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Moo Deng crypto. Given the sudden popularity of Moo Deng, the Thai national treasure whose name roughly translates as “bouncy pork,” it was only a matter of time before someone turned her into a digital asset. And given the nature of such memecoins, which have zero underlying value and trade purely on vibes, it’s no surprise Moo Deng Coin has shot up 1,400% since it was created less than three weeks ago. (It should be noted that crypto traders suspect this anonymous Moo Deng booster is an “insider,” since they bought the coin four hours after its creation, per the crypto news site Decrypt. Moo Deng coin is just the latest product of a niche online culture that also birthed Dogecoin (created as a joke to dunk on bitcoin) and Shiba Inu coin (a joke to dunk on Dogecoin).
Persons: Moo Deng, it’s, Deng, Shiba Inu Organizations: New, New York CNN Locations: New York, Thai
But as other pandemic Zoomtowns continue to see increases in prices and rents, Austin stands alone in its change of fortune. Housing in Austin has been through so many extreme distortions that nobody really knows what "normal" even means anymore. All told, Austin's housing stock has ballooned by more than 76,000 units since 2020, an 8.34% increase that includes single-family homes, condos, and townhomes. Considering the size of the Austin market, moving the stock of homes by nearly 10% is a colossal feat. Related storiesNobody watching the Austin market should be having flashbacks to the Great Recession.
Persons: Austin, homebuyers, homebuilders, Zillow, Elon Musk, Joe Rogan, Homebuyers, Keith Hughes, I'd, That's, Jason Lewris, Lewris, Doreen Sidney, Austin wasn't, Austin's homebuilders, Freddie, Sean Kelly, Rand, Freddie Mac, Jenny Schuetz, homebuilding, Kelly, he's Organizations: Austin, Oracle, Facebook, Google, Elon, Census, Parcl Labs, Federal Reserve, San Antonio —, Austin ., Freddie Mac, Brookings Institution Locations: California, Austin, Real, Texas, Francisco, San Francisco, San Antonio, Boston
But for the first time in recent political memory, the 2024 presidential race has left Florida as a comparative afterthought. It used to be …presidential elections, we would be on a razor’s edge about the state of Florida,” Gov. “With the work we have been doing and the grassroots momentum, Florida is competitive in 2024,” Florida Democratic Party Communications Director Eden Giagnorio said. They use Nikki Fried’s make-believe volunteer numbers," he said, referring to the Florida Democratic Party chairwoman. Last week, Harris campaign allies also started it “Fighting for Reproductive Freedom” bus tour in Florida, a starting line Democrats hyped as a sign of national relevance.
Persons: Ron DeSantis, Joe Biden’s, Donald Trump, , Eden Giagnorio, Paul Hennessy, Trump, Harris, Evan Power, Nikki Fried’s, Danielle Alvarez, , Matt Dixon, “ It’s, Kamala Harris, Steve Schale, ” Schale, ” Harris, Biden, Doug Emhoff Organizations: , Republican, Electoral, Democrats, Florida, Democratic, Cook, Florida Democratic Party, ” Florida Democratic Party Communications, Florida’s, Republican Party of Florida, Florida Democratic, “ Trump, NBC, Trump, Veteran Florida Democratic Locations: TALLAHASSEE, Fla, Florida, South Florida, ” Florida, Ron DeSantis , Florida, Orlando, Jacksonville
Wharton School Professor Jeremy Siegel no longer thinks it's vital for the Federal Reserve to implement an emergency interest rate reduction, but still wants policymakers to cut quickly and aggressively. "Obviously, I wanted to shake things up," Siegel said of his call for an intermeeting move. However, those expectations have been volatile as investors watch how quickly the Fed thinks it should ease policy. An emergency cut under these circumstances is "just not the way Jay Powell does things," Siegel said. "But Jay Powell has done things way too slow, certainly on the way up, and I just want to make sure he doesn't make the same mistakes on the way down."
Persons: Jeremy Siegel, Siegel, Jerome Powell, Powell, Jay Powell Organizations: Wharton, Federal Reserve, CNBC Locations: WisdomTree
Minneapolis CNN —For 90-plus years, the Parkway Theater has been a fixture in South Minneapolis, gathering generation after generation of patrons in front of its lone movie screen. The Parkway Theater of today is one part revival house cinema, one part performing arts venue, and another part community event space. Parkway Theater owners Ward Johnson (left) and Eddie Landenberger in the theater lobby in Minneapolis on July 8. Moviegoers at a drive-in movie theater in the parking lot of the Rose Bowl in Pasadena, California, on September 3, 2020. Still, cinema operators have to be cautious in their approach, said Kate Markham, administrative coordinator with Art House Convergence, a coalition of independent, community-oriented cinemas.
Persons: David Hancock, Omdia’s, , ” Hancock, “ Young Frankenstein ”, moviegoing, , Ward Johnson, Eddie Landenberger, Christian Meoli, , Ricard Gil, Michael Tullberg, ” Gil, “ Barbie, Ward, Alicia Wallace, ” Johnson, ” Andrew Sherburne, “ We’re, Meoli, there’s, showmen, Bing Guan, , Bill Campbell, showmen ”, Rich Daughtridge, they’ll, ” Campbell, Kate Markham Organizations: Minneapolis CNN —, Parkway, CNN, Omdia, Theater, Cinelounge, Wim, Queen’s University, Disney, El Capitan Theatre, Hollywood, Global Entertainment, Media, Blockbuster, Rose Bowl, Bloomberg, Independent Cinema Alliance, Orpheum, ICA, Art, cineplex Locations: Minneapolis, South Minneapolis, London, California, Canada, Los Angeles , California, , Iowa City , Iowa, That’s, Tiburon , California, Pasadena , California, Covid, Sheridan , Wyoming, Maryland
Global semiconductor stocks fell Friday after a lackluster set of results from U.S. chip firm Intel sent its shares cratering, and a global market sell-off weighed on some of the biggest names in the tech sector. A number of major U.S. chip names also dropped on Friday in U.S. premarket trade, with Nvidia trading around 4% lower. The DOJ is looking at complaints that the chip giant allegedly abused its market dominance in artificial intelligence chips, The Information reported. Adding to the pressure on chip stocks is a global equity sell-off that began in the U.S. and has fed its way through to Asia and Europe. The VanEck Semiconductor ETF, which includes major names in the sector, closed roughly 6.5% lower in the U.S. on Thursday.
Persons: , prem Organizations: Intel, Nvidia, U.S . Department of, DOJ, NVIDIA, CNBC, Taiwan Semiconductor Manufacturing, Samsung, SK Hynix, midafternoon, Infineon, AMD, Qualcomm, Nasdaq, VanEck Semiconductor Locations: U.S, Asia, Taiwan, South Korea, TSMC, Europe, Netherlands
Pat Gelsinger, chief executive officer of Intel Corp., speaks during the Computex conference in Taipei, Taiwan, on Monday, June 4, 2024. Intel shares fell 21.51% at 04:37 a.m. In Asia, Taiwan Semiconductor Manufacturing Co. — known as TSMC — closed 4.6% lower in Taiwan, and Samsung was also more than 4% lower at the end of the session in South Korea. TSMC is the world's biggest manufacturer of chips, while Samsung is the largest memory semiconductor firm globally. Samsung rival SK Hynix, which supplies U.S. giant Nvidia, also fell sharply to close more than 10% lower.
Persons: Pat Gelsinger, Gelsinger, Annabelle Chih Organizations: Intel Corp, Nvidia Corp, Bloomberg, Getty, Intel, Taiwan Semiconductor Manufacturing, Samsung, SK Hynix, Nvidia Locations: Taipei, Taiwan, U.S, Asia, South Korea, TSMC
Trump’s campaign would not say what sparked the former president’s 180-degree turn on bitcoin. Billionaire crypto tycoons Tyler and Cameron Winklevoss each pledged to donate $1 million worth of bitcoin to Trump’s campaign. The cryptocurrency industry has experienced a resurgence since the downfall of FTX. Trump supporters were not hard to find inside the Bitcoin Conference. Luke Broyles, a 25-year-old Michigander working in the crypto industry, was similarly unsure of Trump’s latest entreaties despite his recent rhetoric.
Persons: Donald Trump, Trump, bitcoin “, , ” Trump, Jacob Silverman, bitcoin, Sam Bankman, Larry David, Tom Brady, Fried, Brian Hughes, South Carolina Sen, Tim Scott, ” Scott, David Bailey, Bailey, cryptocurrency, tycoons Tyler, Cameron Winklevoss, Cryptocurrency, Ohio Sen, JD Vance, David Sacks, Biden, ” Sacks, , ” Tyler Winklevoss, Eric Soufer, cryptocurrencies, ” Soufer, FTX, Robert F, Kennedy Jr, John Fischer, ” Fischer, Luke Broyles, Trump’s, ” Broyles Organizations: Nashville CNN, Twitter, United States, Biden, Capitalism, CNN, Republican, Trump, South, BTC Inc, Mar, Commission, Billionaire, Music City Center, Independent, Pew, Libertarian Party, Bitcoin Conference Locations: USA, Nashville, United States, Wisconsin, St, Cloud , Minnesota, South Carolina, Silicon, Washington, Atlanta, cryptocurrency
But if that suddenly changes, two dozen leading Democratic politicians and operatives told CNN, they can’t realistically see this ending any other way. Still, it’s an idea some Harris backers support, doubting that anyone serious would challenge her, as much chest puffing as there is behind the scenes. Multiple Democratic members of Congress who have called for Biden to go declined on Friday when asked by CNN if they were ready to say they want Harris to be the nominee. “I do believe it has to be the vice president. Biden’s hand would matterFew can conceive of Biden stepping aside and not tapping his running mate to take over.
Persons: Joe Biden, Kamala Harris, Biden, , , , Donald Trump, hypotheticals, Harris, That’s, they’ve, She’s, It’s, isn’t, Biden’s, pained Biden, Barack Obama, Hillary Clinton, He’d, Jim Clyburn, Biden —, , Eleni Kounalakis, Harris –, “ Biden, Kamala, Harris haven’t, hasn’t, Vicente Gonzalez, ” Gonzalez, They’ll, Mike Johnson’s, They’re, Alexandria Ocasio, Cortez, , Ashley Etienne, Jared Golden, Golden Organizations: Washington CNN, Democratic, CNN, Democrats, Democratic House, Black, South Carolina Rep, Congressional Black Caucus, . Texas Rep, ” New York Rep, , Maine Democrat, Biden Locations: Covid, , Chicago, Provincetown , Massachusetts, California, ., America, Alexandria, Washington, Maine
CNN —A staggering 24 hours that cracked the political foundation of Joe Biden’s reelection bid leave him facing the most high-pressure presidential news conference in modern history on Thursday. The stakes for Biden’s solo appearance at the conclusion of the NATO summit multiplied by the hour as his political position unraveled at a dignity-sapping rate. In another danger sign for Biden’s candidacy, one Democratic strategist told CNN, “Everything is frozen because no one knows what’s going to happen. The deepening crisis gripping the Democratic Party is not simply damaging Biden’s chances of clinging to the nomination. But as Biden’s political standing continues to rapidly deteriorate, the question is becoming how much longer he can insist he’s the only Democrat who can beat Trump.
Persons: Joe Biden’s, Nancy Pelosi, Donald Trump, , Biden, seared, Pelosi, , , “ I’m, Ritchie Torres —, Biden —, Pat Ryan, “ Trump, Joe Biden, Vermont Sen, Peter Welch, ” Welch, Colorado Sen, Michael Bennet, Trump, Sen, Chris Coons, CNN’s Kaitlan Collins, ” Sen, John Fetterman, CNN’s Erin Burnett, Hakeem Jeffries, George Clooney, Luck, Joe ‘, ’ Biden, ” Clooney, Clooney, Lester Holt, Elissa Slotkin, he’s, Keisha Lance Bottoms Organizations: CNN, NATO, Hollywood, Capitol, GOP, White, California Democrat, Democratic, Congressional Black Caucus, Yorker, Trump, , Biden, Democratic National Convention, New York Times, NBC “, Democratic Party, Republicans, House, Former Atlanta Locations: Ukraine, Washington, California, Vermont, Colorado, Chris Coons of Delaware, United States, Pennsylvania, Michigan, Trump
A second round of voting, which will pit the reformist, Masoud Pezeshkian, against Saeed Jalili, an ultraconservative former nuclear negotiator, will take place on July 5. The runoff was in part the result of low voter turnout and a crowded field of four candidates, three of whom competed for the conservative vote. Iranian law requires a winner to receive more than 50 percent of all votes cast. Iran’s economy is cratering under punishing Western sanctions, its citizens’ freedoms are increasingly curtailed and its foreign policy is largely shaped by hard-line leaders. In speeches, televised debates and round-table discussions, the candidates criticized government policies and ridiculed rosy official assessments of Iran’s economic prospects as harmful delusions.
Persons: Masoud Pezeshkian, Saeed Jalili,
Kushner started Affinity in 2021, shortly after leaving his advisory role in the White House alongside his wife, Ivanka Trump. Neumann, who was ultimately ousted from WeWork by top SoftBank execs, introduced Kushner to Unybrands early the following year. Affinity's investment in Unybrands, which hasn't previously been reported, was one of the private equity firm's earliest deals. Following a continued slide, the company laid off roughly 10% of its staff in November 2022, according to people familiar with the matter. The House Oversight Committee launched an investigation into the investment in 2022, looking into whether Kushner's financial interests influenced Trump's foreign policy.
Persons: Jared Kushner, Alex Brandon, Kushner, Weeks, Ivanka Trump, Trump, Saudi Crown Prince Mohammed bin Salman, Jamal Khashoggi, WeWork, Adam Neumann, Neumann, Unybrands, hasn't, , Catterton, Jason Somerville, Somerville, it's, didn't, headcount, Donald Trump, Gary Cohn, Crown Prince, Mohammed bin Salman, Jonathan Ernst, Crown Prince Mohammed bin Salman, Carolyn Maloney, Ron Wyden, Kushner didn't, Ulrich Kratz, Goldman Sachs, Kratz, Kushner's, Ian Brekke, Asad Naqvi, Bret Pearlman, Roger McNamee, Max Fink, Neumann's, Brekke, Naqvi, Pearlman, Fink, Shahar Azran, Eugen Miropolski, Robyn Laguette, Mark Goldfinger, Joe Biden, Lex, Jeff Bezos, Sam Altman, Ye, I've Organizations: U.S . Capitol, Capitol, Reuters, Affinity Partners, Companies, White House, Affinity, Saudi Crown, Unybrands, WeWork, CNBC, Amazon, BlackRock, Khosla Ventures, GW Partners, Saudi Arabia's Public Investment Fund, United Arab, Saudi Arabia's, Crown, Ritz Carlton Hotel, Saudi, Republicans, Crayhill Capital Management, Barclays, Goldman, Kushner, Investments II, Blackstone, Partners, Financial Services, CNBC it's, Israeli American Council, IAC, Getty, Kanye Locations: Washington, Amazon's, South Florida, Miami, Silicon Valley, Saudi, Saudi Arabia, Unybrands, United Arab Emirates, Qatar, Riyadh, Yemen, American, Austin , Texas, Gulf, Israel
Peloton isn't going under imminently, but let's be real here: No fitness fad lasts forever. While there was a lot that went wrong, the long and short of it is that Peloton failed to read the room on its pandemic popularity. "It's not that Peloton isn't a good business model; it's that it simply isn't a mass product but more of a niche, luxe one," she said. Investors have soured on the company, and Peloton's once $50 billion market cap has fallen to under $2 billion. It also has to contend with the gym, which has all sorts of classes and fitness equipment that let people mix things up, including, in many cases, Pelotons or other connected-fitness devices.
Persons: I've, Tae, monthslong, Rina Raphael, Simeon Siegel, It's, That's, Siegel, Paul Golding, it's, Golding, there's, Raphael, Natalia Mehlman Petrzela, Emily Stewart Organizations: Private, BMO Capital Markets, Macquarie Capital, Google, YouTube, New School, Facebook, Business Locations: COVID, unsubscribing, Barre, America
Traders fear that elevated rates will uphold painfully high borrowing costs for consumers, squeeze corporate profit and weigh down the market. The labor market has stayed strong, consumers have continued spending and stocks have notched repeated record highs. The April jobs report was a welcome sign that the labor market is cooling without cratering. The labor market added just 175,000 positions last month, marking its lowest tally since October 2023 and a sharp cooldown from the upwardly revised 315,000 jobs added in March. First-time applications for unemployment benefits climbed last week to 231,000, the highest level since last August, in another sign that the labor market is cooling.
Persons: , , Jeff Buchbinder, Jerome Powell, ” Powell, April’s, David Russell, Matt Egan, Wally Adeyemo, Read, Diksha Madhok, Narendra Modi, Modi, Mukesh Ambani, Gautam Adani, Ambani, Ji, ” Modi, Rahul Gandhi Organizations: CNN Business, Bell, New York CNN, Federal, Traders, CNN, Fed, LPL, ” Treasury, Treasury, Reliance Industries, Adani, Indian National Congress Locations: New York, Thursday’s, , India
At Vinco, Farnsworth employed several of the same tactics that he had at MoviePass and at his earlier ventures. "Ted took these press releases and really treated them like they were works of art for him," Matt Argall, a former advisor to Farnsworth, told BI. Hudson Bay has not been served the lawsuit as of the publication of this story. "Hudson Bay's investment in Vinco Ventures was a standard, fixed price convertible loan of which millions remain unpaid," Hudson Bay told BI in a statement. "If served, Hudson Bay will seek to have these baseless, factually flawed and frivolous claims, which have been repeatedly dismissed in other proceedings against other parties, dismissed expeditiously."
Persons: MoviePass, Ted Farnsworth, Maria Bartiromo, he'd, Farnsworth, Jaeson Ma, Ted Farnsworth playbook, Ted, Barnum, John Fichthorn, I've, Shadwrick Vick, Rudy, Vick, Roderick Vanderbilt, who's, hocking, La Toya Jackson, Helios, Matheson, Brian Quinn, Farnsworth's, Michael Hartstein, Vinco, Matt Argall, Mitch Lowe, Reuters Farnsworth, David, Goliath, TikTok, We're, Argall, Elton John, Jamie McCarthy, Lomotif, Lil Nas X, Snoop Dogg, Grimes, Zash, Allan Stern, Get2it, Stern, Robert N, Scola Jr, Scola, he's, , Lowe, Getty, Dave Kotinsky, Stringer Vinco, expeditiously, Farnsworth —, Vanderbilt, Jesse Law, Katherine Long Organizations: Fox Business, Hollywood, Business, Zash Global Media, Entertainment, Vinco Ventures, Fox, Hudson Bay, BI, Helios, Matheson, Matheson Analytics, Boston College Law School, Palladium Capital Group, Vinco, BHP Capital, Armistice, CVI Investments, National Enquirer, Reuters, AMC Theatres, AMC, Gemini Valuation, Hudson, Eightco Holdings, Elton John AIDS Foundation, 91st, EDC, Tampa Marriott, SEC, Publishing, National Examiner, Globe, The New York Times, Southern, Southern District of, Bloomberg, Bay, Vanderbilt, Federal Bureau of Investigation Locations: Hudson, Vinco, Zash, Hudson Bay, China, Syracuse , New York, Lomotif, Syracuse, West Hollywood , California, Vegas, Tampa, Argall, Boston, India, The, Miami, MoviePass, Southern District, Southern District of Florida, New York
Instead a deal is now being negotiated to trim the size of the property's $240 million mortgage and potentially extend the loan at below-market interest rates in an attempt to revive the property's fortunes. The negotiations show that as hundreds of billions of dollars of commercial real estate debts come due or have already tumbled into default, deals are being arranged behind the scenes to try to stave off financial catastrophe. More borrowers and lenders have sought to buy timeThere is mounting evidence that such negotiations are taking place more widely. There have been concerns that trillions of dollars of upcoming commercial property debt maturities could inflict heavy losses that could weigh on investors and lenders across the property market and even cause systemic issues in the banking sector. The deal is part of a growing number of sales by some lenders to cut down their exposure to commercial real estate.
Persons: Realty, Michael Maturo, we'd, Maturo, Jack Terzi, Terzi, Jamie Woodwell, Stephen Buschbom, Trepp, Alan Todd, David Blumberg, Raymond Boyd, Blumberg, Robert Ivanhoe, Greenberg Traurig, Ivanhoe Organizations: New, Aareal Bank, Business, JTRE Holdings, Mortgage Bankers Association, Treasury Department, Bank of America, 601W Companies, Aon, Aon Center, Federal Reserve Locations: New York, Lower Manhattan, Manhattan, New York City, Chicago
Howey, now 30, grew up in northwestern Georgia near Dalton, a small city known as the "carpet capital of the world." SolarCycle, which reclaims old solar panels to make new ones, in February announced plans for a glass factory. The law authorized big tax credits for companies making renewable-energy technologies, including solar panels, batteries, and electric vehicles, in the US. According to S&P Global, the US imported more than two-thirds of its solar panels from Southeast Asia last year. When he sees solar panels atop the chargers, he feels pride in his job.
Persons: Robert Howey, Howey, he'd, Qcells, Catherine Boudreau, Joe Biden, Biden, Bob Keefe, Keefe, Gedia, Pat Wilson, Wilson, Brian Kemp, Benz, Dalton, Kemp, Heidi Popham, Popham, Donald Trump, Scott Moskowitz, Sen, Jon Ossoff of, Moskowitz, it's, Carl Campbell, Campbell, , Whitfield, Jevin Jensen, Jensen, He's Organizations: US Navy, Business, Qcells, South, Hanwha, SK, Hyundai, Georgia Department of Economic, Gov, Porsche, Mercedes, SK On's, Financial Times, Georgia Northwestern Technical College, Treasury Department, P Global, Microsoft, Development Authority, Shaw Industries, Mohawk Industries, EV Locations: Georgia, Dalton, Japan, Cartersville, South Korea, Malaysia, North Carolina, China, Georgia , North Carolina, South Carolina, Savannah, Atlanta, Cartersville , Georgia, Germany, Commerce , Georgia, Southeast Asia, Korea, Jon Ossoff of Georgia, Washington, BloombergNEF, Vietnam, Whitfield County, ., Whitfield, Calhoun
CNN —Back in 2019, Elon Musk made an astonishing claim for Tesla vehicles. But four years after Musk’s 2019 prediction, the average used Tesla Model 3 is selling for $29,000. Sticker prices for new Teslas dropped about 21% over the past year, according to Cox Automotive. Logically, people expect to pay less for a used car than they would for a new one. Why buy a used car if you could get a brand new vehicle for only a little more or maybe even less, after all?
Persons: Elon Musk, Musk, , Tesla, , FSD, Ivan Drury, Wall, Teslas, Hertz, ” Hertz, Stephen Scherr, ” Drury, EVs, Drury Organizations: CNN, Cox Automotive, EV, Hyundai, Kia, Audi, Volkswagen, Edmunds.com, Tesla Locations: America, Ford, Edmunds.com, Colorado
CNN —When NASA’s Double Asteroid Redirection Test spacecraft intentionally slammed into the asteroid Dimorphos in September 2022, the impact may have caused “global deformation” of the space rock, according to new research. Dimorphos is a moonlet asteroid that orbits a larger parent asteroid known as Didymos. The DART mission ended upon impact, but prior to colliding with Dimorphos, the spacecraft transmitted an incredibly detailed view of the little asteroid’s boulder-covered surface that is helping researchers learn more about how the space rock formed. Rather than forming a simple crater on Dimorphos, the DART impact reshaped the entire asteroid, the results have suggested. Recreating the DART impactA team of researchers modeled the impact using the Bern smoothed-particle hydrodynamics shock physics code to achieve their results.
Persons: Dimorphos, It’s, , Dr, Sabina Raducan, Japan’s, ” Raducan, Martin Jutzi, Hera, Raducan, Sir Brian May, Claudia Manzoni Organizations: CNN, DART, Dimorphos, University of Bern’s Physics Locations: Italian, Dimorphos, Bern, Switzerland
The housing market, they claimed, was a bubble destined to burst. I’ve spent the past few years asking experts a simple question: Has the housing market reached bubble territory? AdvertisementFor a time, it seemed like the housing market was doing a speedrun through Simonsen’s checklist. And even if the economy does take a turn, a run-of-the-mill recession probably wouldn’t be enough to topple the housing market. The housing market is far from balanced, but we’re at least heading in that direction.
Persons: doomsayers, I’ve, Redfin, you’ve, you’ll, Mike Simonsen, megalandlords, , Ian Shepherdson, Goldman Sachs, Jerome Powell, Powell, Rick Palacios Jr, John Burns, ” doomsayers, might’ve, It’s, it’s, Logan Mohtashami, don’t, US homebuilders, “ It’s, ” Mohtashami, Selma Hepp, Fannie Mae, Palacios, ” Palacios, Mohtashami Organizations: Altos Research, Wall, John, John Burns Research, Consulting, Mortgage Bankers Association, Federal Reserve Bank of New, Federal Housing Finance Agency Locations: Charlotte, North Carolina, Austin, Las Vegas, Miami, Boise , Idaho, Dallas, Federal Reserve Bank of New York, US
Billionaire Starwood CEO Barry Sternlicht sees losses on office properties hitting $1 trillion, per Bloomberg. Office values have plummeted as remote work proves to be a lasting legacy of the pandemic. AdvertisementThe ailing office market is headed for $1 trillion of losses, billionaire and Starwood Capital CEO Barry Sternlicht said. Per Bloomberg, Sternlicht said at the Global Alts conference in Miami Beach that US office properties, once a $3 trillion market, are worth about $1.8 trillion now. The cratering values have been the result of remote work being solidified as a lasting legacy of the COVID-19 era.
Persons: Barry Sternlicht, , Per, Sternlicht Organizations: Starwood, Bloomberg, Service, Starwood Capital, Per Bloomberg, Global, Business Locations: Miami Beach
While Japan and the United Nations' nuclear watchdog said the move was safe, China retaliated by banning all seafood imported from Japan. Chinese consumers followed with boycotts on Japanese brands, including P&G's SK-II, fearing that their products would be tainted by radiation. While the brand took a hit in the previous quarter, P&G executives said SK-II is already seeing sales turn around. "Our consumer research indicates SK-II brand sentiment is improving, and we expect to see sequential improvement in the back half," CFO Andre Schulten said on the company's earnings conference call. CEO Jon Moeller also reminded investors that previous tensions between Japan and China have hurt SK-II's sales, but the brand always bounced back.
Persons: Gamble, Andre Schulten, Jon Moeller Organizations: Procter, SK, United Nations, G's SK Locations: Greater China, Japan, , China
Russia's economy could end up looking a lot like it did in the Cold War, a researcher writes. Russia's population fell by around 3 million from 2017 to 2022. The drop in population has bred a number of problems for Russia's economy as it shifts to a wartime footing, including a record shortage of workers. All that points to great difficulty faced by Russia's economy, he added. Other economists have sounded similar warnings for Russia's economy, though the nation itself has insisted on its resilience over the past year-and-a-half.
Persons: , Vladislav Inozemtsev, Inozemtsev, Imnozemtsev Organizations: Service, Middle East Media Research, Kremlin, International Monetary Fund Locations: Russia, Ukraine, China, Moscow
Now, as Fed policymakers note improvement on inflation and some cooling in the labor market, the risks are seen as more balanced and the choices more nuanced. The following chart offers a look at how officials currently stack up on their outlooks for Fed policy and how to balance their goals of stable prices and full employment. Note: Fed policymakers began raising interest rates in March 2022 to bring down high inflation. Their most recent policy rate hike, to a range of 5.25%-5.50%, was in July. Below is a Reuters count of policymakers in each category, heading into recent Fed meetings.
Persons: Jeff Schmid, Adriana Kugler, Louis Fed, James Bullard, Louis, Kathleen O'Neill Paese, Ann Saphir, Paul Simao Organizations: Federal, Federal Open Market, New York Fed, Kansas City Fed's, Fed's, Governors, Interim, Louis Fed, Thomson Locations: Kansas, St
download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at why the rate cuts investors have been praying for might not be the godsend they imagined. But rate cuts won't necessarily be the win markets are hoping for, Business Insider's Jennifer Sor writes. Still, some interest rate traders are predicting rate cuts coming as soon as this March, according to CME's FedWatch Tool. Another key piece of the economy facing headwinds complicates the case for rate cuts being a boon for investors.
Persons: , I've, we're, Patrick Semansky, Jennifer Sor, CME's, Jennifer, Insider's Dominick Reuter, Miles Goodloe, Domenic, Robert Oszust Jr, Domenic Boresta, Alice Brooks, Jennifer Campbell, Sean Jacobsohn, he's, Jacobsohn, Chelsea Jia Feng, They're, it's, Gen, Bradley Cooper, Ben Affleck, Greta Gerwig, Bill, Bill —, Bill Nye, Science Guy, Manolo Blahnik, Jimi Hendrix, Steve Bannon, Bruce Lee, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Tech, Business, Federal Reserve, Fed, UBS, Big Tech, Retail, Walmart, Target, Financial Times, Echo, Khosla Ventures, Science Locations: Washington, Miles, Chelsea, New York City, San Diego, London, New York
Total: 25