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Search resuls for: "Resilience"

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British retail sales grow in August after washout in July
  + stars: | 2023-09-22 | by ( )   time to read: +2 min
REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Sept 22 (Reuters) - British retail sales partially recovered in August after a rainy July washout, official figures showed on Friday, adding to signs that the country's consumers were mostly coping with the cost-of-living squeeze. Sales volumes rose by 0.4% on a month-on-month basis after a sharp 1.1% fall in July, the Office for National Statistics said. "These were partially offset by internet sales, which dropped slightly as some people returned to shopping in person following a very wet July. However, August's data represented the sixth time so far in 2023 that sales volumes rose on a month-to-month basis, suggesting resilience in consumer demand. Retail sales volumes were 1.4% lower than a year earlier, the ONS said, compared with economists' forecasts for a 1.2% decline.
Persons: Phil Noble, Heather Bovill, GfK, BoE, William Schomberg, James Davey, William James, Christina Fincher Organizations: REUTERS, National Statistics, Reuters, Office, Bank of England, British Foods, Thomson Locations: Altrincham, Britain
A widely followed gauge of future economic activity declined 0.4% in August, continuing a nearly 18-month drop, the Conference Board said on Thursday. The business organization’s Leading Economic Index is now down 3.8% over the past six months and is exhibiting all the signs that a recession is imminent. “The leading index continued to be negatively impacted in August by weak new orders, deteriorating consumer expectations of business conditions, high interest rates, and tight credit conditions. Economists have generally been surprised by the strength of the U.S. economy this year, especially the resilience of the labor market in the face of rising interest rates. However, prices are holding firm with the median price of an existing home reaching $407,100 – up 3.9% from a year ago.
Persons: , Justyna, Monica, Jerome Powell, “ I’ve, “ It’s Organizations: Conference, US, Board, Federal Reserve, National Association of Realtors Locations: U.S
It’s almost like the climate crisis has gotten itself a new team of publicists, judging from the boggling array of sessions, panels, VI.P. dinners, workshops and fireside chats happening this week as part of Climate Week NYC. This was in addition to two sold out Earth-focused drag shows, “SAVE HER!” hosted by the eco-drag queen Pattie Gonia, and the spectacle of Prince William wading into New York’s East River to visit the Billion Oyster Project, which works to restore reefs using mollusks. There were hundreds of less glittery events too, focused on decarbonizing agriculture, deforestation-free cattle ranching, carbon removal, environmental justice, food waste, green steel and session after session on climate finance and climate tech. Chaotic, sprawling, and borderline circuslike, Climate Week NYC, which officially runs from Sept. 17 to 24, is in many ways a showcase of human innovation, the countless ways people in many industries are working to slow and potentially reverse the enormous harms humans have done to the planet.
Persons: Pattie Gonia, Prince William Locations: Climate, New
Every September, the nation spotlights the need for more awareness and support in the battle against pediatric cancer. Hyundai Hope On WheelsFor 25 years, Hyundai has been on a quest to end childhood cancer with Hyundai Hope On Wheels. Hyundai Hope On Wheels has provided research and support grants to some of the nation's top pediatric hospitals and research centers. Hyundai Hope On Wheels celebrates 25 years with a $25 million donation to pediatric cancer research at the 2023 New York Auto Show . Click here for more information about Hyundai Hope On Wheels' efforts to end pediatric cancer.
Persons: , Hope, Raynie Clark, Oliver Foster, John Guastaferro Organizations: Hyundai, Hyundai Hope, Hyundai Motor America, New York, Cancer, handprints, York Auto, Youth Ambassador, Humanity, Insider Studios Locations: New England, Las Vegas , Nevada, Bloomington , Illinois
The average interest rate for all credit card accounts hit 20.68% in May, the highest on record, according to most recent Federal Reserve data. "But credit cards do charge the highest interest rates of any mainstream consumer debt [by far]," he wrote in an e-mail. This is why it's so important to prioritize credit card debt payoff." Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. "Whenever the Fed has raised interest rates as they have, something usually tips or fails," he said.
Persons: Barry Glassman, Ted Rossman, Cardholders, Glassman,, Rossman, Bankrate Organizations:, Federal Reserve, Wealth, Westend61, Getty, Federal Reserve Bank of New, Silicon Valley Bank, Signature Bank Locations: Vienna , Virginia, North Bethesda , Maryland, Federal Reserve Bank of New York, Silicon, U.S
A passageway near the Bank of England (BOE) in the City of London, U.K., on Thursday, March 18, 2021. LONDON — The Bank of England on Thursday ended a run of 14 straight interest rate hikes after new data showed inflation is now running below expectations. Investors on Wednesday ramped up bets that the Bank would pause its interest rate hiking cycle after U.K. inflation came in significantly below expectations for August. Thomas Verbraken, executive director of risk management research at MSCI, said the burning question is whether the Bank of England's Thursday decision signals the peak of the interest rate cycle. Forward looking indicators suggest the U.K. economy is already flirting with recession, a backdrop consistent with cooling wage growth and a policy pivot," Mehdi said.
Persons: BOE, Andrew Bailey, We'll, Marcus Brookes, BoE, Brookes, Thomas Verbraken, Hussain Mehdi, Mehdi Organizations: Bank of England, City of, LONDON, Bank, U.S, Monetary, MPC, Quilter Investors, U.S . Federal Reserve, Bank of England's, HSBC Asset Management, Bank of, Fed, European Central Bank Locations: City, City of London, Bank of England's
If you want to be happy in life, especially as you age, "you have to look at other things besides dreams." Instead, it can mean reorienting yourself towards finding joy in small things, in what you can control and in wanting what you already have. But the work can pay off: Positivity is linked to a longer and healthier life. Small things delight her on a daily basis: Listening to books on tape, taking careful walks, old movies on TV, a scoop of ice cream after dinner. She reminds herself that "everyone has things that don't work out," and that what matters is resilience — being "capable of adjusting your thoughts and dreams."
Persons: Shirley Hodes, Hodes, who's, Ruth Sweedler, Hodes didn't, didn't, couldn't, doesn't Organizations: CNBC Locations: North Carolina
Brittany Vargas moved to Oaxaca City, Mexico without knowing anyone there. Since then, I've moved to multiple major cities in the US with very few contacts to welcome me. Assess the vibeI moved to Oaxaca City, a place brimming with creative energy and one that draws artists, mystics, hippies, and healers — all the types of people I consider my tribe. After all, I don't travel to be comfortable and happy all the time. AdvertisementAdvertisementOverall, Oaxaca City is a peaceful, beautiful, fascinating place.
Persons: Brittany Vargas, it's, I've, , expats, I'm, I'd, Vargas, Read Organizations: Service, Google, Netflix, YouTube Locations: Oaxaca City, Mexico, Wall, Silicon, Paris, Thailand, Oaxaca, It's
The new projections and the Fed's latest policy statement will be released at 2 p.m. EDT (1800 GMT). Fed Chair Jerome Powell is scheduled to hold a press conference half an hour later. With inflation slowing, that would allow interest rates to decline also. The last set of projections envisioned that the Fed's policy rate would fall by a percentage point in 2024, and by 1.2 percentage points in 2025 to end that year in the 3.25%-3.50% range. It hasn't happened so far, with economic growth through the first half of the year above the 1.8% rate that Fed officials view as the economy's non-inflationary trend, and continuing that way through the third quarter.
Persons: Matthew Luzzetti, Jerome Powell, Powell, Joseph Davis, Davis, Howard Schneider, Paul Simao Organizations: Federal Reserve, Deutsche Bank, Reuters Graphics Reuters, Commerce, Vanguard, Thomson Locations: WASHINGTON
New Zealand economy expands faster than expected
  + stars: | 2023-09-20 | by ( Lucy Craymer | )   time to read: +3 min
Shoppers walk in front of a retail shop displaying a sale sign in central Wellington, New Zealand, July 3, 2017. Annual growth increased to 1.8%, Statistics New Zealand data showed, above expectations of 1.2%. "It's a victory for the New Zealand economy and for the people who work hard every single day to deliver high quality jobs," Finance Minister Grant Robertson told reporters. The handling of the economy has been a central theme in this year's election with the opposition criticising the government's role in record high inflation and the slowing economy. The Reserve Bank of New Zealand (RBNZ) has been forecasting the economy would slip into recession in the second half of 2023.
Persons: David Gray, Gabrielle, Grant Robertson, Lucy Craymer, Sonali Paul Organizations: REUTERS, Statistics, New Zealand, U.S . Federal, Labour, New, Finance, ASB, Reserve Bank of New Zealand, Thomson Locations: Wellington , New Zealand, WELLINGTON, Statistics New Zealand, Zealand, New Zealand
China's demand for oil could peak by the end of the decade — and with its economic recovery still in limbo, can global oil markets continue to rely on China? "For 20 years, the oil market is dependent on China, China, China, supporting the markets. He predicted that China's demand for oil will peak in the next three to five years. "In the global [oil] markets, we have to look at countries like India, or other empires to create the resilience on the demand side," Fesharaki added. Similarly, Wood Mackenzie expects China's oil demand to peak by 2027, after which an extended fall in demand for crude will follow.
Persons: Fereidun Fesharaki, Fesharaki, Wood Mackenzie Organizations: Global, CNBC Locations: China, India
WASHINGTON (AP) — After being thwarted by Congress, President Joe Biden will use his executive authority to create a New Deal-style American Climate Corps that will serve as a major green jobs training program. The climate corps had been proposed in early versions of the sweeping climate law approved last year but was jettisoned amid strong opposition from Republicans and concerns about cost. Democrats and environmental advocacy groups never gave up on the plan and pushed Biden in recent weeks to issue an executive order authorizing what the White House now calls the American Climate Corps. White House climate adviser Ali Zaidi said the administration will work with at least six federal agencies to create the climate corps and will pair with at least 10 states. California, Colorado, Maine, Michigan and Washington have already begun similar programs, while five more are launching their own climate corps, Zaidi said: Arizona, Maryland, Minnesota, North Carolina and Utah.
Persons: Joe Biden, Biden, Franklin D, Roosevelt, Biden's, Massachusetts Sen, Ed Markey, Alexandria Ocasio, Bruce Westerman, Joe Neguse, Ali Zaidi, Zaidi Organizations: WASHINGTON, Corps, House, American Climate Corps, Civilian Conservation Corps, Sunrise Movement, Democratic, New York Rep, Republicans, FDR, , Natural Resources, Colorado Democrat Locations: Paris, Massachusetts, Alexandria, Cortez, federal, ” Arkansas, U.S, California , Colorado , Maine , Michigan, Washington, Arizona , Maryland, Minnesota, North Carolina, Utah
The White House on Wednesday announced a program that will aim to train 20,000 young people for climate-focused jobs related to clean energy, land restoration, forest management and more. In addition to training, the program also intends to be a pipeline for participants to get hired into green jobs. In 2021, he proposed spending $30 billion on a Civilian Climate Corps, which would have had over 300,000 members, as a part of the larger Build Back Better Act bill, the framework of Biden's climate agenda. The Civilian Climate Corps appeared to be a modern version of the New Deal-era Civilian Conservation Corps, a program for unmarried young men to train for jobs in public land and forest improvement. The White House didn't announce how much it was spending on the program.
Persons: Joe Biden, Lucy Evans Organizations: Interpretive, Wednesday, American, Corps, White, Civilian, Civilian Conservation Corps, Democratic Locations: Palo Alto , California
Indonesia appears to be the latest country to jump on the de-dollarization bandwagon. The island nation has launched a National Task Force to promote local-currency transactions. The move is expected to help make the rupiah more stable, and support local financial markets, Bank Indonesia said. The island nation has announced it's formed a National Task Force to widen the use of local currency transactions (LCT) with partner countries, according to Indonesia's central bank. While some experts perceive de-dollarization efforts as a threat to the greenback, others have dismissed the movement as a nothingburger.
Persons: it's, Perry Warjiyo, Vladimir Putin Organizations: Force, Bank, Service, Bank Indonesia Locations: Indonesia, Bank Indonesia, Wall, Silicon, China, Russia, India, dollarization, Beijing, New Delhi, Zimbabwe
There have been some encouraging signs that business travel is rebounding to pre-Covid spending levels sooner than anticipated, according to the Global Business Travel Association . Business travel was essentially shut down during the Covid pandemic, with many predicting a slow slog to revive sales and a landscape that would be permanently changed. Now the organization is predicting global business travel spending will surpass its 2019 spending level of $1.4 trillion in 2024, compared with its earlier forecast of 2026. Some 28% of those who make the business travel decisions and 32% of those in charge of company travel budgets said their workplace will increase business travel in the coming year, Morning Consult found. Of course, the recovery in business travel can also shift if there are changes in the economic environment.
Persons: Lindsey Roeschke, Roeschke, That's, Michael Linenberg, Linenberg, Patrick Scholes, Scholes, — CNBC's Michael Bloom Organizations: Global Business Travel Association . Business, Morning, Deutsche Bank, CNBC, American Airlines, Delta Air Lines, United Airlines, Ryman Hospitality Properties, Ole Opry, Hospitality, Hyatt Hotels Locations: Delta
The eye-popping numbers are part of a longer-term shift toward private college housing. Moody's Analytics recently warned of an "affordability crisis" for college students, noting that since 2019, rents for student housing in a sample of notable college towns had grown faster than those of regular apartments. Student housing goes privateThe gold rush in student housing is a relatively new phenomenon. Back in the 1980s and '90s, most college students either lived in bland, cinder-block-walled dorms or in conventional apartments farther from campus. Even with his frugality, he came to realize that the prices in West Campus were "impossible to rationalize" for a college student.
Persons: behemoth Blackstone, Evan Scope, UT Austin who's, Carl Whitaker, Austin Kristian Alveo, Whitaker, Mark Austin, Kristian Alveo, David Willson, Willson, Gina Cowart, Cowart, David Kanne, lounging, Ann, Kanne, Lu Chen, RealPage, Donald Cohen, Cohen, Graham Sowden, Dan Allen, Allen, Austin, James Rodriguez Organizations: Waterloo, University of Texas, Wall Street's, American, Communities, National, Housing, Evan Scope Crafts, UT Austin, University, UT, LV, UTs, Crafts, American Campus, HBO, West, haven't, State College ,, Moody's, Power, Middlebury College, University of Tennessee, Arizona State University, Urban Institute, Investors, Power Five, RREAF Holdings Locations: Austin, Wall, Waterloo, UT Austin, Rio, Villas, West, West Campus, Gainesville , Florida, Ann Arbor , Michigan, State College , Pennsylvania, Knoxville, South
CNN —United Nations Secretary General António Guterres issued a stark warning as he gathered world leaders for a high-level summit on the climate crisis: “Humanity has opened the gates to hell.”“Horrendous heat is having horrendous effects. Sweltering temperatures spawning disease,” he said in a speech to open the Climate Ambition Summit, happening alongside the UN General Assembly in New York. The aim of the summit is to increase ambitions on climate action, Guterres said. Selwin Hart, a special adviser to the UN Secretary-General on climate action and just transition, said there has been “massive backsliding” on commitments. “We must make up time lost to foot-dragging, arm-twisting and the naked greed of entrenched interests raking in billions from fossil fuels.”
Persons: General António Guterres, , , John Kerry, Rishi Sunak, Guterres, Selwin Hart, ” Guterres, Organizations: CNN — United Nations, Ambition, UN, Assembly, General Assembly, CNN Locations: New York, Dubai, Wednesday’s, China, India, United States, Paris
The Fed Pauses Rates
  + stars: | 2023-09-20 | by ( Matthew Cullen | )   time to read: +1 min
Federal Reserve officials left interest rates unchanged today, a reflection of cooling inflation and a decision designed to give them more time to assess their next step. At the same time, they hinted that another rate hike would arrive later this year and projected that interest rates would remain high for longer than they had previously expected. Fed officials now expect to lower borrowing costs to 5.1 percent next year, rather than 4.6 percent as they previously projected. Despite the higher-than-normal borrowing rates, they projected stronger growth, lower unemployment and slower inflation at the end of 2023 than they had anticipated. The Fed will have two more meetings this year in early November and mid-December, when it can raise rates.
Persons: Jeanna Smialek, , Jerome Powell Organizations: Federal Reserve, Fed
New economic rules shatter US bonds’ crystal ball
  + stars: | 2023-09-19 | by ( Ben Winck | )   time to read: +8 min
Yield curve “inversions” belong to the latter group. At first sight, they are right: Yield curve inversions have been a consistent predictor of future downturns. Yield curve inversions take place when the yield on short-dated government debt climbs higher than that on longer-term bonds. Lower long-dated bond yields are seen as a sign that investors predict lower rates due to an economic downturn. As such, yield curve inversions have become a popular forward indicator of economic recessions.
Persons: Treasuries, There’s, Eugene F, Fama, Kenneth R, joblessness, Morgan Stanley, Ellen Zentner, Francesco Guerrera, Sharon Lam, Aditya Sriwatsav, Oliver Taslic Organizations: Reuters, San Francisco Federal Reserve, Fed, New York Fed, Morgan Stanley U.S, Treasury, European Central Bank, Thomson Locations: United States, U.S, Covid
Opinion | What We Can Do to Help Reduce Loneliness
  + stars: | 2023-09-19 | by ( )   time to read: +1 min
To the Editor:Re “How We Can Fix Our Loneliness Epidemic,” by Nicholas Kristof (column, Sept. 7), and “Flexible Housing,” by Michelle Cottle (Opinion, Sept. 10):In recent weeks, Mr. Kristof and Ms. Cottle have written convincingly about the problems of loneliness and isolation and the need for more flexible housing options as our population ages. In neither piece was there any mention of the option of home sharing, which is a low-cost and immediate means of aiding the housing crisis for both young and old. At Home Share Oregon, a nonprofit based in Portland, we connect homeowners who have spare rooms — many of whom are mortgage-burdened, lonely and living on meager Social Security checks — with renters struggling to find a home. There was a time when boardinghouses were part of the cultural norm and helped bring people together. We are working to change the cultural norm by moving forward with a proven means of housing people while at the same time building financial resilience and combating the loneliness epidemic.
Persons: Nicholas Kristof, Michelle Cottle, Kristof, Ms, Cottle, boardinghouses Organizations: Share, Social Locations: Portland
Cooling inflationary pressures and strengthening home values are likely to spell a recovery for home improvement retailers sooner rather than later, according to Bank of America. Although the firm's indicator for the home improvement industry still came in negative for August 2023, the signal ticked up from its July reading. "Strength in home values should lend longer-term stability for home improvement demand," Suzuki wrote. Suzuki's $114 price target for Floor & Décor suggests almost 24% upside from its closing price of $92 Monday. BofA cited FND's growing number of stores and improved same-store sales growth.
Persons: Elizabeth Suzuki, Lowe, BofA, Suzuki, — CNBC's Michael Bloom Organizations: Bank of America, U.S . Mortgage, Finance Research Locations: 1H23, 2H23, Monday's
The World Weather Attribution initiative – a team of scientists that analyze the role of climate change in the aftermath of extreme weather events – found planet-warming pollution made the deadly rainfall in Libya up to 50 times more likely to occur and 50% worse. They also found the extreme rainfall that hit Greece, Turkey and Bulgaria was made up to 10 times more likely. Extreme rainfall has swept across large parts of the Mediterranean region since the start of the month. They found in Libya, not only did climate change make the extreme rainfall up to 50 times more likely, it also made it up to 50% more intense. The kind of extreme rainfall this region experienced is likely to happen around once every 10 years, according to the report.
Persons: Storm Daniel, Palamas, Angelos Tzortzinis, Konstantinos Tsakalidis, Zohra Bensemra, Maja Vahlberg, ” Friederike Otto, Karsten Haustein, , Jasper Knight Organizations: CNN, Getty, WWA, Reuters, Climate, Grantham Institute, Imperial College London, Leipzig University, University of Locations: Libya, Greece, Turkey, Bulgaria, Spain, Karditsa, AFP, Larissa, Derna, Germany, Witwatersrand, Johannesburg, South Africa
[MUSIC PLAYING] My grandmother has always been the rock and the matriarch of my family. When we think about the patterns of second-generation children leaving Chinatown, it’s because of this idea of the immigrant story. If I were to say that we’re not gentrifying our neighborhood Chinatown, I’d be lying. [MUSIC PLAYING] Without the people in Chinatown, there is no place anymore. [MUSIC PLAYING]
Persons: that’s, she’s Organizations: Chinatown Locations: New York City, it’s, Chinatown, San Francisco, Southern China, Fujian, South Korea, Brooklyn, Queens , New York, I’d, Orchard, Canal
The 2-year Treasury yield was last trading less than one basis point lower at 5.0624%. U.S. Treasury yields were little changed on Tuesday as investors looked to fresh economic data and the start of the Federal Reserve's two-day September meeting. Further rates hikes are still a possibility, several Fed officials have indicated in recent weeks, pointing to economic data as a key factor. Recent data has suggested resilience in the economy and continuing but tolerable levels of inflation. Several economic data points are still due ahead of the interest rate decision, including preliminary building permits and housing starts data for August on Tuesday.
Organizations: Treasury, U.S, Federal, Fed Locations:
The benchmark 10-year Treasury yield hit 4.399% overnight in Asia, its highest rate since early November 2007, and the two-year yield rose further above 5%. MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.27%, while the pan-European STOXX 600 index (.STOXX) lost 1.05%, hit by lowered growth outlooks. CENTRAL BANKSGlobal central banks take stage, with five of those overseeing the 10 most-heavily traded currencies holding rate-setting meetings this week. A swathe of emerging market central banks including Turkey and South Africa will also meet. The Swedish crown sank to a record low against the euro on Monday, days before the Riksbank is expected to raise interest rates again.
Persons: Brendan McDermid, BOE, Brent, Marc Chandler, Chandler, Saira Malik, France's, Stocks, Xi, Kazuo Ueda, Herbert Lash, Nell Mackenzie, Dhara, Stella Qiu, Philippa Fletcher, Alexander Smith, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Treasury, Global, Federal, United Auto Workers, Detroit Three, Bannockburn Global, U.S, Societe Generale, Dow Jones, Nasdaq, China Evergrande, HK, CENTRAL, Bank of England, Bank of Japan, European Central Bank, Thomson Locations: New York City, U.S, China, Bannockburn, New York, Asia, Turkey, South Africa, Swedish, London, Sydney
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