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

ter1413 said:
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."
Click to expand...

Off to Rikers?
 
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They purchased homes right before the real estate downturn. Now, they're struggling to close

"First-time homebuyer Gurcharan Rehal agreed in October 2021 to pay $1.959 million, plus $90,000 in upgrades, for a single-detached home that would house himself, his wife, their two children and his mother.

'We thought, if we live hand-to-mouth, we can still afford it,' Rehal, an Uber driver who also earns income as a property manager and from a business in India...

An appraisal recently estimated the home's value at $1.7 million — more than $300,000 less than what he agreed to pay for it. On top of that, he says the mortgage rate he was pre-approved for would have required monthly payments of $5,000, but now he's being quoted amounts between $12,000 and $15,000 per month."

He thought driving Uber and having an overseas gig that pays him in rupees would pay a $5000/month mortgage?
 

Recession will hit a third of the world this year, IMF chief warns​

Kristalina Georgieva says next couple of months will be ‘tough for China’ due to spread of Covid
 
www.bbc.com

FTX: Collapsed crypto giant recovers over $5bn of assets

The firm's former chief executive Sam Bankman-Fried is accused of orchestrating an "epic" fraud.
www.bbc.com

"'We have located over 5 billion dollars of cash, liquid cryptocurrency and liquid investment securities,' Andy Dietderich, an attorney for FTX, told US Bankruptcy Judge John Dorsey in Delaware.

Mr Dietderich said that the recovered funds do not include assets seized by the Securities Commission of the Bahamas, where FTX was based and where Mr Bankman-Fried was living at the time of his arrest.

FTX, which a year ago was valued at $32bn, filed for bankruptcy protection on 11 November. It has been estimated that $8bn of customer's funds was missing."

Good thing we were able to find the password to log in to this non descript laptop that was lying around.
 
Grand Potentate said:
Did you read the article?
Click to expand...

Yes. It's a combination of depleting supplies on food banks, people justifying their stealing especially when it comes to some warped sense of economic justice that robbing from the Weston family's grocery chains is a victimless crime because they're rich.

I was doing a photo-op with a food bank director last month and they actually don't want food because you have to have labour to sort and store it - potentially a very long time if you give pasta and the demographic eats lentils and rice. They'd rather have cash so they can buy from grocery stores what their food bank users need.

I don't understand the rage against the Westons. They came over from across the pond in the 19th century and started from scratch so after a few generations later they own a lot of things and one of them even became lieutenant governor. Their company charging $37 for chicken breasts is outrageous but no one is forcing people to buy and only eat chicken breasts. Now there is an argument that they might own too many brands and if you're on lower rung of the economy and your walking/bus radius only takes you to Weston operated grocery stores, then that's the market not diversifying & offering true capitalist competition. That could be addressed.

But these same people stealing groceries are also free loading off public transit. Drivers don't bother to come out of their compartments to confront them. I've seen people blatantly tap a transit card that has been depleted below $0 and not care and continue to ride.

e9199f30-8d1a-11ed-abe6-0fa1460d0e3a
 
www.nbcnews.com

Federal Reserve raises key interest rate 0.25%, signals more hikes likely

While there are some signs inflation is decelerating, officials warn that the Fed isn't likely to back off its rate hikes anytime soon.
www.nbcnews.com www.nbcnews.com

"According to a Bloomberg index, financial conditions in the U.S. have eased to their loosest level since last February, meaning it is becoming easier to borrow money and sell goods again. That's reflected in declining average mortgage rates, which have fallen back to 6.13% after having hit a high of 7.08% in November.

'The Fed is staring down the barrel of an upturn in economic activity,' Neil Dutta, the head of U.S. economics at Renaissance Macro financial group, wrote in a recent note to clients. A 0.25% interest rate hike may end up proving too small, Dutta said — with the risk that the Fed will have to return to a stricter policy later. 'The Fed’s story only works if the economy is slowing down. Sorry, but I don’t see it.'"

More hikes...have to get those borrowing costs up to 10%.
 
www.bbc.com

Shell reports highest profits in 115 years

Critics call for higher taxes on energy firms as Shell reports a record $39.9bn of profit.
www.bbc.com

"[O]n Thursday it said was due to pay $134m in UK windfall tax for 2022, and expected to pay more than $500m in 2023.
...
This may look small compared to its profits but Shell only derives around 5% of its revenue from the UK - the rest is made and taxed in other jurisdictions.

The government's windfall tax only applies to profits made from extracting UK oil and gas. The rate was originally set at 25%, but has now been increased to 35%.

Oil and gas firms also pay 30% corporation tax on their profits as well as a supplementary 10% rate. Along with the new windfall tax, that takes their total tax rate to 75%.

However, companies are able to reduce the amount of tax they pay by factoring in losses or spending on things like decommissioning North Sea oil platforms. It has meant that in recent years, energy giants such as BP and Shell have paid little or no tax in the UK."

What if we increase the tax from 75% to 90%??????
 
www.bbc.com

Jobs growth surges in US despite slowdown fears

The jobless rate fell to its lowest in more than 50 years last month, as employers added 517,000 jobs.
www.bbc.com

"The job gains in January were widespread, led by bars and restaurants, which are continuing to recover from the losses sparked by the pandemic.
Car manufacturers and tech and media firms were among the few industries to report job losses."

Time to start working in a bar...
 
www.bbc.com

Apple sales in biggest fall since 2019

The decline came as people cut back in the face of higher living costs, said Apple's boss.
www.bbc.com

"Sales at the iPhone giant fell 5% in the three months to December compared with the same period in 2021."

"Sales of its popular iPhones were down more than 8%, and sales of Mac computers dropped 29%."

...Watches were very good?
 
www.nbcnews.com

The remote workers have left, but the housing havoc they created remains

Small and midsize rural communities had some of the biggest increases in home prices in the first two years of the pandemic, driven by out-of-town buyers.
www.nbcnews.com www.nbcnews.com

“We definitely still need housing for housekeepers and restaurant workers and river guides, but for the most part, we have a lot of businesses that are starting to figure out housing for them. Our bigger issue is making sure that we have housing for teachers, nurses and firefighters and our essential workforce that we need to run the community.”

Remote working. The bane of everyone's existence.
 
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