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☆ Oil tumbles 6%, heads for worst day since July as banking crisis routs markets
▼ + stars: | 2023-03-15 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Oil prices fell Wednesday, as traders feared a brewing banking crisis could dent global economic growth. "Now near the mid-$60s, WTI crude's plunge is at the mercy of how much worse the macro picture gets." It also raised concern over the state of the global banking system less than a week after two U.S. regional banks failed. Entering this week, traders had priced in at least a 25 basis-point rate hike. Correction: Oil was headed for its worst day since July.

[1/3] A customer counts money before paying at a butcher shop, as inflation in Argentina hits its highest level in years, causing food prices to spiral, in Buenos Aires, Argentina September 13, 2022. REUTERS/Agustin MarcarianSAN FERNANDO, Argentina, March 14 (Reuters) - Argentina's annual inflation rate tore past 100% in February, the country's statistics agency said on Tuesday, the first time it has hit triple figures since a period of hyperinflation in 1991, over three decades ago. In Argentina's markets, shops and homes, the impact of spiraling prices is being felt keenly as one of the highest inflation rates in the world stretches people's wallets. Patricia Quiroga, 50, said 100% inflation was impossible to bear as she waiting on line to do her shopping. "I am tired, tired, just tired of all this, of the politicians who fight while the people die of hunger," she told Reuters.

☆ Mark Zuckerberg is planning another round of layoffs, and it will likely decimate remaining morale at Meta
▼ + stars: | 2023-03-14 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

Meta, the parent of Facebook, could go through another round of layoffs, according to reports. CEOs often see layoffs as a way to fix a company's problems, but the cuts can do lasting damage. Just a few months ago, Meta conducted its first-ever round of mass layoffs. One bout of layoffs dents morale; a second can be devastatingIt's uncommon for a company to conduct multiple rounds of layoffs, according to data from Crunchbase. One bout of layoffs can leave a dent in employee morale; a second round can be devastating.

Flood insurance is expensive because flood recovery costs are expensiveOn average, most homes' flood insurance premiums fall between $700 and $800 annually for flood insurance. "It provides insurance through the National Flood Insurance Program, a partnership between private insurers and the federal government," says Evan W. Walker, an attorney who regularly litigates flood insurance issues. However, a condo association's master insurance policy (the insurance covering the whole building) includes flood insurance. The NFIP might lower your flood insurance premiumsLight may be on the horizon if you've paid expensive flood insurance for your dream home. The National Flood Insurance Program is using a new way of calculating flood insurance costs as of 2021.

☆ Colombian president accuses criminal group of breaking ceasefire
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

BOGOTA, March 13 (Reuters) - Colombian President Gustavo Petro on Monday said the Clan del Golfo, the country's largest criminal organization, has broken a ceasefire and there is no possibility of negotiations with the group if they continue attacks. In a radio interview, Petro accused the group of destroying a municipal aqueduct in Antioquia province amid roadblocks connected to protests by informal gold miners. The Clan del Golfo versus humble people," Petro said in a Twitter message on Sunday. Gold miner Mineros SA has suspended operations in the region until it can guarantee security, it said in a statement. The government's National Mining Agency (ANM) last year said it would create a public company to help informal miners and put a dent in Colombia's illegal gold trade.

☆ Li Qiang: China's new premier tries to reassure private sector amid widespread concerns about future
▼ + stars: | 2023-03-13 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China’s new premier has tried to reassure the private sector in his debut press conference, as concerns grew about the country’s future policy direction with the introduction of a new cabinet loyal to leader Xi Jinping. Li Qiang, a long-time aide to Xi, officially succeeded Li Keqiang as premier over the weekend. Li Qiang speaks during his first press conference as premier at the Great Hall of the People in Beijing on March 13, 2023. As a group of Xi’s close associates stepped into office, some Western-educated, reform-minded officials departed – including former Premier Li Keqiang and former Vice Premier Liu He. Analysts are worried that Xi’s preference for personal loyalty over technocratic competence signals a more ideology-driven policy direction that could further dent private sector growth and worsen Beijing’s ties with Washington.

☆ Think your house is haunted and want out? Author Grady Hendrix has ideas on how to sell it
▼ + stars: | 2023-03-12 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

Grady Hendrix, the author of "How to Sell a Haunted House," said his idea for the novel began during the pandemic, when many of us were becoming more aware of our parents' mortality. I talked to Hendrix about his new novel and the subject of haunted houses and trying to sell them. Grady Hendrix author, "How to Sell a Haunted House"AN: What are some of the things that people told you about living in a haunted house? When real estate is getting fraught and the economy is doing funny things, haunted houses appear. If you feel like your house is haunted, then your house is haunted, you know?

☆ Iran says oil exports hit highest level since reimposition of U.S. sanctions - Tasnim
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 12 (Reuters) - Iran's oil exports have reached their highest level since the reimposition of U.S. sanctions in 2018, the country's Oil Minister Javad Owji said on Sunday, according to the semi-official Tasnim news agency. Following the United States' exit from a 2015 nuclear deal and its reimposition of sanctions on Tehran in 2018, Iranian oil exports and revenues have taken a significant hit as few countries - with the notable exception of China - continue to purchase Iranian crude. The oil minister said that 83 million more oil barrels in the current year starting 21st March 2022 were exported compared to the previous Iranian year running March 2021-2022. This represents 190 million more barrels than two years prior according to Owji, who added that gas exports increased by 15% in 2022-23 compared to the previous Iranian year. Brian O'Toole, a former Treasury Department official, said Thursday's action would put a dent in Iran's ability to keep moving oil and get paid for it.

☆ First Republic and PacWest Bancorp plunge as fears of contagion grow following the biggest bank failure since 2008
▼ + stars: | 2023-03-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The implosion of Silicon Valley Bank has dragged down other regional banks as fears of contagion grow. Shares of First Republic Bank and PacWest Bancorp have plunged as much as 61% and 53% since Thursday, respectively. Another regional bank that has gotten hit hard over the past couple days is Western Alliance Bancorporation, which has crashed 58%. Both updates from First Republic and Western Alliance helped stem the steep declines seen in their stock prices on Friday. PacWest, which did not issue a financial update since the downfall of Silicon Valley Bank, plunged 34% in Friday trades.

☆ White-collar workers bearing the brunt of recent mass layoffs, says Jason Greer
▼ + stars: | 2023-03-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhite-collar workers bearing the brunt of recent mass layoffs, says Jason GreerJason Greer, Greer Consulting Founder, joins CNBC's "Squawk Box" to discuss how deep job cuts at several high profile companies have yet to make a dent in the strong job market.

☆ New York Fed model finds inflation pressures more persistent than thought
▼ + stars: | 2023-03-09 | by ( Michael S. Derby | ) www.reuters.com time to read: +4 min

The new findings out Thursday from the New York Fed add a fresh complication to the monetary policy outlook and could help reinforce the view that aggressive Fed rate hikes have yet to make the needed dent in price pressures. The pickup in inflation in the model has been driven by core goods and core services stripped of housing components. Reuters GraphicsThe New York Fed research shows it's even more problematic than previously estimated. The New York Fed released its report after Powell on Wednesday completed two days of testimony before Congress. In his appearance, Powell acknowledged that inflation pressures had been proving more persistent than he expected in an economy whose overall performance was also stronger than policy makers had thought.

☆ UK house prices slide further but market pessimism eases: RICS
▼ + stars: | 2023-03-09 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

The Royal Institution of Chartered Surveyors (RICS) house price balance, which measures the difference between the percentage of surveyors seeing rises and falls in house prices, fell to -48 in February from -46 the previous month - the lowest reading since April 2009. While Thursday's survey still showed the housing market firmly in decline, some measures indicated that a more stable picture was emerging in 2023, RICS said. Tarrant Parsons, senior economist at RICS, said he expected housing market activity to remain subdued over the coming months. "Given the ongoing weakness in demand, house prices remain on a downward trajectory, and are expected to see further falls through the first half of the year at least," Parsons said. In contrast, another lender, Nationwide, last week said house prices dropped by the most in more than 10 years in February.

In 2020, while working as a staff nurse at a hospital in Spartanburg, South Carolina, Aspen Tucker came across a job posting for a travel nurse. In 2020, Aspen Tucker left his staff nursing job to become a travel nurse, a move that came with a significant bump in pay. "I'm able to have a high salary as a travel nurse, but also come back to where the cost of living is low," he says. That month he split an Airbnb with his girlfriend (also a travel nurse who occasionally takes jobs at the same hospitals) in addition to paying his mortgage and utilities back home. When he's traveling work, Tucker pays friends and family to take care of his dog, Skye.

☆ Oil flat as China hopes, US stock draw contend with economic concerns
▼ + stars: | 2023-03-09 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

Brent crude futures had edged up by 2 cents to $82.68 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures eased by 1 cent to $76.65 a barrel. "Oil prices are still under the influence of Powell's hawkish tone recently, and the increasing possibility of another 50 basis points hike rather than a 25 basis points one," said Suvro Sarkar, lead energy analyst at DBS Bank. "Oil prices will be caught in the tug of war between sentiment surrounding rate hikes and inflation targeting on the one hand, and China reopening on the other for much of the year, at least the first half." Despite the EIA inventory report posting the first crude draw of the year, crude demand uncertainty over the short term is "keeping oil prices heavy," said OANDA senior analyst Edward Moya in a note. "Until we see clear signs of China's recovery gaining steam, oil prices look like they want to stay heavy."

Summary Oil prices near flat, after two days of lossesFed's Powell sets scene for higher and faster rate hikesUS crude stocks fall larger-than-expected - EIAMarch 9 (Reuters) - Oil prices were near flat on Thursday, as a larger-than-expected draw in U.S. crude stocks contended with worries that more aggressive U.S. interest rate rises would strain economic growth and therefore dent oil consumption. Brent crude futures had edged higher by 5 cents to $82.71 per barrel by 0103 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 5 cents to $76.71 a barrel. U.S. crude stocks fell 1.7 million barrels last week, government data showed, compared with analyst estimates for a build of 395,000. Industry data late Tuesday showed a decline in crude inventories for the first time after a 10-week build. U.S. gasoline stocks drew down by 1.1 million barrels, according to official data, less than the 1.8 million forecast, adding to demand concerns.

India's oil trade, in response to the turmoil of sanctions and the Ukraine war, provides the strongest evidence so far of a shift into other currencies that could prove lasting. MTS had facilitated some Indian oil non-dollar payments, the trade sources said. An Indian refining source said most Russian banks have faced sanctions since the war but Indian customers and Russian suppliers are determined to keep trading Russian oil. "As it is, the government is not asking us to stop buying Russian oil, so we are hopeful that an alternative payment mechanism will be found in case the current system is blocked." Similarly, many banks from Russia have opened accounts with Indian banks to facilitate trade.

[1/3] Samples of rare earth minerals from left: Cerium oxide, Bastnaesite, Neodymium oxide and Lanthanum carbonate at Molycorp's Mountain Pass Rare Earth facility in Mountain Pass, California June 29, 2015. Australia's Lynas Rare Earths Ltd. (LYC.AX) slumped 6.8% on the news and has fallen further since. It hasn't helped the price of rare earths either, accentuating a sharp slide that began in February. Shanghai Metal Market rare earth assessmentsRARE EARTHS ROLLER-COASTERRare earths have been on a price roller-coaster over the last three years. There is also the lingering threat that China could weaponise its rare earths supply if relations with the West deteriorate.

I've set aside a specific fund for splurges so I can get myself nice things without going overboard. Since stockpiling puts a dent in my immediate budget, I'll follow it up with no-spend months to stay on track. As someone who likes to stick to a strict budget, I've found gift cards to be helpful tools in achieving this goal. Editor's Rating 4.36/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.34/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.9/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Public's website Learn more On Wealthfront's website Learn more On Acorns' website5. By allowing myself a judgment-free splurge from money set aside for that purpose, I can stay on budget while still enjoying the fruits of my labor.

☆ Senate Plan Aims to Revitalize Beaten-Down Communities
▼ + stars: | 2023-03-07 | by ( Andrew Ackerman | ) www.wsj.com time to read: 1 min

WASHINGTON—A bipartisan group of U.S. lawmakers is reviving efforts to spur the renovation of single-family homes in blighted neighborhoods, the latest effort to dent a long-term national housing shortage. Legislation introduced in the Senate aims to create a new tax credit to cover a developer’s costs when the renovation of a crumbling building exceeds a home’s potential selling price, so the project becomes feasible.

☆ UK construction sector rebounds in February - PMI
▼ + stars: | 2023-03-06 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

The S&P Global/CIPS UK Purchasing Managers' Index (PMI) for the construction sector jumped to 54.6 in February, up from 48.4 in January, its highest since May 2022 and well above economists' average expectation of 49.1 in a Reuters poll. The sharp rebound mirrors a similar increase in Friday's services PMI, which grew at its fastest pace in June, easing many analysts' concerns that Britain's economy was slipping into recession. However, Tim Moore, economics director at S&P Global, said cutbacks in new house building projects remained a weak spot for activity in the construction sector. The house-building industry was the worst-performing construction sector as residential building work fell for the third month in a row. The wider all-sector PMI, which includes previously released services and manufacturing data, rose to its highest since last July at 53.2 for February, up from January's 48.5.

☆ Arsenal seal thrilling comeback win, Man City maintain chase
▼ + stars: | 2023-03-04 | by ( Martyn Herman | ) www.reuters.com time to read: +4 min

City's 2-0 win sliced Arsenal's advantage to two points and when leaders Arsenal trailed 2-0 with an hour gone in north London it appeared their hold on top spot was weakening. Fourth-placed Tottenham Hotspur's top-four ambitions suffered a dent as they went down 1-0 at Wolverhampton Wanderers who are gradually pulling clear of the relegation zone. Arsenal had not won a Premier League game in which they had trailed by at least two goals since 2012 so the omens looked bad for the Gunners as they were stunned by Bournemouth. 'TRICKY GAME'There was no such drama at Manchester City with Phil Foden scoring an early beauty before substitute Bernardo Silva wrapped up the points in the second half. "We won the game, we didn't suffer much at the end -- an incredible result for us because it was a tricky game," City manager Pep Guardiola said.

☆ Will Home Prices Drop in 2023?
▼ + stars: | 2023-03-03 | by ( ) www.wsj.com time to read: +5 min

As of January, prices were down 13% from that June high, according to the National Association of Realtors. Will home prices drop in 2023? The University of California San Diego, for example, predicts prices will drop 5% nationally and as much as 18% in some cities. As a result, the U.S. housing market has been short on for-sale listings for more than a decade. “This is the easiest way to find out if you got a good price on your home in comparison to what else is on the market.”Finally, understand your finances.

☆ Bitcoin falls to its lowest price in weeks as crypto markets tumble amid Silvergate troubles
▼ + stars: | 2023-03-03 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

The price of bitcoin hit a two-week low as the industry's crucial banking partner faces financial troubles. Silvergate has experienced a steep downtrend in deposits, along with a 95% plunge in share price over the past year. The price of bitcoin hit a two-week low early Friday and experienced its largest one-hour price drop since the blowup of bankrupt exchange FTX in November. Many large digital asset exchanges work with Silvergate for transactions between entities, and a dent in those relationships could impact industry liquidity. Silvergate was entangled in a number of ailing firms such as FTX, resulting in a massive decline in deposits at the bank amid broader crypto market contagion.

☆ Why California is still in drought despite heavy rain and snow
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: 1 min

Snow blanketed California the last weekend of February, only weeks after it was pummeled by torrential rains. But these historic storms barely made a dent in a daily reality for most Californians — a years-long, expansive drought. According to the U.S. Drought Monitor, 99.39% of the state is still abnormally dry or in drought: crops wither, water supplies dwindle, and wildfire risk intensifies as forests dry out. Recent rain has given reservoirs a much-needed boost. Short storms, however strong, are not enough to end California’s drought.

☆ ECB may need big rates hikes beyond March, steeper QT from July, Nagel says
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

"The interest rate step announced for March will not be the last," Nagel said in a speech. "Further significant interest rate steps might even be necessary afterwards, too." Once rates peak, they must stay high until the ECB is confident that inflation will return to 2%, Nagel said. "This also has to be reflected in underlying inflation. Until that is the case, interest rate cuts are a non-starter," Nagel said.

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