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☆ These are the kinds of San Francisco roads Tesla's FSD had a hard time dealing with, report says
▼ + stars: | 2024-05-05 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +7 min

It's unclear if other aspects of Sunset's grid trip up Tesla's FSD more than other San Francisco neighborhoods. A Tesla makes an unprotected left turn on Lincoln Way, a major road in San Francisco's Sunset District. Another street that was once notoriously difficult for Tesla's FSD to work in was Lombard Street, a steep and windy road northwest of San Francisco. When asked about using the FSD feature in the Sunset, she told BI that she had "no problems" with it. AdvertisementA Tesla parked in San Francisco's Sunset District, where company employees rigorously tested the car's Full Self-Driving technology, according to a report.

Persons: Tesla, —, Elon Musk's, Musk's, Lloyd Lee, FSD, Francisco's, Tayfun, John Bernal, Musk, Walter Huang Organizations: The, Service, X, Railway, San, Sunset District, Lincoln, BI, Anadolu Agency, Getty, Tesla, Washington Post, P Global Mobility, California Department of Motor Vehicles, Los Angeles Times Locations: Sunset, San Francisco, city's, Judah, San Francisco Municipal, Lincoln, Francisco, San, San Francisco San Francisco, Lombard

☆ The Fed likely won't cut rates until after a recession strikes, research firm says
▼ + stars: | 2024-05-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The Fed likely won't cut interest rates until after a recession arrives, according to GlobalData TS Lombard. The research firm said Fed Chair Powell is likely to fall into the trap of being reactionary when it comes to rate decisions. AdvertisementThe Federal Reserve is making a big mistake by not cutting interest rates right now, according to GlobalData TS Lombard chief US economist Steven Blitz. And if inflation sees a sharp rebound to 5%, "they obviously hike" interest rates, Blitz said. AdvertisementAll-in, according to Blitz, it means that interest rates could stay at current levels for longer-than-expected, especially since it appears there will be no recession this year.

Persons: Powell, Steven Blitz, Jerome Powell, Blitz, Jeremy Siegel Organizations: Fed, GlobalData, Lombard, Federal Reserve

☆ Europe is beating inflation. Why can’t America declare victory?
▼ + stars: | 2024-04-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

The Fed aims to keep inflation at 2% over the longer run. Meanwhile, among the 20 countries that use the euro, annual consumer price inflation has slowed steadily since the start of the year. Fed Governor Michelle Bowman said earlier this month that she would favor a rate hike “should progress on inflation stall or even reverse.”So why does the United States appear to have a bigger inflation problem than Europe? Some economists argue there isn’t actually much daylight between the US and European rates of inflation, pointing to a quirk in the US measures. The measure is designed to track inflation in the real estate market while accounting for the fact that most Americans own their homes.

Persons: Michelle Bowman, Paul Donovan, Simon MacAdam, ”, MacAdam, ” Carsten Brzeski, Janet Yellen, Jim Watson, Brzeski, “, ” Davide Oneglia Organizations: London CNN, Federal Reserve, European Central Bank, PCE, UBS Global Wealth Management, Capital Economics, ING, CNN, Monetary Fund, Washington, Reuters, Getty, —, ECB, Lombard Locations: United States, Europe, Centreville , Maryland, AFP, Russia, Ukraine

☆ 9 ways rich real estate owners save big on taxes from putting mansions in trusts to donating rental property income
▼ + stars: | 2024-04-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.

Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty

☆ Slowing growth plus stubborn inflation add up to a headache for Fed officials
▼ + stars: | 2024-04-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The slowing growth and stubborn inflation picture emerging in the U.S. economy may not be quite a nightmare scenario for the Federal Reserve, but it at least could make for some restless sleep. Markets had been looking for the string of good readings dating back to mid-2022 to continue, with economists estimating real GDP growth of 2.4% and inflation readings around 3%. What it got was essentially what some on Wall Street called the worst of both worlds, with weakening growth and stubborn price pressures. The Fed will get a more granular look at PCE data on Friday when the Commerce Department releases the monthly figures for March. "We still think Fed cuts are coming this summer, before inflation has sustainably slowed."

Persons: Matthew Ryan, —, Ryan, Steven Blitz, Veronica Clark Organizations: Federal Reserve, Commerce, Treasury, Commerce Department, TS Lombard, Citigroup, Citi Locations: U.S

☆ Expect more global growth and bottoming in China, says Skylar Montgomery Konig
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect more global growth and bottoming in China, says Skylar Montgomery KonigSkylar Montgomery Konig, Director of Macro Strategy at TS Lombard, discusses earnings, market concentration, and economic growth.

Persons: Skylar Montgomery Konig Skylar Montgomery Konig Organizations: TS Lombard Locations: China

☆ Oil prices aren't the Fed's biggest problem right now — American demand is, says an economist
▼ + stars: | 2024-04-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Israel's strike on Iran caused oil prices to spike, sparking fears of rising inflation. But US inflation is more impacted by strong domestic demand than by oil prices, an economist told Bloomberg TV. Oil prices gained as much as 4% following reports of the attack before later subsiding. Services is demand, and that demand needs to come from somewhere — and that's a robust economy," Chaar told Bloomberg. "I would say the biggest challenge here for the Fed is to manage the demand of the US economy," Chaar said.

Persons: —, Samy Chaar, Lombard Odier, Jerome Powell, Chaar Organizations: Bloomberg, Service, Fed, Bloomberg TV, Federal, Services, Institute for Supply Management Locations: Iran, Israel, —, Swiss, America

☆ Investors should explore this 'once in a generation' investment opportunity: Lombard Odier
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should explore this 'once in a generation' investment opportunity: Lombard OdierJohn Woods of Lombard Odier explains why he sees opportunity in investment grade bonds, especially as central banks get closer to cutting interest rates.

Persons: Lombard, John Woods, Lombard Odier

☆ Don't sweat the prospect of no Fed rate cuts, economist says — markets will still march higher
▼ + stars: | 2024-03-28 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

Federal Reserve Bank Chair Jerome Powell speaks during a news conference at the bank's William McChesney Martin building on March 20, 2024 in Washington, DC. His comments come as investors await the release of further U.S. economic data and closely monitor clues from Fed officials about the expected number of interest rate cuts in 2024. Asked on Thursday about the likelihood of one or no Fed interest rate cuts this year, Blitz said that it's "getting pretty good. Blitz said markets will likely continue to march higher, even if the Fed decides not to impose any interest rate cuts this year — a prospect that U.S. asset manager Vanguard named as their base-case scenario. Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, DC, US, on Friday, March 22, 2024.

Persons: Jerome Powell, William McChesney Martin, Chip Somodevilla, Steven Blitz, Blitz, They're, CNBC's, it's, Christopher Waller, Waller, Raphael Bostic, Jerome, Powell Organizations: Bank, Getty, Federal Reserve, TS Lombard, Traders, Fed, Vanguard, Economic, of New, Atlanta Federal Reserve, US Federal Reserve, Bloomberg Locations: Washington ,, U.S, of New York, Atlanta, Washington , DC

☆ Expect ECB to cut rates between now and June, strategist says
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect ECB to cut rates between now and June, strategist saysBill Papadakis, macro strategist at Lombard Odier, also discusses the Swiss central bank's recent decision to cut interest rates and the outlook for the U.S. Federal Reserve's monetary policy.

Persons: Bill Papadakis, Lombard Odier Organizations: U.S, U.S . Federal Locations: Swiss, U.S .

☆ 900.care wants to make refillable consumer products the norm. Check out the 16-slide deck it used to raise $22.7 million.
▼ + stars: | 2024-03-26 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +2 min

Currently, many personal-use products in supermarkets, such as body wash, conditioners, and other hygiene products, use a lot of single-use plastics. "It creates so much plastic waste, and shipping water for these products also creates a lot of CO2 emissions," Grange told Business Insider. This reduces water waste, which would otherwise be required to manufacture and transport these products. Amid a tougher funding environment for D2C startups in the past two years, Grange told BI that 900.care's "growth economics and product-market fit" helped them to secure funding. Check out the 16-slide pitch deck used to secure the fresh funding.

Persons: Aymeric Grange, Grange Organizations: Lombard Odier, White Star Capital, Business, Grange, Lombard Locations: Paris, Lombard, France

☆ TS Lombard: Russian presidential election is a 'plebiscite' on Putin's leadership
▼ + stars: | 2024-03-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTS Lombard: Russian presidential election is a 'plebiscite' on Putin's leadershipChristopher Granville, managing director, global political research, at GlobalData TS Lombard, says "the turnout will be the key test for legitimacy."

Persons: Christopher Granville Organizations: GlobalData

☆ This week provided a reminder that inflation isn't going away anytime soon
▼ + stars: | 2024-03-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

From consumer and wholesale prices to longer-term public expectations, reports this week served up multiple reminders this week that inflation isn't going away anytime soon. Data across the board showed pressures increasing at a faster-than-expected pace, causing concern that inflation could be more durable than policymakers had anticipated. The bad news began Monday when a New York Federal Reserve survey showed the consumer expectations over the longer term had accelerated in February. It continued Tuesday with news that consumer prices rose 3.2% from a year ago, and then culminated Thursday with a release indicating that pipeline pressures at the wholesale level also are heating up. The latest jolt on inflation came Thursday when the Labor Department reported that the producer price index, a forward-looking measure of pipeline inflation at the wholesale level, showed a 0.6% increase in February.

Persons: Steven Blitz, Dow Jones Organizations: New York Federal Reserve, TS Lombard, Labor Department, department's Bureau of Labor Statistics

☆ 3 quiet luxury dupes that can transform your home for less, according to an interior designer
▼ + stars: | 2024-03-02 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +5 min

Less is more when it comes to quiet luxury, which has influenced everything from knitwear to skincare. This dupe of a Neiman Marcus throw pillow will save shoppers $120Neiman Marcus' Brera Lino Pillow. The company also sells Santal 26, a warm and musky fragrance sold as a home diffuser oil. Home Depot's frameless LED mirror. AdvertisementBed Bath & Beyond's frameless LED mirror.

Persons: —, Devin Shaffer, Shaffer, Neiman Marcus, Brera Lino Pillow, Modern's, Edgar, Le Labo, Le Labo Shaffer, Le Labo's, Cade, Dupes Organizations: Service, Business, Brera, Le, Depot Locations: eau, New, Fairmont

☆ Ukraine's losses on the battlefield could make the war more dangerous for Russia
▼ + stars: | 2024-03-01 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +4 min

Anadolu | Anadolu | Getty ImagesEarly on in the war with Russia, Ukraine's successes on the battlefield prompted warnings from defense analysts that Moscow — with its back against the wall militarily — could lash out, using a nuclear weapon on Ukrainian soil. Defense analysts noted that the more successes Ukraine saw, the more dangerous and unpredictable its opponent Russia could become as it sought to regain the initiative. That, in turn, would make the war much harder and more dangerous for Russia. Russian President Vladimir Putin speaks during his annual state of the nation address, on February 29, 2024, in Moscow, Russia. All this really threatens a conflict with the use of nuclear weapons and the destruction of civilization.

Persons: Oleksandr Syrskyi, —, Ignacio Marin, Christopher Granville, Alexander Ermochenko, Emmanuel Macron, Macron, Vladimir Putin, Putin Organizations: Brigade, Anadolu, Getty, Moscow, Defense, Analysts, Global Political Research, TS Lombard, Service, Reuters, Ukrainian, NATO, West, Russian Locations: Russia, Ukraine, Donbas, Donetsk Oblast, Ukrainian, Avdiivka, Donetsk, Moscow, Russian, Volnovakha, U.S, Canada, Paris

☆ China's economy looks like a mess — but some sectors are quietly doing well in its '2-speed economy'
▼ + stars: | 2024-02-29 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Meanwhile, its financial markets are bleeding, the property market has gone up in smoke, local government debt appears alarming, and foreign investors are exiting in droves. Real estate — which was a huge part of China's economy — has been hit badly, he said. AdvertisementTravel has picked up after years of pandemic lockdownServices is another pillar of China's economy that Beijing has been trying to build up. AdvertisementThis is in part because new growth industries are not able to take the place of real estate — yet. Because the property market accounts for one-quarter of China's GDP and more than two-thirds of household wealth, its overall drag on China's economy is much greater than whatever is doing well right now.

Persons: —, Rory Green, GlobalData.TS Lombard, AllianceBernstein, John Lin, Lin, Donald Trump's, Louise Loo, Wood Mackenzie, AllianceBerstein's Lin, Nomura, Loo Organizations: Service, Business, Bloomberg TV, Oxford Economics, Nomura, Oxford Locations: China, GlobalData.TS, Real, COVID, Beijing, Europe, Taiwan, South Korea

☆ China is heading for a 'lost decade' if it doesn't reform and grow, an analyst says
▼ + stars: | 2024-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China risks a "lost decade" of slow growth if it doesn't reform its economy, warns an economist. AdvertisementChina faces a "lost decade" of sluggish economic growth much like Japan if it doesn't reform its economy, according to an economist. "China could certainly have a lost decade of growth," Rory Green, the chief China economist at GlobalData.TS Lombard, wrote in a note on Thursday. Leaders are attempting to create a new political-economic model, one less reliant on debt-fueled property-led growth," wrote Green. Meanwhile, technocrats in China generally believe China needs to reform and grow — or risk a Japan-style lost decade, Green added.

Persons: Beijing's, —, Rory Green, GlobalData.TS Lombard, Xi Jinping, Green Organizations: Service, cri sis Locations: China, Japan, GlobalData.TS, Beijing, technocrats

New York (AP) — The original location of the legendary Barney’s Department store in the Chelsea section of Manhattan set the stage for designer Michael Kors to present his Fall-Winter 2024 collection at New York Fashion Week. Before the show, Kors explained his mission for this collection during an interview with The Associated Press. But then there are some warm tones of cappuccino and chocolate, lots of metallics, gunmetal, which I love,” Kors said. That’s why today you will see models of every age and every size, which makes it interesting for me,” Kors said. He added: “When they get dressed, they put something on, and it makes them feel ready to greet the day and feel their best self.”

Persons: Michael Kors, Blake Lively, Katie Holmes, Rachel Zegler, Brie Larson, Gabrielle Union, Anna Wintour, Kelsea Ballerini, Kors, Joan Kors, ” Kors, “, Carole Lombard, Jean Harlow, Marlena, Dietrich, Katharine Hepburn, Rachel Brosnahan, ” Brosnahan, Maisel, Lois Lane, ”, there’s Organizations: Barney’s Department, New York, Vogue, Associated Press, Hollywood Locations: York, Chelsea, Manhattan, Atlanta

☆ A strange wall submerged in the Baltic Sea may be the oldest man-made megastructure in Europe
▼ + stars: | 2024-02-13 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +2 min

A Stone Age hunting wall was discovered in Europe's Baltic Sea. The wall was estimated to have been built more than 8,500 years ago to hunt reindeer. AdvertisementA Stone Age wall discovered in the Baltic Sea may be the oldest man-made megastructure in Europe. Researchers believe this particular hunting wall was used to catch reindeer, which used the region as a habitat 11,000 years ago, according to the article. It could also allow scientists to find other Stone Age walls submerged by water.

Persons: —, Jacob Geersen, Marlize Organizations: Service, Leibniz Institute for Baltic Sea Research, Leibniz Institute, New, Stone, University of Johannesburg, National Academy of Sciences Locations: Baltic, Europe, Germany, Rerik

WASHINGTON (AP) — From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. Why, with inflation nearly conquered and interest rates at a 22-year high, isn't now the time to cut? High rates could also compound the struggles of banks that are saddled with bad commercial real estate loans, which would be harder to refinance at higher rates. “We need the government to address the interest rates ... and understand that they’ve accomplished their goal of lowering inflation," Kelleher said. If so, that might not just delay the Fed's rate cuts, but result in fewer of them.

Persons: isn't, ”, Steven Blitz, “ They’re, ” Loretta Mester, Mester, “, David Kelleher's Chrysler, Kelleher, ” Kelleher, Powell, ” Powell, we’re, Andrea Kugler, Eric Swanson Organizations: WASHINGTON, Federal Reserve, GlobalData, Lombard, Federal Reserve Bank of Cleveland, Jeep, Fed, University of California Locations: Wall, Philadelphia, Irvine

☆ Beijing is unlikely to rescue Evergrande's offshore creditors because it could make things worse at home
▼ + stars: | 2024-01-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewOn Monday, Chinese real-estate giant Evergrande was ordered by a Hong Kong court to liquidate after two years in a debt crisis. The court has appointed Alvarez and Marsal as liquidator to manage the company, Evergrande said in a filing to the Hong Kong Stock Exchange. So, protecting Evergrande's offshore investors probably isn't in Beijing's favor, because it could spur further speculation in the market, Møller added. Offshore creditors are owed $25 billion, the Hong Kong court document showed, per CNN. This is because liquidators appointed by Hong Kong's courts are unlikely to have much power over Evergrande's mainland assets, Hong added.

Persons: —, Evergrande, Alvarez, Marsal, Emil Møller, Møller, there's, Xi Jinping's, Fern Wang, Wang, Hao Hong, liquidators, Hong, Siu Shawn Organizations: Service, Business, Hong Kong Stock Exchange, Steno Research, Lombard, KT Capital Group, CNN, Grow Investment, China Evergrande Group, Reuters, Century Business Herald, Hengda Real Locations: Hong Kong, Beijing, China, Denmark, Beijing's, homebuyers, Swiss, People's Republic of China, Hengda

☆ UBS CEO says Swiss public 'indoctrinated' to worry about bank's balance sheet
▼ + stars: | 2024-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

UBS CEO Sergio Ermotti on Wednesday said people with concerns about the size of the bank's balance sheet are getting "indoctrinated" by academics and should "do their homework." The bank's share price has recovered from below 17 Swiss francs ($19.69) per share in the aftermath of the deal to over 25 Swiss francs as of Wednesday morning. However, the new entity's combined balance sheet is estimated to be around twice the size of the entire GDP of Switzerland, raising concerns about the concentration of risk in the Swiss economy. "If you look at risk-weighted assets as a percentage of GDP or as a percentage of our balance sheet, you will discover that the new UBS is de facto very low risk, very focused business model. The risk we have is in Swiss mortgages, in Lombard loans, in stuff that is very low risk," he said.

Persons: Sergio Ermotti, Ermotti Organizations: UBS, Credit Suisse, Swiss, CNBC, Economic Locations: Swiss, Switzerland, Davos, Lombard

☆ Bad news, Beijing: Real-estate booms like the one in China nearly always end with a major banking crisis
▼ + stars: | 2024-01-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

China's trying to manage its property crisis so the sector's troubles don't spill over. However, history shows that credit-fueled real-estate booms nearly always end with a major banking crisis, said an analyst. Real estate was a key driver of China's economy that has been struggling to recover post-pandemic. AdvertisementChina's trying to manage its real-estate crisis so that its troubles don't spill over to the rest of the economy, which has been struggling to recover post-pandemic. "History shows that credit-fuelled real-estate booms do not end in a whimper; rather, they end with a bang — and nearly always with a major banking crisis," wrote Andrew Lawrence, the head of Asia property at GlobalData.TS Lombard, in a note on Tuesday.

Persons: —, Andrew Lawrence Organizations: Service Locations: Asia, GlobalData.TS

☆ Bank of England drags Bagehot into the shadows
▼ + stars: | 2023-12-01 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

That is no longer tenable, in part because of reforms to bank regulation that shifted activity from traditional lenders to financial market players. These days, the institutions in need of urgent liquidity are just as likely to be pension funds, insurers or hedge funds. The British central bank’s initial ideas make sense, but only solve part of the problem. The central bank can short-circuit the panic by opening the credit taps. Central banks are only just starting to grapple with what it means to be a lender of last resort in that context.

Persons: Walter Bagehot’s, Andrew Hauser, BoE, WALTER, Gurney, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, Bank of England, Reuters Graphics Reuters, U.S, Treasury, Federal Reserve, Pensions, . Treasury, Citadel, Millennium Management, City of, U.S . Federal, Gurney & Company, Victorian, Thomson Locations: British, City, City of London, Basel, Overend, Lombard

For much of this year central banks have successfully pushed back against rate cut bets. "I believe the Fed will act rationally and begin to cut rates by the end of next year, but we can't rule out the scenario that the Fed is not going to cut rates and just let the ramifications of recession do what they do." Reuters GraphicsSHIFT NEARINGMarkets now fully price in a 25 basis point U.S. rate cut in May, having seen a 65% chance earlier this week. "There are now committee members in all three (banks) willing to talk about rate cuts next year," said Chris Jeffery, head of rates and inflation strategy at LGIM. "The ECB should begin to ease policy as soon as April 2024, with risks that a more sinister downturn in growth could warrant a rate cut as soon as March," he said.

Persons: Jonathan Ernst, ramping, It's, Nate Thooft, Goldman, Christopher Waller, Huw Pill, Yannis Stournaras, Chris Jeffery, we'd, Dario Perkins, Simon Harvey, Yoruk, Naomi Rovnick, Harry Roberston, Davide Barbuscia, Ira Iosebasvili, Saqib Iqbal Ahmed, Dhara Ranasinghe, Catherine Evans Organizations: . Federal, REUTERS, ECB, U.S . Federal Reserve, European Central Bank, Manulife Investment Management, Treasury, Graphics, Bank of England, Deutsche, Lombard, Traders, Yoruk Bahceli, Thomson Locations: Washington, United States, Europe, Goldman Sachs, Greek, Amsterdam, London

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