in one of the outlined results.
According to circuit precedent, a substantial question is a question “that very well could be decided the other way.”
Mr. Navarro argued in filings to the appeals court that, as a senior presidential adviser, he was protected by executive privilege. He said the case presents questions that could be decided the other way and thus the appeals court should grant his motion.
“Because the congressional subpoena to Dr. Navarro implicated former President Trump’s privilege, it was incumbent upon Congress and/or the Department of Justice to confirm with the Judicial branch that the privilege could be overcome, and, having failed to do so, the indictment as against Dr. Navarro must be dismissed,” one filing stated. “At the very least, this issue presents a “close question” or a question, “that very well could be decided the other way,” and this court should order that Dr. Navarro be released pending his appeal.
Government officials in a brief to the court said that Mr. Navarro didn’t present any substantial questions. Government lawyers said that Mr. Navarro never established that President Trump invoked privilege and that President Joe Biden waived any privilege.
“And even if President Trump had asserted executive privilege, Navarro still could not show a likelihood of reversal or a new trial, because it would not have justified his total noncompliance with the subpoena,” they said.
Mr. Navarro had said that even if there was no presumptive privilege, he “reasonably believed he was dutybound to assert former President Trump’s executive privilege,” which he said should preclude prosecution for contempt.
“Once an assertion of executive privilege had been made, it was incumbent upon the respective government branches to navigate its application,” one filing stated.
In another, his lawyers said that “the government blithely dismisses Dr. Navarro’s argument that requiring a formal invocation by a former president risks vitiating the privilege entirely insofar as to hold otherwise would preclude a former president unexpectedly suffering from disability or death to assert the privilege and enable the recalcitrant or disgruntled to affirmatively waive the privilege unbeknownst to the president.”
A lawyer for Mr. Navarro declined to comment on the new ruling.
Mr. Navarro was sentenced to four months in prison by Judge Mehta, another Obama appointee. Mr. Navarro was ordered by federal officials to report to the Bureau of Prisons in Miami for detention no later than 2 p.m. on March 19, according to his lawyers.
Tyler Durden
Sat, 03/16/2024 - 09:20
Published:3/16/2024 8:54:07 AM
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[Markets]
No more default commissions? No sweat, says one luxury real estate agent
A proposed settlement in litigation accusing the National Association of Realtors of artificially inflating commissions threatens to forever change the way real estate agents make money.
Published:3/16/2024 8:28:46 AM
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[Markets]
10-Year-Old Kids Denied Drinking Water In Class Because Of Three Muslims Observing Ramadan
10-Year-Old Kids Denied Drinking Water In Class Because Of Three Muslims Observing Ramadan
Authored by Steve Watson via Modernity.news,
Twenty Four children were told they could not drink water at a school in Germany because three other students in the class were Muslims observing Ramadan, according to a report.
The 10-year-old kids in Frankfurt were all denied drinking water due to the tiny minority fasting for the Islamic holy month.
German outlet NIUS, notes that the fifth graders informed their parents after two teachers at the school made the decision.
One parent commented “At dinner, we always talk about how the day was. I asked my daughter what was new at school. She then told us that two teachers had forbidden the students from drinking in class because three of the 27 children were fasting.”
The teachers were reported to have prevented students from accessing the water dispenser in the hall or having water bottles on their desks.
But it gets weirder.
A father of one of the students noted “We found this announcement strange…the children in fifth grade are between 10 and 11 years old. Even for religious Muslims, the fasting requirement only applies from the age of 14.”
“The fact that 24 children have to take three children into consideration when it comes to basic physical needs, that’s a strange intervention,” he added.
The school has refused to comment on the claims, according to the report.
As Remix News notes, the incident occurred in the same German city, the only one, where Ramadan lights were installed last month.
“By decorating during Ramadan, the city of Frankfurt is sending an important signal to Muslims and appreciates the people of Muslim faith in this city,” the governing German Green Party wrote in an application to the city council last year.
“They are lights of togetherness, against reservations, against discrimination, against anti-Muslim racism, and also against anti-Semitism,” said Frankfurt Mayor Nargess Eskandari-Grünberg, of the same party.
* * *
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
Tyler Durden
Sat, 03/16/2024 - 08:10
Published:3/16/2024 7:48:04 AM
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[Markets]
This NFL player tried to buy a Tesla Cybertruck for $100,000 over asking — and was blocked by his financial adviser
Ji’Ayir Brown, who played in the most recent Super Bowl, wanted to pay extra to get a Tesla Cybertruck early, but his adviser told him not to.
Published:3/16/2024 7:02:17 AM
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[Markets]
Guinness: Well Known, But Not So Well Liked?
Guinness: Well Known, But Not So Well Liked?
Apart from Irish whiskeys, one of the most significant culinary exports and best-known brands from the independent part of the island is Guinness.
The characteristically dark dry stout might be an acquired taste due to its richness and malty flavor, but it's nevertheless consumed in many countries around the world, especially on St. Patrick's Day.
As Statista's Florian Zandt reports, according to UN Comtrade statistics, the United States, most likely due to its large Irish diaspora, and the United Kingdom are the biggest importers of Irish beer, making up 63 percent of the total export value of $313 million in 2022. But how well-liked is the Irish mainstay really in those countries?
You will find more infographics at Statista
As a recent Statista Consumer Insights survey shows, 72 and 92 percent of the respondents from the U.S. and the U.K., respectively, know the brand. In the United Kingdom, 23 percent said they liked the brand and 19 percent claimed to have consumed a pint or more in the last 12 months.
16 percent of respondents from the United States were fond of the iconic drink, while only 13 percent attested to having drunk a Guinness in the past year.
The most popular beer brands in the country were Corona, Bud Light and Budweiser, with Guinness coming in seventh after Coors. The U.K. ranked the Irish beverage seventh in terms of popularity as well, with Budweiser, Corona and Stella Artois snagging the top spots.
Guinness originated in a Dublin brewery in 1759 and has been part of multi-national alcoholic beverage conglomerate Diageo after its merger with Grand Metropolitan in 1997. The brand is Diageo's only foray into the beer market, with the rest of its portfolio including a variety of gin, whiskey, liqueur and rum.
The company does not disaggregate its sales by segment but has seen an overall uptick in revenue and profit in the past three fiscal years. In the twelve months from July 2022 to June 2023, Diageo generated 3.8 billion pounds net profit out of revenues of 23.5 billion pounds, which constitutes a year-over-year increase of 12.8 and 4.9 percent, respectively.
Tyler Durden
Sat, 03/16/2024 - 07:35
Published:3/16/2024 6:54:59 AM
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[Markets]
Dow Jones Futures: Fed Meeting, Nvidia AI Event Loom As Big Market Tests; What To Do Now
The stock market is pausing heading into the Fed meeting and AI events from Nvidia and Microsoft. Here's what to do now.
Published:3/16/2024 6:35:18 AM
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[Markets]
U.S. economy faces 1970s-style stagflation as inflation sticks around
Another Wall Street strategist warns the economy has gone from ‘goldilocks to stagflation,’ and investors are ignoring it at their own peril
Published:3/16/2024 6:35:18 AM
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[Markets]
11 charts that show how covid changed the U.S. economy
A new normal has settled into the U.S. economy — one that nobody could have predicted four years ago. Here’s what it looks like now, in 11 charts.
Published:3/16/2024 6:02:36 AM
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[Markets]
AI talk is surging during company earnings calls — and so are those companies’ shares
S&P 500 companies that mentioned “AI” on their fourth-quarter earnings calls have seen their shares gain an average of nearly 30% in the past year, according to FactSet.
Published:3/16/2024 6:02:36 AM
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[Markets]
Failure of ALS drug puts a spotlight on controversial FDA approvals
A large clinical trial found that Amylyx Pharmaceuticals’ drug to treat ALS doesn’t work, raising questions about the FDA’s process for approving it.
Published:3/16/2024 5:08:44 AM
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[Markets]
'Belt And Road' Western Hemisphere Investments Has China Firmly Rooted In America's Backyard
'Belt And Road' Western Hemisphere Investments Has China Firmly Rooted In America's Backyard
Authored by John Haughey via The Epoch Times,
The United States has been so focused on global security concerns that it has overlooked investing in its own backyard’s economic and military needs for decades.
But China hasn’t. With its Belt and Road Initiative (BRI, also known as “One Belt, One Road”), China has become South America’s largest source of infrastructure investment and second-largest trading partner, increasing trade from $18 billion in 2002 to $450 billion in 2022.
Twenty-five of 31 Central and South American countries have negotiated infrastructure investments from China, and 22 of those nations, most recently Honduras, have formally signed onto the BRI program.
Chinese companies, either owned or subsidized by the Chinese Communist Party (CCP), operate mines in Mexico, Argentina, Peru, and Venezuela, electrical grids in Peru and Chile, 5G wireless systems in Costa Rica, Bolivia, Brazil, and Mexico—80 percent of Mexico’s telecommunications equipment is provided by Chinese companies—space launch and satellite tracking facilities in Argentina, and the world’s largest embassy in the Bahamas.
The U.S. State Department estimates China’s trade with Latin American nations and investments in sea, space, telecommunication, critical minerals, and energy will match the United States by 2035 in the region. China’s military ties with Venezuela, Cuba, Peru, and Chile—which now include port visits by Chinese warships and technical advisers—will mature into base agreements within a decade.
China has, or plans to build or improve, 40 ports across 16 Latin American and Caribbean countries without restrictions on military use, including on both ends of the Panama Canal, where CCP-sponsored companies are bidding with Panama to work on the U.S.-built canal.
Next fall, Chinese leader Xi Jinping will be in Peru to commemorate the completion of “a $3.6 billion ‘mega port’ that was financed by China, built by Chinese workers, and it will be owned and operated by a CCP-backed company,” House Armed Services Committee Chair Rep. Mike Rogers (R-Ala.) said.
“It will be used to ship South American copper, lithium, and other critical materials to China to further their military modernization,” he said during a House Armed Services Committee March 12 hearing on Western Hemisphere national security challenges.
Mr. Rogers called it “the latest effort of China’s efforts to displace American influence and build a strategic footprint in our backyard.”
‘Debt Traps’ and CCP Espionage
However, U.S. Southern Command Commander Army Gen. Laura Richardson said China’s increasing presence is a double-edged sword for countries that accept financing and other assistance from the CCP.
“The world is at an inflection point,” she said at the committee hearing.
“Our partners in the Western Hemisphere, with whom we are bonded by trade, shared values, democratic traditions, and family ties, are increasingly impacted by interference and coercion from [China.]
“The People’s Republic of China [PRC] has exploited the trust of democracies in this hemisphere, using that trust to steal national secrets, intellectual property, and research related to academia, agriculture, and health care,” she continued.
“The scope and scale of this espionage is unprecedented. Through the Belt and Road initiative, the PRC aims to amass power and influence at the expense of the world’s democracies,” she added.
Ms. Richardson said that while it’s true that Central and South America have not received the economic and national security attention other areas have, that is changing.
“I’ve learned that our presence absolutely matters,” she said, noting after nearly 20 years of “receiving less than 50 percent” of its Western Hemisphere security cooperation needs, the U.S. Southern Command was fully funded and received additional supplemental funding in the fiscal year 2024 defense budget.
Ms. Richardson said while the boost “was very, very helpful, we can’t just get one year of additional funding to meet the requirement, and I would say that our presence absolutely matters” and needs to be fully funded again in the fiscal year 2025 defense budget.
With the additional funding, she said, the United States has stepped up joint military and emergency response exercises with Chile, Argentina, and Paraguay with “more engagement other than just a visit once a year.”
“This has really made a huge difference in terms of the partnering, but we have to be there. We have to have good security cooperation programs; we have to have flexible authorities that [respond to] opportunities [as they] open because they’re only open for a short period of time,” she added.
(L-R) Costa Rican President Rodrigo Chaves Robles, U.S. President Joe Biden, Uruguayan President Luis Lacalle Pou, and other leaders attend the plenary session of the inaugural Americas Partnership For Economic Prosperity Leaders' Summit in the East Room of the White House in Washington on Nov. 3, 2023. (Chip Somodevilla/Getty Images)
‘Put Our Money Where Our Mouth Is’
That money will be there, Assistant Secretary of Defense for Homeland Defense and Hemispheric Affairs Rebecca Zimmerman said at the committee hearing.
“We’re putting homeland defense and other interests across the hemisphere front and center,” she said.
“The department’s top priority is defense of the homeland [and countering] the growing multi-domain threat posed by the People’s Republic of China.”
Ms. Zimmerman said the United States is “deepening partnerships with Canada, Mexico, Brazil, Colombia, and Chile while reinforcing democratic institutions civilian control of the military and respect for human rights and the rule of law” across the hemisphere.
In February, Secretary of Defense Lloyd Austin participated in the North American Defense Ministerial with his counterparts from Mexico, Canada, and Latin American countries.
In November 2023, President Joe Biden welcomed leaders from the Western Hemisphere to the White House for the inaugural Americas Partnership for Economic Prosperity Leaders’ Summit to discuss migration, supply chains, and infrastructure investment.
Prime ministers, presidents, and foreign ministers from Canada, Barbados, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Peru, Uruguay, Mexico, and Panama attended.
The United States is developing a program with the Inter-American Development Bank to expand financing for infrastructure with the launch of an investment platform through the U.S. International Development Finance Corp. to invest billions in improving critical supply chains, modern ports, clean energy grids, and digital infrastructure.
The “Americas Partnership Accelerator” will assist entrepreneurs in developing and funding their business ideas and mobilize venture capital from around the world for startups in the region, the Biden administration maintains.
Rep. Jan Kiggins (R-Va.) said while “the defense budget is always inadequate” in addressing all needs, it is good “that we are again prioritizing that funding because it is so important that we can put our money where our mouth is.”
“The good news,” Ms. Richardson said, “is working with our very willing partners leads to the best defense.”
“We must use all available levers to strengthen our partnerships with the 28 like-minded democracies in this hemisphere who understand the power of working together to counter these shared threats,” she continued.
“The United States remains the preferred and most trusted security partner in the region.
“We build trust through investment and security cooperation programs that train and equip our partner militaries and security forces, a robust joint exercise program to build interoperability, and the development and employment of emerging technologies,” she added.
Tyler Durden
Fri, 03/15/2024 - 23:40
Published:3/15/2024 10:46:34 PM
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[Markets]
Dow Jones Futures: Nvidia, Microsoft AI Events, Fed Meeting Loom As Big Tests For Market Rally
The stock market is pausing heading into the Fed meeting and AI events from Nvidia and Microsoft. Here's what to do now.
Published:3/15/2024 9:26:15 PM
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[Markets]
Doha Hunts For Whistleblowers Who Revealed Qatar's Funding Of ISIS
Doha Hunts For Whistleblowers Who Revealed Qatar's Funding Of ISIS
Via The Cradle
Qatar National Bank (QNB) and Qatar Charity (QC) are attempting to uncover the identities of confidential sources that supplied documents to lawyers representing the family of murdered US journalist Steven Sotloff, which allege the financial institutions – acting at the behest of Qatar’s royal family – wired hundreds of thousands of dollars to the ISIS judge who ordered Sotloff’s execution.
QNB and QC filed an application on March 12 in the US to obtain "limited discovery" of the law firm representing Sotloff’s family, specifically regarding the names of those who provided the bank records linking Doha to the murder. In an email to Bloomberg, the general counsel for QNB confirmed the filing and said the bank "is the victim of an effort to tarnish its reputation" and plans to hold the individuals "to account to the fullest extent of the law." Sotloff and another US journalist, James Foley, were beheaded in 2014 by ISIS in Syria. The terrorist group published videos of its executions online directed at US government officials.
In a May 2022 lawsuit filed in Florida, Sotloff’s family accused the Qatari institutions of wiring $800,000 to ISIS judge Fadhel al-Salim before he ordered Sotloff’s execution. The family also says Qatar "knowingly funded extremist insurgents" to destabilize the Syrian government and named both QNB and QC as co-conspirators in the murder.
"The amount of assistance – $800,000 – was substantial as evidenced by Salim’s ability to cross over into Syria the very next day to begin raising his ISIS brigade," Judge Donald M. Middlebrooks from the US District Court for the Southern District of Florida said in May 2023 when he ruled against dismissing the case.
"The allegations plausibly show that Defendants, in participating in a terrorism financing conspiracy, held a culpable state of mind in relation to the transaction and the foreseeable acts of terror to follow," the US judge highlighted.
"Perhaps the most outstanding allegation in support of a conspiracy is that [former Qatari Prime Minister] Hammad bin Jassim funded several terrorist organizations at a September 2011 meeting attended by the apparent ‘who’s who’ of terrorism financing," Middlebrooks added. "Simultaneously, Hammad bin Jassim was a member of the Royal Family who served as prime minister, foreign minister, and head of the Qatar Investment Authority, which held a 50 percent stake in QNB."
Following years of improved relations between Doha and Damascus in the early 2000s, the 2011 outbreak of unrest in Syria quickly showed signs of a Qatari campaign to destabilize the country, starting with Al-Jazeera – Doha's most prominent media outlet – and its biased, often inciteful coverage of events in the Levantine nation.
Qatar became one of the first foreign entrants into the Syrian conflict, bank-rolling armed factions in coordination with the CIA, including the precursor to Al-Qaeda affiliate Hayat Tahrir al-Sham (HTS), Jabhat al-Nusra. Doha’s role was even acknowledged by the US Defense Intelligence Agency (DIA), which stated in 2016 that the Nusra Front "probably received logistical, financial and material assistance from the elements of the Turkish and Qatari governments."
"It turned out that all the steps of Qatari and Turkish rapprochement before the war were part of a US plan to contain Syria and pass the Qatari gas pipeline through its territory to Turkiye and then Europe, which is what President Assad was aware of. After the US discovered the difficulty of containing Syria, the decision was taken to overthrow the regime and divide the country, and this is one of the reasons for the war. Unfortunately, Qatar, with its money, media, and support for terrorist groups, spearheaded this conspiracy, and still is," Bassam Abu Abdallah, former cultural attache at Syria's embassy in Ankara and current Al-Watan columnist, told The Cradle in October 2022.
At the height of the Syrian war in October 2014, then-US vice president Joe Biden candidly spoke about how Washington's Sunni Muslim allies have been responsible for funding and arming Al-Qaeda-type extremist militants in Syria.
"Our allies in the region were our largest problem in Syria. The Turks were great friends – and I have the greatest relationship with Erdogan, which I just spent a lot of time with – the Saudis, the Emiratis, etc. What were they doing? They were so determined to take down Assad and essentially have a proxy Sunni–Shia war; what did they do? They poured hundreds of millions of dollars and tens, thousands of tons of weapons into anyone who would fight against Assad, except that the people who were being supplied were Al-Nusra and Al-Qaeda and the extremist elements of jihadis coming from other parts of the world" the current US president said during a discussion at the John F. Kennedy Jr. Forum at Harvard University’s Institute of Politics.
"Now you think I’m exaggerating – take a look. Where did all of this go? So now what’s happening? All of a sudden, everybody’s awakened because this outfit called ISIL [ISIS], which was Al-Qaeda in Iraq, which, when they were essentially thrown out of Iraq, found open space in territory in eastern Syria, working with Al-Nusra, who we declared a terrorist group early on and we could not convince our colleagues to stop supplying them," Biden added.
In 2016, WikiLeaks released an email from former US State Secretary Hillary Clinton about Saudi and Qatari funding for ISIS. "We need to use our diplomatic and more traditional intelligence assets to bring pressure on the governments of Qatar and Saudi Arabia, which are providing clandestine financial and logistic support to ISIL [ISIS] and other radical Sunni groups in the region," Clinton's email reads.
Tyler Durden
Fri, 03/15/2024 - 21:40
Published:3/15/2024 9:02:09 PM
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[Markets]
HashiCorp’s stock jumps on report that it’s considering a sale
Published:3/15/2024 8:40:06 PM
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[Markets]
Here’s what families need to know after a landmark $60 million verdict in baby-formula suit
One family’s verdict in a baby-formula lawsuit brings hope for other families whose newborns contracted digestive diseases, though they’re not guaranteed to see the same success.
Published:3/15/2024 8:18:26 PM
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[Markets]
Realtor Group Settles Lawsuits By Slashing Commissions, Risks Mass Exodus Of Agents
Realtor Group Settles Lawsuits By Slashing Commissions, Risks Mass Exodus Of Agents
For those bartenders who became realtors over the past decade, attracted to the fast and easy money during multiple real estate booms fueled by historically low mortgage rates, there's concerning news out on Friday: Commissions are expected to drop following the National Association of Realtors' decision to settle a lawsuit regarding its commission rules.
On Friday, the National Association of Realtors announced an agreement to end litigation of claims brought on behalf of home sellers related to broker commissions. This means the group would pay $418 million in damages and amend the rules that housing experts say will drive down the cost of homeownership. In other words, the standard 6 percent sales commission is gone.
"The settlement, which is subject to court approval, makes clear that NAR continues to deny any wrongdoing in connection with the Multiple Listing Service (MLS) cooperative compensation model rule (MLS Model Rule) that was introduced in the 1990s in response to calls from consumer protection advocates for buyer representation. Under the terms of the agreement, NAR would pay $418 million over approximately four years," NAR wrote in a press release.
"NAR has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers. It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals," said Nykia Wright, Interim CEO of NAR.
NAR, the trade group that represents real estate agents and has more than 1.5 million members, agreed to introduce a new MLS rule that will prohibit offers of broker compensation on MLS. Another new rule would require MLS users to enter into written agreements with their buyers.
"We believe the potential changes would likely accelerate commission pressure on buyer agents and could support overall commission rates around a home transaction trending lower in the near term," William Blair analyst Stephen Sheldon wrote in a note.
Recently, analysts at Keefe Bruyette & Woods said the change to the compensation structure could result in a 30% reduction in the annual commission pool. Analysts further said this would result in a 60% to 80% reduction in the number of real estate agents.
Here are other analyst commentaries on NAR's deal to resolve litigation:
JPMorgan, Anthony Paolone
- "This is incrementally negative in terms of the potential impact on the residential brokerage names like HOUS and RMAX as it potentially puts top-line pressure on the names, on top of the already muted level of housing activity right now"
William Blair, Stephen Sheldon
- Sees the potential changes raising questions about the role of the MLS system, which primarily serves to broadly distribute listings of homes for sale
- "If agents are no longer required to subscribe to the MLS to distribute listings or accept commissions, then we could see some agents bypassing the system, more brokerages using pocket listings (i.e., listings that are not broadly distributed) to attract consumers, and the need arising over time for a national home listing service"
- This could be an opportunity for CoStar and Zillow, though he notes CoStar has the advantage after its success building out the leading listing distribution in both multifamily and broader commercial real estate
- Overall, he calls the settlement a "modest negative" for the brokerage models he covers, and a positive for CoStar since its Homes.com business caters more to seller agents, "which could become even more important in the home transaction with these changes"
Stephens, John Campbell
- Views CoStar as the biggest beneficiary of the potential changes, though he also sees Zillow as likely to benefit eventually
RBC, Brad Erickson
- "The key debate from here will be can agents navigate this change with only modest changes to buyer commissions or will they be more meaningful"
The news triggered panic dumps in Zillow Group, plunging 14%, and Redfin, down 6%.
For all the unseasoned realtors, you'd better start looking for another job.
Tyler Durden
Fri, 03/15/2024 - 20:40
Published:3/15/2024 7:46:25 PM
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[Markets]
Riley Gaines, 15 Other Female Athletes Sue NCAA Over Transgender Madness
Riley Gaines, 15 Other Female Athletes Sue NCAA Over Transgender Madness
In the latest attack on transgender madness in women's sports, former University of Kentucky Wildcats swimmer Riley Gaines and 15 other female athletes have filed suit against the NCAA alleging violations of federal Title IX law arising from its insertion of man-to-woman transgender athletes into women's competition.
“The NCAA’s most basic job is to protect the fairness and safety of competition, but instead the NCAA...continues to openly discriminate against women,” Gaines told The Free Press.
Much of the complaint centers on what women experienced at the 2022 national swimming championships. Infamously, man-to-woman transgender Penn Quaker Lia Thomas was not only allowed to compete against women, but was also given use of the women's locker room -- as described in this excerpt from the 156-page complaint:
The first time most of the Plaintiffs became aware of Thomas’ access to the women’s locker rooms and restrooms...was: (1) when Thomas walked in on them while they were fully naked or in a state of substantial undress....(2) when they unwittingly walked in on Thomas and observed Thomas undressed with male genitalia exposed...or (3) when Thomas undressed in front of them
NC State Wolfpack swimmer Kylee Alons chose to change in a "dimly lit storage and utility closet" behind a set of bleachers, rather than risk being caught naked by Thomas or having to see him stand around naked, displaying his manhood. “I was literally racing U.S. and Olympic gold medalists and I was changing in a storage closet at this elite-level meet. I just felt that my privacy and safety were being violated in the locker room," Alons told the Free Press.
Women's racing suits are so tight they "require 15 to 20 minutes to put on," notes the complaint. “While you’re doing this, you’re exposed,” said Kaitlynn Wheeler, another Kentucky swimmer, to the Free Press. “You can’t stand there and hold a towel around you while putting the suit on at the same time.”
Thomas, who wasn't a noteworthy athlete when competing against fellow men, won the women's national championship in the 500m freestyle by a huge margin, beating three female Olympic medalists in the spectacle.
Among the plaintiffs is Tylor Mathieu of the University of Florida Gators, who didn't make it to the final of the 500 free because Thomas took the slot. The inclusion of Thomas also cost Mathieu first-team All-American honors.
Gaines noted that the NCAA swimming championship environment was even more Orwellian due to Title IX fanfare that accompanied it:
“The NCAA was passing around shirts that said ‘50 years of Title IX’ and ‘50 years of creating opportunities for women,’ but these were the same people who were actively taking our opportunities away and telling us we weren’t worthy to be called champions, and instead this man, who merely says he is a woman, is.”
Hammering home the irrationality of the NCAA's approach, the plaintiffs says the NCAA allows "men to compete on women’s teams with a testosterone level that is five times higher than the highest recorded testosterone level for elite female athletes.” It asserts that, regardless of having taken hormone suppressing drugs, post-pubescent men have a biological edge "which no woman can achieve without doping.”
The lawsuit was organized by the Independent Council on Women's Sports, a group that exists to "promote and protect women's sports." The plaintiffs, who also include track, tennis and volleyball athletes, are demanding that the NCAA make rule changes to bar biological males from women's competition, revoke awards previously given to men who beat women, and also pay "damages for pain and suffering, mental and emotional distress, suffering and anxiety, expense costs and other damages due to defendants’ wrongful conduct.”
Tyler Durden
Fri, 03/15/2024 - 19:20
Published:3/15/2024 6:47:31 PM
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[Markets]
Car prices are falling but it’s a bad time to trade in your vehicle. Here's why.
Published:3/15/2024 6:47:31 PM
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[Markets]
Putin Vows Ukraine Will Pay For Election Day Attacks On Civilians
Putin Vows Ukraine Will Pay For Election Day Attacks On Civilians
Today is election day in Russia, and it is quite obvious who will emerge victorious as the country's next president. However, Ukraine has chosen the eve of election day and into Friday to send a 'message' - while apparently losing a lot of men in the process.
There have been repeat significant cross-border ground and shelling attacks from Ukraine in the past 48 hours. Russia's defense ministry (MoD) announced Friday morning that it "repelled" the latest major attempted incursion in the Belgorod region on the border.
The MoD claimed its forces, including border security services, took out some 50 invaders in the assault. Russian media summarized of the military's statements: "The team was then targeted by Russian artillery and military aviation. The territory through which other Ukrainian troops could reach Kozinka to prop up the advance force was remotely mined."
The statement continued, "The Ukrainians were then forced out of the village, with survivors running into the freshly placed minefield and getting killed, according to the statement. An attempted evacuation was stopped by rocket artillery."
Russian media has further published videos and images which purport to confirm that attempted major cross-border incursion. The same groups from a similar Tuesday raid appear to have been behind the newest attack - mostly made up what have been described as anti-Putin Russian nationals collaborating with Kiev.
President Putin on Friday addressed the string of cross-border attacks, describing there had been "four attacks on the Belgorod region and one attack on the Kursk region by armed Ukrainian proxies numbering about 2,500."
Putin additionally said the invading militants had 35 tanks and 40 armored vehicles, as cited in Reuters. He estimated that about 60% of the invading force was killed.
But it was fresh drone attack and shelling on Belgorod city Friday that resulted in Russian civilian casualties. Belgorod region Governor Vyacheslav Gladkov said that during the attack air defenses shot down ten inbound "aerial targets".
"According to preliminary information, one civilian was killed. At the moment of the shelling attack, the man was working at a store," Gladkov stated on Telegram. "Paramedics did their best to save his life, but he died from his injuries at the scene," the governor added.
Somewhat unexpectedly, or perhaps due to the security situation, President Putin is widely reported to have cast his vote online...
Putin spoke of the civilian death on election day, saying, "I am sure that our people, the people of Russia, will respond to this with even greater solidarity. Who did they decide to intimidate? The Russian people?"
Russia unleashed its own large-scale strikes on the southern Ukraine city of Odesa on Friday. The NY Times describes, "A Russian missile attack on Odesa killed at least 17 people and injured 73 others, Ukrainian authorities said on Friday, the latest in a series of deadly air assaults on the southern Ukrainian port city."
"Ukraine’s state emergency services said a first missile hit several houses late in the morning, prompting rescuers to rush to the scene," the report continues. "A second missile then landed on the same site, causing many fatalities, including at least one paramedic and a rescue worker. The reports could not be independently verified."
Meanwhile, there were various other reports of local election disruptions on Friday...
Tyler Durden
Fri, 03/15/2024 - 18:40
Published:3/15/2024 6:10:45 PM
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[Markets]
TikTok is teaching young people about money. A ban could bring that to an end.
Published:3/15/2024 6:10:45 PM
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[Markets]
Does Big Tech Have The Right Talent To Win Our Confidence With Its AI Creation?
Does Big Tech Have The Right Talent To Win Our Confidence With Its AI Creation?
Authored by Shannon Edwards via The Epoch Times,
The biggest generative AI gaffes of late, including Google Gemini’s text-to-image portrayal of “a Pope” as a woman, our Founding Fathers as Asian and black, and text responses suggesting false equivalencies between high-profile individuals such as Elon Musk and the Nazis, make for click-worthy headlines decrying Big Tech’s “clear bias,” but those don’t even begin to address the larger, and more nuanced, issue at hand.
The reason is that these hiccups resulting from an “over-correction” of Gemini’s output by its maker could be considered, in Silicon Valley parlance, a “feature” and not a “bug” of generative AI. And unless Big Tech rethinks its talent base and what constitutes “fair” and “equitable” in designing the rules around AI, we can only expect the problem to persist, and to be far harder to identify and root out in the future.
It’s important to acknowledge, though, that the development of “rules” in the creation of generative AI is not at its core scandalous, nor a secret. The entire industry, from nascent AI startups to behemoths such as Google, has been open about the more philosophical and nuanced work required to create AI innovation. Often referred to more specifically and functionally as “Responsible AI,” this work determines the “problems” that need to be addressed before the work of machine learning even begins. It’s a process and a competency that is arguably new to all tech companies playing in this space.
For Google, the work to create responsible AI “principles” began years ago, and the heads of this area share the details of their work freely. What we should take note of is that Google has solidified its “AI principles” and began training employees in the concepts as early as 2019. You can even find details about approaches and activities, such as “Moral Imagination workshops,” to see the depths of their commitment to this work. The relevance here, of course, is that Google is not the United Nations, nor even a good representative of the United States. With nearly 190,000 employees worldwide, 75 percent of Google’s employees are estimated to be younger than 30 and are self-reported as about half white and hovering around 33 percent female.
Just the fact that 7 percent of Google’s employers are older than 40 seems an exceptional disconnect when you consider that a large percentage of their demographic also identifies as Democrat, a party steadfast in its defense of President Joe Biden’s age and mental acuity at 81.
You’ll also see stated on page 11 of Google’s recent diversity report that 7 percent of employees are self-identified as “LGBQ+ and/or Trans+,” but nowhere in the 115-page document will you find mention of age or diversity outside of the standard few we’ve come to accept: race, gender, LGBTQ+, and sometimes disability or veteran status. It does raise the question: Whose eyes are we seeing this new world of AI innovation through? And what are the bigger implications for what is fair and “true”?
An even stickier is question whether these companies have the capacity or interest to change. We have all heartily bought into the mythology of the hoodie-wearing tech “bro” made famous by Mark Zuckerberg—and forever embedded in our cultural anthology via the film “The Social Network”—and the rigid framework for hiring that has been a point of pride for Silicon Valley companies for decades now.
Many of us worked within a rigid hiring framework that screens for “approved” schools or includes having employees partake in mental gymnastics no matter the job for which they are being hired. Recently, former Google employee and Silicon Valley marketing veteran Luanne Calvert shared in her TEDx Berlin talk an anecdote about barely “getting through” the hiring process herself. As a graduate of a less-prestigious college, it was only her unique skills and deep marketing experience that allowed her to be categorized as an “exception”—or, as she describes it, “an experiment.”
And although the hiring practices have changed (a bit), as Ms. Calvert notes in her talk and I’ve seen via my former colleagues in Silicon Valley, you won’t find a recruitment push anytime soon for, say, an over-60 conservative. But I hope that what we will find is that without the broadest subset of thinking represented, AI won’t meet its potential; the unpredictability of these tools will continue to foster discussion, and an inability to fully commercialize if the audience is narrow will force a reckoning.
Perhaps, in the end, it will be capitalism that ultimately saves Google from itself.
* * *
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.
Tyler Durden
Fri, 03/15/2024 - 17:00
Published:3/15/2024 4:42:45 PM
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[Markets]
Hertz swaps out its CEO as it looks to revitalize business after failed EV push
Hertz shares have fallen nearly 30% so far this year.
Published:3/15/2024 4:42:45 PM
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[Markets]
Housing market thawing but ‘battle-hardened’ buyers holding back: Redfin CEO
Published:3/15/2024 4:42:45 PM
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[Markets]
$5.3T worth of options expire, stocks under pressure
Yahoo Finance's Madison Mills joins the live show to provide insights into key market developments. A broad market sell-off is unfolding Friday, as options contracts worth $5.3 trillion are set to expire today. This massive options expiration, coupled with the market hitting its March lows, may have contributed to heightened volatility. However, the elevated trading activity has boosted the S&P 500 index (^GSPC) to 40% above it's average level. The Treasury market has also experienced turbulence, with the 10-year yield approaching 2024 highs. This yield movement has captured investors' attention, as they scrutinize its potential implications ahead of the highly anticipated Federal Reserve meeting scheduled for next week. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
Published:3/15/2024 4:14:44 PM
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[Markets]
Prosecutors: Sam Bankman-Fried should get 40 to 50 years in prison
Prosecutors say the massive scale of the cryptocurrency mogul’s crimes calls for a lengthy prison term.
Published:3/15/2024 4:02:45 PM
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[Markets]
Dow Jones Futures: Stock Market Pauses Ahead Of Nvidia, Microsoft AI Events, Fed Meeting
The stock market is pausing heading into the Fed meeting and AI events from Nvidia and Microsoft. Here's what to do now.
Published:3/15/2024 3:54:46 PM
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[Markets]
FTC launches inquiry into Reddit’s AI deals days before IPO
Published:3/15/2024 3:54:46 PM
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[Markets]
GLOBAL MARKETS-Stocks set for weekly fall, dollar climbs as Fed rate cut expected
A gauge of global stocks fell on Friday and was set for a weekly decline that would snap seven straight weekly gains, while the dollar rose and was on track for its strongest week since mid-January, as U.S. inflation data has led to new hopes for interest rate cuts. Markets are pricing in a 59.2% chance for a rate cut of at least 25 basis points (bps) by the Fed in June, down from 59.5% in the prior session and 73.3% a week ago, according to CME's FedWatch Tool. The central bank is widely expected to hold rates steady at its policy meeting next week but investors will be watching the central bank's economic projections, including its interest rate forecast.
Published:3/15/2024 3:40:56 PM
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[Markets]
Taibbi: Why The TikTok Ban Is So Dangerous
Taibbi: Why The TikTok Ban Is So Dangerous
Authored by Matt Taibbi via Racket News,
Did they tell you the part about giving the president sweeping new powers?
It’s funny how things work.
Last year at this time, Americans overwhelmingly supported a ban on TikTok.
Polls showed a 50-22% overall margin in support of a ban and 70-14% among conservatives. But Congress couldn’t get the RESTRICT Act passed.
As the public learned more about provisions in the bill, and particularly since the outbreak of hostilities in Gaza, the legislative plan grew less popular. Polls dropped to 38-27% in favor by December, and they’re at 35-31% against now.
Yet the House just passed the “Protecting Americans from Foreign Adversary Controlled Applications Act” by a ridiculous 352-64 margin, with an even more absurd 50-0 unanimous push from the House Energy and Commerce Committee.
What gives?
As discussed on the new America This Week, passage of the TikTok ban represents a perfect storm of unpleasant political developments, putting congress back fully in line with the national security establishment on speech. After years of public championing of the First Amendment, congressional Republicans have suddenly and dramatically been brought back into the fold. Meanwhile Democrats, who stand to lose a lot from the bill politically — it’s opposed by 73% of TikTok users, precisely the young voters whose defections since October put Joe Biden’s campaign into a tailspin — are spinning passage of the legislation to its base by suggesting it’s not really happening.
“This is not an attempt to ban TikTok, it’s an attempt to make TikTok better,” is how Nancy Pelosi put it. Congress, the theory goes, will force TikTok to divest, some kindly Wall Street consortium will gobble it up (“It’s a great business and I’m going to put together a group to buy TikTok,” Steve Mnuchin told CNBC), and life will go on. All good, right?
Not exactly. The bill passed in the House that’s likely to win the Senate and be swiftly signed into law by the White House’s dynamic Biden hologram is at best tangentially about TikTok.
You’ll find the real issue in the fine print. There, the “technical assistance” the drafters of the bill reportedly received from the White House shines through, Look particularly at the first highlighted portion, and sections (i) and (ii) of (3)B:
As written, any “website, desktop application, mobile application, or augmented or immersive technology application” that is “determined by the President to present a significant threat to the National Security of the United States” is covered.
Currently, the definition of “foreign adversary” includes Russia, Iran, North Korea, and China.
The definition of “controlled,” meanwhile, turns out to be a word salad, applying to:
(A) a foreign person that is domiciled in, is headquartered in, has its principal place of business in, or is organized under the laws of a foreign adversary country;
(B) an entity with respect to which a foreign person or combination of foreign persons described in subparagraph (A) directly or indirectly own at least a 20 percent stake; or
(C) a person subject to the direction or control of a foreign person or entity described in subparagraph (A) or (B).
A “foreign adversary controlled application,” in other words, can be any company founded or run by someone living at the wrong foreign address, or containing a small minority ownership stake. Or it can be any company run by someone “subject to the direction” of either of those entities. Or, it’s anything the president says it is. Vague enough?
As Newsweek reported, the bill was fast-tracked after a secret “intelligence community briefing” of Congress led by the FBI, Department of Justice, and the Office of the Director of National Intelligence (ODNI). The magazine noted that if everything goes as planned, the bill will give Biden the authority to shut down an app used by 150 million Americans just in time for the November elections.
Say you’re a Democrat, however, and that scenario doesn’t worry you. As America This Week co-host Walter Kirn notes, the bill would give a potential future President Donald Trump “unprecedented powers to censor and control the internet.” If that still doesn’t bother you, you’re either not worried about the election, or you’ve been overstating your fear of “dictatorial” Trump.
We have two decades of data showing how national security measures in the 9-11 era evolve. In 2004 the George W. Bush administration defined “enemy combatant” as “an individual who was part of or supporting Taliban or al Qaeda forces, or associated forces that are engaged in hostilities against the United States.” Yet in oral arguments of Rosul et al v Bush later that year, the government conceded an enemy combatant could be a “little old lady in Switzerland” who “wrote a check” to what she thought was an orphanage.
Eventually, every element of the requirement that an enemy combatant be connected to “hostilities against the United States” was dropped, including the United States part. Though Barack Obama eliminated the term “enemy combatant” in 2009, the government retained (and retains) a claim of authority to do basically whatever it wants, when it comes to capturing and detaining people deemed national security threats. You can expect a similar progression with speech controls.
Just ahead of Monday’s oral arguments in Murtha v. Missouri, formerly Missouri v. Biden — the case so many of us hoped would see the First Amendment reinvigorated by the Supreme Court — this TikTok bill has allowed the intelligence community to re-capture the legislative branch. Just a few principled speech defenders are left now. Fifty Democrats voted against the bill, which is heartening, although virtually none argued against it on First Amendment grounds, whis is infurating. Pramila Jayapal had a typical take, saying the ban would “harm users who rely on TikTok for their livelihoods, many of whom are people of color.”
Contrast that with Kentucky Senator Rand Paul, who went after members of his own party, singling out Republicans encouraging a governmental power grab after years of fighting big tech abuses not just at TikTok but other platforms. These people claim to be horrified, he said, but actions speak louder than words.
“Look at their legislative proposals,” he said, noting many want to “set up government agencies and panels” on speech, effectively saying “If you’re not putting enough conservatives on there, by golly we’re going to have a government commission that’s going to determine what kind of content gets on there.”
These, he said, are “scary ideas.”
He’s right, and shame on papers like the New York Post that are going after Paul for having donors connected to TikTok. Paul has been consistent in his defense of speech throughout his career, so the idea that his opinion on this matter is bought is ludicrous. It’s a relief to be able to expect at least some adherence to principle on this topic from him or fellow Kentuckian Thomas Massie, just as we once could expect it from Democrats like Paul Wellstone or Dennis Kucinich.
I don’t often do this, but as Walter pointed out in today’s podcast, this bill is so dangerous, the moment so suddenly and unexpectedly grave, that we both recommend anyone who can find the time to call or write their Senators to express opposition to any coming Senate vote. It might help. Yes, collection of personal information and content manipulation by the Chinese government (or Russia’s, or ours) are serious problems, but the wider view is the speech emergency. As the cliché goes, forget the furniture. The house is on fire. Let’s hope we’re not too late.
Subscribe to Matt Taibbi's Racket News substack here...
Tyler Durden
Fri, 03/15/2024 - 16:20
Published:3/15/2024 3:33:46 PM
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[Markets]
Stocks end week lower after batch of inflation prints
The three major market indices (^DJI, ^IXIC, ^GSPC) close Friday’s session lower, all three falling into the red for the trading week. Yahoo Finance Live co-host Julie Hyman assesses movements in Treasury yields (^TYX, ^TNX, ^FVX) and Magnificent Seven tech trades. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.
Published:3/15/2024 3:18:26 PM
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[Markets]
Tech-stock skid Friday put U.S. equity indexes on path to weekly declines
Published:3/15/2024 3:11:39 PM
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[Markets]
Stock market today: Stocks slip for a second week as inflation data clouds rate-cut bets
Investors are weighing whether two big hot inflation prints will prompt a Fed rethink on rate cuts as its March policy meeting looms.
Published:3/15/2024 3:11:38 PM
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[Markets]
Stocks Fall As Nvidia Reverses Higher; Nasdaq Hasn't Done This Since October
Stocks fell in afternoon trades Friday. Adobe fell on earnings while Nvidia rose ahead of its AI event.
Published:3/15/2024 2:39:50 PM
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[Markets]
Fisker Shares Surge On Talks With Large Automaker Following Bankruptcy Fears
Fisker Shares Surge On Talks With Large Automaker Following Bankruptcy Fears
Troubled EV maker Fisker saw its shares in New York implode on Thursday after The Wall Street Journal reported it had hired restructuring advisors to assist with a possible bankruptcy filing.
Late Thursday, Fisker executives said in a statement that the company does not generally comment on "market rumors and speculation." However, they noted that the company "often" works with third-party advisers to manage the business and assist in developing and executing strategies.
"Fisker is focused on raising additional capital and engaging in a strategic partnership with a large automaker," the EV maker said.
Fisker shares were halved on Thursday after the WSJ report. In a roller coaster move, shares jumped 31% in premarket trading on news of potential strategic partnerships.
Fisker's float is 25% short...
Last month, Fisker warned its cash reserves would be depleted later this year, issuing a "going concern" notice. Fisker recently delayed full 2023 financial results, saying it lacked sufficient accountants.
Equity analyst Adam Jonas at Morgan Stanley is becoming increasingly correct following his recent note titled "Can EV Slowdown Trigger Auto M&A Wave?"
"EV sentiment is extremely negative... and will eventually deteriorate further, in our view. Legacy OEMs must find a way to balance EV relevancy with capital discipline. Full OEM mergers are complex, politically sensitive and tough to execute. Could 'merging' EV projects be more reasonable?" Jonas wrote in a note to clients last month.
Could Rivian be the next M&A target?
Tyler Durden
Fri, 03/15/2024 - 15:05
Published:3/15/2024 2:25:53 PM
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[Markets]
Helium has been in rally mode. Why investors should be paying closer attention.
Published:3/15/2024 2:25:53 PM
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[Markets]
Good news: Car prices are falling. Bad news: It’s a terrible time to trade in your car. Here’s why.
This spring and summer “will probably be the best time to buy a car in the last few years,” says one expert — but people who bought during the pandemic will lose more money on trade-ins.
Published:3/15/2024 2:18:03 PM
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[Markets]
Considering a bitcoin ETF? Three factors to consider.
Published:3/15/2024 2:03:22 PM
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[Markets]
Adobe’s stock is having its worst day in 18 months
Published:3/15/2024 1:34:17 PM
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[Markets]
Stocks Fall As Adobe Plunges; Nvidia Reverses Higher Ahead Of Key AI Event
Stocks fell in afternoon trades Friday. Adobe fell on earnings while Nvidia rose ahead of its AI event.
Published:3/15/2024 1:27:23 PM
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[Markets]
Consequences Minus Truth
Consequences Minus Truth
Authored by James Howard Kunstler via Kunstler.com,
“People crave trust in others, because God is found there.”
- Dom de Bailleul
The rewards of civilization have come to seem rather trashy in these bleak days of late empire; so, why even bother pretending to be civilized? This appears to be the ethos driving our politics and culture now. But driving us where? Why, to a spectacular sort of crack-up, and at warp speed, compared to the more leisurely breakdown of past societies that arrived at a similar inflection point where Murphy’s Law replaced the rule of law.
The US Military Academy at West point decided to “upgrade” its mission statement this week by deleting the phrase Duty, Honor, Country that summarized its essential moral orientation. They replaced it with an oblique reference to “Army Values,” without spelling out what these values are, exactly, which could range from “embrace the suck” to “charlie foxtrot” to “FUBAR” — all neatly applicable to our country’s current state of perplexity and dread.
Are you feeling more confident that the US military can competently defend our country? Probably more like the opposite, because the manipulation of language is being used deliberately to turn our country inside-out and upside-down. At this point we probably could not successfully pacify a Caribbean island if we had to, and you’ve got to wonder what might happen if we have to contend with countless hostile subversive cadres who have slipped across the border with the estimated nine-million others ushered in by the government’s welcome wagon.
Momentous events await. This Monday, the Supreme Court will entertain oral arguments on the case Missouri, et al. v. Joseph R. Biden, Jr., et al. The integrity of the First Amendment hinges on the decision. Do we have freedom of speech as set forth in the Constitution? Or is it conditional on how government officials feel about some set of circumstances? At issue specifically is the government’s conduct in coercing social media companies to censor opinion in order to suppress so-called “vaccine hesitancy” and to manipulate public debate in the 2020 election. Government lawyers have argued that they were merely “communicating” with Twitter, Facebook, Google, and others about “public health disinformation and election conspiracies.”
You can reasonably suppose that this was our government’s effort to disable the truth, especially as it conflicted with its own policy and activities — from supporting BLM riots to enabling election fraud to mandating dubious vaccines. Former employees of the FBI and the CIA were directly implanted in social media companies to oversee the carrying-out of censorship orders from their old headquarters. The former general counsel (top lawyer) for the FBI, James Baker, slid unnoticed into the general counsel seat at Twitter until Elon Musk bought the company late in 2022 and flushed him out. The so-called Twitter Files uncovered by indy reporters Matt Taibbi, Michael Shellenberger, and others, produced reams of emails from FBI officials nagging Twitter execs to de-platform people and bury their dissent. You can be sure these were threats, not mere suggestions.
One of the plaintiffs joined to Missouri v. Biden is Dr. Martin Kulldorff, a biostatistician and professor at the Harvard Medical School, who opposed Covid-19 lockdowns and vaccine mandates. He was one of the authors of the open letter called The Great Barrington Declaration (October, 2020) that articulated informed medical dissent for a bamboozled public. He was fired from his job at Harvard just this past week for continuing his refusal to take the vaccine. Harvard remains among a handful of institutions that still require it, despite massive evidence that it is ineffective and hazardous. Like West Point, maybe Harvard should ditch its motto, Veritas, Latin for “truth.”
A society hostile to truth can’t possibly remain civilized, because it will also be hostile to reality. That appears to be the disposition of the people running things in the USA these days. The problem, of course, is that this is not a reality-optional world, despite the wishes of many Americans (and other peoples of Western Civ) who wish it would be.
Next up for us will be “Joe Biden’s” attempt to complete the bankruptcy of our country with $7.3-trillion proposed budget, 20 percent over the previous years spending, based on a $5-billion tax increase. Good luck making that work. New York City alone is faced with paying $387 a day for food and shelter for each of an estimated 64,800 illegal immigrants, which amounts to $9.15-billion a year. The money doesn’t exist, of course. New York can thank “Joe Biden’s” executive agencies for sticking them with this unbearable burden. It will be the end of New York City. There will be no money left for public services or cultural institutions. That’s the reality and that’s the truth.
A financial crack-up is probably the only thing short of all-out war that will get the public’s attention at this point. I wouldn’t be at all surprised if it happened next week. Historians of the future, stir-frying crickets and fiddleheads over their campfires will marvel at America’s terminal act of gluttony: managing to eat itself alive.
* * *
Support his blog by visiting Jim’s Patreon Page or Substack
Tyler Durden
Fri, 03/15/2024 - 14:05
Published:3/15/2024 1:13:00 PM
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[Markets]
Baby formula lawsuit wipes £7bn off FTSE 100 giant
Consumer goods giant Reckitt has suffered a £7bn share price slump after it lost a US legal case claiming its baby formula contributed to the death of a premature child.
Published:3/15/2024 1:13:00 PM
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[Markets]
N.Y. and L.A. areas are still shedding population. But there’s a silver lining.
Published:3/15/2024 1:13:00 PM
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[Markets]
GLOBAL MARKETS-Stocks set for weekly fall while dollar gains on Fed cut expectations
A gauge of global stocks was set to snap a seven-week streak of gains on Friday, while the dollar was on track for its strongest week since mid-January, as recent U.S. inflation data has fueled a reassessment for the path of interest rates. Equities have struggled for upward momentum this week, after readings on U.S. consumer prices and producer prices indicated inflation remains sticky, dampening expectations the U.S. Federal Reserve will cut rates by its June meeting. Markets are pricing in a 59.2% chance for a rate cut of at least 25 basis points (bps) by the Fed in June, down from 59.5% in the prior session and 73.3% a week ago, according to CME's FedWatch Tool.
Published:3/15/2024 1:05:13 PM
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[Markets]
Why Bank of Japan may shake up financial markets before Fed’s next interest-rate decision
Japan — the world’s last bastion of negative interest rates — appears ready to tighten its monetary policy as early as next Tuesday, raising the potential for a mild to more forceful reaction in financial markets a day ahead of the Federal Reserve’s own policy announcement.
Published:3/15/2024 12:50:48 PM
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[Markets]
U.S. consumer mood got a bit less cheery this month, says Univ. of Michigan
Published:3/15/2024 12:43:08 PM
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[Markets]
Dow Down More Than 200 Points on Microsoft, Tech Slump
Stocks saw further pressure by noon on Friday, as technology shares sold off ahead of Next week's Federal Reserve meeting. The Dow Jones Industrial Average was down 225 points or 0.6%. Top laggards include Microsoft’s stock, down 2.
Published:3/15/2024 12:36:08 PM
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[Markets]
Watch: Joe Rogan Mocks Neil Young Over 'Return' To Spotify
Watch: Joe Rogan Mocks Neil Young Over 'Return' To Spotify
Authored by Steve Watson via Modernity.news,
Podcast King Joe Rogan took a swipe at Rock Grandpa Neil Young Thursday after Young announced earlier this week that he was returning his music to Spotify following a two year hiatus in protest of ‘COVID disinformation’ on Rogan’s output.
Here’s the backstory if you’re unfamiliar:
Young, who reportedly took a 60% revenue hit from the move, while Spotify did not, initially published a post on his website Tuesday begrudgingly announcing he was returning to the ‘Low Res’ platform.
Rather than admit he may have been wrong, or that he can’t realistically stay off the world’s biggest music platform, Young claimed that because all the other platforms like Apple and Amazon also allow content from Joe Rogan and other so called ‘disinformation’ peddlers, he may as well just go back on Spotify.
Rogan addressed Young’s actions during a conversation about COVID vaccines, stating “By the way, Neil Young came back to Spotify. Congratulations, Neil.”
Rogan added, “His excuse was he said that because all of the platforms are now allowing my disinformation, he should just go back on Spotify too.”
“Great to know you got some ethics,” Rogan added, in an open swipe at the Canadian rocker.
Watch:
News articles have surfaced in their thousands about how Young is returning to Spotify, and many on social media have labeled him a hypocrite or worse.
Now, Young has deleted the initial announcement post from his website, and his music has still not appeared on Spotify, indicating that he has changed his mind again.
When previously asked by a fan in a letter (below) if he would ever go back to Spotify, Young responded “Why would I? It sounds like shit.”
Young also revealed that he asked Spotify to put disclaimers on Rogan’s content, but they initially refused to do so. Then he advised that such warnings could be difficult to find and follow.
Spotify did put disclaimers on Rogan’s content after the furore, but they do not appear to be doing it anymore.
* * *
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
Tyler Durden
Fri, 03/15/2024 - 13:10
Published:3/15/2024 12:28:34 PM
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[Markets]
Consumer sentiment data: Past rate increases may test resilience
As uncertainty looms over potential Federal Reserve rate cuts, investors are closely monitoring the impact on consumers. US Bank's Senior Vice President and Head of the Public Markets Group Lisa Erickson joins Yahoo Finance Live to discuss consumer resilience amid ongoing economic challenges. Erickson emphasizes the resilience exhibited by consumers thus far, but she notes that investors question how long it can be maintained. She acknowledges that consumers have done "quite an amazing job" in navigating the uncertainties surrounding inflation, with lower-income consumers "starting to show some signs of strength." Erickson underscores the need to see "greater evidence" of inflation cooling before considering rate cuts, stating that the inflation reports "are important." However, she notes that the hotter-than-expected prints indicate that the disinflationary trend has not yet "passed us," suggesting that more time and data are needed to assess the trajectory of inflation. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
Published:3/15/2024 11:38:43 AM
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[Markets]
Oil Set For Strong Weekly Gains On Demand Revisions As Gas Price Surge To Accelerate
Oil Set For Strong Weekly Gains On Demand Revisions As Gas Price Surge To Accelerate
Crude oil prices were set for a weekly gain of about 4% after the International Energy Agency became the latest forecaster to suggest oil demand might turn out to be stronger than previously expected this year.
The IEA said Thursday that it now expects oil demand this year to grow by 1.3 million bpd, up from 1.2 million bpd last month. The agency cited maritime transport disruptions due to the Houthi attacks in the Red Sea that are adding demand for fuels.
The IEA also revised its supply forecast, but downwards, according to Irina Slav of OilPrice. It now expects additional supply this year at 800,000 bpd. As a result, the forecast, which last month said the oil market would.
The agency noted, however, that lukewarm economic growth would continue to act as a headwind for prices even as other agencies such as the IMF revised their global GDP growth outlook upwards.
A series of fresh drone attacks by Ukraine on Russian refineries also contributed to the price rally this week, especially after the energy ministry said these attacks had led to a 1.5% decline in fuel exports in February. There were drone attacks on refineries in Russia last month as well.
The latest weekly inventory figures from the United States were also bullish for prices, featuring sizeable drawdowns in fuel inventories that suggested stronger demand.
"Demand is staying high, while supplies are getting tighter, particularly on the fuel side. The refining margins are also very strong and a positive for crude demand," Reuters quoted BOK Financial senior VP of trading Dennis Kissler as saying.
As a result of the rally, which brought Brent crude to over $85 per barrel on Thursday, traders started taking profits, eventually bringing prices lower. Even so, the international benchmark was trading above $85 per barrel in midmorning trade in Asia today. West Texas Intermediate crossed the $80 threshold earlier in the week and was trading at over $81 per barrel in mid-morning trade in Asia.
Meanwhile, gasoline is now trading at $3.44, the highest price since Octover and effectively unchanged on the year, and in the a ominous development for the Biden admin, wholesale gasoline prices suggest a big jump in retail gasoline is imminent.
Tyler Durden
Fri, 03/15/2024 - 12:10
Published:3/15/2024 11:31:50 AM
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[Markets]
US STOCKS-Wall St slides as inflation woes dampen rate-cut bets
Wall Street's main stock indexes fell on Friday, with the tech-heavy Nasdaq leading losses on worries that hotter-than-expected inflation figures could sully hopes of an early start to the Federal Reserve's rate-easing cycle. Overall, Wall Street's AI-driven rally has stalled, as chip stocks lose some steam and recent data pointed to sticky inflation. The tech-laden Nasdaq was on track to ending its second straight week lower.
Published:3/15/2024 11:17:35 AM
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[Markets]
Realtors settlement expected to lower housing prices
What you need to know about the National Association of Realtors settlement.
Published:3/15/2024 11:10:16 AM
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[Markets]
The dark side of high-yield savings accounts
Savings yields soared in 2023—and all that interest income is now showing up on people’s tax returns.
Published:3/15/2024 10:48:21 AM
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[Markets]
Nearly 1 in 3 Americans has no retirement savings at all, survey concludes
Published:3/15/2024 10:40:58 AM
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[Markets]
GLOBAL MARKETS-Stocks set for weekly decline on Fed cut expectations
A gauge of global stocks was poised to snap a seven-week streak of gains on Friday, while the dollar was on track for its strongest week since mid-January, as recent U.S. inflation data has led to a reassessment for the path of interest rates. Equities have struggled for upward momentum this week, after readings on U.S. consumer prices and producer prices indicated inflation remains sticky, dampening expectations the U.S. Federal Reserve will cut rates by its June meeting.
Published:3/15/2024 10:18:59 AM
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[Markets]
New York City and Los Angeles continued to lose residents last year — but it’s not all bad news
Big American cities are still losing people, long after the pandemic first drove people out of urban centers, according to new U.S. Census Bureau data. But one expert says the figures actually reveal a positive trend.
Published:3/15/2024 10:18:59 AM
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[Markets]
Realtor association agrees to change commission structure to settle lawsuit
The proposed agreement with the National Association of Realtors could dramatically change how much consumers pay during real estate transactions.
Published:3/15/2024 9:49:15 AM
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[Markets]
Realtors trade group agrees to cut commissions to settle lawsuits
Published:3/15/2024 9:49:15 AM
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[Markets]
Zick Zack TikTok
Zick Zack TikTok
By Bas van Geffen of Rabobank
In the original song, Rammstein sings about the passing of time, ‘Tick tack’, and fighting ageing with plastic surgery, ‘Zick zack’. However, with some new lyrics the key theme of the song perfectly encapsulates recent news. TikTok, time’s ticking. Snip, snip, the US government forces ByteDance to cut the social network up and divest the US part. If they don’t, the company faces a nationwide ban.
The House of Representatives passed the bill earlier this week; when the Senate will take a vote is yet unknown. Nonetheless, several tech companies are already said to be lining up for the US part of TikTok, and former Treasury Secretary Mnuchin has now also expressed his interest.
This seems to make for a great business model. Here’s the general idea:
- Take any (successful) foreign company that could remotely pose a national security risk.
- Force the company to divest the part of the firm that operates in the US, or threaten to ban it.
- Set up a SPAC that can acquire said divestment.
- Repeat.
This may sound like a bad joke. But if you think about it, China has been doing something similar for decades. Foreign companies that want access to the vast Chinese market are often forced to set up joint ventures with local firms, transferring technological know-how in the process. So why wouldn’t the US, or indeed the West more broadly, do something similar?
So far, the West has focused more on incentives, such as the CHIPS act in the US and the Chips Act in the European Union, to bring more critical production processes back home. But, as the TikTok bill illustrates, the clearer the (perceived) security risk, the bigger the urgency to use other means. Algorithms and social media tick two important boxes. That, however, can easily become a sliding scale.
Time’s also ticking down for negative interest rates policy in Japan. And probably a bit faster after today. Rengo, a federation of labour market unions, announced that it’s members have secured annual pay increases of 5.28% so far. That’s a significant increase from 3.8% last year, and the highest rate in more than three decades.
Japan’s central bankers have tied the timing of a policy change to wage developments, with markets split between a move this month or in April. Today’s wage data will probably be the final push that policymakers needed to vote in favor of a rate hike at next week’s meeting already. Such move couldn’t be more symbolic – the world is now really leaving behind the “low rates forever” era.
That said, we expect the Bank of Japan to remain cautious when it starts removing some of its policy accommodation. Subsequent tightening will probably only come gradually. Jane Foley, our Head of FX Strategy, notes that such cautious rhetoric could still expose JPY to ‘sell the news’ risk, even if the bank announces a rate hike on Tuesday. Over the months ahead we expect downside in USD/JPY to be moderate. We have 140 as a our 12 month target.
Tyler Durden
Fri, 03/15/2024 - 10:30
Published:3/15/2024 9:42:11 AM
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[Markets]
Realtor group agrees to cut commissions to settle lawsuits, in a move that could reshape home sales
The powerful National Association of Realtors has agreed to eliminate rules on commissions to settle lawsuits and to pay $418 million in damages.
Published:3/15/2024 9:42:11 AM
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[Markets]
Impact of no Fed rate cuts: Growth stocks, small-caps at risk
As markets weigh economic data to gauge whether the Federal Reserve will proceed with rate cuts in 2024, Envestnet PMC Co-CIO Dana D'Auria joins Yahoo Finance Live to share why she believes rate cuts may not materialize this year. D'Auria notes that markets are grappling with "the fact that there's probably not going to be a rate cut as quickly as they hoped." She points out that the initial expectations of six rate cuts at the beginning of the year "didn't really make sense" given the market conditions at the time. D'Auria emphasizes that little has changed in the current market landscape, which she says has "plateaued." With no compelling data to support a rate cut, D'Auria questions, "why would the Fed be cutting rates anytime soon?" Addressing the potential implications of a no-rate-cut scenario, D'Auria explains that growth stocks and small-cap stocks could be impacted. However, she acknowledges that "markets price things in very fast," suggesting that small-caps could potentially perform well, although only time will tell. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Angel Smith
Published:3/15/2024 9:42:11 AM
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[Markets]
US STOCKS-Wall Street slips as inflationary jitters persist
Wall Street's main stock indexes dipped on Friday on worries that sticky inflation could impact the timing of the first interest-rate cuts by the Federal Reserve, roiling rate-sensitive stocks ahead of the central bank's meeting next week. Traders reined in bets of a June rate cut by the Fed to about 57% from 73% last week, according to the CME FedWatch Tool. All eyes are now on next week's Federal Reserve meeting for possible clues on the timing of the central bank's rate-easing cycle.
Published:3/15/2024 9:26:23 AM
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[Markets]
Nasdaq running risk of first back-to-back weekly declines since October
Published:3/15/2024 9:26:23 AM
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[Markets]
Dow Jones Falls 150 Points After Economic Data; Cathie Wood Loads Up On Tesla Stock
Stock Market Today: The Dow Jones fell on economic data Friday, Adobe plunged on earnings. Cathie Wood loaded up on Tesla stock.
Published:3/15/2024 9:04:35 AM
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[Markets]
Markets, tech leaders kick off Friday in the red
US stocks (^DJI, ^IXIC, ^GSPC) open lower Friday morning, dipping into the red to start the trading session. Yahoo Finance Live anchors Seana Smith and Brad Smith report on the market and sector action following the opening bell, including Nasdaq 100 (^NDX) tech leaders. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.
Published:3/15/2024 8:57:02 AM
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[Markets]
U.S. industrial production edged higher in February after sharp January decline
Published:3/15/2024 8:49:34 AM
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[Markets]
Inflation data shows that the Fed's battle is not yet over
Investors are gearing up for the Federal Reserve to start rolling out interest rate cuts starting in June. The array of economic data and inflation prints coming out of February may show a conflicting narrative on whether the Fed is ready to initiate rate cuts. On top of all of this, markets try to make sense of the tech trade in early 2024. Innovator Capital Management Head of Research & Investment Strategy Tim Urbanowicz joins Yahoo Finance to discuss the Fed's inflation outlook on recent data — "That is not something that shows me this battle is over and it's done" — and how AI hype could be raising the odds of entering into an "irrational" tech market. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Luke Carberry Mogan.
Published:3/15/2024 8:42:06 AM
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[Markets]
Dow Jones Falls As Adobe Dives 14% On Earnings; Cathie Wood Loads Up On Tesla Stock
Stock Market Today: The Dow Jones fell Friday, as software giant Adobe plunged on earnings. Cathie Wood loaded up on Tesla stock.
Published:3/15/2024 8:34:50 AM
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[Markets]
D.A. Willis can stay on Trump election case in Georgia if prosecutor departs
Published:3/15/2024 8:27:37 AM
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[Markets]
Boeing Whistleblower: "If Anything Happens to Me, It's Not Suicide"
Boeing Whistleblower: "If Anything Happens to Me, It's Not Suicide"
Authored by Paul Joseph Watson via Modernity.news,
The Boeing whistleblower who supposedly killed himself reportedly told a close family friend not to believe it if it was announced he had committed suicide.
62-year-old John Barnett died of a self-inflicted gunshot wound, the Charleston County coroner’s office in South Carolina said earlier this week.
Barnett had previously raised concerns about the company’s production issues having worked for the company for 32 years before leaving in 2017.
According to his attorneys, Barnett had “exposed very serious safety problems with the Boeing 787 Dreamliner and was retaliated against and subjected to a hostile work environment” and was in the middle of a legal deposition against Boeing.
“He was in very good spirits and really looking forward to putting this phase of his life behind him and moving on. We didn’t see any indication he would take his own life. No one can believe it,” said the attorneys.
It now turns out Barnett was telling close friends not to believe it if he supposedly committed suicide.
After family friend Jennifer asked Barnett if he was concerned for his safety, the former quality manager was emphatic.
“Aren’t you scared?” asked Jennifer. “And he said, ‘No, I ain’t scared, but if anything happens to me, it’s not suicide.'”
“I know that he did not commit suicide. There’s no way. He loved life too much. He loved his family too much. He loved his brothers too much to put them through what they’re going through right now,” she added.
According to the family friend, somebody, presumably representing Boeing, “didn’t like what he had to say” and wanted to “shut him up” without it coming back to anyone.
“That’s why they made it look like a suicide,” Jennifer said, who last saw the whistleblower in late February.
Barnett’s attorneys said they’re still prepared to go forward with the case in June.
* * *
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Tyler Durden
Fri, 03/15/2024 - 09:00
Published:3/15/2024 8:20:16 AM
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[Markets]
Snowflake’s stock draws upgrade after steep decline, but it’s hardly effusive
A Guggenheim analyst still sees
a “mountain of challenges” but says Snowflake’s full-year forecast looks beatable.
Published:3/15/2024 7:48:57 AM
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[Markets]
Manufacturing activity falls significantly in New York in March
The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, fell 18.5 points in March to negative 20.9, the regional bank said Friday.
Published:3/15/2024 7:33:51 AM
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[Markets]
New York Fed’s regional manufacturing gauge shows March fall-off
Published:3/15/2024 7:33:51 AM
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