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☆ Gone are the days of chunky bonuses and salary increases. Wall Street's top brass are ready to trim their workforces as annual staff cuts return.
▼ + stars: | 2022-09-23 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

It's a shift from this time last year, when junior bankers scored significant pay bumps, dealmaking reached record-breaking highs, and investment bankers prepared themselves for some of the chunkiest bonuses they'd ever received. Per this story from Bloomberg, however, the layoffs should not be as severe as what Wall Street experienced after market crashes in 1987 and 2008. For many, the return of staff cuts is kind of a return to normalcy. Fabrice Coffrini/AFP via Getty Images2. Credit Suisse is planning on splitting its investment bank into three parts, according to the Financial Times. The US Securities and Exchange Commission will let Wall Street keep payment-for-order flow, per Bloomberg.

☆ Costco exec says some costs are falling and he sees a 'light at the end of the tunnel'
▼ + stars: | 2022-09-23 | by ( Áine Cain | ) www.businessinsider.com time to read: +2 min

Richard Galanti said that there is now a "light at the end of the tunnel" in regards to inflation. Sign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox. Cowen and Company analyst Oliver Chen asked specifically about the "light at the end of the tunnel," regarding the initial signs that inflationary pressures are weakening. He said that once freight and raw material costs started to decline, Costco was proactive about asking suppliers for price reductions. "But all in, pressures from higher commodity prices, higher wages and higher transportation costs and supply chain disruptions, they're still present, but we are seeing just a little light at the end of the tunnel," he said.

☆ Tesla Recalls Nearly 1.1 Million Cars Over Window Pinching Concerns
▼ + stars: | 2022-09-22 | by ( Allison Prang | ) www.wsj.com time to read: 1 min

Tesla is recalling almost 1.1 million of its electric vehicles over concerns that a closing window could pinch a passenger before it retracts. The recall applies to certain of its Model 3 vehicles for 2017-22 along with Model Ys for 2020-21 and Model S and Model X vehicles for 2021-22, the National Highway Traffic Safety Administration said.

☆ Tesla to recall more than 1 million vehicles because automatic windows might exert 'excessive force' while closing
▼ + stars: | 2022-09-22 | by ( ) www.nbcnews.com time to read: +1 min

WASHINGTON — Tesla is recalling nearly 1.1 million U.S. vehicles because the window automatic reversal system may not react correctly after detecting an obstruction, increasing the risk of injury. The electric vehicle manufacturer told the National Highway Traffic Safety Administration it would perform an over-the-air software update of the automatic window reversal system. The recall covers some 2017-2022 Model 3, 2020-2021 Model Y, and 2021-2022 Model S and Model X vehicles. NHTSA said a closing window without the proper automatic reversing system may exert excessive force by pinching a driver or passenger before retracting, increasing the risk of injury. Tesla said starting Sept. 13, vehicles in production and in pre-delivery received a software update that sets power-operated window operation to the requirements.

☆ Middle-Income Households Feel Bigger Pinch From Inflation, Report Finds
▼ + stars: | 2022-09-22 | by ( Amara Omeokwe | ) www.wsj.com time to read: 1 min

Middle-income households in 2022 have seen inflation eat into a greater share of their incomes compared with low- and high-income households, according to a report released Thursday by the nonpartisan Congressional Budget Office. The report’s analysis considered an average basket of goods and services purchased by households in each fifth of the income distribution in 2019, before large shifts in consumption patterns during the Covid-19 pandemic. It found that households in the second, middle and fourth income quintiles have seen the share of their income—derived from labor, business and other nongovernmental sources—that would purchase that basket increase in 2022. Meanwhile, households in the lowest and highest quintiles have seen their share of their income that would purchase the basket fall this year.

☆ Tesla recalls nearly 1.1 million U.S. vehicles to update window reversing software
▼ + stars: | 2022-09-22 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The electric vehicle manufacturer told the National Highway Traffic SafetyAdministration (NHTSA) it would perform an over-the-air software update of the automatic window reversal system. The recall covers some 2017-2022 Model 3, 2020-2021 Model Y, and 2021-2022 Model S and Model X vehicles. Tesla said during product testing in August employees identified window automatic reversal system performance that had "greater than expected variations in response to pinch detection." Tesla said starting Sept. 13, vehicles in production and in pre-delivery received a software update that sets power operated window operation to the requirements. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Shepardson Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ MLB roundup: Padres send Cards to third straight shutout loss
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +9 min

St. Louis took a third consecutive shutout loss for the first time since the final three games of the 2015 season. San Diego logged its fifth straight win -- and third shutout victory in four games. Register now for FREE unlimited access to Reuters.com RegisterCardinals starter Miles Mikolas (11-13) gave up one unearned run on three hits in six innings. Kyle Farmer snapped an 0-for-18 skid with a bloop two-run single in Cincinnati's three-run fifth that made a winner of starter Chase Anderson (2-3). Leody Taveras provided some insurance with a two-run single in the eighth inning, and the Rangers bounced back after losing the series opener on Tuesday.

☆ Tesla recalls 1.1 million cars for windows that can 'pinch'
▼ + stars: | 2022-09-22 | by ( Chris Isidore | Cnn Business | ) edition.cnn.com time to read: +1 min

New York (CNN Business) Tesla said it has spotted a flaw in 1.1 million cars' windows that could pinch occupants while closing. The windows are supposed to stop if they detect an obstacle in their path but Tesla said testing discovered a possible problem in some of its windows. It said it should be able to fix the problem with an over-the-air software update, and that car owners won't need to bring their cars in to be serviced. Tesla's filing with federal safety regulators said it is unaware of any reports from owners related to the problem, let alone injuries or deaths, and that the problem was only discovered during testing. Unlike those recalls, this window issue stems from a flaw in production.

☆ Maury Wills, Dodgers shortstop famous for base-stealing, dies at 89
▼ + stars: | 2022-09-21 | by ( The Associated Press | ) www.nbcnews.com time to read: +7 min

LOS ANGELES — Maury Wills, who intimidated pitchers with his base-stealing prowess as a shortstop for the Los Angeles Dodgers on three World Series championship teams, has died. Wills played on World Series title teams in 1959, ’63 and ’65 during his first eight seasons with the Dodgers. Maury Wills of the Los Angeles Dodgers in Vero Beach, Fla., in 1964. After the game, Wills left with his MVP trophy and showed it to the guard. After retiring with the Dodgers in 1972, Wills worked an analyst at NBC for five years.

☆ The Fed just raised interest rates by another 0.75%, putting Main Street economy 'dangerously close' to edge of lending cliff
▼ + stars: | 2022-09-21 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +12 min

"From a credit perspective, people are getting more cognizant about increasing interest cost, and that the Fed will keep interest rates at 4-4.50%," Arora said. "The expectation is, in the short term, SBA loans will adjust up and non-SBA loans are shorter tenure," he said. SBA loan guaranty waiver endingAnother cost that is suddenly influencing the SBA loan decision is the end of a waiver this month on SBA loan guaranty fees that are traditionally charged to borrowers so that in the event of a default, the SBA pays the portion of the loan that was guaranteed. When he started in small business lending back in 1998, business loans reached as high as 12% to 12.5%. And with a peak Fed rate level of 4% or higher reached by late this year, that is where SBA loan rates are heading.

☆ U.S. rents surge, leaving behind generation of younger workers
▼ + stars: | 2022-09-21 | by ( Rose Horowitch | ) www.reuters.com time to read: +6 min

REUTERS/Amr AlfikySept 21 (Reuters) - The cost of renting a home in the United States is surging and young workers have felt the sharpest pain, many of them taking on additional jobs or roommates to afford housing costs. Household rents in 2021 jumped 10% from pre-pandemic levels, according to Census Bureau estimates released last week. The 23-year-old spent a year in an apartment in New York City's Queens borough with a door that wouldn’t lock. Recent college graduate Caleb Seamon, 22, started delivering for Uber Eats alongside his full-time job at a think-tank to afford housing. Even so, Seamon says he only found a New York apartment because one of his roommate's parents acted as guarantors.

☆ Analysis: Overstretched U.S. companies feel pinch of higher borrowing costs
▼ + stars: | 2022-09-20 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

Sharpie markers owned by Newell Brands are seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew KellySept 20 (Reuters) - When U.S. consumer products company Newell Brands Inc (NWL.O) refinanced $1.1 billion worth of bonds earlier this month, it saw its borrowing costs jump by more than half. Register now for FREE unlimited access to Reuters.com RegisterA Newell Brands spokesperson did not respond to a request for comment. But most companies with junk-rated debt have significant exposure to higher interest rates. HIGHER BANKRUPTCY RISKThe burden of higher interest payments is expected to lead to more companies filing for bankruptcies.

OTTAWA, Sept 20 (Reuters) - Inflation in Canada remains "too high" but is headed in the right direction, a Bank of Canada official said on Tuesday, adding that the central bank will do whatever is needed to bring price increases back to target. While we're headed in the right direction, that's still too high," Beaudry said in prepared remarks provided ahead of the speech. While some have argued policymakers need to engineer a recession to avoid this, Beaudry said the bank is working to convince Canadians the current period of high inflation is temporary and it will tame surging prices. Still, economists said if consumer and business surveys due out next month show inflation has become more entrenched, the Bank of Canada may have to change its tune. The Bank of Canada has boosted its policy rate by 300-basis points in six months and earlier this month signaled it was not yet done.

Still, if you can't qualify for a personal loan elsewhere and need money fast, you may consider using MoneyKey. How MoneyKey personal loans compareInsider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Fees 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR 6.99% to 24.99% Fees 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Fixed rates from 7.99% to 22.73% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. Show more 7.99% - 23.43% (with all discounts) Fees 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Compare rates On Lightstream's website Compare rates On Goldman Sachs' website Compare rates On SoFi's websiteMoneyKey, Fig Loans, and OppLoans are slightly lower-cost alternatives to payday loans, many of which have interest rates around 400%. However, you'll still pay a much higher interest rate with these three than you would with a traditional personal loan lender.

☆ Cannabis companies are reeling from the market downturn, and they're slashing jobs and reining in spending to survive
▼ + stars: | 2022-09-19 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +5 min

Cannabis companies from startups to public giants are laying off employees as sales slow. The cannabis industry is in a full-on downturn. Cannabis companies also don't have access to much of the nuts-and-bolts of the banking system like their non-cannabis counterparts. Investment into cannabis companies has dried upThe spigot has slowed to a trickle on the once-plentiful venture-capital and private-equity firehose of investment into cannabis startups. Hauser said that capital for cannabis companies is only getting more expensive and more elusive.

☆ MLB roundup: Aaron Judge belts 2 more HRs in Yankees' win
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +10 min

Gerrit Cole (12-7) earned the win with four hits, four runs, three walks and eight strikeouts in five innings. Eloy Jimenez had three hits, including a two-run home run, and drove in three runs. Willi Castro hit a two-run homer and Javier Baez had a solo shot for the Tigers. Rays 5, Rangers 3Christian Bethancourt and Jose Siri hit back-to-back homers in host Tampa Bay's win over Texas. The duo went deep in the second inning for a 2-1 lead that the Rays never relinquished.

☆ Home Depot’s customers have been resilient despite economic headwinds, CEO says
▼ + stars: | 2022-09-16 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

Home Depot's business has remained strong even as turbulent economic conditions pinch consumers' wallets, CEO Ted Decker told CNBC's Jim Cramer on Friday. His comments were in response to Cramer questioning him about whether he has seen the same signs of recession that FedEx CEO Raj Subramaniam warned of on Thursday's "Mad Money." "Our consumer, our customer, pro and DIY have been resilient," Decker said. And guess what, they're spending more time in that home, and that home's aging," Decker said. He acknowledged that the seasonal aisle has seen some softness, even though the project business has held steady.

Hong Kong/Seoul CNN Business —Clark Park, a 35-year-old YouTuber, is one of many people in South Korea fed up with high food prices. South Korea is the world’s third largest market for fried chicken, outpaced only by the far more populous United States and China, data from market research provider Euromonitor International shows. Fried chicken on display at a Homeplus store in South Korea. Fried chicken warSellers have taken vastly different approaches to the situation in recent months. In August, emart, another major supermarket chain, launched a one-week promotion to sell fried chicken at almost 50% off — and sold all 60,000 pieces.

☆ Some farmers in Europe are shutting operations and reducing production because of the energy crunch, adding to the global food crisis
▼ + stars: | 2022-09-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Europe faces a potential energy shortage this winter as Russia slows its natural-gas supply. The surge in natural-gas prices is hitting farms that rely on energy to produce food. A top Swedish tomato producer is halting winter plantings and Dutch greenhouses are scaling down. As energy is required throughout the food production process, farmers and food producers are feeling the pinch from red-hot prices with some halting or slowing output in the colder months ahead. That's because Nordic Greens had already locked in tomato prices earlier in the year when electricity prices were lower, explained the company's site manager Mindaugas Krasauskas.

☆ Influencers on social media are starting to fight back against the platforms that profit from their followings
▼ + stars: | 2022-08-31 | by ( P.E. Moskowitz | ) www.businessinsider.com time to read: +13 min

But then other users began noticing the same thing, and in late July, Kim and Kourtney Kardashian and Kylie Jenner all posted a block of text reading "MAKE INSTAGRAM INSTAGRAM AGAIN." Influencer as workerA study published last year compiled data from 30 in-depth interviews with content creators on platforms like TikTok, Instagram, and YouTube. But often, creators don't see themselves as people with the ability to fight back. That may be slowly changing, with influencers and content creators realizing that they need to work together more to demand more transparency and standards in their industry. The second hurdle is more personal: Many, if not most, content creators still do not see themselves as laborers.

☆ Dollar Tree's stock tumbles as rival Dollar General's bet on food and groceries pays off
▼ + stars: | 2022-08-25 | by ( Robert Hum | ) www.cnbc.com time to read: +4 min

Look at what's happening between Dollar General and Dollar Tree if you want proof. The reason for Dollar Tree's weaker outlook is price cuts it's taking at Family Dollar stores that will eat into margins. Dollar General said it's seeing plenty of customers visiting its stores to buy food and groceries. But the problem for Dollar Tree is that it has less exposure to the grocery business than Dollar General. Family Dollar's customers tend to have lower incomes than both Dollar Tree and Dollar General, and clearly these shoppers are feeling the strain of months of higher prices.

Can you pay your mortgage with a credit card? How to pay your mortgage with a credit cardIn order to pay your mortgage with your credit card, check out Plastiq, a third-party platform that offers this service. With Plastiq, you can pay your mortgage or even a home equity line of credit (HELOC) with your Mastercard or Discover credit card. Credit utilization impact: Another downside of paying a mortgage with a credit card is its potential impact on your credit utilization. Making a large mortgage payment will push you closer to your credit limit and increase credit utilization, potentially harming your credit score.

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How much you should save every paycheckThe standard rule of thumb is to save 20% from every paycheck. "The point with both these methods is that saving 20% is still a priority," Anderson says. At the end of the day, the goal really is to just make sure you're saving some portion of your paycheck — even just $20. On the other hand, Barros notes, if you're saving for retirement and you're in your 20s, you can get away with saving between 10% to 15% of every paycheck if you want to retire by age 60. While saving 20% of every paycheck is a pretty standard rule, use the guidelines we outlined above to help you determine what's best for your personal financial circumstances.

☆ Cannabis-tech firm Weedmaps is cutting 10% of its employees as legal pot sales dry up and recession fears mount. Read the full memo.
▼ + stars: | 2022-08-15 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

Nasdaq-listed shares have dropped over 55% this year, as legal cannabis sales have slowed and broader economic shocks have hit the market. Read the full memo from Weedmaps CEO Chris Beals here:Dear Weedmappers:This is a tough email to write. By many measures, our growth for the last few quarters has been strong, and we outpaced the growth of legal cannabis markets by a significant margin. We have also been conducting active, ongoing rationalization of investment areas (e.g Weedmaps Exchange, Weedmaps Retail). The future continues to get brighter for cannabis legalization, and the growth opportunity for Weedmaps is outsized with new cannabis markets and new cannabis licenses ahead.

☆ How the dollar's record rally is hitting companies this earnings season
▼ + stars: | 2022-07-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

The dollar's record rally is wreaking havoc on some of the biggest companies in the world this earnings season. Morgan Stanley's Michelle Weaver said in a note to clients this week that the dollar's rally presents a headwind to earnings for U.S. companies, which make roughly 30% of sales abroad combined. Technology stocks are among the biggest behemoths so far to report headwinds from the dollar's strength this earnings season. Meanwhile, consumer discretionary names like Hasbro and Mattel are also feeling the pinch from the dollar's rally. While companies remain cautious going forward, some analysts and big investors also believe the dollar's rally has already shown signs that it's rolling over.

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