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☆ Think corporate greed is the leading cause of inflation? Think again
▼ + stars: | 2024-05-15 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —Some progressives have frequently blamed corporate greed for fueling the high cost of living that Americans are fed up with. That’s corporate greed. That’s corporate greed. Although the paper did not directly mention corporate greed, shrinkflation or Biden, the research undercuts the argument that greedflation drove the early inflation. That report found corporate profits were to blame for 34% of inflation since the start of Covid-19.

Persons: Sen, Elizabeth Warren, ” Warren, “ That’s, It’s, —, ”, Joe Biden, ” Biden, CNN’s Erin Burnett, Biden, – we’re, shrinkflation, greedflation, Jeremy Edwards, ” Edwards, “, –, Greg Valliere, ” Valliere, Jerome Powell, Caroline Ciccone, profiteer Organizations: New, New York CNN, Federal Reserve Bank of San Francisco, Fed, SF Fed, ”, CNN, White, AGF Investments, Federal Reserve, Federal, Federal Reserve Bank of Kansas City Locations: New York, America, Kansas

☆ Trump warns the market will crash if he loses. Investors just laugh
▼ + stars: | 2024-02-27 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —Former President Donald Trump is once again warning the stock market is doomed unless voters return him to the White House. He went on to say a loss for him would spark “the largest stock market crash we’ve ever had.”But there is no evidence to support that claim. “This is just an encore presentation of what he said last time,” said Art Hogan, chief market strategist at B. Riley Financial. In fact, the stock market has generated higher annual returns when Democrats are in power. It’s true that Trump’s surprise victory in November 2016 helped spark an impressive rally in the stock market as investors bet on deregulation, tax cuts and infrastructure.

Persons: Donald Trump, Trump, you’re, ” Trump, ”, Brian Gardner, “ There’s, ” David Kelly, “, Kelly, Joe Biden, Biden, Hogan, ” Sam Stovall, he’s, “ It’s, Dow, ” Kelly, Gardner, James Singer, CNN it’s “, ” Singer, Jerome Powell —, Powell, Jerome Powell, Greg Valliere, Trump’s Organizations: New, New York CNN, CNN, White, Trump, Asset Management, Dow, Riley, CFRA Research, GOP, “, Nasdaq, Federal Reserve, JPMorgan, Biden, Republicans, Democrat, Research, —, Republican, AGF Investments Locations: New York, Washington, Trump, China

The moon rises over the Toronto city skyline as seen from Milton, Ontario, Canada, January 23, 2016. REUTERS/Mark Blinch/File Photo Acquire Licensing RightsTORONTO, Dec 4 (Reuters) - Canadian banks had a mixed fourth quarter but a common theme underlining all the reports was the rise in bad loan provisions, signalling that lenders were strapping in for a shaky economy. Impaired loans related to residential mortgages, real estate and construction were also higher from the prior quarter, indicating that the banks were also being cautious when considering underwriting new loans. He noted that despite the mixed results, the banks reported healthy capital levels, giving investors assurance that the banks remain resilient. Reuters Graphics($1 = 1.3559 Canadian dollars)Reporting by Nivedita Balu in Toronto; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Mark Blinch, Verecan, Colin White, Dave McKay, Mike Archibald, Nivedita Balu, Mark Porter Organizations: REUTERS, Rights, Reuters, Bank of Canada, BOC, Royal Bank of Canada, CIBC, National Bank, Scotiabank, BMO, RBC, Reuters Graphics Reuters, AGF Investments, Reuters Graphics, Thomson Locations: Toronto, Milton , Ontario, Canada

☆ Analysis: A messy government shutdown is the last thing the economy needs
▼ + stars: | 2023-09-28 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Against this precarious backdrop, Washington is on the verge of a messy shutdown of the federal government. A shutdown probably won’t wreck the economy, especially if it’s short. And if it a shutdown lasts long enough, it could, along with these other headwinds, do some real damage. The US Travel Association estimates the domestic travel economy would lose as much as $140 million a day from a government shutdown. “Uncertainty regarding federal operations will likely persist for the next few months.”Given all the other obstacles facing the economy, chaos in Washington is the last thing the economy needs.

Persons: New York CNN —, ”, Greg Valliere, Joe Brusuelas, Goldman Sachs, —, Uncle Sam, Mark Zandi, don’t, ” Zandi, AGF’s, “, ” Moody’s Organizations: New, New York CNN, UAW, Big Three, Federal, Federal Reserve, AGF Investments, RSM, American Federation of Government Employees, TSA, US Travel Association, Companies, Moody’s, AAA, Goldman Locations: New York, Washington, United States

☆ Goldman Sachs: A government shutdown would be ‘manageable’ for the economy. That’s why it’s likely to happen
▼ + stars: | 2023-08-21 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Goldman Sachs is warning clients that Washington is on a collision course with its first government shutdown in five years. A shutdown later this year would wipe out 0.2 percentage points from growth per week, according to Goldman Sachs projections. Assuming just “modest” economic and market impact, a government shutdown should have “little effect” on central bank policy, according to Goldman Sachs. However, Goldman Sachs said a “prolonged” shutdown that starts in October could add to the arguments in favor of the Fed keeping policy on hold at the November meeting. The 2013 shutdown delayed the release of most federal economic reports, including ones on inflation, jobs and retail sales.

Persons: New York CNN — Goldman Sachs, ” Goldman Sachs, Goldman Sachs, Greg Valliere, Kevin McCarthy, ” Valliere Organizations: New, New York CNN, Justice Department, Fitch, Washington, Social Security, AGF Investments, Federal Reserve Locations: New York, Washington, Ukraine, —

☆ The airline lost his bags. He crossed the Atlantic to find them
▼ + stars: | 2023-08-17 | by ( Julia Buckley | ) edition.cnn.com time to read: +12 min

Flying over, they had a 90-minute layover in London, which should have been enough – British Airways recommends an hour between flights. Plenty of travelers these days are packing tracking devices into their bags, meaning that they can see where their “lost” bags are when airlines drop the ball. Each day, buying clothes and toiletries when needed, the family logged into British Airways’ lost luggage system to see where their bags were. Searching for her own lost bags in Florence airport, she had seen theirs and, after noting details on the tags, wanted Bunce to know they were there. The British Airways system still told them that the bags had not been traced, but now they had a lead.

Persons: Brett Bunce, Bunce, Gwyn, Carolina, Bel Paese, she’d, Sandra Shuster, “, ”, Anne Johnson, Tim Clayton, Corbis, it’ll, ” Keen, He’d, you’d, he'd, Brett Bunce Bunce, – they’d, “ I’m, Aleandro, you’re Organizations: CNN —, British Airways, London Heathrow, United Airlines, Baltimore, Staff, Getty, American Airlines, Florence Peretola Airport, ”, CNN, FedEx Locations: Italy, Florence, Miami, London, Rome, Naples, Heathrow, Denver, Chicago, Colorado, Carolina, we’d, cobblestones

☆ Can ChatGPT find ‘hidden gems’ in Europe? Yes, if you use these prompts
▼ + stars: | 2023-07-18 | by ( Lisa Lucas | Evelyn Chen | ) www.cnbc.com time to read: +3 min

The advantage of using ChatGPT is that it can take you down any track you want. It's even possible to uncover hidden gems – if you ask the right questions. To uncover a genuine Tuscan experience, use prompts such as: "Can you recommend authentic restaurants locals love that are known for quality and flavor near Val d'Orcia, with websites and reviews?" ChatGPT understands queries about where locals like to eat, and being specific gets better results. To find "hidden gem" restaurants in Val d'Orcia, the more specific the question, the better, says travel writer Lisa Lucas.

Persons: I've, Lisa Lucas, Lisa Lucas ChatGPT, Val d'Orcia, Lanzellotto Organizations: Agf, Getty Locations: Italian, London, Tuscany, Here's, Florence, Siena, American, Elba, Pienza, d'Orcia, Val

☆ Here’s where advisors are hunting for yield and portfolio diversification, Bank of America finds
▼ + stars: | 2023-06-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

Investors' demand for alternative investments is cooling, but financial advisors anticipate adding these assets over the long term to boost diversification, a Bank of America survey of financial advisors found. Last week, the firm conducted its quarterly survey of financial advisors and received responses from 159 individuals. In the world of income, just under half of advisors are rotating client deposits into higher-yielding money market funds, while about 34% are raising cash and liquidity due to market uncertainty, Bank of America found. Indeed, retail money market fund assets grew to $1.99 trillion during the week ended June 21, according to the Investment Company Institute . Bank of America predicts that when volatility normalizes, advisors will reduce the amount of cash they're squirreling away for clients, but they will continue to sort into higher-yielding liquid products – like these money market funds.

Persons: Craig Siegenthaler, Siegenthaler, — CNBC's Michael Bloom Organizations: Bank of America, Beta Fund, alts, of America, Investment Company Institute Locations: 5Ys

☆ Premarket stocks: Wall Street is strangely calm about the debt ceiling. That could change this month
▼ + stars: | 2023-05-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Dire warnings about the economic chaos and catastrophe that will ensue if the US debt ceiling isn’t lifted soon abound. The debt ceiling crisis of 2011 caused Standard and Poor’s to downgrade US debt for the first time in history. Schwenkler says to expect “a lot more volatility” if debt ceiling issues don’t appear resolved by the last week of the month. By contrast, recovery from a debt-default crisis would likely start the day Congress, belatedly, suspended the debt ceiling,” he added. “A misstep over the debt ceiling would subject businesses and consumers to an economic shockwave,” he added.

☆ Ukraine wants F-16s to shoot down Russian strike fighters dropping bombs it can't beat. Airpower experts say give them the jets.
▼ + stars: | 2023-05-09 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +13 min

Its defenses struggle to counter the bombs, so Ukraine wants tools to take out the Russian strike fighters. "Guided bombs are tricky for air defense because they have short flight times and usually very little infrared signature," he said. "The air defense system with the longest distance available to us is the S-300, but it's Soviet-era weapons." That is absolutely unrealistic," he said, challenging the arguments against sending fighter aircraft. There are significant training, supply chain, and operational hurdles to overcome, making essential ground-based air defense a priority in the meantime.

☆ Gallup poll: Americans have low confidence in Biden, Powell and Yellen on the economy
▼ + stars: | 2023-05-09 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Even with the unemployment rate tumbling to historic lows, nearly half (48%) of Americans say they have almost no confidence in Biden on the economy. Only 36% of Americans say they have confidence in Powell on the economy, a new low during Powell’s six-year tenure as Fed chief, while 28% say they have almost no confidence. The poll, taken April 3 to April 25, demonstrates how the anxiety caused by high inflation continues to overshadow the nation’s surprisingly strong job market. The economy added 253,000 jobs in April, dropping the unemployment rate to 3.4% — tied for the lowest since 1969. Gallup notes that confidence in leaders tends to rise and fall along with the fortunes of the economy.

☆ Analysis: How to characterize the American economy — from broken to just bizarre
▼ + stars: | 2023-05-09 | by ( Christine Romans | ) edition.cnn.com time to read: +4 min

New York CNN —The US economy is going from broken to bizarre. Covid crashed the American economy three years ago with no playbook for the wild recovery that would follow. And yet, the US economy today is growing, the job market is strong, and the consumer is still spending. The economy has added an astonishing 1.2 million jobs this year and the jobless rate matches the lowest since 1969. Goldman Sachs pegs recession odds at 35% and Fed Chair Jerome Powell last week said the economy could still skirt a recession.

☆ Russia's air force has taken a beating, but its jets could still turn the tables in Ukraine, experts say
▼ + stars: | 2023-05-04 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

Russia's air force has had a limited role in Ukraine, despite numerical and technological advantages. Russia has held its air force back largely because of Ukraine's effective air-defense network. Which raises the question: If Ukrainian air defenses fade, will the Russian Air Force — known as the VKS — finally become a decisive factor in the war? Ukraine's small but resourceful air force put up spirited resistance that mitigated Russia's numerical and technological superiority, however. "So the air force, I think, would definitely be committed much more heavily if they had a chance."

☆ ‘It’s not zero.’ Wall Street is pricing in a small but growing risk of a disastrous US default
▼ + stars: | 2023-03-31 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

As politicians sleepwalk toward a potential debt ceiling crisis, financial markets have begun pricing in a small — but growing — chance of a disastrous default. “The probability of default has gone up noticeably,” Andy Sparks, head of portfolio management research at MSCI, told CNN in an interview. Yellen has used unusually strong language for a former central banker to warn Congress against messing with the debt ceiling. Asked about MSCI’s estimate of a 2% implied probability of a default, Valliere said that number is low. But this is not a typical debt ceiling debate.”Fallback optionsThere are some early indicators of concern popping up in the bond market.

☆ TSX rises to three-week but caution remains on rate outlook
▼ + stars: | 2023-03-29 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 180.12 points, or 0.9%, at 19,837.65, its fourth straight day of gains and its highest closing level since March 9. "Discretion is the better part of valor," said Joseph Abramson, co-chief investment officer at Northland Wealth Management, quoting the well-known proverb. Information technology rose 1.5% as bond yields steadied, while both energy and heavily weighted financials advanced 1%. Dollarama Inc (DOL.TO) shares added 2.5% as the company reported a surge in same-store sales. The utilities sector, which includes some renewable energy companies, was up 1.1%.

☆ Energy stocks push TSX higher, Dollarama climbs
▼ + stars: | 2023-03-29 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies Enbridge gains on rating upgradeDollarama climbs on quarterly sales beatTSX up 0.8%March 29 (Reuters) - Canada's main stock index extended gains on Wednesday, helped by energy stocks, while discount store chain Dollarama advanced after posting quarterly revenue above estimates. Dollarama Inc (DOL.TO) rose 1.2% and hit a two-month high after the discount store chain also reported a surge in same-store sales. The consumer discretionary sector index (.GSPTTCD), housing the stock, added 0.9%. Archibald added that renewable names like Northland Power (NPI.TO) and Ballard Power Systems (BLDP.TO) would stand to benefit from the credits provided to encourage more investment in green technology. Northland Power (NPI.TO) was down 0.2%, while Ballard Power Systems (BLDP.TO) surged 2.6%.

☆ What is happening in Moldova, Ukraine's tiny European neighbor with a pro-Russian movement?
▼ + stars: | 2023-02-17 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

President Maia Sandu on Monday accused Russia of plotting a coup to overthrow her pro-European Union government using "foreign saboteurs." Until now, Ukraine's defense forces and Western allies have estimated that Russia's renewed offensive would be concentrated in the east of the country. "President Sandu has been warning about these risks for months now," said Orr. Moldova, a landlocked European country on Ukraine's western border, has been battling political and economic instability following Russia's invasion of its neighbor. The attack came days before Moldova temporarily closed its airspace on Tuesday over what authorities say was a suspected Russian drone.

☆ TSX dragged to over one-month low by tech, commodity-linked stocks
▼ + stars: | 2022-12-15 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

[1/2] The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1513 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 295.24 points, or 1.48%, at 19,596.41. All sectors declined, led by materials (.GSPTTMT), which sank 2.2% to an about two-week low as gold prices toppled against a stronger dollar. Meanwhile, Canadian housing starts edged lower in November compared with the previous month as a drop in single-detached urban starts offset groundbreaking in multiple unit urban homes, data from the national housing agency showed on Thursday. Reporting by Shashwat Chauhan in Bengaluru; Editing by Anil D'Silva and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Germany-Japan World Cup match a big draw for viewers in Japan, less so in Germany
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

BERLIN/TOKYO, Nov 24 (Reuters) - The Germany-Japan World Cup match on Wednesday prompted record access numbers for Japanese online streaming platform Abema, while viewership in Germany more than halved from the national team's opening match four years ago, data showed. Some 9.2 million people tuned in to German broadcaster ARD's coverage to see the match, according to data from audience measurement firm AGF. In the 2018 World Cup, 25.96 million viewed Germany's first match against Mexico. The match, in which Japan scored a stunning 2-1 upset over four-times champions Germany, took place at 2 p.m. local time in Germany, when many people were at work. Millions more viewed the match on streaming platform Abema, where access reached a record of more than 10 million on Wednesday helped by the match, according to parent company CyberAgent Inc. (4751.T).

☆ TSX notches 5-month high as tech and industrials climb
▼ + stars: | 2022-11-23 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 62.25 points, or 0.3%, at 20,282.26, its highest closing level since June 9. Wall Street also gained ground after minutes from the Fed's November meeting showed interest rate hikes may slow soon. The industrials sector, which includes railroad and airline stocks, rose 0.4%, while technology ended 1.9% higher. It was boosted by a 22.6% jump in shares of Converge Technology Solutions (CTS.TO) after the company commenced a strategic review process, including evaluations on a possible sale, merger or divesture. Reporting by Fergal Smith; Additional reporting by Johann M Cherian in Bengaluru; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Consumer confidence is near its lowest in a decade, and that could be a problem for Biden
▼ + stars: | 2022-11-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

US President Joe Biden speaks during a DNC rally in Miami Gardens, Florida, US, on Tuesday, Nov. 1, 2022. The survey of 1,201 respondents saw Republicans with a 37%-21% edge on the question of which party is better for the economy. On overall sentiment, the Michigan survey saw a reading of 59.9 for October, 2.2% better than September but 16.5% below the same period a year ago. The University of Michigan survey also found respondents had more trust in Republicans when it came to the fate of their personal finances. The survey showed expectations running high that Republicans will prevail in Tuesday's election and wrest control of Congress back from Democrats.

☆ Five centuries on, Milan still echoes with the genius of queer icon Leonardo da Vinci
▼ + stars: | 2022-10-28 | by ( Dan Allen | ) www.nbcnews.com time to read: +10 min

Since his death more than 500 years ago, multihyphenate genius Leonardo da Vinci and his spectacular works have inspired respect and wonder in generation after generation the world over. “Likewise in painting, I can do everything possible as well as any other, whosoever he may be,” da Vinci offered, not incorrectly. Today, his engineering genius and the advancements it inspired are showcased at Milan’s Museo Nazionale Scienza e Tecnologia Leonardo da Vinci, the largest science museum in Italy. The museum’s Leonardo da Vinci Galleries, reimagined for the 2019 celebrations, use more than 170 historical models, artworks, codexes and installations to bring the artist’s story to life. Leonardo da Vinci's "The Last Supper" in the Santa Maria delle Grazie in Milan.

☆ Europe's severe drought is unearthing ancient artifacts from 'Spanish Stonehenge' to Emperor Nero's bridge
▼ + stars: | 2022-09-17 | by ( Paola Rosa-Aquino | ) www.businessinsider.com time to read: +7 min

Receding water levels due to drought in Europe are unearthing old sites and artifacts. Since early 2022, Europe has experienced an extended period of unusually high temperatures and severe lack of rainfall. From megalithic monuments to ancient bridges, sites and artifacts continue to be unearthed by the 2022 drought in Europe. Pablo Blazquez Dominguez/Getty ImagesIn late July, receding water levels in Spain's Valdecanas reservoir dropped to 28% percent of its capacity, revealing the Dolmen of Guadalperal, dubbed "Spanish Stonehenge," Reuters reported. In June, receding water levels due to the intense drought resurfaced a sunken shipwreck of a World War II-era barge.

The German government bought a 30% stake for 15 billion euros amid Europe's energy crisis. But the company just spent six figures sponsoring a lavish gala dinner at a "stunning" Milan villa. Germany's largest gas importer Uniper sponsored a luxury gala dinner despite a 15-billion euro bailout –around $15 billion – from its government in the midst of the energy crisis. The company, which reported a net less of 12 billion euros in the first half of 2022, has already requested a further 4 billion euros from the government. According to a now-deleted LinkedIn post from the event's account, seen by Insider, Uniper CEO Klaus-Dieter Maubach personally greeted attendees at the start of the gala dinner.

☆ World’s most beautiful castles
▼ + stars: | 2019-08-07 | by ( Joe Yogerst | ) edition.cnn.com time to read: +19 min

As the UK crowns a new monarch, we’re exploring all things royal, from castles to grand tours. “Castles are places were plots were hatched, marriages were consummated, murders carried out, royal babies born, and so on. With castles, you are never short of fascinating things to talk about.”Read on to find out more about 21 of the world’s most beautiful castles, fortified homes that are both a feast for the eyes and a time trip back to the bygone age during which they were created. Wolfgang Kaehler/LightRocket/LightRocket via Getty ImagesThis classic medieval castle towers above the island of Rhodes in the Aegean Sea. The castle’s vivid red-and-yellow color pattern – and its flashy clock tower – endow Pena with a much more playful air than the somber castles found elsewhere in Europe.

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