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That sobering view of a post-pandemic global economy emerged from research organized by the Kansas City Federal Reserve and debated here this past weekend. "This puts us in a bleak setting, thinking about the parts of the world that are labor rich but capital poor," he said. "I do remember a time, maybe a more naive time...when more trade would create friends," said Ben Broadbent, deputy governor of the Bank of England. If there was a potential bright spot, it was around the discussion of advances in artificial intelligence as a possible driver of higher productivity. Reporting by Howard Schneider; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: JACKSON, Pierre, Olivier Gourinchas, Gourinchas, Maurice Obstfeld, Barry Eichengreen, Eswar Prasad, Donald Trump, Biden, Jared Bernstein, Bernstein, Ben Broadbent, Ngozi Okonjo, Iweala, Trump, Nela Richardson, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Kansas City Federal Reserve, U.S, Monetary Fund, Fed, Peterson Institute for International Economics, International Monetary Fund, University of California, Cornell University, U.S . White House Council, Economic, Biden, Bank of England, Trade Organization, Thomson Locations: , Wyoming, Ukraine, China, West, Washington . China, U.S, Berkeley, Japan, Nigeria, Russian, Europe

And with China's post-COVID recovery running into the ground and suffering a deepening real estate bust, western investment curbs throw more sand in the wheels. A question now is whether a retreat of western money from emerging markets at least partly explains both their recent underperformance and that of western government bonds, in which emerging central banks and sovereign funds are heavily invested. The picture has not been much better in aggregate emerging bond indices, even if they have done marginally better than developed world counterparts, and worries over emerging high-yield and property linked bonds are rising. Have global investors high-tailed it from emerging markets already? If western money grows more wary and is increasingly warned off China and other selective emerging investments, will there be a mutual pullback of official emerging money from western bond markets?

Persons: Aly, Joe Biden, Morgan, Biden, crumb, Mike Dolan, Richard Chang Organizations: REUTERS, U.S, U.S ., Bank of, Institute for International Finance, Treasury, Reuters, Twitter, Thomson Locations: Shanghai, Shenzhen, China, Ukraine, Washington, Russia, United States, Beijing, Moscow, Taiwan, Brazil, India, South Africa, Hong Kong, Saudi Arabia, South Korea

☆ Electric Cadillac Escalade has 750 horsepower and can crab walk
▼ + stars: | 2023-08-09 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

CNN —The new all-electric Cadillac Escalade IQ shares virtually nothing with the boxy gas-powered Escalade, but it’s possibly the most important flag-bearer yet for the automaker’s transition to electric vehicles. So the new Escalade IQ has flashy light displays and electric motors able to produce a total of 750 horsepower. CadillacWhen it goes on sale next year, the Escalade IQ will be one of Cadillac’s most expensive models. Prices for the gas-powered Cadillac Escalade start at about $81,000, with the average one sold last year going for about $109,000 according to Edmunds.com. GM claims that the Cadillac Escalade IQ is the most aerodynamic large SUV the company has ever produced.

Persons: John Roth GM’s, Cadillac, ”, it’s, Mandi Damman Organizations: CNN, General Motors, GM, EV, Silverado EV, GMC, Hummer, Chevrolet Silverado, Insurance Institute for Highway Safety, Cadillac, GM’s Locations: Detroit, Hamtramck , Michigan

☆ Sublime James steers England to last 16 despite missing out on hat-trick
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

"Again, another day of what dreams are made of," James said as she left the field. However, after a VAR review Lucy Bronze was found to be offside in the build-up, and the goal was chalked off. "Yeah, I was disappointed in the moment obviously, but that's football for you, and in the moment I just had to refocus for the game to continue," James told a press conference. True to form, England coach Sarina Wiegman gently steered the discussion away from James' individual brilliance and back to the collective performance. "I think you could see it from the whole team, that we were enjoying ourselves, you could tell that we were really connected," Wiegman told reporters.

Persons: England's Lauren James, James, Alessia Russo, Lauren Hemp, Lucy Bronze, Chloe Kelly, Sarina Wiegman, Wiegman, LJ, Adam Millington, Philip O'Connor, Christian Radnedge Organizations: ADELAIDE, China, England's, Thomson Locations: Nigeria, Brisbane, England

☆ US bank preferred capital issuance makes a tentative comeback
▼ + stars: | 2023-07-28 | by ( Shankar Ramakrishnan | ) www.reuters.com time to read: +4 min

So-called preferred securities, which are one of the riskiest forms of debt but also have some characteristics of stocks, are popular among banks as a way to boost their capital for regulatory purposes. More than $160 billion of preferreds were issued in 2020 and 2021 each, when rates were low. Volume dropped last year to $70 billion as the U.S. Federal Reserve embarked on an interest rate hiking cycle. When Wells Fargo & Co (WFC.N) issued a new public preferred security earlier this month, investor demand far outweighed supply. The $1.725 billion deal received orders of over $6 billion, bringing total issuance for the year to $37 billion.

Persons: preferreds, Wells, ”, Daniel Botoff, Allie Quine, Cohen, Steers, Quine, WELLS, Wells Fargo, RBC's Botoff, Shankar Ramakrishnan, Paritosh Bansal, Matthew Lewis Organizations: U.S . Federal Reserve, Credit Suisse, UBS Group, Wells Fargo & Co, Treasury, RBC Capital Markets, Informa Global, Thomson Locations: U.S, preferreds, New York

July 25 (Reuters) - The U.S. Federal Trade Commission (FTC) is finalizing its long-awaited antitrust lawsuit against Amazon (AMZN.O) in a move that could ultimately break up parts of the company, Politico reported on Tuesday. The complaint could focus on challenges to Amazon Prime, Amazon rules that the FTC says block lower prices on competing websites, and policies it believes force merchants to use Amazon's logistics and advertising services, the report said. Politico did not mention the exact details of the final lawsuit, but said personnel throughout the agency, including FTC Chair Lina Khan, have homed in on several of Amazon's business practices. The FTC declined to comment and Amazon did not immediately respond to Reuters requests for comment. Last month, the FTC accused Amazon of enrolling millions of consumers into its paid subscription Amazon Prime service without their consent and making it hard for them to cancel.

Persons: Andy Jassy, Jeff Bezos, Lina Khan, Shivani Tanna, Arun Koyyur, Subhranshu Organizations: U.S . Federal Trade Commission, Amazon, Politico, Amazon Prime, FTC, Thomson Locations: Bengaluru

July 25 (Reuters) - The U.S. economy may ultimately skirt a recession, but it's felt like one for months at Jon Ferrando's 103 RV dealerships. "Our industry has always been a little challenged on forecasting around demand," said Jason Lippert, CEO of LCI Industries, a large supplier of parts to the RV industry that is also based in Elkhart. "If I was just looking at RV data, I would be screaming recession," said Michael Hicks, an economics professor at Ball State University in Indiana who tracks the industry, adding that pullbacks in RV shipments have signaled every U.S. recession since 1981. "We expect in the second half of this year shipments (of RVs) will start to increase again," Geraci said. Gregg Fore, an RV industry consultant who previously ran an RV parts supplier, said half the new inventory at some dealers he works with are 2022 models.

Persons: it's, Jon Ferrando's, Ferrando, Michael Happe, Eden, Jason Lippert, Michael Hicks, RVIA, Monika Geraci, Geraci, Gregg Fore, Tyler Hermon, Timothy Aeppel, Dan Burns, Paul Simao Organizations: Winnebago Industries, Federal Reserve, RV Industry Association, Thor Industries, LCI Industries, Ball State University, Dealers, Thomson Locations: U.S, Fort Lauderdale , Florida, RVs, United States, Elkhart , Indiana, Eden Prairie , Minnesota, Elkhart, Indiana, North America, RVing

CLIMBING CAPACITYA major driver behind Europe's broad gains in solar generation has been the steep increases seen in capacity additions throughout the continent. Europe installed solar capacity in key European marketsThe Netherlands lifted installed solar capacity by a record 51.5% in 2022, and overtook Spain as the region's third-largest solar capacity nation, while number four nation Spain increased solar capacity by just over 28%. FULFILLING POTENTIALWhile installed solar capacity is a critical first step in ensuring increased solar power generation in any country, a nation's theoretical solar generation potential is another vital factor that determines overall solar output. Turkey (4.32 kWh/kWp), Greece (4.14) and Italy (3.99) all also ranked relatively high on the solar potential table. Such significantly lower solar potential scores indicate far lower efficiency levels at solar production sites compared with those located further south in locations such as Spain and Greece.

Persons: Ember, Gavin Maguire, David Holmes Organizations: The World Bank, Reuters, Thomson Locations: Europe, Spain, Germany, France, Italy, Netherlands, Turkey, Greece

[1/34] Bulls from the Fuente Ymbro ranch run along Estafeta street during the fourth running of the bulls during Sanfermines in Pamplona, Spain, July 10, 2023. The famed bull-running festival engulfs downtown Pamplona every July when revellers from around the globe descend upon the northern Spanish city... Read moreSummary Picture essayPAMPLONA, Spain, July 12 (Reuters) - The bell tolls - eight chimes. Some are drawn to the Sanfermines - as the festival is popularly known - by the timeless prose of one of the grandees of 20th-century American literature. For the past 24 years, she has rented the same apartment in Pamplona for the festival with her family. WHAT HAS CHANGED AND WHAT HASN'TThere's a recurring debate among Pamplona's residents: Is the city's overcrowding during Sanfermines Hemingway's fault?

Persons: Fuente, St Fermin, savoured, Ernest Hemingway, Hemingway, Bill Hillmann, Hillmann's, He's, wilder, Hemingway's, John, Michael ., gored, hasn't, I've, Hillmann, Cheryl Mountcastle, Mary Welsh, Arrieta, Sanfermines, William Kappal, Kappal, it's, Susana Vera, David Latona, Rosalba O'Brien Organizations: Bulls, American, New, YouTube, Thomson Locations: Pamplona, Spain, Spanish, PAMPLONA, British, Paris, Chicago, New Orleans, Sanfermines, Miguel, France, Izu

☆ As Legal Fees Mount, Trump Steers Donations Into PAC That Has Covered Them
▼ + stars: | 2023-06-25 | by ( Shane Goldmacher | Maggie Haberman | ) www.nytimes.com time to read: +1 min

Facing multiple intensifying investigations, former President Donald J. Trump has quietly begun diverting more of the money he is raising away from his 2024 presidential campaign and into a political action committee that he has used to pay his personal legal fees. The change, which went unannounced except in the fine print of his online disclosures, raises fresh questions about how Mr. Trump is paying for his mounting legal bills — which could run into millions of dollars — as he prepares for at least two criminal trials, and whether his PAC, Save America, is facing a financial crunch. When Mr. Trump kicked off his 2024 campaign in November, for every dollar raised online, 99 cents went to his campaign, and a penny went to Save America. But internet archival records show that sometime in February or March, he adjusted that split. Now his campaign’s share has been reduced to 90 percent of donations, and 10 percent goes to Save America.

Persons: Donald J, Trump Organizations: Save Locations: Save America, America

☆ Replanting the Amazon could slow global warming. Here’s why it’s hard
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +24 min

Milton da Costa Junior nosed his pickup through a remote stretch of the western Brazilian Amazon to check on his babies. Local authorities said the September 2021 incident, which Da Costa outlined in a police report that was reviewed by Reuters, is being investigated. Out of dozens of reforestation initiatives in the country, Rioterra and The Black Jaguar Foundation, a Brazilian-European group, are among the largest. Illegal invaders destroy in hours what it takes Rioterra or Black Jaguar a year to plant. In all, Black Jaguar has signed contracts with 26 farms and planted 326 hectares (806 acres) to date.

Persons: Milton da Costa, Da Costa, Carlos Nobre, Alexis Bastos, Rioterra, ”, Nobre, “, Bastos, Jamari, Dejesus Aparecido Ramos, it’s, ” Bastos, Jair Bolsonaro, Germany –, Bolsonaro, Luiz Inácio Lula da Silva, Black, Ben Valks, Valks, Leandro Silveira, Silveira, São, ” Valks, aren’t, Cristina Banks, Leite, Marcos Mariani, Araguaia, Mariani, Tânia Irres, ” Irres, Regina Molke, I’ll, Clovis, Black Jaguar, Aquaverde, Renato Franklin, “ Ben, ” Franklin, L’Oreal, da Costa, ” Da Costa, da, Spring, Clare Trainor, Catherine Tai, Lais Morais, Ilan Rubens, Lucy Ha, John Emerson, Marla Dickerson Organizations: Milton da Costa Junior, Toyota, Reuters, Black Jaguar Foundation, National Institute for Space Research, Rioterra, Cultural, Environmental Studies, Petrobras, “, Amazon Fund, Environment Ministry, United, United Arab Emirates, São Paulo, Global, Farmers, Brazil’s Central Bank, Brazil’s National Institute for Space Research, Imperial College London, Santana, Bolsonaro, United Nations, Space Agency, Copernicus, Sentinel Locations: Machadinho, Rondônia, Brazil, Germany, Brazilian, European, Manhattan, Lebanon, Nicaragua, Bastos, Porto Velho, droves, Rio, Black, Itapuã, Oeste, Norway, United Arab, Pará, Caixa, “, Costa, Syria, Paris, Santana, Araguaia’s, Clovis, Regina, United States, South, Geneva, Rio Preto, da Costa

☆ Under Xi Jinping, China's military has become an untouchable nationalist symbol
▼ + stars: | 2023-05-26 | by ( Nectar Gan | ) edition.cnn.com time to read: +11 min

Yue’s alleged transgression: “uglifying” and “insulting” China’s military, the People’s Liberation Army (PLA). Under Xi, China passed a law in 2018 to ban the slander of national “heroes and martyrs,” a crime punishable by up to three years in prison. To outsiders, it may appear puzzling that China’s military, the largest and one of the most powerful in the world, would be so easily offended by a seemingly tame joke. Xi has staked his legitimacy on returning China to its former greatness, and a strong and powerful military plays a key role in driving that nationalist agenda. He has also ramped up China’s military posturing, sending fighter jets and warships to the Taiwan Strait and around the disputed islands with Japan.

☆ How Much Rent Can I Afford?
▼ + stars: | 2023-05-11 | by ( ) www.wsj.com time to read: +7 min

Paying too much in rent could leave you struggling to pay your other bills or unable to save for the future. Here’s how financial planners say you can make sure your rent is in line with your income and goals. Experts we spoke to recommend keeping rent costs below 25% to 30% of your monthly income. Another factor to consider is whether spending a little more on rent could help you save on other costs. When it makes sense to spend lessIt can make sense to spend less than 30% of your net income on rent if you have other large expenses.

Persons: Kevin J, Ryan, isn’t, “, ”, Christopher Lyman, James Guarino, Baker Newman Noyes, Guarino, Garrett Sorensen, Akeiva, Ellis, Sorensen, you’re, it’s Organizations: Financial Advisors, ”, Utilities Locations: Newtown, Penn, Woburn , Mass, Boston , New York, San Francisco, Old Hickory, Tenn, Natick, Mass

☆ Want to Explore Your Childhood? Start With a Floor Plan.
▼ + stars: | 2023-04-25 | by ( Phoebe Chen | ) www.nytimes.com time to read: +3 min

Like most other gated suburbs in medium-density Chinese cities, ours was a cluster of nondescript buildings, countless lives piled to the skies. If Vermeer conjured a corner of my childhood bedroom on canvas and asked me to finish the rest, I’d have a hard time. Only floor plans have given my memories of movement a tangible form, a shape for the routine motions that made up my days. I walked through the front door and into the living room. A floor plan is the only way I’ll retain anything of that route to the window.

☆ Explainer: Tax cuts, balanced budget: What's not in Republican McCarthy's debt plan?
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +4 min

Some House Republicans have called for balancing the budget within 10 years, but McCarthy's proposed cuts would almost certainly not hit that goal. McCarthy's plan would not repeal two tax hikes secured by Democrats in last year's Inflation Reduction Act: a 15% minimum tax on large corporations and a 1% excise tax on stock buybacks. It also does not try to make permanent the temporary individual tax cuts contained in the 2017 Republican tax-cut package that are due to expire in 2025. His former budget director, Russell Vought, called for cuts to housing, education and health programs in a proposal released earlier this year. McCarthy's plan would not repeal Obamacare, or roll back enhancements secured by Democrats in 2021 and 2022.

☆ Why it's 'just no question' new investors should start by opening a Roth IRA, expert says
▼ + stars: | 2023-04-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

A Roth IRA allows investors who qualify to set aside after-tax money up to a certain limit each year. Who can invest in a Roth IRAImportantly, you can start contributing to a Roth IRA starting from any age if you have taxable compensation. In 2023, investors may put up to $6,500 in traditional or Roth IRAs (or $7,500 if they're 50 or older). The way you invest the money inside a Roth IRA account can be adjusted to suit your goals. What you choose to put in the Roth IRA can be either savings or investments.

☆ American offices are half-empty. That could be the next big risk for banks
▼ + stars: | 2023-04-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +9 min

“I’m more concerned than I’ve been in a long time,” said Matt Anderson, managing director at Trepp, which provides data on commercial real estate. About $270 billion in commercial real estate loans held by banks will come due in 2023, according to Trepp. Questions about the health of banks with sizable exposures to commercial real estate loans cause customers to pull deposits. That forces lenders to demand repayment — exacerbating the sector’s downturn and further damaging the banks’ financial position. The likeliest outcome is thought to be an uptick in defaults and reduced access to funding for the commercial real estate industry.

☆ Three major risks that have the banking industry on edge
▼ + stars: | 2023-04-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

The toll of the WFH eraCommercial real estate — offices, apartment complexes, warehouses and malls — has come under substantial pressure, my colleague Julia Horowitz reports. Commercial property valuations could fall by roughly 20% to 25% this year, according to Rich Hill, head of real estate strategy at Cohen & Steers. About $270 billion in commercial real estate loans held by banks will come due in 2023. The proportion of commercial office mortgages where borrowers are behind with payments is rising, according to Trepp, which provides data on commercial real estate, and high-profile defaults are making headlines. That might seem simplistic, but it’s especially relevant for an industry as uniquely reliant on trust as banking is.

☆ Google CEO Sundar Pichai Says Search to Include Chat AI
▼ + stars: | 2023-04-06 | by ( Miles Kruppa | ) www.wsj.com time to read: 1 min

Google plans to add conversational artificial-intelligence features to its flagship search engine, Chief Executive Officer Sundar Pichai said, as he steers the tech company’s response to competition from chatbots such as ChatGPT and to wider business pressures. Advances in AI would supercharge Google’s ability to answer an array of search queries, Mr. Pichai said in an interview with The Wall Street Journal. He dismissed the notion that chatbots posed a threat to Google’s search business, which accounts for more than half of revenue at parent Alphabet Inc.

☆ Google CEO Sundar Pichai Says Search to Feature Chat AI
▼ + stars: | 2023-04-06 | by ( Miles Kruppa | ) www.wsj.com time to read: 1 min

☆ Australia’s Central Bank Jumps Ahead of Fed by Holding Interest Rates Steady
▼ + stars: | 2023-04-04 | by ( James Glynn | ) www.wsj.com time to read: 1 min

The Reserve Bank of Australia kept its official cash rate at 3.60% at its latest policy meeting. SYDNEY—Australia’s central bank put the brakes on its campaign of interest-rate increases, breaking with many of its global counterparts as it steers the commodity-rich economy on a narrow path away from a recession. The Reserve Bank of Australia kept its official cash rate at 3.60% at a policy meeting on Tuesday, snapping a run of 10 consecutive increases that have added 3.50 percentage points to the benchmark rate since May last year.

☆ Ford CEO channels Elon Musk, saying the automaker's next electric truck will drive itself while you sleep
▼ + stars: | 2023-03-24 | by ( Alexa St. John | Tim Levin | ) www.businessinsider.com time to read: +2 min

In Elon Musk-like fashion, Ford CEO Jim Farley just made big claims about self-driving tech. Farley told Bloomberg in an interview that Ford's next pickup will drive itself. In a new interview with Bloomberg published Friday, Farley upped his company's pressure on Tesla, saying the company's next electric truck set to debut in 2025 is a "breakthrough product." For years, Musk has claimed that self-driving Teslas are coming, but the tech isn't ready yet. The declaration about self-driving tech comes mere months after Ford shut down Argo AI, its autonomous-driving unit that was working on self-driving taxis.

☆ Joe Biden’s Push to Counter China Steers EV Investments to Canada
▼ + stars: | 2023-03-22 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

TORONTO—Multinational companies are pumping billions of dollars into Canada’s electric-vehicle manufacturing sector, lured by government incentives, access to raw materials and cheap renewable energy. In the latest sign of interest in the country, German auto maker Volkswagen Group announced last week that it had chosen a site in the province of Ontario to build its first battery-cell plant outside Europe. A company spokesman declined to provide specifics about the investment, but Canada’s industry minister said the investment, in the town of St. Thomas, 120 miles northeast of Detroit, could rank as the largest ever made in Canada’s auto sector.

The case for falling rentSomething strange is happening in the apartment market. More than 971,000 apartment units were under construction across the US at the end of 2022, the second-largest number on record. There's only so much people are willing to pay,'" said Jon Leckie, a researcher for Rent, a platform that helps landlords market their properties. For now, though, the wave of supply that's already underway should keep rents in check over the next couple of years. Now, as landlords shift their focus from jacking up rents to filling up units, renters can once again look ahead to better days.

At its latest meeting, the Fed laced its statement and minutes with a rider about cumulative tightening and uncertain lags. The gist of the argument is that the Fed doesn't deliver credit directly to the wider economy - banks and financial markets do. But few seem to doubt that these policy lags have shortened considerably over the decades. Showcasing the study in December, San Francisco Fed chief Mary Daly adopted a more dovish slant on the gap between the funds rate and tightening financial markets. "But investors should remain attentive to the occasional episodic disconnects observed between Fed guidance and some prominent indices of financial conditions," Clarida told clients.

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