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☆ Gas prices in the US just spiked to their highest mark since November
▼ + stars: | 2023-07-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US gas prices hit an eight-month high on Friday. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAs if Americans needed another reason to work from home, US gas prices spiked Friday to their highest mark since November, according to AAA data. The average retail price for a gallon of gas just hit $3.732, up from $3.587 a week ago and $3.556 a month ago. Surging gas prices could also have a negative impact on President Joe Biden's reelection bid, which is largely built on a platform of lower inflation and his ability to restore consumer confidence. To be sure, a year ago gas prices hovered at $4.278, about 12% higher than current levels.

Persons: Joe Biden's, Andrew Gross, Brent Organizations: Gulf, Service, AAA, Bloomberg, West Texas Locations: Wall, Silicon

☆ Shinjiro Atae comes out as gay as Japan faces pressure to pass pro-LGBTQ+ legislation
▼ + stars: | 2023-07-27 | by ( Alli Rosenbloom | ) edition.cnn.com time to read: +2 min

CNN —Japanese pop star Shinjiro Atae announced that he is gay on Wednesday – a bold move for such a public figure in Japan, a the country still does not recognize same-sex unions. I am a gay man.”His post continued, “It has taken me a long time to be able to say I am gay. Known today for his solo music, Atae was previously a member of the co-ed Japanese super-group AAA (Triple A) for over a decade. The group originally debuted in 2005 when Atae was just 14. The news of Atae’s coming out comes at a tenuous time in Japan, as the country faces increasing pressure from other Group of Seven (G7) nations to allow same-sex marriage.

Persons: Shinjiro Atae, Atae, ” Atae, “, ”, I’ve Organizations: CNN, Pride House, ReBit, AAA, Triple Locations: Japanese, Japan, “

STOCKHOLM/FRANKFURT, July 27 (Reuters) - Sweden has the financial muscle to intervene to stem any fire sale of property from companies rushing to sell out, the head of the country's debt agency told Reuters on Thursday. Karolina Ekholm, Director General at the Debt Office, said the government had a light debt load and could afford to borrow more to intervene to buoy the property sector should a threat emerge to wider financial stability. High debts, rising interest rates and a wilting economy has produced a toxic cocktail for Sweden's commercial property companies, with several cut to junk by rating agencies. The former central bank official pointed to the government's financial clout and that it could issue debt in either euros or U.S. dollars. "It would have to be something that threatens financial stability in Sweden and so far we haven't seen any of that."

Persons: Karolina Ekholm, Ekholm, Conor Humphries Organizations: Reuters, Organisation for Economic Cooperation, Development, AAA, Thomson Locations: STOCKHOLM, FRANKFURT, Sweden

☆ Gasoline prices are spiking. That’s a problem for Powell and the Fed
▼ + stars: | 2023-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The two-day jump in gasoline prices — the biggest in a year — is combining with a rally in wheat and other agricultural commodities. All told, gas prices have spiked 9 cents in 48 hours. Lower gas prices have been central to progress on slowing price increases. The IMF warned on Tuesday that grain prices could rise by 10% to 15% because of the collapse of the grain deal. Yawger noted that soybean futures have also climbed sharply amid concerns about high heat hurting crops in the United States.

Persons: haven’t, “, ”, Patrick De Haan, unnerve, Jerome Powell, Francisco Blanch, Joe Brusuelas, Brusuelas, Robert Yawger, Yawger, De Haan Organizations: New York CNN, Federal Reserve, AAA, unnerve ’, Bank of America, RSM, IMF, Mizuho Securities, Hurricanes, Nature, ExxonMobil, CNN Locations: Russia, Ukraine, United States, Baton Rouge

☆ Car repair costs are up almost 20% over the past year. Here are 6 reasons why
▼ + stars: | 2023-07-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Here's a look at six reasons why you're paying more for car repairs. More technology in carsJamie Grill | Getty ImagesCommon car repairs can run consumers $500 to $600 a visit and sometimes "much higher," according to AAA. More advanced — and more expensive — technology in vehicles is a big reason for higher repair costs, said Robert Sinclair, Jr., a spokesman for AAA Northeast. More auto wrecks mean greater demand for mechanics, serving to raise prices for car repairs, Sinclair said. Fewer auto repair techniciansMeanwhile, there's been a dearth of available mechanics to meet that greater demand, translating to higher labor costs, auto experts said.

Persons: Michael H, Grill, Robert Sinclair, Jr, Sinclair, Skyler Chadwick, Morgan, Chadwick, Peter Dazeley, there's, — Organizations: Getty, AAA, AAA Northeast, Finance, Cox Automotive, P Global Mobility, Bank, National, Traffic Safety Administration, TechForce Foundation, Auto, Cox

☆ Gas prices just saw their biggest one-day increase in a year
▼ + stars: | 2023-07-25 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —The monthslong calm in gas prices is over. However, gas prices are much lower today than they were last summer, when they spiked above $5 a gallon. David Paul Morris/Bloomberg/Getty ImagesAs recently as July 4, gas prices had experienced a nearly unprecedented year-over-year decline. The unwelcome shift higher in pump prices follows a jump in oil prices, which have climbed to three-month highs as part of a broader rally in commodities. Cooling inflation, driven in part by easing gas prices, has raised hopes that the United States can avoid a recession.

Persons: ”, Andy Lipow, David Paul Morris, Lipow, ” Lipow Organizations: New, New York CNN, AAA, CNN, Lipow Oil Associates, Bloomberg, Getty, Federal Reserve, OPEC Locations: New York, Ukraine, United States, Russia, Saudi Arabia, OPEC, Europe

☆ The 'time has come' for mortgaged-backed securities, says UBS. Here's what to know
▼ + stars: | 2023-07-24 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The AAA asset class in agency MBS can bring in a yield ranging as high as 5.5% to 6%, said Leslie Falconio, head of fixed income strategy in UBS Americas' chief investment office. "Agency mortgages are the cheapest part, on a risk-adjusted basis certainly, in the entire fixed income market." She specifically likes agency MBS and expects them to "materially outperform" in the second half of the year. Luis Alvarado, a fixed income strategist at Wells Fargo, also looks at MBS as a possible replacement for some investment-grade corporate debt in a fixed income portfolio. UBS' Falconio is also awaiting a better entry point for CMBS, as well as nonagency MBS.

Persons: Leslie Falconio, Jeffrey Gundlach, Gundlach, Falconio, Luis Alvarado, He's, Alvarado, Wells, — CNBC's Michael Bloom Organizations: MBS, AAA, UBS, Agency, Federal Reserve, CNBC Locations: UBS Americas, Wells Fargo

☆ Here's what Jim Cramer thinks about J&J stock after a pivotal talc case verdict
▼ + stars: | 2023-07-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

But on Tuesday, J & J was ordered to pay $18.8 million after jurors found in favor of 24-year-old Emory Hernandez Valadez who claimed in his lawsuit that he developed mesothelioma, a deadly cancer linked to asbestos, from exposure to J & J talc products. J & J has said that over 60,000 claimants support its latest $8.9 billion settlement to be paid out over 25 years. Johnson & Johnson issued an official statement following the verdict in favor of Valdez, intending to appeal. Even so, J & J got a few of price target increases on Wall Street on Friday. The higher growth pharmaceuticals and medical technology businesses are remaining as the new J & J.

Persons: Johnson, J's, Jim Cramer, Jim, J, Emory Hernandez Valadez, we're, there's, Moshe Maimon, Levy, Maimon, Michael Kaplan, Kaplan, Erik Haas, Thursday's, Haas, Jim Cramer's, Justin Sullivan Organizations: Johnson, LTL Management, J, Credit Suisse, AAA, CNBC, & ' $, & $ Locations: California, American, Levy Konigsberg, Valdez, Stifel, Kenvue, San Anselmo , California

REUTERS/Anushree Fadnavis/File PhotoBENGALURU, July 20 (Reuters) - Jio Financial Services (JFS) has been valued at around $20 billion after its stock price was set at a much higher-than-expected 261.85 rupees ($3.19) in its demerger from Indian billionaire Mukesh Ambani's Reliance Industries (RELI.NS). At a $20 billion valuation, Jio Financial would be one of the top 40 Indian companies by market capitalisation, in a list headed by Reliance at $233 billion. The price was determined as 261.85 rupees, or the difference between 2,841.85 rupees, Reliance's closing price on Wednesday, and 2,580 rupees, its price at the end of the special session. JFS's stock price is higher than analysts' estimate of 160 rupees to 190 rupees. Reliance Strategic Investments, the unit to be renamed JFS, late on Wednesday reported a net profit after tax of 1.45 billion rupees ($17.7 million) for April-June based on revenue of 2.15 billion rupees.

Persons: Anushree, Mukesh, Chokkalingam, JFS, Ira Dugal, Savio Shetty, Savio D'Souza, Jamie Freed Organizations: Mobile, REUTERS, Jio Financial, Reliance Industries, Reliance, Macquarie Research, AAA, Reliance Strategic Investments, Thomson Locations: Pragati, New Delhi, India, BENGALURU

They are a key source of financing for some fintech lenders, which have fewer funding options than banks. As the end of pandemic stimulus and rising inflation led delinquency rates to normalize, investors shunned the fintech ABS market late last year. Fintechs like Upstart (UPST.O), Affirm (AFRM.O) and OneMain Financial (OMF.N) say they are boosting credit quality, in another example of how lenders have been pulling back amid uncertainty over the economic outlook. Still, analysts say it is a sign the fintech ABS market is recovering. For fintech loans to borrowers with weighted average credit scores between 660 and 710, annualized net losses rose by 1.88% month-over-month to 16.61%.

Persons: Sanjay Datta, Datta, Max Levchin, Doug Schulman, OneMain, Finsight, Robert Wildhack, Kroll, Hannah Lang, Matt Tracy, Josie Kao Organizations: Wall Street, OneMain, AAA, Autonomous Research, Kroll Bond Rating Agency, Thomson Locations: Washington

☆ Reliance - Jio Financial Services demerger: what you need to know
▼ + stars: | 2023-07-19 | by ( Chris Thomas | ) www.reuters.com time to read: +3 min

Five analysts estimate that Reliance's Jio Financial Services will be valued at 160-190 rupees per share. However, Jio Financial Services' stock will be included in the indexes, including the blue-chip Nifty 50 (.NSEI), but will not trade until it is listed. Jio Financial Services' listing date is widely expected to be announced at Reliance's forthcoming annual general meeting. THE DEMERGERReliance announced last October that it would demerge and list its financial services business - Reliance Strategic Investments - which will be renamed Jio Financial Services (JFS). Reliance shareholders would get one share of Jio Financial Services for holding one share of Reliance.

Persons: Mukesh, Hitesh Sethia, Chris Thomas, Anil D'Silva Organizations: Reliance Industries, Jio Financial, Reliance, National Stock Exchange, Bombay, Exchange, Jio Financial Services, NSE, DEMERGER Reliance, Reliance Strategic Investments, Kamath, ICICI Bank, Macquarie Research, AAA, Thomson Locations: BENGALURU, Bengaluru

☆ America’s Foreign Vacations Tell Us Something About the U.S. Economy
▼ + stars: | 2023-07-15 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

People spent 2020 and 2021 either cooped up at home or traveling sparingly and mostly within the continental U.S. But after Covid travel restrictions were lifted for international trips last summer, Americans are again headed overseas. According to estimates from AAA, international travel bookings for 2023 were up 40 percent from 2022 through May. Tour and cruise bookings are expected to eclipse prepandemic highs, with especially strong demand for vacations to major European cities. Paris, for example, experienced a huge jump in North American tourists last year compared with 2021, according to the city’s tourism bureau.

Persons: Emily Organizations: AAA Locations: Paris, Europe

☆ These 10 states are running America's best economies for residents
▼ + stars: | 2023-07-13 | by ( Scott Cohn | ) www.cnbc.com time to read: +8 min

To determine which states have the best economy, we look at overall economic growth and annual job growth on a percentage basis, as well as the health of state finances. We measure the breadth of each state's economy by looking at how many major corporations are headquartered there. IndianaWhile the Hoosier State's economy is hardly a barnburner, Indiana offers stability. The state's debt rating is solid. UtahThe Beehive State's economy just keeps buzzing.

Persons: Christina, Dupont De Nemours, Incyte Carlos Hernandez, Eileen T, Meslar, Eli Lilly, Kyle Green, Lucas Jackson, George Frey, Zions, Tim Aeppel, —, Justin Sullivan, Lindsey Nicholson, Matthew Busch, payrolls, Jim Watson Organizations: Companies, Business, Getty, Bureau, AAA, Reuters, Indiana, Hoosier, Federal Housing Finance Agency, National Association of Realtors, Simon Property, Bloomberg, Gem, Data Solutions, Micron Technology, Lamb Weston Holdings, South, South Carolina, Union Pacific, Automotive Designs, . Tennessee The Volunteer State, Headquarters, FedEx, Tractor, Delta Airlines, Peach State, Assurant, Intercontinental Exchange, Universal, North, Bank of America, Duke Energy, Just Energy Group, Texas, Lone Star State, Oracle, Tesla, AFP Locations: U.S, States, Wilmington , Delaware, Delaware, Middlebury , Indiana, , Indiana, CBH, Calvary Springs, Nampa , Idaho, Idaho, California, York County , South Carolina, South Carolina, Palmetto, South, Salt Lake City , Utah, Utah, Bristol , Indiana, Tennessee, Alpharetta , Georgia, Georgia, Denver , North Carolina, North Carolina, Houston , Texas, The Texas, Texas, New York, Miami , Florida, Florida

Amazon Prime Day, which runs through tomorrow, July 12, is a great time to stock up on rare discounts. Below, we've rounded up the best Prime Day deals for teachers. The best Prime Day teacher dealsSharpie School Supplies Kit (38 Pieces) This 38-piece school supply kit is a teacher's best friend. Take advantage of the Prime Day sale and grab the Rayovac AAA Batteries at 20% off while supplies last. Through Prime Day 2023, this bulk set of desktop drawers are priced below their online average cost at 15% off.

Persons: I've Organizations: Amazon, Supplies, OSHA, AAA, IRIS

It's helpful to find savings on classroom essentials, and Amazon Prime Day, which ends tonight, is a great time to stock up. Below, we've picked out the best Prime Day deals for teachers. The best Prime Day teacher dealsDeal icon An icon in the shape of a lightning bolt. Take advantage of the Prime Day sale and grab the Rayovac AAA Batteries at 20% off while supplies last. Through Prime Day 2023, this bulk set of desktop drawers are priced below their online average cost at 15% off.

Persons: we've, I've Organizations: Amazon, OSHA, AAA, IRIS

Back-to-school shopping on Amazon Prime Day is a convenient and efficient option for students and parents alike. Although Amazon Prime ends tonight at 12 p.m. PT, you can still access deals on a vast selection of school supplies, electronics, clothing, and more. $29.99 from Amazon Originally $39.99 Save 25%Deal icon An icon in the shape of a lightning bolt. Deal Amazon Basics Primary Composition Notebooks (Pack of 3) These composition notebooks have a ruled design that's ideal for practicing penmanship. $99.99 from Amazon Originally $129.99 Save 23%Back-to-school deals for teachersDeal icon An icon in the shape of a lightning bolt.

Persons: Bento, it's, bento, you've, Herschel, It's, Price Organizations: Amazon, OmieGo, Hydro, Herschel Supply, Prime, Deal Texas, TI, Amazon Deal, Deal Oxford, Supplies, HP, Fire, Price Logitech, Lightspeed, Logitech, AAA, OSHA, IRIS

☆ Energy Secretary vows to 100% refill emergency oil stockpile by Biden's second term
▼ + stars: | 2023-07-12 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

Fourth of July gas prices took an almost unprecedented plunge on an annual basis. “I forecast oil prices headed higher this decade and, if that’s right, then SPR refilling will largely stop. Although important symbolically, those 12.3 million barrels represents just a drop in the bucket. The reserve held 346.8 million barrels of oil as of the week ending July 7 according to federal data. Beyond the efforts to buy oil, the Energy Department won approval from lawmakers to cancel Congressionally-mandated sales of 140 million barrels of oil through fiscal 2027.

Persons: Joe Biden, Jennifer Granholm, Biden, ” Granholm, Granholm, it’s “, I’m, ”, Bob McNally, George W, Bush, “, McNally, We’re, Granholm ‘ Organizations: New York CNN Business —, CNN, Energy, Strategic Petroleum Reserve, Energy Department, AAA, Congressionally, Rapidan Energy Locations: Russia, Ukraine, Saudi, Saudi Arabia

☆ J&J faces a pivotal talc verdict. Jim Cramer looks at how both outcomes could impact the stock
▼ + stars: | 2023-07-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

J & J has said that more than 60,000 claimants support its latest proposition. This is the first J & J talc trial in about two years. JNJ YTD mountain J & J year-to-date stock performance The unresolved lawsuits against J & J have, in part, weighed on the company's stock. The MedTech and Pharmaceuticals units remained and make up the new J & J. Traders wear Johnson & Johnson coats at the NYSE.

Persons: Johnson, J's, Emory Hernandez, Hernandez, Anthony, LTL, Michael Kaplan, Kaplan, —, Jim Cramer, Jim, J, Jim Cramer's, Adam Jeffery Organizations: LTL Management, J, Johnson, — Chemours, DuPont, CNBC, AAA, Pharmaceuticals, Traders, NYSE, & ' $ Locations: California, North America, U.S

It's helpful to find savings on classroom essentials — and Amazon Prime Day, on July 11 and 12, is a great time to stock up. Below, we've picked out the best Prime Day deals for teachers. During Prime Day, you can bulk order an eco-friendly alternative to Kleenex that's marked down by 20%. The best Prime Day teacher dealsDeal icon An icon in the shape of a lightning bolt. Through Prime Day 2023, this bulk set of desktop drawers are priced below their online average cost at 15% off.

Persons: we've, I've Organizations: Amazon, OSHA, AAA, IRIS

The gaming-centric WD Black SN850 M.2 NVMe SSD (bundled with the mandatory heatsink) consistently tops lists of the best internal SSDs for PS5, and it's now $90. This is the lowest price we've ever seen for this specific kit, and it's a great deal for PS5 storage in general. The best deal on an internal SSD for PS5WD Black SN850 1TB SSD with Heatsink This WD Black SN850 is a gaming-ready M.2 NVME SSD. Lower than ever, this PS5-ready model includes a heatsink, and it offers a sizable speed boost compared to the PS5's internal storage, with read speeds up to 7,000MB/s. Many gamers can get by with double the storage, which is exactly the jump you'll take by installing the 1TB WD SN850.

Persons: it's, you've, you'll Organizations: PlayStation, AAA

☆ US gas prices are set to become more affordable and could drop below $3 a gallon by fall, GasBuddy's chief analyst says
▼ + stars: | 2023-07-05 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Americans can expect cheaper gas prices this year, with the national average set to fall below $3 a gallon, per GasBuddy. "I think the second half of the summer is going to be more affordable than the first half," Patrick De Haan said. US gas prices hit their lowest level since late April ahead of Independence Day, with the national average standing at $3.52 a gallon, per AAA. De Haan noted that Saudi Arabia's latest decision to keep cutting crude production this summer could spark a rally in crude oil prices and offset GasBuddy's forecast for falling gas prices in August. The June-November Atlantic hurricane season, and any unexpected refinery outages, could also pose risks for the downward trend in gas prices, De Haan said.

Persons: Patrick De Haan, —, De Haan Organizations: Service, Privacy, CNBC, AAA, Saudi Locations: Saudi, Ukraine, Europe

☆ Sheetz slashes gas price by 50% to $1.776 per gallon. But only for one day
▼ + stars: | 2023-07-04 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —An East Coast convenience chain is offering gas at a patriotic price for one day only. Sheetz will be selling gas for $1.776 on the Fourth of July, a nod to the year the Declaration of Independence was signed. The national average for regular gasoline dropped to $3.55 a gallon last Thursday, according to AAA, compared to $4.87 a gallon a year ago. Last November, Sheetz reduced the price of Unleaded 88 to $1.99 a gallon at limited stores during the Thanksgiving holiday week. Sheetz has more than 675 locations in Pennsylvania, Maryland, Ohio, North Carolina, Virginia and West Virginia.

Persons: Travis Sheetz, ”, Patrick De Haan, Sheetz Organizations: New, New York CNN, An, Ethanol, AAA Locations: New York, An East Coast, Independence, Pennsylvania , Maryland , Ohio, North Carolina, Virginia, West Virginia

Americans are heading into the Fourth of July holiday with an economy that has been nothing short of resilient. Given this backdrop, CNBC Pro set out to find the stocks that can capitalize the most from a strong U.S. economy. Solar energy stock Sunrun also made the list. "The company is experiencing strong momentum across all its sales channels," he said in a note last month. Other stocks that made the cut include Frontier Communications , Marriott Vacations , Marathon Oil , Scotts Miracle-Gro and energy company PPL .

Persons: James West Organizations: Commerce Department, Delta Air Lines, AAA, Federal Reserve, Wall Street, CNBC Pro, U.S, Caesars Entertainment, Analysts, Financial, Frontier Communications, Marriott, Oil, Miracle, Gro, PPL Locations: U.S, Puerto Rico

☆ The credit crunch is getting worse and bankruptcies are on the rise
▼ + stars: | 2023-07-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

David Tesher: Before we were forecasting a short and shallow recession, but we no longer think there’s going to be a recession. Hard decisions are being made, and that’s going to feed back into corporate growth prospects. As economic conditions slow, credit is becoming tighter and companies are defaulting at a faster pace than they have. So yes, some corporations are distressed, but this isn’t something affecting the entire market, which is what you’d associate with a broad credit crunch. Big Tech is back with a vengeanceLast year was rough for tech companies: Tech stocks fell more than 30% in 2022, while the overall market dropped 20%.

Persons: Banks, Bell, David Tesher, we’re, We’re, There’s, reevaluation, it’s, Meta, Wedbush’s Daniel Ives, Liz Ann Sonders, Charles Schwab, ”, Megan Horneman, Matt Egan, John LaForge Organizations: CNN Business, Bell, CNN, P, Big Tech, Tech, Apple, Nvidia, Microsoft, Verdence Capital Advisors, Nasdaq, Dow Jones, AAA, That’s, US Energy Information Administration, Wells, Investment Institute

☆ This is where to find hot yields in July, according to UBS
▼ + stars: | 2023-07-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Now's the time to focus on fixed income over equities, according to UBS. Yet some fixed income products are more attractive than others right now. Mortgage-backed securities UBS calls mortgage-backed securities a "unique" opportunity in fixed income. Preferred securities Banks and financial institutions issue the majority of preferred securities , which have characteristics of both stocks and bonds. UBS recently upgraded preferred securities to most preferred.

Persons: it's, Frank Sileo, Jason Draho, Sileo, — CNBC's Michael Bloom Organizations: UBS, Dow Jones Industrial, Nasdaq, AAA

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