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☆ Rolls-Royce is growing its factory so it can build cars more slowly
▼ + stars: | 2024-04-28 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

So this factory expansion isn’t about making more cars, but making more expensive cars, which takes more time and requires more space for workshops and storage of exotic materials. The Rolls-Royce Phantom Syntopia's has glass flecks to create sparkling designs. Before that, Rolls-Royce cars were built alongside Bentleys — Rolls-Royce had acquired Bentley in 1931 — at a factory in Crewe, UK. The Phantom Syntopia likely would have cost more than $3 million according to sources, although Rolls-Royce would not confirm an exact price. The Phantom Syntopia has a special Weaving Water design in its Starlight Headliner.

Persons: Royce, “ We’re, ”, Martin Fritsches, “ That’s, Bentleys —, Bentley, Stephan Winkelmann, Javier Gonzalez Lastra, Fritsches, Cullinan Organizations: CNN, BMW, Royce, Bentley, Volkswagen, Lamborghini, Ferrari, ” Lamborghini, Tema Locations: Chichester , England, Crewe, cabinetry

☆ Wrexham secures promotion with magnificent 6-0 victory as Ryan Reynolds hails ‘ride of our lives’
▼ + stars: | 2024-04-14 | by ( Jacob Lev | ) edition.cnn.com time to read: +1 min

CNN —Celebrity owners Ryan Reynolds and Rob McElhenney could not have written a better Hollywood script since taking over Wrexham AFC in February 2021. The Welsh club earned its second consecutive promotion, this time to League One - English football’s third tier – following a 6-0 win over Forest Green Rovers on Saturday at the Racecourse Ground in Wrexham, Wales. With the win, Wrexham trails Stockport by four points for the League Two title, though the league leader has played one game fewer. Wrexham is now two promotions away from the English Premier League, with the Championship – English football’s second tier – the next aim. The Welsh club will look to continue its quest for a League Two championship when it next plays on April 20 against Crewe Alexandra at The Mornflake Stadium in Crewe, England

Persons: Ryan Reynolds, Rob McElhenney, ” Reynolds, “ Congrats, ” McElhenney Organizations: CNN, Wrexham AFC, Welsh, League, Forest Green Rovers, Wrexham, English Premier League, Crewe Alexandra Locations: Wrexham, Wales, Stockport, North Wales, ”, Crewe

☆ The biggest downside to 529 plans is about to go away. Now they’re a ‘no-brainer,’ expert says
▼ + stars: | 2023-09-15 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowThe benefits of a 529 planThese plans have been steadily gaining steam for a number of reasons. A few states also offer additional benefits, such as scholarships or matching grants, to their residents if they invest in their home state's 529 plan. And yet, total investments in 529s fell to $411 billion in 2022, down nearly 15% from $480 billion the year before, according to data from College Savings Plans Network, a network of state-administered college savings programs. Regular contributions to a 529 college savings plan took a back seat to paying more pressing bills or daily expenses. If your student wins a scholarship, you can typically withdraw up to the amount of the scholarship penalty-free.

Persons: Chris Lynch, Marshall Nelson, Lynch, they're Organizations: College Savings Plans Network, TIAA, Crewe Advisors

☆ What’s ahead this week for Wall Street and the economy
▼ + stars: | 2023-07-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

Case Shiller house price index for May and consumer confidence for July from the Conference Board. Earnings reports from AT&T, Boeing, Meta Platforms, Mattel, Stellantis and Chipotle Mexican Grill. Earnings reports from Coca-Cola, Mondelez, Honeywell, Keurig Dr Pepper, Royal Caribbean, Anheuser-Busch Inbev, Southwest Airlines and Hershey. Friday: Personal Consumption Expenditures price index for June, Employment Cost Index for the second quarter and University of Michigan consumer sentiment for July. Earnings reports from Procter & Gamble, Chevron and Exxon Mobil.

Persons: Jerome Powell, David Smith, Powell, Christopher Waller, ”, Dustin Thackeray, Tesla, Chris Isidore, —, Case, Dr Pepper Organizations: CNN Business, Bell, CNN, Fed, Traders, Rockland Trust, Big Tech, Microsoft, Meta, Crewe Advisors, Nasdaq, Netflix, Safety, Health Administration, doesn’t, Biden Administration, Bureau of Labor Statistics —, Ryanair, Federal Reserve, Conference Board, General Motors, Daniels, Midland, Verizon, PacWest, Boeing, Mattel, Honeywell, Anheuser, Busch Inbev, Southwest Airlines, Hershey, University of Michigan, Procter & Gamble, Chevron, Exxon Mobil Locations: Rockland, American, United States, PacWest Bank, Royal Caribbean

☆ Bentley CEO says customization craze among the wealthy is boosting profit
▼ + stars: | 2023-05-18 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

After a record-breaking year in 2022, Bentley Motors reported surging profits in the first quarter due in large part to car customization, CEO Adrian Hallmark said. Bentley reported its best-ever first quarter, with operating profits up 27% to 216 million euros, or about $232 million. The reason: Wealthy buyers are spending more to personalize their cars with special paint colors, leather, stitching and details. "Customers are choosing one of our 62 paint colors, the 43 leathers we offer and lots of options," Hallmark told CNBC. Bentley's Mulliner Edition department at the company's Crewe factory is turning out record numbers of one-of-a-kind Bentleys with special paint colors, metal finishes and embroidery.

The planned closure of the plant has left dozens of Virginia chicken growers scrambling to find new buyers in a region with few other options. Tyson alerted Virginia farmers by phone on March 13 and later by mail that it will shut its Glen Allen plant on May 12, according to three poultry farmers who supply the plant. The USDA, which enforces the PSA, told Reuters it is "closely monitoring" Tyson's planned plant closure. 'WE'RE DONE'Under normal circumstances, Tyson supplies farmers with chicks, while farmers assume the costs of land and chicken houses. On Monday, about 20 Tyson farmers and local government officials gathered in a fire station in Burkeville, Virginia, and raised concerns about Tyson's short timeline for closure of the plant, attendees said.

☆ Capitalizing on market crashes is key to retiring on time. Many millennials are still looking for their first chance.
▼ + stars: | 2023-03-09 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

Stock market declines can create bargain-buying opportunities for investors looking to generate long-term wealth. Many millennials are looking for their first chance to participate, having lacked adequate savings during prior market downturns. That's because a falling stock market creates discounts and a chance to buy high-upside assets on the dip. The 28-year-old is among the TikTok financial influencers telling their young audiences not to miss out on the next stock market slump. Some have argued that overvalued markets, slowing population growth, and rising interest rates could weigh down US stock market returns for at least the next decade.

☆ TikTok's finance influencers are selling the idea that you can become a 'recession millionaire' if the market tanks
▼ + stars: | 2023-03-08 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

It also reinforces the idea that the stock market isn't the same the thing as the economy. During the Great Recession, many millennial investors were too young — or didn't have sufficient income — to capitalize on the market downturn. If a recession is on the horizon, Nelson says it would likely provide millennial investors a better buying opportunity. Seo says too many investors hold off on investing until they think the stock market has "bottomed-out." With inflation eroding Americans' savings, many people may simply not have the extra money to throw into the stock market.

☆ Bentley to end production of ultra-performance 12-cylinder engine as it transitions to EVs
▼ + stars: | 2023-02-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

A staff member checks a Bentayga SUV on the Bentley production line at their factory in Crewe, Britain, December 7, 2022. Bentley Motors plans to end production of its 12-cylinder engine next April as the famed luxury carmaker transitions to electric vehicles. Bentley said the upgraded engine will only be used in 18 Bentley Baturs — handcrafted two-seat performance cars that start at about $2 million. Production of the W12 engine will be replaced with expanded assembly of V8 and V6 hybrid engines, according to the company. Bentley says it has produced more than 100,000 of the W12 engines since the assembly began in 2003.

☆ Britain's new 'winter of discontent' deepens as widespread strikes mount over festive period
▼ + stars: | 2022-12-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

In recent weeks, upcoming strike actions have been announced by nurses, rail workers, postal workers, ambulance workers, airport staff, Border Force agents, highway workers, Eurostar staff, civil servants, bus drivers, firefighters, charity workers, meteorologists and offshore workers. For the public sector, real earnings were 5 percentage points lower, and Hollingsworth suggested that the growing gap had become "unsustainable." "I think there's clearly a lot of pressure here for some catch-up on the public sector side of things, and it's clear that there is that labor bargaining power there." "However, the gap between private and public sector pay narrowed slightly, with private sector pay up 6.9%, while public sector pay is up by 2.7%." However, with negotiations remaining fraught and unions showing no signs of backing down, he said some catch-up on public sector pay growth will likely be required to prevent further disruption.

☆ Bentley China orders slowed by shutdowns, has no IPO plans
▼ + stars: | 2022-12-07 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

[1/6] A company logo is seen stitched to a piece of leather inside the Bentley factory in Crewe, Britain, December 7, 2022. REUTERS/Phil NobleCREWE, England, Dec 7 (Reuters) - Volkswagen's (VOWG_p.DE) Bentley expects a slight drop in production in 2023 as shutdowns in China have slowed orders, the British luxury carmaker's chief executive said on Wednesday. "We're not talking about a massive drop off... we have more than half (of next) year sold out already," Hallmark said at the Bentley headquarters in Crewe, England. Bentley will make around 15,000 cars this year and has been running at maximum capacity at the Crewe factory. Hallmark said initially some Bentley customers who favour its big combustion-engine models will refuse to go electric, but most will embrace the power.

☆ Factbox: Windfall taxes, spending cuts on table as Hunt tries to fix UK budget
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +4 min

LONDON, Oct 19 (Reuters) - Britain's latest finance minister Jeremy Hunt needs to raise an estimated 40 billion pounds ($45 billion) to repair public finances. British banks hold around 947 billion pounds of reserves at the BoE, largely as a result of quantitative easing that the central bank is yet to reverse. Cost estimates for completing HS2 soared to 100 billion pounds before the Leeds link was removed. The change represented a saving of 3.5 billion pounds in its first year in 2021. Asked on Oct. 19 about the foreign aid budget, Truss said more details would be set out in due course.

☆ The Fed only cares about inflation. That's bad news
▼ + stars: | 2022-10-12 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +5 min

It seems that Powell wants to atone for his mistake of repeatedly calling inflation “transitory” for much of last year. Keep in mind that the Fed’s series of rate hikes are unprecedented in the “modern” era of central banking, i.e. after Alan Greenspan became Fed chair in 1987 and the Fed became far more transparent. Rate hikes raise the costs for companies to pay down their debt, increasing the possibility of corporate bankruptcies and defaults on commercial loans. As long as inflation remains the bigger issue for the economy, the Fed is going to focus more on getting prices under control.

☆ The Women Behind the Balfour Declaration
▼ + stars: | 1917-11-02 | by ( Natalie Livingstone | ) www.wsj.com time to read: +1 min

On Nov. 2, 1917, British Foreign Secretary Arthur Balfour wrote a letter to Walter Rothschild, head of the English branch of the storied banking dynasty. Balfour wrote that “His Majesty’s Government view with favour the establishment in Palestine of a national home for the Jewish people, and will use their best endeavours to facilitate the achievement of this object, it being clearly understood that nothing shall be done which may prejudice the civil and religious rights of existing non-Jewish communities in Palestine, or the rights and political status enjoyed by Jews in any other country.”The Balfour Declaration was a key victory for the Zionist movement and an important step toward the creation of the state of Israel in 1948. The story of the declaration has often been told, but more than a century later, the role of the women of the Rothschild family has been largely forgotten. While Balfour’s letter was addressed to Walter Rothschild, it would probably never have been written if it wasn’t for the work of three people: Peggy, Marchioness of Crewe—whose mother was born a Rothschild—and two younger women who had married into the Rothschild family, Dorothy and Rózsika.

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