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This is in part the doing of so-called "golden visas," hugely popular residency visas for foreign investors. And they purchased more Portuguese golden visas than any other nationality in 2022. Related storiesBut as Portugal has experienced a worsening housing affordability crisis, Portuguese public opinion on golden visas has soured. Last year, the country changed the terms of its golden visa program to exclude real estate investment. Other southern European countries are following suit, similarly pointing to skyrocketing real estate prices.
Persons: , They're, they're, João Pereira dos Santos, Pereira dos Santos, Nuno Fazenda, Holger Schmieding, Schmieding, David Zorrakino Organizations: Service, Business, The New York Times, School of Economics, Finance, Queen Mary University of London, State, Tourism, Trade, Services, Bloomberg, Berenberg Bank, Getty, European Central Bank, Paris Locations: Greece, Portugal, Tourism, Lisbon, Athens, Spain, Southern Europe, Portuguese, London, Ramblas, Barcelona, Catalonia, Europe, Germany, Netherlands, France
Hong Kong CNN —Chinese search engine giant Baidu has found itself in a public relations crisis, thanks to its own PR chief. Qu, Baidu's vice president and head of communications, has sparked backlash over her comments endorsing a tough workplace culture. China’s young workers have increasingly spoken out against the harsh workplace culture that has come to dominate many industries. Qu had asked all members of the PR team to create their personal accounts, according to the person, who requested anonymity. A former Baidu employee said Qu brought Huawei’s aggressive corporate culture with her to Baidu.
Persons: Qu Jing, Qu, I’m, ” Qu, , , Jing, China’s, Ivy Yang, ” Yang, Alibaba, Jack Ma, Ma, Baidu, Cristina Organizations: Hong Kong CNN, Baidu, Xinhua, Huawei, CNN Locations: China, Hong Kong, Weibo
Price growth was partially offset by lower mortgage costs, as 30-year fixed rates hung between 6.6% and 6.94% in the first quarter. That's a small win for buyers, considering that rates peaked at 7.8% late last year and were above 7% until mid-December. At the first sight of lower mortgage rates, that widespread price appreciation has returned — much to the chagrin of buyers who thought they were going to catch a break. Conversely, prices fell outright only in 15 cities, versus 32 in the fourth quarter of 2023. 15 cities where home prices are downBelow are those 15 US real-estate markets where single-family home prices fell from last year.
Persons: , Lawrence Yun Organizations: Service, National Association of Realtors, Business, NAR Locations: That's
Americans say it’s the worst time ever to buy a home
  + stars: | 2024-05-09 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
Just 21% say it’s a good time to buy a house, according to a Gallup survey released Thursday. An overwhelming majority of Americans — 76% — say it’s a bad time to buy a house. Young Americans seeking to buy a home have been confronted by a toxic one-two punch of record-high home prices and painful mortgage rates. For context, in April 2019, the final reading before Covid-19, 61% of Americans polled by Gallup said it was a good time to buy a house. Mortgage rates top 7%Americans started to sour on the housing market as mortgage rates spiked and home prices surged after Covid.
Persons: ” Jeffrey Jones, White, , Lawrence Yun, ” Yun Organizations: New, New York CNN, Gallup, Young, homebuyers, National Association of Realtors, Federal Reserve, NAR Locations: New York, That’s
CNN —Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown. In an Instagram post Wednesday, Miss Teen USA UmaSofia Srivastava said her “personal values no longer fully align with the direction of the organization.”“After months of grappling with this decision, I have made the choice to resign from the title of Miss Teen USA 2023,” wrote Srivastava in a statement on her personal account. Srivastava and the Miss Universe and Miss USA organizations did not immediately respond to CNN’s requests for comment. Voigt recently resigned from her Miss USA title. On Monday, Noelia Voigt stepped down from her Miss USA title, citing her mental health.
Persons: Miss Teen USA UmaSofia Srivastava, ” “, , Srivastava, , Noelia Voigt, Voigt, Hector Vivas, Claudia Michelle, Michelle Organizations: CNN, Miss Teen USA, Miss USA, Miss Teen, New Jersey, National Honor Society, Miss, 72nd Miss, El, Miss USA Organization, USA Locations: New, Miss USA, El Salvador, Venezuelan American, Utah, United States
CNBC's Jim Cramer likes Costco stock despite its high valuation and suggests it has more room to run. "I feel very comfortable" about Costco, Cramer said Thursday on " Squawk on the Street ," after the wholesale retailer reported a solid April sales report. Costco shares rose nearly 1.5% after Wednesday evening's monthly sales report showed core comparable sales, which exclude gas and foreign exchange fluctuations, gained 5.5% last month. Goldman Sachs analysts increased its Costco price target to $840 from $830 and also maintained its buy rating. The Club currently has a 2 rating on Costco shares and a price target of $800.
Persons: CNBC's Jim Cramer, Cramer, FactSet, Wells Fargo, , Costco's, we're, Goldman Sachs Organizations: Costco, CNBC, Wells, Street, JPMorgan
An influx of over 175,000 migrants in New York City has further exposed the city's housing crisis. AdvertisementNo country in the world attracts more immigrants than the US — and no place symbolizes this better than New York City. Pushing migrants out of sheltersNew York City has managed to absorb much larger influxes of immigrants in the past. The New York City comptroller's office says the Adams administration is intentionally making life more difficult for asylum-seekers as a way to force them out of the city. "It is just a system that is meant to really discourage people from getting help from the city and from exercising their rights that they have as residents of New York City."
Persons: Eric Adams, , It's, it's, aren't, He's, who've, Elon Musk, Selcuk Acar, Susan Pozo, Pozo, Goldman Sachs, Adams, Celeste Hornbach, they've, they're, Sam Stanton, Hornbach Organizations: Service, New, New York City, Getty, Immigrants, Western Michigan University, Goldman Locations: New York City, Southern, New York, York, stoke, New
Rich baby boomers jumped in with all-cash offers, and sellers scored huge windfalls as weary buyers pushed prices to new heights. After all, people have to move for a wide variety of life reasons; mortgage rates be damned. "The further and further we get from the peak of the market," Peterson told me, "the harder it is to deny what's happened." Mortgage rates haven't fallen — in fact, they've gone up about 0.6 percentage points since the start of the year. "It can always be tricky telling somebody that they were just lucky because it makes you sound envious," Peterson told me.
Persons: Rich, Sellers, Eric Peterson, Peterson, Austin, Freddie, they've, Selma Hepp, Freddie Mac, Mike Simonsen, Redfin, towners, Libby Levinson, Katz, Price, Levinson, John Burns, they'll, Realtor.com, you'd Organizations: Freddie Mac, Reserve, Federal Housing Finance Agency, Altos Research, Sun, John, John Burns Research, Consulting Locations: Austin, Boise , Idaho, Denver
FTX will pay back 98% of creditors at least 118% of what they're owed, its bankruptcy lawyers said. But payments will be based on crypto values in 2022, not what its worth now as the prices surge. FTX predicts it will have between $14.5 and $16.3 billion available for distribution — mostly from previous Alameda and FTX Ventures investments, bankruptcy lawyers said. FTX founder Sam Bankman-fried was arrested in January 2023 and convicted last fall of fraud, conspiracy, and money laundering. The jury was not allowed to consider any bankruptcy activities in rendering its verdict — though the judge factored into his sentencing that FTX lawyers said victims would recover their losses.
Persons: FTX, they're, , Jacob Shamsian, Sam Bankman Organizations: Service, FTX Ventures, Bloomberg Locations: Alameda
This story is available exclusively to Business Insider subscribers. We found the firm has been spending on distressed real estate, such as its purchase of loans from the FDIC after the failure of Signature Bank, as well as investments in buzzy real estate, like data centers. In a January earnings call, Blackstone president Jonathan Gray announced that commercial real estate, which recently suffered its biggest price declines in half a century, could soon hit bottom. "While it will take time, we can see the pillars of a real estate recovery coming into place." Here are the 7 recent real estate and real-estate-adjacent deals that show how Blackstone is trying to get ahead of the CRE bottom in chronological order.
Persons: Jon Gray, Blackstone, Gray, Jonathan Gray Organizations: Business, Signature Bank
MonzoBritish neobank Monzo said Wednesday that it's raised another $190 million, lifting the total it's raised so far this year to $610 million. Singaporean sovereign wealth fund GIC also participated in Monzo's latest fundraise, a source familiar with the matter told CNBC. The total $610 million round marks the single-biggest funding round for a European fintech in the past year, according to Dealroom data. "What I like about how we're approaching this is, at the heart of it, it's not just words," Anil told CNBC in an exclusive interview Tuesday. European expansion is also on the cards, Anil said, although he didn't commit to a date for when this will happen.
Persons: Anil, Monzo, it's, GIC, we've, Monzo's, Revolut Organizations: CNBC, Hedosophia, Barclays, NatWest, BlackRock, JPMorgan, Citibank Locations: U.S, Berlin
Miss Teen USA UmaSofia Srivastava resigned two days after Miss USA Noelia Voigt gave up her crown. For the first time in its 72-year history, the pageant has neither a Miss USA nor a Miss Teen USA titleholder after both women resigned this week. Miss Teen USA UmaSofia Srivastava announced her resignation on Wednesday, two days after Noelia Voigt gave up the Miss USA crown. Without them, there is no Miss USA and Miss Teen USA. Do you work for the Miss USA organization or have an experience to share about pageants?
Persons: Miss Teen USA UmaSofia Srivastava, Miss USA Noelia Voigt, Srivastava, Voigt, , Noelia Voigt, Craig Barritt, I've, Voight, Claudia Michelle, Michelle, Miss Texas R'Bonney Gabriel, Max Sebrechts, Sebrechts, Crystle Stewart, Laylah Rose Organizations: Miss Teen USA, Miss USA, Service, Miss, National Honor Society, Business, Miss Teen, Miss New Jersey Teen USA, Miss Universe, BI Locations: Miss USA, Venezuelan, American
UmaSofia Srivastava, who was crowned Miss Teen USA in 2023, resigned her post on Wednesday after “months of grappling with this decision,” two days after Noelia Voigt stepped down as Miss USA. “After careful consideration, I have decided to resign as I find that my personal values no longer fully align with the direction of the organization,” Ms. Srivastava wrote on Instagram. Ms. Srivastava and Miss USA did not respond to requests for comment. Representing New Jersey, Ms. Srivastava was crowned the winner of the Miss Teen USA pageant, which was held in Reno, Nev., in September. Her bio on the Miss Teen USA website describes Ms. Srivastava as “the first Mexican Indian Miss New Jersey Teen USA,” adding that she “hopes to become a U.N. ambassador.” She did not immediately respond to requests for comment on Wednesday.
Persons: UmaSofia Srivastava, Noelia Voigt, , ” Ms, Srivastava, Organizations: Miss Teen USA, Miss USA, Indian Miss New Jersey Teen USA Locations: New Jersey, Reno, Nev, Indian
Candid conversationsThrough candid conversations and shared narratives, members of the DANG community confront taboo topics such as gender-based violence, discrimination, body image, mental health, and reproductive rights. This ultimately led Agoro to create the #DangAfterHours series, a no-holds-barred discussion on sex and sexuality, a real taboo subject in Nigeria, Agoro says. Soon after, she launched her DANG Lifestyle and skincare business which has grown largely through word of mouth through the DANG community, Agoro says. Despite aiming her message squarely at women, Agoro doesn’t discount a future where men would be integrated into the community. “I now get men commenting and saying to me, ‘We are DANG men too, include us in the conversation.’ We are happy to have them in the conversation.
Persons: Agoro, , , ’ ” Agoro, , , ’ ”, Organizations: Nigeria CNN —, Twitter, CNN Locations: Lagos, Nigeria, Nigerian, I’m, skincare, Dang, USA, Ghana, Kenya
More Americans are paying capital gains taxes on home sale profits amid soaring property values — but there are ways to reduce your bill, experts say. In 2023, nearly 8% of U.S. home sales yielded profits exceeding $500,000, compared to about 3% in 2019, according to an April report from real estate data firm CoreLogic. It's key for a special tax break for homeowners who make a profit when selling a primary residence. Married couples filing together can make up to $500,000 on the sale without owing capital gains taxes. "With the recent rise in home values, more sellers have been facing a capital gains tax hit," Quinones said.
Persons: Jaime Quinones, " Quinones Organizations: Finance, Stockade Wealth Management Locations: U.S, Marlboro , New Jersey
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Kristi Noem paid an odd compliment to former President Donald Trump in her much-talked-about memoir. AdvertisementAs for Trump, Noem, who previously served in Congress before she was elected to lead the Mount Rushmore State, offered effusive praise for the former president throughout the book. "He really doesn't think he's better than anyone else," Noem wrote on Trump, a claim that even the former president might protest. "I love to watch her figure things out, in ways that grown-ups like me, would never consider, because that's just how we've always done things, Noem wrote.
Persons: , Kristi Noem, Donald Trump, Miss Addie, Noem, Trump, Kim Jong Un, Joe Biden, that's Organizations: Service, Dakota Gov, Trump, Business, South Dakota Republican, North, Mount Rushmore State
At least, that's what a new report by social-media-management-and-analytics company Sprout Social found. The April report from Sprout Social also broke down the average amount influencers charge for sponsored posts — with most charging at least $250 — consumer and creator views of AI influencers, and more. Sprout Social breaks down how much the influencers surveyed in February charged for sponsored content. Many of the influencers surveyed said creating long-form videos takes more time and doesn't usually pay off in terms of engagement. Meanwhile, many of the influencers surveyed (49%) said they were afraid virtual influencers would take paid opportunities away from humans .
Persons: hasn't, they'd, Gen, Scott Morris, TikTok, Gen Zers, Sprout, , influencers, Zers, Gen Z, Jessica Morrobel Organizations: Social, Sprout Social, Business, Sprout, Facebook
Steps from his front yard, thousands of cars rumble past each day as they travel along the Kensington Expressway, an expansive six-lane highway that slices through his neighborhood on Buffalo’s East Side. It has also posed a physical barrier, making it harder for residents to reach grocery stores and parks. State officials say the $1 billion project, backed by a $55.6 million federal grant, will enhance pedestrian access and stimulate economic growth. They include Mr. Richardson, 69, a retired electrician who moved to the neighborhood nearly a decade ago. He said that he did not think covering a section of the highway would do much to improve the area’s air quality and that he would rather see the highway completely torn out.
Persons: David Richardson, Richardson Organizations: Biden, Mr Locations: Kensington, Buffalo, . New York State
"But What Will People Say?," a memoir and self-help book from writer and therapist Sahaj Kaur Kohli, published on May 7. In “But What Will People Say?,” which published May 7, Kohli explores that fear of judgment, along with other challenges that children of immigrants commonly face: shame, self-sabotaging behaviors and the loss of cultural identity among them. In "But What Will People Say?," Kohli examines the dissonance between Western conversations around mental health and family dynamics in immigrant households. So many of us will feel guilt and all of a sudden be like, “I’m doing something wrong. Do you feel guilt because your parents are subscribing to a different set of values that don’t align with yours?
Persons: Sahaj Kaur Kohli, Kohli, , ” Kohli, I’m, Beowulf Sheehan, it’s, What’s, , don’t, “ I’m, Abir Bhattacharya, you’re Organizations: CNN, Mental, Penguin, Brown Locations: White, Virginia, Indian
MAGA2024!”This is the sort of thing Mr. Trump is known for, even with people who came around and bent the knee. Politics is a dominance competition, and Mr. Trump is an avid and ruthless practitioner of it. What these Democrats seem to have forgotten is that they have their own liberal tradition of dominance politics — and if they embrace it, they would improve their chances of defeating Trumpism. But unlike Mr. Trump, whose lies and conduct after the 2020 election were damaging to democracy, leaders like Franklin Roosevelt, John F. Kennedy, Lyndon Johnson and the Rev. Dr. Martin Luther King Jr. exerted dominance in liberal ways and to prodemocratic ends.
Persons: Donald Trump, Bill Barr, , Barr, Trump, MAGA2024, , Franklin Roosevelt, John F, Kennedy, Lyndon Johnson, Martin Luther King Jr Organizations: Democratic, Trumpism
Voigt, who was crowned Miss USA on September 29 and made it to the top 20 at Miss Universe, said her journey as Miss USA "has been incredibly meaningful." Without them, there is no Miss USA and Miss Teen USA. Voigt was the first Venezuelan-American woman to win Miss USA and the first Miss Utah to win the title since 1960. AdvertisementVoigt was the first Miss Utah to win Miss USA since 1960. AdvertisementVoigt, Michelle, and representatives for the Miss USA and Miss Universe organizations did not immediately respond to requests for comment from Business Insider.
Persons: Noelia Voigt, Miss USA's, , Voigt, " Voigt, Miss Teen USA UmaSofia Srivastava, Hector Vivas, Stringer, Claudia Michelle, Michelle, hasn't, R'Bonney Gabriel, Cheslie Kryst, Max Sebrechts, Sebrechts, Crystle Stewart, Laylah Rose Organizations: Miss USA, Miss, Service, Miss Teen USA, Miss Teen, BI, Business Locations: USA, Miss USA, Venezuelan, American, Miss Utah
Read previewThe labor union representing Condé Nast employees reached a tentative agreement with the company, hours before the union was set to strike ahead of one of fashion's biggest events of the year, the Anna Wintour-cohosted Met Gala. AdvertisementThe win is bittersweet for some union members. Union members who spoke with Business Insider expressed relief and elation over the contract achievement and resulting employment benefits at Condé Nast, historically known for its low starting pay. Related stories"There's just not going to be any more, 'You're going to make 30 grand a year and work your fingers to the bone,'" said one Condé Nast staffer. "I'm definitely thinking about layoffs," a second Condé Nast staffer said.
Persons: , Condé, Anna Wintour, cohosted, repped Condé, Roger Lynch, There's, Condé Nast, couldn't, Nast, Mark Alan Burger, we're Organizations: Service, Condé Nast, Business, Union, Vogue, GQ, New York, Metropolitan Museum of Art Locations: New York, New York City, Bon, Union
For more on House Republican primary infighting, watch “Inside Politics with Manu Raju” on Sunday at 8 a.m. Washington CNN —GOP Rep. Don Bacon has had it with the far-right of his conference. Now McCarthy allies in the House GOP Conference are considering giving a boost to Aaron Dimmock, the retired Navy officer facing off against Gaetz in the August 20 primary. And while the outcomes in most of these primary races won’t impact the GOP’s efforts to keep the majority, they will shape the makeup of the next House Republican Conference and how they pursue their agenda. Several of Gonzales' colleagues in the House are backing a GOP primary challenger in his race for reelection.
Persons: Manu Raju ”, Don Bacon, They’ve, Republicans —, Bob Good, , Bob Good’s, ” Bacon, we’ve, Tony Gonzales, Matt Gaetz, Good —, Adam Morgan, William Timmons, Kevin McCarthy, John McGuire, McCarthy, Mike Johnson, Dan Newhouse, Donald Trump, MAGA, Scott Perry, Jerrod, Gaetz —, McCarthy —, Gaetz, Aaron Dimmock, Derrick Van Orden, tubby ”, Chip Roy, Samuel Corum, Trump, , Ralph Norman, Morgan, Timmons, Joe Biden, Sen, Tony Vargas, Bacon, Dan Frei —, Lee Terry, “ He’s, ” Frei, Frei, Eric Underwood, Underwood, Bacon doesn’t, ” Underwood, he’s, Frei mailer, it’s, Gonzales, Tom Williams, Sarah Chamberlain, McGuire, Good’s, Steve Bannon, I’ve, ” Johnson, that’s, undercutting, CNN’s Jeff Zeleny, Sheden Tesfaldet Organizations: Republican, Washington CNN, GOP, Republicans, Nebraska Republican, CNN, Congress, Caucus, Rep, Good, Washington, Trump, Freedom Caucus, House GOP Conference, Navy, Gaetz, , Wisconsin Republican, Capitol, Getty, House Republican Conference, Democratic, Nebraska Republican Party, Nebraska Republicans, , mailer, Republican Main Street Partnership, Nebraska GOP Locations: Nebraska, Texas, Florida, South Carolina, Virginia, Scott Perry of Pennsylvania, Wisconsin, Washington, Ukraine
Kent State students protested the war in Gaza on Saturday during the annual commemoration honoring the four students who were killed by the National Guard on May 4, 1970. Hundreds of pro-Palestinian demonstrators gathered at Kent State University in Ohio on Saturday to protest the war in Gaza, exactly 54 years after a similar campus demonstration ended in four student deaths. Many of them were hoisting signs calling on the university to divest from weapons manufacturers and military contractors. Image Mary Ann Vecchio kneels over the body of Jeffrey Miller, a student who was killed by Ohio National Guard troops during an antiwar demonstration at Kent State University on May 4, 1970. Credit... Today, demonstrators at Kent State are asking the university to divest its portfolio of instruments of war.
Persons: James Rhodes, — Allison Krause, William Schroeder, Sandra Scheuer, Jeffrey Miller —, Ohio ”, Crosby, Stills, Nash, Young, Sophia Swengel, , , ” Ms, Swengel, Mary Ann Vecchio, Jeffrey Miller, John Filo, Camille Tinnin, Yaseen Shaikh, Tinnin, Shaikh, Mark Polatajko, Rebecca Murphy, Polatajko, Murphy Organizations: Kent, National Guard, Kent State University, Force, Ohio National Guard, Kent State, Justice Locations: Gaza, Ohio, Kent State’s, Vietnam, Cambodia, Kent, , , Palestine,
Robert F. Kennedy Jr. has made censorship — specifically, claims that the government, news media and tech platforms have tried to stifle his message — a cornerstone of his independent presidential campaign. This weekend, Mr. Kennedy got more fodder for his argument when Facebook and Instagram blocked a link to a new, sleekly produced 30-minute ad supporting his candidacy. The link appeared to have been blocked from Friday late afternoon until Saturday around midday. Andy Stone, a spokesman for Meta, said the link had been incorrectly flagged as spam. “It was mistakenly blocked, and it was corrected within a few hours” after the issue was discovered, Mr. Stone said.
Persons: Robert F, Kennedy Jr, Kennedy, sleekly, Andy Stone, Stone, Tony Lyons Organizations: Facebook, Meta
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