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

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www.nbcnews.com

High prices grip U.S. economy as September inflation rate hits 8.2%

High prices remain top of mind for many Americans in the last quarter of a year marked by across-the-board volatility in food, gasoline and energy costs.
www.nbcnews.com www.nbcnews.com

"Food costs also reflect higher energy costs, he said, and while gas price declines in September likely affected the headline inflation reading, Adams notes pump prices have already begun to climb back up amid higher demand. Additionally, OPEC+ announced last week it would cut oil production by 2 million barrels per day, which sent crude oil prices to nearly $98 Friday."

www.bnnbloomberg.ca

Core U.S. inflation rises to 40-year high, securing big Fed hike - BNN Bloomberg

A closely watched measure of U.S. consumer prices rose by more than forecast to a 40-year high in September, pressuring the Federal Reserve to raise interest rates even more aggressively to stamp out persistent inflation.
www.bnnbloomberg.ca www.bnnbloomberg.ca

"A closely watched measure of U.S. consumer prices rose by more than forecast to a 40-year high in September, pressuring the Federal Reserve to raise interest rates even more aggressively to stamp out persistent inflation.

The core consumer price index, which excludes food and energy, increased 6.6 per cent from a year ago, the highest level since 1982, Labor Department data showed Thursday. From a month earlier, the core CPI climbed 0.6 per cent for a second month."

Oil and gas down but already going back up. Food is high. The red is at a 40 year high.

Could you afford more under the previous guy? Were you better off financially under the previous guy?
 
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www.bbc.com

HSBC climate change adverts banned by UK watchdog

The regulator said the bank "omitted significant information" about its contribution to harmful emissions.
www.bbc.com

"It marks the ASA's first action against a bank for so-called 'greenwashing' .

Greenwashing - branding something as eco-friendly, green or sustainable when this is not the case - misleads consumers into thinking they are helping the planet by choosing those goods or services.

The adverts were seen at bus stops in London and Bristol last October, in the lead up to the highly-anticipated United Nations COP26 climate change summit.

The posters outlined HSBC's efforts to plant trees and help its customers achieve 'net zero' emissions. Net zero means not adding to greenhouse gases already in the atmosphere by cutting and trying to balance out emissions.

Meanwhile, a senior HSBC executive drew controversy in May when he accused central bankers and other officials of exaggerating the risks of climate change.

Stuart Kirk, who was the global head of responsible investing at the bank's asset management division, said: 'There's always some nut job telling me about the end of the world.'"

I knew converting my money into crypto wouldn't help. They might want to adjust the constant lights and television screens in their new headquarters across the street from me.
 
Grand Potentate

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www.nbcnews.com

Bedeviled by high inflation, Federal Reserve hikes interest rate by 0.75% again

The central bank hopes to curb spending, investment and borrowing in order to cool off further price increases.
www.nbcnews.com www.nbcnews.com

"[Larry] Summers predicted unemployment would have to rise above 4.4% to get inflation under control. The U.S. unemployment rate currently stands at 3.5%."

Let's get that interest rate back to double digits.
 
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www.bbc.com

US jobs growth solid but slowing amid inflation fight

The news comes as the economy remains a top concern for voters ahead of the midterm elections.
www.bbc.com

"Employers added 261,000 jobs in October, while the unemployment rate rose slightly to 3.7%, the US Labor Department said on Friday."

According to Larry Summers we should be cheering for unemployment to go up to 4.4% because that's how inflation will be tamed.
 
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www.bbc.com

Disney says streaming business at 'turning point'

The company has more than 235 million subscriptions across its three streaming platforms, including Disney+.
www.bbc.com

"Quest for subscribers comes at a cost and success is not guaranteed,"

"The media giant said it had added more than 12 million subscribers to its Disney+ streaming platform in the three months ended in September.

But the unit lost nearly $1.5bn - a hit that weighed on the company's overall bottom line."
 
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www.bbc.com

Facebook-owner Meta to cut 13% of its workforce

Chief executive Mark Zuckerberg said it was one of the most difficult changes in Meta's history.
www.bbc.com

"US employees will receive redundancy payments worth 16 weeks pay plus a week for every year worked. Additional benefits will also include continuing to provide family health insurance for six months."
 
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Grand Potentate said:

The Bank of Canada is warning Canadians to brace for a rough winter​

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Central banks making things worse in hopes of making them better down the road​

Click to expand...

I read that. He is following the Fed chain of thought.

Employers need to stop caving in and giving larger than 2 or 3 percent wage increases because workers are moaning about cost of living. Higher wages are inflationary since people can buy up things.

The second thought is there is too much employment and that needs to be curbed.

Never have I thought central bankers would be cheering for stagnant wages and unemployment to rise.
 
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Bank of Canada raises rate again to 4.25% — but opens door to staying there

"On the advice of her mortgage broker and others, she opted for a variable rate loan.

Her initial rate was 1.92 per cent, which resulted in a monthly payment well within her family budget. But rates have skyrocketed to more than five per cent since then, causing her mortgage payment to balloon to the point where it gobbles up every spare cent the family has, she said — and then some.

'My kids don't have any extracurriculars because I can't afford it," she said. "Every single penny is going toward the mortgage.'"

If you can only afford payments at a 1.92 percent variable mortgage, maybe you shouldn't be a homeowner.

"While she's glad to have a home for her children, she's angry that the bank seems committed to raising rates and punishing families like hers, despite the bank's infamous 2020 pledge that 'interest rates are going to be low for a long time.'"

Mortgages like other bank products are a business. It's not a non-profit firm acting as a safety net for society. Profit is a motive...unfortunately on the backs of people like you.
 
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ter1413 said:
Gonna catch this later:

www.nytimes.com

Watch a Live Interview With Sam Bankman-Fried

Andrew Ross Sorkin of The New York Times will do a live interview today with Mr. Bankman-Fried, the former chief executive of the failed crypto exchange FTX.
www.nytimes.com www.nytimes.com
Click to expand...

Are they going to go after his parents and others who benefitted from what effectively looks like a ponzi scheme?

It's a bit early for him to try to rehabilitate his image but maybe this is what his lawyers are advising. Adam Neumann from WeWork did it better but he was less heinous.
 
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www.nbcnews.com

Britain's deepening hunger crisis leaves millions resorting to desperate measures

NBC News spent a week in the seaside town of Morecambe, speaking with dozens of people about the real costs of this story of Western poverty.
www.nbcnews.com www.nbcnews.com

"Britain is the world’s sixth-largest economy, a top-tier industrialized power that still sees itself as a cradle of the postwar welfare state. But its stagnant economy has likely just entered what the Bank of England says could be the longest recession and sharpest drop in living standards on record, and it’s the only G-7 nation whose GDP is still lower than before the pandemic. Britain once compared itself to giants like France and Germany; today many of its metrics more closely resemble Eastern Europe’s weaker economies.

One in 6 British households are on social security checks, and almost a third of British children live in poverty, government figures show. One in 4 are facing financial difficulty or are already mired in it, and almost 1 in 10 have missed paying bills, according to the Financial Conduct Authority regulator."
 
ter1413

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www.dailymail.co.uk

Sam Bankman-Fried is DENIED bail in the Bahamas

Bankman-Fried appeared before a magistrate in Nassau on Tuesday. He was arrested last night at the request of the American authorities and is fighting extradition back to the US.
www.dailymail.co.uk www.dailymail.co.uk



"He is begging for mercy - asking for $250,000 cash bond - and claiming he can't be thrown in jail because he is depressed and follows a vegan diet."
 
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