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Home prices declined slightly in November while posting yearly gains, suggesting the housing sector has cooled somewhat heading into 2024. The house price decline came at a time where mortgage rates peaked, with the average Freddie Mac 30-year fixed rate mortgage nearing 8%, according to Federal Reserve data. But as more inventory comes on the market and mortgage rates remain elevated, sale prices may be beginning to wilt. That has led some analysts to say that the market could bounce back as the traditional spring buying season begins. The index tracks a three-month period when mortgage rates were zig-zagging and ended on a down note, said Danielle Hale, chief economist at Realtor.com.
Persons: , Brian Luke, San Francisco, Cleveland –, Luke, , Freddie Mac, Selma Hepp, Danielle Hale Organizations: Dow Jones, Seattle, Cleveland, Midwest, Federal Reserve Locations: , San, Miami, Tampa, Atlanta, Charlotte , New York
WASHINGTON (AP) — A bipartisan Senate deal to pair border enforcement measures and Ukraine aid faced potential collapse on Thursday as Senate Republicans grew increasingly wary of an election-year compromise that Donald Trump, the likely Republican presidential nominee, seems likely to oppose. At stake is a plan that both President Joe Biden and Senate Republican Leader Mitch McConnell have worked for months to broker in hopes of cajoling Congress to approve wartime aid for Ukraine. “We’re at a critical moment, and we’ve got to drive hard to get this done," said South Dakota Sen. John Thune, the second-ranked Senate Republican. With Republicans continuously raise the issue on the campaign trail, the border will likely remain central to elections this year. They have argued that presidents already have enough authority to implement hardline border measures and Trump should have his say.
Persons: Donald Trump, Joe Biden, Mitch McConnell, McConnell, “ We're, ” McConnell, Ukraine's, McConnell's, Oklahoma Sen, James Lankford, he’s, ” Lankford, “ That’s, haggling, Olivia Dalton, Biden, ” Dalton, , we’ve, Dakota Sen, John Thune, we’ll, Trump, Connecticut Sen, Chris Murphy, didn’t, ” Murphy, , Sen, John Cornyn, Rick Scott, ” Sen, J.D, Vance, unquote ‘ MAGA, unquote ‘ MAGA Republicans ’, Mike Rounds, Kevin Freking, Seung Min Kim Organizations: WASHINGTON, Republicans, Republican, Trump, Senate, White, Air Force, Democratic, Senate Republicans, Texas Republican, Florida Republican, Ohio Republican, unquote ‘ MAGA Republicans, South Dakota Republican, Associated Press Locations: Ukraine, U.S, Mexico, The U.S, Israel, Oklahoma, Dakota, Europe, Congress, Connecticut, Trump, Texas, Florida, Ohio
Much of the recent haggling over the emerging agreement — and a point of contention for its critics — has been about how to limit the number of people who are granted parole, a status that allows migrants without visas to live and work in the United States temporarily. considers parole a dangerous loophole that fuels illegal immigration and must be tightly closed. To many Democrats, it is a crucial tool that allows the administration to treat desperate migrants humanely, which must be preserved, particularly for vulnerable populations fleeing failing states and war. Bridging the gap will likely hinge on the two sides agreeing on how much federal money to spend to try to decrease net immigration numbers, and persuading Republicans that the deal’s measures will be effective. On Monday, Senate leaders warned that getting a final deal depended on resolving those remaining differences.
Persons: Organizations: Republicans Locations: United States, Mexico, Ukraine
Such is the scene at the annual COP conference, this year being held Nov. 30-Dec. 12 in the Emirati city of Dubai. Here's how the climate summit unfolds on the ground. THE OPENING CEREMONYThe UAE has spent the last year laying the diplomatic groundwork for this year's summit. But it officially takes on the COP presidency only at the opening ceremony, which features welcome speeches and opportunities to bang the gavel. THE SCENEDuring the first few days, national leaders jet in for what is called the "High-Level Segment" involving back-to-back speeches in the venue's main plenary hall.
Persons: William James, Katy Daigle, Lisa Shumaker Organizations: UAE, Thomson Locations: Emirati, Dubai, UAE, COP26
Such is the scene at the annual COP conference, this year being held Nov. 30-Dec. 12 in the Emirati city of Dubai. Here's how the climate summit unfolds on the ground. THE OPENING CEREMONYThe UAE has spent the last year laying the diplomatic groundwork for this year's summit. But it officially takes on the COP presidency only at the opening ceremony, which features welcome speeches and opportunities to bang the gavel. THE SCENEDuring the first few days, national leaders jet in for what is called the "High-Level Segment" involving back-to-back speeches in the venue's main plenary hall.
Persons: William James, Katy Daigle, Lisa Shumaker Organizations: UAE, Thomson Locations: Emirati, Dubai, UAE, COP26
Explaining OpenAI’s Board Shake-Up
  + stars: | 2023-11-22 | by ( Tripp Mickle | Mike Isaac | Karen Weise | ) www.nytimes.com   time to read: +1 min
For much of the past year, OpenAI’s board of directors has been criticized as too small and too divided to effectively govern one of the fastest-growing start-ups in Silicon Valley history. On Friday, the board’s dysfunction spilled into public view when four of its members fired Sam Altman, OpenAI’s popular and powerful chief executive. Mr. Altman, 38, returned to the company on Tuesday night, after days of haggling over his job and over the makeup of the board. The board and Mr. Altman’s allies discussed more than a half dozen options for its future. The departing board wanted to be sure the replacements would be independent thinkers and experienced enough to stand up to Mr. Altman.
Persons: Sam Altman, OpenAI’s, Altman, Altman’s, Laurene Powell Jobs, Steve Jobs, Brian Chesky Organizations: Emerson Locations: Silicon Valley
How Buying a New Home Could Save You Money
  + stars: | 2023-11-19 | by ( Aly J. Yale | ) www.wsj.com   time to read: +5 min
As the median payment on a new mortgage creeps toward $2,200, most buyers are desperate to save cash wherever they can. They’re offering lower mortgage ratesIf slashed prices aren’t enough to get a mortgage payment in your budget, builders have another offer: A lower mortgage rate. (Essentially, the builder prepays the lender the interest for the years the mortgage rate is reduced). NAHB’s data shows that 29% of builders offered mortgage rate buydowns in October. “Many builders are using sales incentives—including mortgage rate buydowns—as a method of addressing housing affordability headwinds,” says Robert Dietz, chief economist at NAHB.
Persons: Aly J, , Nick Bailey, Max, Robert Dietz, buydowns —, Lennar, what’s, Angel Conlin, Pat Howard Organizations: Yale, Builders, National Association of Home Builders, , NAHB, Kin Insurance Locations: Denver, Chicago, , Policygenius
Pedro Sánchez, the Spanish progressive leader, secured a second term as prime minister on Thursday after a polarizing agreement granting amnesty to Catalan separatists gave him enough support in Parliament to govern with a fragile coalition over an increasingly divided nation. With 179 votes, barely more than the 176 usually required to govern, Mr. Sánchez, who has been prime minister since 2018, won a chance to extend the progressive agenda, often successful economic policies and pro-European Union posture of his Socialist Party. The outcome was the result of months of haggling since an inconclusive July election in which neither the conservative Popular Party, which came in first, or the Socialist Party, which came in second, secured enough support to govern alone. But the fractures in Spain were less about left versus right and more about the country’s very geographic integrity and identity. Mr. Sánchez’s proposed amnesties have breathed new life into a secession issue that last emerged in 2017, when separatists held an illegal referendum over independence in the prosperous northeastern region of Catalonia.
Persons: Pedro Sánchez, Sánchez, Sánchez’s Organizations: Socialist Party, Popular Party Locations: Spanish, European, Spain, Catalonia
Payments-app war drags banks into discomfort zone
  + stars: | 2023-11-14 | by ( John Foley | ) www.reuters.com   time to read: +4 min
NEW YORK, Nov 14 (Reuters Breakingviews) - Banks tend to have a consistent message for customers who unwittingly make payments to scammers: tough break. Rapid growth in digital payments has brought out a softer side in lenders such as JPMorgan (JPM.N) and Bank of America (BAC.N). If the con artist was posing as the victim’s bank, a government agency or a legitimate company – say, a utility – the sender’s bank will return the funds if other criteria are met and recoup them from the recipient’s bank. From next year its banks will have to reimburse victims of online payment deceit. Moreover, convenience and trust are powerful weapons: Bank of America customers now use Zelle twice as often as their checkbooks.
Persons: Banks, Taylor Swift, Zelle, Wells, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, JPMorgan, Bank of America, TSB, SVB, Warning Services, Services, PNC Financial, US Bancorp, Truist, Thomson Locations: Zelle, Britain, Wells Fargo
The Republic of the Marshall Islands (RMI) is one of three sprawling but sparsely populated nations that have U.S. ties governed by so-called Compacts of Free Association (COFAs), under which Washington is responsible for their defense and provides economic assistance, while gaining exclusive military access to strategic swathes of ocean. Yun said he signed the agreement with RMI Foreign Minister Jack Ading in Honolulu, Hawaii, at a ceremony also attended by Marshallese President David Kabua. Analysts and former officials had blamed a delay in finalizing the Marshall Islands COFA on U.S. State Department lawyers wanting to control how new funds were spent and objecting to their being earmarked to address the nuclear legacy, fearing this could lay the U.S. open to more claims. A person familiar with the deal said all current federal programs, including education programs and the U.S. Reporting by David Brunnstrom and Michael Martina; Editing by Sandra Maler and Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.
Persons: Joe Biden, Louis Mapou, Hu'akavemeiliku Siaosi, Surangel Whipps, Kausea Natano, Joseph Yun, Biden, Yun, Jack Ading, David Kabua, David Brunnstrom, Michael Martina, Sandra Maler, Raju Gopalakrishnan Organizations: U.S ., Country, New, Tonga's, Tuvalu's, United, Marshall, Reuters, The, Free Association, Washington, Northern, RMI, RMI Foreign, U.S, Congress, . State Department, U.S . Postal Service, U.S . Congress, Thomson Locations: U.S, Federated States, Micronesia's, WASHINGTON, United States, The Republic, China, Northern Pacific, Palau, Micronesia, Washington, Honolulu , Hawaii, Marshall, Kwajalein
The Republic of the Marshall Islands (RMI) is one of three sprawling but sparsely populated nations that have U.S. ties governed by so-called Compacts of Free Association (COFAs), under which Washington is responsible for their defense and provides economic assistance, while gaining exclusive military access to strategic swathes of ocean. Yun told Reuters he planned to sign the COFA deal with RMI Foreign Minister Jack Adding in Honolulu, Hawaii, at 2 p.m. local time (0000 GMT Tuesday). Analysts and former officials had blamed a delay in finalizing the Marshall Islands COFA on U.S. State Department lawyers wanting to control how new funds were spent and objecting to their being earmarked to address the nuclear legacy, fearing this could lay the U.S. open to more claims. A person familiar with the deal said all current federal programs, including education programs and the U.S. Reporting by David Brunnstrom and Michael Martina; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.
Persons: Joe Biden, Louis Mapou, Hu'akavemeiliku Siaosi, Surangel Whipps, Kausea Natano, Joseph Yun, Biden, Yun, Jack, David Kabua, David Brunnstrom, Michael Martina, Sandra Maler Organizations: U.S ., Country, New, Tonga's, Tuvalu's, United, Reuters, The, Marshall, Free Association, Washington, Northern, RMI, RMI Foreign, U.S . Congress, . State Department, U.S, U.S . Postal Service, Thomson Locations: U.S, Federated States, Micronesia's, WASHINGTON, United States, Marshall, Pacific, The Republic, China, Northern Pacific, Palau, Micronesia, Washington, Honolulu , Hawaii, Kwajalein
Also included is diabetes treatment Jardiance, which was used by nearly 1.6 million Medicare enrollees and had a 2022 out-of-pocket cost per enrollee of $490. In all last year, 9 million seniors and other Medicare beneficiaries paid more than $3.4 billion on these 10 drugs alone, the White House said. “For decades, drug companies in America made record profits while big pharma worked to block Medicare from being able to negotiate lower drug prices for seniors. Even with with Tuesday's prescription drugs announcement, however, the process could still be complicated by lawsuits from drugmakers and sharp criticism from Republicans. Biden noted that the drug manufacturers' agreeing to participate followed a court decision allowing Medicare price negotiation plans to move forward.
Persons: Joe Biden, White, , ” Biden, Biden, Organizations: WASHINGTON, Medicare, Services, Democratic, Biden Locations: America, Atlanta
ARRIVE BY SEA Most visitors reach the Bissagos by boat from Bissau, the country’s capital. Photo: Alamy Stock PhotoAS A STRANGER carrying a plate of grilled fish approached me on the beach, slight annoyance pricked in my gut. My day on Bubaque, an island in the Bissagos archipelago of Guinea-Bissau in West Africa, had started with a bike ride through a forest of cashew trees, where I snacked on the custardy fruit plucked from the branches. Now I was sipping a beer as turquoise water sloshed over my feet. I didn’t feel like haggling over a fish.
Organizations: SEA Locations: Bissau, Guinea, West Africa
Gold edges down as markets assess Fed's rate outlook
  + stars: | 2023-09-25 | by ( ) www.cnbc.com   time to read: +2 min
Gold edged lower on Monday after eking out a narrow gain last week, as investors assessed the U.S. Federal Reserve officials' decision to flag further interest rate hikes ahead of a consumer inflation print later this week. Spot gold was down 0.1% at $1,922.76 per ounce by 0525 GMT, while U.S. gold futures fell 0.2% to $1,942.30. SPDR Gold Trust , the world's largest gold-backed ETF, said its holdings fell on Friday to their lowest level since Jan. 2020. U.S. business activity showed little change in September, a survey published Friday showed, while a separate survey showed the euro zone economy is likely to contract this quarter and won't return to growth anytime soon. The Bank of Japan maintained ultra-low interest rates on Friday and pledged to bring inflation sustainably to its 2% target.
Persons: eking, Praveen Singh Organizations: U.S . Federal Reserve, Trust, Bank of Japan Locations: Washington
With a potential government shutdown now less than a week away, President Biden and other administration officials this weekend intensified their warnings of the consequences of closing government agencies as they pressed congressional Republicans to find a way out of their spending stalemate. Both the president and the transportation secretary, Pete Buttigieg, made public calls for Republicans to resolve their differences before next Sunday, when federal funding is set to lapse. Yet even after a weekend of private haggling at the Capitol, there was no sign that the G.O.P. “Now everyone in America could be forced to pay the price.”“Funding the government is one of the most basic responsibilities of Congress,” he said. “It’s time for Republicans to start doing the job America elected them to do.”
Persons: Biden, Pete Buttigieg, ” Mr, , Kevin McCarthy, Organizations: Republicans, Capitol, Congressional Black Caucus Foundation, America Locations: America
Take Five: An inflationary dilemma
  + stars: | 2023-09-22 | by ( ) www.reuters.com   time to read: +5 min
The week ahead brings more evidence of how much progress is left for developed-economy policymakers, while in the emerging world, India is set to enter the bond-market big time and a raft of central banks wrestle with a dilemma. The personal consumption expenditures (PCE) price index rose 3.3% in the 12 months through July. Line chart with data from LSEG Datastream show the U.S.'s inflation on personal consumption expenditures (PCE), core PCE inflation and the federal funds target rate from 2019 to 2023. Reuters Graphics5\ASIA'S CURRENCY CONUNDRUMAsian central banks have a dilemma: how to handle weakening economic growth and peaking inflation, while arresting the slide in currencies to maintain stability in their financial systems. But much may rest on decisions of other central banks further afield, namely the Federal Reserve.
Persons: Lewis Krauskopf, Naomi Rovnick, Karin Strohecker, Amanda Cooper, Perry Warjiyo, Toby Chopra Organizations: Federal, Fed, European Central Bank, ECB, Reuters, CLUB India, JPMorgan, Russell, Bank of, Bank, Thailand, Reserve, Thomson Locations: India, Vidya Ranganathan, Singapore, New York, London, Washington, U.S, Saudi Arabia, Russia, Bank of Indonesia, Philippine
Most automakers sell cars with a traditional franchise model, while Tesla sells direct-to-consumer. Auto executives still don't think the Tesla sales model will catch on — despite some pretty substantial shifts in the auto retail space already taking place. Automaker demands put some dealers on the chopping blockBut it's been a huge debate in the industry as auto dealers are a strong lobbying force, so much so that Florida Gov. Ron DeSantis banned direct-to-consumer car sales in the state, with the exception of Tesla and EV startups that never had franchised dealers. Kerrigan experts have suggested this might be one way auto manufacturers are attempting to push out their dealerships amid the EV transition.
Persons: Tesla, Kerrigan, Jim Farley, Ron DeSantis, , Jessica Caldwell, Edmunds, Dave Thomas Organizations: Morning, Auto, Kerrigan Advisors, EV, Reuters, Florida Gov Locations: Florida
Morning Bid: Triple-A headache
  + stars: | 2023-08-02 | by ( ) www.reuters.com   time to read: +4 min
Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. On Tuesday, Fitch became the second major agency, after Standard & Poor's in 2011, to strip the United States of its prized triple-A credit rating. Jefferies notes that, with two of the three major agencies listing U.S. debt at AA, U.S. bonds no longer count as AAA in some key indices. However, according to Jefferies, most investors have moved away from some of the stricter criteria around holding triple-A rated debt, given Germany is the only large issuer left with that rating. Chart shows that the U.S.'s long-term foreign currency rating was downgraded by Fitch to AA+ in 2023, following a similar move from S&P in 2011.
Persons: Rick Wilking, Amanda Cooper, Fitch, Jefferies, it's, Dupont Nemours, Kraft, Phillips, Ingersoll Rand, John Stonestreet Organizations: REUTERS, Standard, Capitol, Investors, Treasury, Moody's, Moody's Investors Service, U.S ., U.S, AA, AAA, CVS Health, Entergy, Kraft Heinz, Garmin, Brands, Bunge Ltd, Lincoln National, Occidental Petroleum, ETSY, Cognizant Technology Solutions, Atmos Energy, Equinix, Qualcomm, MGM Resorts, MetLife, Fitch, Reuters Graphics U.S, Thomson, Reuters Locations: Westminster , Colorado, U.S, United States, Aaa, Germany, Exelon, Albemarle, Occidental, Clorox
InDrive is a ride-hailing app that lets customers haggle with drivers for fares. Many drivers are Uber and Lyft contractors eager to check out inDrive's promise of letting drivers and passengers negotiate ride prices, Arsen Tomsky, inDrive's CEO and founder, said. In 2022, inDrive was the second most downloaded ride-hailing app globally, behind Uber, according to Data.AI. Though it started in Russia, inDrive fully separated from its Russian business last year after the country invaded Ukraine, the company said. In addition to ride-hailing, inDrive in other global markets has added new business segments, including freight delivery, task assistance, and package delivery.
Persons: Arsen, Tomsky, InDrive, haggle, inDrive, Arsen Tomsky, Siberia Tomsky, Uber, Catalyst, verticals Organizations: Service, Fort Lauderdale , West Palm Beach, Boca Raton, Taxi, Tomsky, Insight Partners, Bond Locations: Siberia, South Florida, Wall, Silicon, America, Asia, Miami, South Beach, Brickell, Fort Lauderdale , West Palm, New York City, New Yorkers, Pacific, Africa, haggling, Yakutsk, Siberian, Florida, Russia, Ukraine
The couple used Facebook Marketplace to buy most of the furniture and they only spent $1,900. We did most of the work ourselves and only did what was necessaryWe decided to renovate the AirBnB space mostly on our own and with friends to save labor costs. We found a new toilet and pedestal sink on Facebook Marketplace and just had to pay the plumber for installation. In order to keep the costs low, we sourced most of the items from Facebook Marketplace. You can do it without spending too much money, just get creative, and source decor from second-hand shops or Facebook Marketplace.
Persons: Qaid Jivan, Alyssa McDonald, Mcdonald, Jivan, we've, McDonald, Romy, Alyssa love, Alyssa Organizations: Service, Facebook, Vancouver Sun Locations: Vancouver, Wall, Silicon, Canada, San Pellegrino
These 10 US beach locations are expected to be rental hot spots this summer, according to AirDNA. Analytics firm AirDNA projects the average host can bring in $200,000 or more in these locations. The list calculates how often the average host is booked (average occupancy) and how much the average host is charging (average daily rate) to arrive at the annual revenue potential. The most iconic beach states — California and Florida — dominate the list with spots like Destin, Florida, and Monterey Bay, California, along with cities like Miami and San Diego. In all locations, AirDNA projects the average host could bring in around $200,000 or more this year.
Persons: Vrbo, Hilton Organizations: Service Locations: AirDNA . California, Florida, South Carolina, Wall, Silicon, — California, Destin , Florida, Monterey Bay , California, Miami, San Diego, , South Carolina
Sometimes shopping used can require even more research and preparation than shopping for a new car. Used car prices have been notoriously volatile since the pandemic and squeezes on inventory have allowed sellers of used cars to jack up prices based on urgent needs. While this option can be great for new car shopping if you're on a budget, used car leases can be dangerous. Even when buying a used car, warranties are an important part of used car shopping. If repair costs are a concern for you, consider purchasing an extended warranty on your used car.
Persons: you've, that's, Kelley Organizations: Morning, Companies, Hertz, Avis, Enterprise, CPO
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/less-haggling-more-upselling-how-evs-will-change-how-you-buy-a-car-5018a245
Persons: Dow Jones
One Wall Street analyst recounted his recent efforts to buy a new truck that almost left him paying thousands above sticker price. Longtime Tesla bull Adam Jonas went car shopping recently and discovered firsthand what many Tesla fans have long adored about the automaker: Buying a Tesla is a lot easier than shopping at a traditional car dealership. The Morgan Stanley analyst said he got the typical dealership treatment when he went to an unnamed brand's sales lot. It's an experience nearly every car buyer has experienced, especially in an age where incentives and discounts are scant. It's a smooth process that is creating an increasingly visible discrepancy between the legacy car buying experience and the Tesla experience."
Persons: Tesla, Adam Jonas, Morgan Stanley, — Jonas, Jonas, Jonas pining, They're, Ford, Jim Farley Organizations: Tesla, Prime, eventual, Ford, Elon
Most big bank stocks were trading lower in afternoon trading with the S&P 500 banking index (.SPXBK) down nearly 1% on Monday. U.S. regulators, led by the Federal Reserve, are also expected to propose this month increasing average bank capital requirements by as much as 20% a person familiar with the matter told Reuters. Regional bank stocks also logged broad declines on Monday, with the KBW Regional Banking Index (.KRX) shedding 2%. The impending international capital rules come amid a broader Fed review of lenders' capital requirements. "It's not shocking that you should expect to see some capital requirements being increased and a little more oversight is expected given what has happened with regional banks," Janasiewicz said.
Persons: Wells, Goldman, Morgan Stanley, Jack Janasiewicz, Janasiewicz, Chibuike Oguh, Manya Saini, Michelle Price, Lance Tupper, Aurora Ellis Organizations: YORK, JPMorgan Chase &, Wells Fargo & Co, Goldman Sachs Group Inc, Citigroup, Bank of America Corp, Treasury, Natixis Investment, U.S, Federal Reserve, Reuters, Street Journal, Basel Committee, KBW, PacWest Bancorp, Western Alliance, Comerica Inc, Thomson Locations: U.S, Basel, Regional, New York
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