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☆ China rolls out fresh property relief measures to stem the fallout from Evergrande's meltdown
▼ + stars: | 2024-01-31 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Officials in China are boosting property sector relief measures to blunt the impact of Evergrande's collapse. The new measures are part of a wider series of economy-boosting initiatives, especially in the real estate sector, which constitutes one-quarter of the country's economy. The crisis in the property sector stems from huge debt and overbuilding in the last decade, which has resulted in a liquidity crisis for many property developers, including Evergrande. The company's troubles sent country's property sector into a tailspin starting in 2022 when it defaulted on some of its offshore bonds. China is moving mountains to hold the real estate sector's crisis from pouring into other sectors.

Persons: — Organizations: Service, Beijing, China's Ministry of Housing, China Mingsheng Banking Corp, China Securities Journal, Guangzhou, Reuters, Bloomberg Locations: China, Hong Kong, Nanning, Guangxi, Chongqing, Suzhou, Shanghai, restructurings

☆ Americans are getting closer to an interest rate cut — but it probably won't happen in the Fed's next big decision
▼ + stars: | 2024-01-30 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Read previewThe nation's central bank is gearing up to make its first big decision of 2024 — and while it likely won't be the interest rate cut many Americans are hoping for, it's set to bring them closer to that relief. The Fed hinted at how many interest rate cuts Americans can expect this year in its December Summary of Economic Projections. New labor market data out this Friday will show how employment looked at the start of 2024, and some labor market experts already think 2024 will see a cooler job market . That continuing strength in the labor market does represent a slowdown from the hot post-pandemic recovery in 2022. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the lawmakers wrote.

Persons: —, it's, Jerome Powell, Powell, Nick Bunker, would've, Greg McBride, David Kelly, Kelly, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Business, Federal, Federal Reserve, Spelman College, Labor Statistics, Fed, North America, Morgan Asset Management, Democratic Locations: Sens

☆ Minneapolis is giving people $500 a month and recipients say the no-strings-attached cash is helping them fight soaring housing costs
▼ + stars: | 2024-01-30 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

But significantly improving a recipient's housing situation might only be possible in a longer-term program or with larger payments, the researchers found. And the cash transfers did not cause recipients to work less , a common concern with basic income programs, the report found. A growing landscape of basic income experimentsLocal and state governments across the country are experimenting with guaranteed basic income programs, often targeting the region's most vulnerable residents, including new and expecting mothers and the lowest-income families. AdvertisementRecipients of a year-long basic income program in Austin, Texas, used most of the cash on housing costs and became "substantially more housing secure," according to surveys. "One of the undergirding premises of basic income programs, in general, is giving folks the decision-making latitude to choose for themselves where that money goes," Palmer said.

Persons: Vanessa Palmer, Andrew Goodman, Bacon, Palmer, — Organizations: Minneapolis who've, Federal Reserve Bank of Minneapolis, Federal Reserve, Federal Reserve's Center, Indian Country Development, Federal, Opportunity, Growth Institute, Urban Institute, Harvard, The New York Times, Department of Housing, Urban Development Locations: Minneapolis, Twin Cities, Austin , Texas, Washington ,, San Francisco

☆ American's housing shortage won't be solved for years to come
▼ + stars: | 2024-01-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Read previewThe tight housing market has shown recent signs of easing, but Moody's Analytics still anticipates Americans will face inventory snags for years to come. Based on data from the end of December, the monthly sales pace implies 3.2 months' of housing inventory, according to the National Association of Realtors. That shortage suggests a recovery in the housing market remains years away, the researchers said. "One good year of 'excessive' supply was only in its relative term when compared with affordability-constrained demand," Moody's researchers said. Ultimately, to Moody's, increasing housing inventory and rebalancing the market will take years of "joint effort and creativity" across the public and private sectors.

Persons: —, Nick Villa, Moody's Organizations: Service, Business, National Association of Realtors, NAR

☆ It's time for the Fed to cut interest rates and bring relief to Americans who 'cannot afford to pay rent,' Elizabeth Warren says
▼ + stars: | 2024-01-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Sen. Elizabeth Warren joined some of her colleagues in pushing for the Federal Reserve to cut interest rates. AdvertisementAs Americans grapple with high housing costs, a group of Democratic lawmakers is urging the Federal Reserve to implement relief as soon as possible. While rent costs have decreased slightly over the past few months, "high interest rates mean higher mortgage rates for landlords, who may pass off these costs in the form of rent hikes for their tenants," the Democrats wrote. Powell has previously acknowledged the impact of interest rate increases on housing costs. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the Democrats wrote.

Persons: Sen, Elizabeth Warren, —, — John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Jerome Powell, Powell, they'll Organizations: Federal Reserve, Service, Democratic, Harvard's, for Housing Studies Locations: York

☆ Elizabeth Warren rips Fed for fueling affordability crisis in housing, calls for rate cuts
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —America has a housing affordability crisis and Elizabeth Warren blames Jerome Powell and his colleagues at the Federal Reserve. To fight inflation, the Fed spiked interest rates at the fastest pace since the early 1980s. However, the Fed’s war on inflation set off shockwaves in the housing market. The one-two punch of elevated borrowing costs and record-high home prices has made the housing market historically unaffordable. “High interest rates have aggravated the country’s crisis of housing access and affordability,” the Senate Democrats wrote.

Persons: Elizabeth Warren, Jerome Powell, Powell, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Freddie Mac, “, Tom Barkin didn’t, ” Organizations: New, New York CNN, Federal Reserve, CNN, Democratic, Democrats, Fed, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Richmond Fed Locations: New York, America, White

☆ A conservative fix for the housing crisis is making homes cheaper and more abundant in Texas
▼ + stars: | 2024-01-29 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

But unlike its coastal counterparts, Houston's homes are much cheaper and more abundant. Advertisement"It's really a way to limit housing construction," said Emily Hamilton, a housing researcher at the Mercatus Center at George Mason University. She added that minimum lot sizes maintain "a homogenous type of housing construction with often a high floor on how expensive it has to be." The policy change has spurred the construction of almost 80,000 new homes, many of them townhouses and other kinds of small-lot single-family homes. But the massive success of Houston's minimum lot size reform is getting noticed across Texas and around the country.

Persons: —, Emily Hamilton, Joseph Gyourko, Sean McCulloch, Hamilton, It's, it's, Nolan Gray, Freund, Brett Coomer, We're, Gray, Salim Furth Organizations: Service, Space, Business, George Mason University, California, Freund St, Houston Locations: Houston , Texas, New York City, San Francisco, Houston, walkable, Texas, Austin , Texas, Auburn , Maine, Helena , Montana, Arizona , Massachusetts, New York

☆ Boomers are not moving out of their big homes. Here’s why
▼ + stars: | 2024-01-29 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Many Boomers whose homes have surged in value now face massive capital gains tax bills when they sell. Plus, smaller homes or apartments in the neighborhoods they’ve come to love are rare. Taxes on capital gains drain profits from a saleFederal and possibly state capital gains taxes can be significant for long-time homeowners who have seen their property values soar over several decades. They paid the capital gains and moved because their home was isolated and they wanted to be closer to conveniences, health care and other people as they aged. Few smaller homes in areas they’ve long livedMany neighborhoods where older homeowners have long lived are zoned for single-family homes and have few smaller homes or multi-family properties like condos or rental buildings.

Persons: Baby Boomers Marta, Octavian Dragos, ”, Dragos, ” Dragos, —, they’ve, “, Peter Poulsen, Poulsen, Jimmy Panetta Organizations: DC CNN, Savings Locations: Washington, El Cerrito , California, California, Livermore , California

☆ Austin experimented with giving people $1,000 a month. They said they spent the no-strings-attached cash mostly on housing.
▼ + stars: | 2024-01-28 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

Read previewPeople who received guaranteed basic income in one of Texas' largest cities reported reduced rates of housing insecurity. Austin was the first city in Texas to launch a taxpayer-funded guaranteed-income program when the Austin Guaranteed Income Pilot kicked off in May 2022. On average, program participants said they spent more than half of the cash they received on housing. While Austin was the first city in Texas to test a guaranteed-income program, it's now not the only one. AdvertisementAnd in Denver, a basic-income program that gives some people up to $1,000 a month was recently extended after participants reported increased housing security .

Persons: —, Austin, Taniquewa Brewster, KXAN, it's, Sen, Paul Bettencourt, Bettencourt, Tonaeya Moore Organizations: Service, Business, Austin, Urban Institute, NBC, Houston Chronicle, Baltimore Young Locations: Texas, City of Austin, Washington, DC, Houston, Harris County, United States, Baltimore, Maryland, Denver

☆ Austin experimented with giving people $1,000 a month. They spent the no-strings-attached cash mostly on housing, a study found.
▼ + stars: | 2024-01-28 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

A guaranteed basic income program in Austin gave people $1,000 a month for a year. AdvertisementA guaranteed basic income plan in one of Texas's largest cities reduced rates of housing insecurity. Austin was the first city in Texas to launch a tax-payer-funded basic income program when the Austin Guaranteed Income Pilot kicked off in May 2022. On average, program participants spent more than half of the cash they received on housing, the report's authors wrote. Harris County, which includes Houston, earlier this month launched a guaranteed basic income program that gives low-income residents up to $500 a month.

Persons: —, Austin, Taniquewa Brewster, KXAN, it's, Sen, Paul Bettencourt, Bettencourt, Tonaeya Moore Organizations: Service, Austin, Urban Institute, Washington DC, NBC, Houston Chronicle, Baltimore Young Locations: Austin, Texas, City, Washington, Houston, Harris County, United States, Baltimore

☆ Empty-Nest Baby Boomers Won't Sell 3-Bedroom Homes Millennials Need
▼ + stars: | 2024-01-23 | by ( Eliza Relman | Jennifer Sor | ) www.businessinsider.com time to read: +6 min

As people age, they need homes that are more accessible and easier to maintain. Large homes often have multiple floors, yards, and other features that make them trickier to navigate for older people. AdvertisementSchuetz says there's not a dearth of large homes in the US. Instead, there's really just a mismatch between large homes and occupants who don't need them. But many more family-sized apartments and other homes will need to be built to make up for the lack of large homes on the market.

Persons: —, Jenny Schuetz, Redfin, Schuetz, Daryl Fairweather, Redfin's, I've, Fairweather, it's, there's Organizations: Service, Business, Brookings Institution

☆ Opinion: Three ways to help millennials overcome the cost of living crisis
▼ + stars: | 2024-01-22 | by ( Opinion Jill Filipovic | ) edition.cnn.com time to read: +11 min

It’s a decline not seen around the rest of the developed world, where higher education is expanding. Provide universal low-cost child careFrom my vantage point, the single highest barrier to Millennial economic stability is child care. The reasons behind that are complex, but cost is certainly among them: The United States has some of the highest child care costs in the world. Affordable, high-quality, universal child care helps mothers, and particularly low-income mothers, to stay in the workforce, which pays dividends for their families. Child care programs help to prepare kids for school and may keep them more active and socially engaged.

Persons: Jill Filipovic, CNN —, haven’t, We’ve, ’, Z, Gen Zers, isn’t, Millennials, — Organizations: Twitter, CNN, Boomers, American Boomers, Ivy League, OECD Locations: New York, Europe, States, tony

☆ A Gen Xer who moved to Phoenix from Kansas said while he's paying more for his house and summers are brutal, there's much more to do
▼ + stars: | 2024-01-21 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

He settled in Overland Park, Kansas, a city near Kansas City with about 200,000 residents. Ty, who asked to use just his first name for privacy reasons, settled on Phoenix, and moved there in 2023. While Kansas has an income tax of 5.7% on income above $30,000, Arizona has an income tax of 2.5%. While Florida has no income tax, he was drawn in more by the Phoenix area. He's noticed many new residents in Phoenix who have moved from neighboring states, which he didn't observe as much in Kansas.

Persons: Ty, Phoenix, Zillow, there's, it's, he's, I'm Organizations: Service, Business, Phoenix Locations: Ohio , Florida , Kentucky, West Virginia, Indiana, Overland Park , Kansas, Kansas City, Kansas, Phoenix, Arizona, California, Ohio, Florida, Kentucky, Indianapolis, Park , Kansas, Nashville, Tampa . Phoenix, While Kansas, Scottsdale, Phoenix —, Flagstaff, He's

☆ People are using cash transfers like basic income to pay rent, and it shows just how badly a housing-crisis solution is needed
▼ + stars: | 2024-01-21 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

And a growing number of people who are eligible for government housing assistance aren't getting it. But unlike other government benefits like Medicaid and food stamps, housing aid doesn't automatically go to those who need it. And across 31 pilot basic income programs , recipients spent an average of about 9.2% of their payments on housing and utilities. AdvertisementThe amount that the federal government spends on its housing assistance programs, mainly Housing Choice Vouchers and public housing, is determined by Congress each year. "Housing support across America is very fractured and variable," said Sean Kline, director of Stanford's Basic Income Lab.

Persons: —, doesn't, Matt Desmond, Chris Herbert, Ulbrich, Matt Turner, hasn't, Sean Kline, Matthew Fowle, Fowle, Kline, Herbert Organizations: Service, Homelessness, Business, Urban Institute, Assistance, Columbia University's, Poverty, Princeton, Harvard Joint Center for Housing Studies, Economic, Congress, Harvard, The New York Times, Department of Housing, Urban Development, Philadelphia Housing Development Corporation, University of Pennsylvania, UPenn's Housing Locations: Washington ,, San Francisco, Davos, America, Philadelphia

☆ Why Singapore is so attractive to business leaders looking to make a real difference in their careers, lives, and the world
▼ + stars: | 2024-01-19 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

This article is part of our "Business for Good" series spotlighting business leaders and companies that are driving meaningful changes from Singapore. Currently based in Singapore, he's serving as our trusted resource for the innovative projects unfolding in one of the world's most advanced and progressive business hubs. The city-state's government is nimble and efficient; the business atmosphere is open and collegial; and the quality of life is unparalleled. NesteSingapore is considered a global business hub thanks to its great sea and air connectivity, developed infrastructure, stable political and regulatory environment, and skilled workforce. Bartholomeusz shares my appreciation for Singapore's public safety.

Persons: Kris LeBoutillier, he's, It's, Steven Bartholomeusz, APAC, it's, José Pedro Borges, Borges, Maya Hari, — Hari, Hari, Terrascope Organizations: EDP Renewables, APAC, Cisco, Google, Microsoft, José Pedro Borges Companies, Insider Studios, Singapore Economic Development Board Locations: Singapore, Asia, Thailand, Indonesia, New York City, Neste, Neste Singapore, Lisbon, EDPR

Permits were 1.9% more than the upwardly revised 1.47 million November number and at an annual level of 1.5 million. Housing starts fell 4.3% from the November annual rate of 1.53 million, a reading that was revised downward from the robust 1.56 million originally estimated. Both permits and starts were higher than a year ago, by 6.1% and 7.6%, respectively. The Best Cartoons on the Economy View All 178 Images“Falling mortgage rates should jump-start the demand for housing in the coming months,” said Jeffrey Roach, chief economist at LPL Financial. On Wednesday, the National Association of Home Builders said its January survey found builder confidence surged as mortgage rates for the benchmark 30-year fixed rate loan dipped to 6.75%.

Persons: ”, Jeffrey Roach, Alicia Huey, Kelly Mangold Organizations: Census Bureau, Department of Housing, Urban, Housing, LPL, National Association of Home Builders, ” Builders, Real Estate Consulting Locations: Birmingham , Alabama, U.S

☆ Minority Children in US Get Poorer Healthcare, Analysis Finds
▼ + stars: | 2024-01-17 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Nancy Lapid(Reuters) - The quality of healthcare for minority children in the United States is universally worse than it is for white children, even after accounting for insurance coverage, an analysis of dozens of recent studies found. The pattern was similar across all medical specialties, including newborn care, emergency medicine, primary care, surgery, hospital care, endocrinology, mental health care, care for developmental disabilities, and palliative care, researchers said. Even after adjusting for type of health insurance, family socioeconomic position, and other health conditions, the disparities were clear. “Across multiple healthcare specialties, non-white children receive poorer care relative to white children," study coauthor Dr. Monique Jindal of the University of Illinois Chicago School of Medicine said in an email. “The impacts of housing, employment, health insurance, the criminal justice system, and immigration are impossible to disentangle and are cumulatively responsible” for the poorer care for minority children, she said.

Persons: Nancy Lapid, Monique Jindal, ”, Jindal, Bill Berkrot Organizations: University of Illinois Chicago School of Medicine, Adolescent Locations: United States

☆ Move over, millennials: Gen Zers are coming for boomers' houses
▼ + stars: | 2024-01-17 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

After all their economic misfortune, they'll still face a turbulent housing market and potentially tens of thousands of dollars' worth of necessary updates to boomers' aging houses. In his 2022 paper, "Who will buy the baby boomers' homes when they leave them? ", Engelhardt argued that mass aging would send ripples through the housing market but fail to push down prices significantly. After that point, demand for home purchases will once again outpace supply as millennials buy more homes and younger generations, like Gen Z and Gen Alpha, file in behind them. The timing of boomers' exit will mostly benefit younger generations, like Gen Z and Gen Alpha, who should find themselves on steadier footing than their predecessors.

Persons: Xers, they've, Zers, they'll, Odeta Kushi, Kushi, Gary Engelhardt, Engelhardt, Issi Romem, Meredith Whitney, Boomers, Gen Zers —, Gen, who've, millennials, boomers, Jessica Lautz, Nicole Bachaud, They've, Redfin, Alpha, they're, Lautz, savvier, Zoomers, James Rodriguez Organizations: millennials, Syracuse University, Boomers, Federal Reserve, Alpha, National Association of Realtors Locations: granny, New York, Los Angeles, Chicago, Dallas

☆ Migrants Sleep in the Snow in Desperate Wait for ID Cards
▼ + stars: | 2024-01-17 | by ( Andy Newman | More About Andy Newman | ) www.nytimes.com time to read: +1 min

Lorena Garcia, who journeyed from Colombia with her 3-year-old son, said shelter workers told her that “after the 60 days, I have to leave there and pay rent.” She said she did not know how she would find an affordable room. A city spokeswoman, Kayla Mamelak, said that every family who has reapplied for shelter has received it. She added that if families can’t find housing after the second 60-day period, the city will do everything in its power to offer them shelter beds. The mounting uncertainty comes as the state and city governments grapple with the cost of the crisis. Kathy Hochul announced a state budget that includes $2.4 billion to help New York City with migrants, a $500 million increase over last year.

Persons: Lorena Garcia, ”, Kayla Mamelak, Kathy Hochul, Eric Adams Organizations: New York City’s Locations: Colombia, New York City, New York, Boerum

☆ After Gloomy Warnings, Adams Unveils N.Y.C. Budget That’s Not So Dire
▼ + stars: | 2024-01-16 | by ( Emma G. Fitzsimmons | Jeffery C. Mays | ) www.nytimes.com time to read: +1 min

After months of warning New Yorkers of an imminent fiscal crisis, Mayor Eric Adams on Tuesday proposed a $109 billion budget that he framed as far less dire than expected. The mayor said the city’s chief challenge — a continuing influx of migrants from the southern border — was likely to cost less than forecast after officials adopted certain cost-cutting measures and a less open stance toward giving the migrants shelter. Mr. Adams said the city had cut the costs of housing and feeding migrants to roughly $10.6 billion over three years, down from about $12 billion, and pushed many migrants out of the city’s care. The mayor announced that the city would be receiving $2.9 billion more in expected tax revenues over the 2024 and 2025 fiscal years than initially expected. The new forecast validated criticism by City Council leaders, who had attacked Mr. Adams for making unnecessary cuts when their predictions showed that the city would receive $1.5 billion more in revenues than expected.

Persons: Eric Adams, —, Adams Organizations: City Council

☆ The housing market is breaking out of mortgage rate lock as a wave of sellers look poised to list their homes in the coming years, Zillow says
▼ + stars: | 2024-01-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The housing market could be breaking free from the "rate lock" phenomenon that froze activity in 2023. That's because owners appear less deterred by high mortgage rates when considering whether to sell their homes, Zillow said. 21% of owners are considering selling their homes in the next three years, a Zillow survey shows. Currently, mortgage rates look to be less of a determining factor when considering a sale." Prices and mortgage rates are expected to continue easing slightly this year, Redfin economists predicted.

Persons: Zillow, —, That's, Sylar Olsen, Freddie Mac Organizations: Service

☆ How much money you need to retire in every U.S. state—it's at least $1 million in 16 places
▼ + stars: | 2024-01-15 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Those totals were then multiplied by 25 or 30 years, excluding Social Security payments, since those benefits would supplement retirees' personal savings. The study assumes that retirees will receive annual Social Security payments of $21,566.76, the U.S. average based on the most recent information provided by the Social Security Administration. For a 25-year retirement, you'd need just over $2 million in Hawaii — the most of all states by far. That's followed by Massachusetts, California and New York, along with 12 other states where you'd need at least $1 million saved up to retire. In contrast, you'd need less than $700,000 for a 25-year retirement in West Virginia, the lowest in the country.

Persons: GOBankingRates, you'd, That's Organizations: Bureau of Labor Statistics, Missouri Economic Research, Information Center, Social, Social Security Administration, U.S, Social Security Locations: U.S, Missouri, Hawaii, Massachusetts , California, New York, West Virginia

☆ Here are 3 ways Gen Zers can build credit before renting their own place
▼ + stars: | 2024-01-15 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Fg Trade | E+ | Getty ImagesRising inventory is helping push rent prices down. Many Gen Zers are still living with their parentsWhile some older Gen Zers were able to become homeowners during the Covid-19 pandemic, most did not. Gen Z includes those born between 1996 and 2012, according to Pew Research Center's definition, and the youngest members of that cohort are still teens and tweens. Of the Gen Z adults who currently rent, 27% say they can no longer afford the cost, the firm found. In the meantime, there are ways Gen Z adults can prepare, especially those at home saving on expenses.

Persons: Gen, Daryl Fairweather, Jacob Channel, It's, Zers, Intuit Credit Karma, Melissa Lambarena Organizations: Pew Research, Intuit Credit, Finance Locations: U.S

Now, fighting and preventing wildfires and helping the island of Maui recover from the flames top the agenda as Hawaii's Legislature returns for a new session this week. The Senate majority said in a news release it was committed to forming a fire risk task force and seeking permanent funding for the Hawaii Wildfire Management Organization, which is a hub for wildfire prevention and mitigation. Josh Green, a Democrat, in December asked lawmakers to appropriate $425 million for the Maui cleanup and emergency housing, and millions more to reduce statewide wildfire risk. Nakamura said the Maui fires exacerbated a problem that existed long before: the proliferation of vacation rentals around the state. “If they can’t find an affordable rental and use their skills in Hawaii, then we all lose out,” she said.

Persons: ”, Nadine Nakamura, Nakamura, Josh Green, Colin Moore, Moore, “, ” Moore Organizations: Democrat, Democrats, of Land, Natural Resources, Hawaii Wildfire Management Organization, Senate, Gov, University of Hawaii Locations: HONOLULU, Hawaii, Lahaina, Maui, Kula

☆ Davos: A mountain of debt and a wave of elections. World leaders are hamstrung
▼ + stars: | 2024-01-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —World leaders are flocking to Davos this week to pontificate on the planet’s most pressing problems. Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

Persons: worryingly, Michael Saunders, ”, Saunders, that’s, Liz Truss, Dave Ramsden, Fitch, Moody’s, Raghuram Rajan, “ It’s, ” Rajan, Anna Cooban Organizations: London CNN —, Bank, CNN, Oxford Economics, Bank of England, AAA, States ’, Reserve Bank of India, Labour Party, Treasury Department, Federal, University of Chicago Booth School of Business Locations: Davos, Kingdom, Argentina, States, United States, Switzerland

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