Its The Economy, Stupid - Economic & Business News From Around The World

[Fwiffo]

BP sees biggest profit in 14 years as energy bills soar

The firm's profits between April and June more than tripled as oil and gas prices jumped.

www.bbc.com

I expect another media cycle of profiteering off the backs of the common man...

 

[Grand Potentate]

BP sees biggest profit in 14 years as energy bills soar

The firm's profits between April and June more than tripled as oil and gas prices jumped.

www.bbc.com

I expect another media cycle of profiteering off the backs of the common man...

so you mean you expect that companies will be profiting off the backs of the common man and then companies will report on it?

 

[Fwiffo]

so you mean you expect that companies will be profiting off the backs of the common man and then companies will report on it?

I mean the media will moan companies are profiting off the backs of the common man.

 

[Grand Potentate]

I mean the media will moan companies are profiting off the backs of the common man.

so the media will tell us that the sky is still blue.

 

[Fwiffo]

Shell staff get profits bonus as energy bills soar

The oil giant is to give its staff a bonus as households are being hit by soaring energy bills.

www.bbc.com

8% one time bonus! Yeah!

Ukraine war: UN chief Guterres slams oil and gas firms' 'grotesque greed'

UN Secretary General Antonio Guterres says "grotesque greed is punishing the poorest".

www.bbc.com

It's immoral! It's poison!

 

[Fwiffo]

Walmart lays off corporate employees after slashing forecast

Walmart is the largest employer in the country, with nearly 1.6 million workers in the U.S, and is seen as a bellwether for the nation’s economy.

www.nbcnews.com

Why y'all not buying more stuff?

 

[Fwiffo]

Domino’s Pizza Quits Italy After Locals Shun American Pies

Domino’s Pizza Inc.’s footprint in the home of Pizza proved to be short lived with Italians favoring local restaurants over the American version.

www.bloomberg.com

Next up. Let’s open Taco Bell in Mexico.

 

[Fwiffo]

Disney raises streaming prices after services post a big operating loss

Starting Dec. 8 in the U.S., Disney+ with commercials will be $7.99 per month — currently the price of Disney+ without ads.

www.nbcnews.com

Basically no one is making money by creating original content and streaming it for a monthly membership plus catalogue films and shows.

Understandably streaming shows are higher quality than broadcast television now and films are still hit or miss, but the business model to fund the creation of all this (perhaps too abundant) content is flawed.

 

[Grand Potentate]

Cash-strapped Britons give up pets as living costs soar

Stood on her hind legs to greet any prospective owner who might approach her glass-doored kennel, Harriet is a black English cocker spaniel abandoned as a deepening cost-of-living crisis pushes growing numbers of Britons to part with their pets.

www.reuters.com

 

[Fwiffo]

Japan urges its young people to drink more to boost economy

The government's tax agency is encouraging a new generation of alcohol drinkers.

www.bbc.com

Sacrifice your livers and break your sobriety for the sake of our economy.

 

[Grand Potentate]

China and Africa: Strengthening Friendship, Solidarity and Cooperation for a New Era of Common Development

china cancelling loans to 19 african nations

 

[Grand Potentate]

What Soaring Rent Prices Mean for Florida's Working Class

One St. Petersburg woman's struggle to survive the crushing weight of housing inequality.

inthesetimes.com

 

[Grand Potentate]

‘We’re in a housing recession’

The housing market has cooled so much as the Fed withdraws its support for the economy that some analysts say it may be in a slump.

www.politico.com

 

[Fwiffo]

‘We’re in a housing recession’

The housing market has cooled so much as the Fed withdraws its support for the economy that some analysts say it may be in a slump.

www.politico.com

Can't be as bad as The Great Recession unless post coronavirus the Biden administration drives the economy to the ground.

 

[Grand Potentate]

Can't be as bad as The Great Recession unless post coronavirus the Biden administration drives the economy to the ground.

The federal reserve will

 

[Grand Potentate]

Investors Bought a Quarter of Homes Sold Last Year, Driving Up Rents

The issue is especially acute in some Sun Belt states.

www.pewtrusts.org

 

[Fwiffo]

Gas prices soar 26% after Russia keeps key pipeline closed

The continued closure of Nord Stream 1 has added to concerns about energy supplies this winter.

www.bbc.com

Let's set market price caps and nationalize some energy companies!

 

[Grand Potentate]

Gas prices soar 26% after Russia keeps key pipeline closed

The continued closure of Nord Stream 1 has added to concerns about energy supplies this winter.

www.bbc.com

Let's set market price caps and nationalize some energy companies!

Look who’s coming around finally

 

[Fwiffo]

Look who’s coming around finally

It was sarcasm.

 

[Grand Potentate]

It was sarcasm.

so was my post

 

[Grand Potentate]

Landlord directs tenants to food banks following £1,000 rent hike

Lord Benyon's family property firm insists rent rise is "fair considering the rate of inflation".

www.bbc.com

the lord of the manor feels you should seek assistance with the church.

 

[Grand Potentate]

very interesting thread on the nation's strategic oil reserves and how it looks like Biden is goosing oil prices downward with our stockpile and we'll run out in March causing massive inflation.

 

[Grand Potentate]

Subscribe to read | Financial Times

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

www.ft.com

Pound hits 37-year low against dollar as UK recession fears mount​

Sterling briefly dips below $1.14 after retail sales data showed sharpest fall in more than a year

 

[Grand Potentate]

Housing Bubble Woes: Home Builders Cut Prices, Pile on Incentives, amid Plunging Traffic of Buyers, Spiking Cancellations, Holy-Moly Mortgage Rates

To prop up sales, 24% of home builders cut prices, others tried mortgage-rate buydowns or other incentives.

wolfstreet.com

 

[Fwiffo]

Recession: Is the US heading into an 'ugly' downturn?

With stocks tanking and grocery bills high, many Americans feel like the economy is in a recession.

www.bbc.com

"US GDP has fallen for two consecutive quarters - 1.6% during the first quarter of 2022, and 0.6% the next. In most countries, that's a recession. Just not in the US.

The official recession call is made by the Business Cycle Dating Committee - a little-known group of eight economists chosen by the National Bureau of Economic Research, a non-profit organisation. And so far, the committee has refused to use the R word."

It will officially be a recession after both political sides have finished using and abusing the statistics for the midterm election.

 

[Grand Potentate]

Nearly One Third Of Homes In US Purchased By Investors, New Study Reveals - Northwest Public Broadcasting

A recent report by Harvard revealed that yes, investors are buying up homes to make money. Listen (Runtime :59) Read Research from Harvard recently confirmed that investors are buying up homes to make money. Alexander Hermann, one of the lead researchers of the State of the Nation’s Housing...

www.nwpb.org

 

[Grand Potentate]

Beware Italy’s ‘Mafia Entrepreneurs’

Organized crime is expanding its reach by taking control of struggling businesses.

www.bloomberg.com

 

[Fwiffo]

Fed rate hike: US interest rates hit 14-year high in inflation battle

The US unveils another sharp rate rise as it fights to bring soaring prices under control.

www.bbc.com

"But the 30-year-old works in the home loan industry, which has seen business plunge as mortgage rates cross 6% for the first time since 2008.
He said he feared losing his job 'every single day' and was cutting back spending and scrapping holiday plans amid the uncertainty.
'I don't know what 2023 is going to bring,' he said. 'All of that weighs heavily - not just on me, on everybody.'
'I don't know how stalling the economy is helping anyone.'"

For someone who works in the home loan industry, how can he think printing more money and showering the economy with at low interest rate is a long term solution?

 

[Fwiffo]

UK may already be in recession - Bank of England

The warning comes as the Bank raises interest rates to 2.25% - the highest level for 14 years.

www.bbc.com

Oops.

 

[Grand Potentate]

The typical Chinese adult is now richer than the typical European adult, a new wealth report finds

Credit Suisse released its 2021 Global Wealth Report this month, which estimates the wealth of households around the world.

finance.yahoo.com