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☆ U.S. may skirt recession in 2023, Europe not so lucky - Morgan Stanley
▼ + stars: | 2022-11-14 | by ( Kevin Buckland | ) www.reuters.com time to read: +2 min

TOKYO, Nov 14 (Reuters) - Britain and the euro zone economies are likely to tip into recession next year, Morgan Stanley said, but the United States might make a narrow escape thanks to a resilient job market. "Risks are to the downside," the reports said, projecting the global economy to grow by 2.2% next year, lower than the International Monetary Fund's latest 2.7% growth estimate. read moreNext year, Morgan Stanley predicts a sharp split between developed economies "in or near recession" while emerging economies "recover modestly" but said an overall global pickup would likely remain elusive. Central banks across the globe have raised interest rates this year to curb raging inflation, and in the United States, Morgan Stanley predicted the Federal Reserve to keep rates high in 2023 as inflation remains strong after peaking in the fourth quarter of this year. "The cumulative effect of tight policy in 2023 spills over into 2024, resulting in two very weak years," the report added.

The nature and nuance of that debate was highlighted in the past 48 hours by Fed heavyweights Governor Christopher Waller and Vice Chair Lael Brainard. Wall Street closed in the red on Monday - not surprising given the extent of the rally Thursday and Friday - but investors are likely to gravitate towards Brainard. This was effectively a warning to investors not to get too carried away, as they had done on Thursday and Friday. chartWaller's caution helped push Wall Street lower at the open on Monday. Japan's output is expected to slow sharply from the April-June period, while on balance China's numbers are expected to weaken from September.

☆ A 26-year-old stock trader made over $2.5 million in 2 years. Here's how he sets up a winning trade, and the strategy he uses.
▼ + stars: | 2022-11-12 | by ( Laila Maidan | ) www.businessinsider.com time to read: +10 min

Kyle Williams became interested in trading stocks after watching "The Big Short". The film piqued his interest and he began researching the stock market. Before Williams began researching the stock market, the only exposure he had to the stock market was through a mutual fund called the American Century Equity Growth Fund Investor Class (BEQGX), which his parents helped him set up when he was 11 years old, he said. As he became more familiar with the stock market, he researched the mutual fund he had been investing in and realized it wasn't even beating the S&P 500 after fees. Williams also decided to switch his major from engineering to finance because it was more aligned with the stock market.

☆ Former FIFA head Blatter says Iran should be barred from World Cup
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Nov 11 (Reuters) - Former FIFA President Sepp Blatter thinks Iran should be barred from the World Cup amid widespread protests in the Islamic Republic sparked by the death of a woman in the custody of morality police, a Swiss paper quoted him on Friday as saying. "Iran should be excluded from the World Cup," the Blick tabloid reported, saying Blatter at a talk at its publisher's headquarters had demanded harsh consequences and that he would have removed Iran from competition had he still been in charge. The protests in Iran pose one of the boldest challenges to Iran's clerical rulers since the 1979 Islamic Revolution. The Blick paper cited Blatter as saying it was incomprehensible that FIFA head Gianni Infantino had not taken a clear position on Iran. Blatter, 86, had made waves this week by saying it had been a mistake to award Qatar the hosting rights to the World Cup, which begins on Nov. 20.

☆ Trump ignored an evacuation order for Mar-a-Lago, instead raging about the midterms and posting attacks on Ron DeSantis
▼ + stars: | 2022-11-10 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Donald Trump did not evacuate Mar-a-Lago as Hurricane Nicole approached, according to reports. The hurricane made landfall on Florida's east coast early Thursday. His daughter, Tiffany Trump, is scheduled to get married at Mar-a-Lago this weekend. Ron DeSantis, who is widely considered to be Trump's chief GOP rival for the 2024 presidential nomination, and who won reelection in a landslide. DeSantis on Wednesday held a press briefing, where he warned of the likely impact of the hurricane.

☆ While some of Trump's picks lost or underperformed, Gov. Ron DeSantis dominated in Florida — heating up talks about who the GOP nominee should be in 2024
▼ + stars: | 2022-11-10 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

After the GOP underperformed, some Republicans are saying it's time to move on from Trump. Ron DeSantis handily won reelection in a state that has long been considered a swing state, defeating Democrat Charlie Crist with a roughly 20-point lead as of Wednesday. The drastic difference has already led Republicans to turn to DeSantis for 2024 hopes, a prospect that now seems all the more likely. But one of the biggest blows to the GOP, and Trump, came in Pennsylvania, where Lt. Gov. Some were already propping up DeSantis as the best choice for the 2024 Republican presidential nominee.

Nicole, newly classified as a hurricane, was packing sustained winds of up 75 miles per hour (120 km per hour) as it made landfall on Grand Bahama Island, the Miami-based National Hurricane Center reported. Grand Bahama, Bimini and the Berry Islands in the northwest corner of the island nation remained under a hurricane warning. As the storm closed in earlier in the day, some Bahamas residents fled their homes amid fierce winds and flooding. Storm surge caused widespread devastation to Florida's Gulf Coast when the last major storm, Hurricane Ian, crashed ashore there on Sept. 28, causing an estimated $60 billion in damage and claiming more than 140 lives. Several counties along the Florida coast issued mandatory orders and voluntary evacuation advisories for homes near the shore and on barrier islands.

☆ Explainer: COP27: How climate change impacts countries around the world
▼ + stars: | 2022-11-09 | by ( Gloria Dickie | ) www.reuters.com time to read: +5 min

SHARM EL-SHEIKH, Egypt, Nov 9 (Reuters) - While delegates at the COP27 climate conference discuss the shared problem of climate change, each country will face its own challenges and threats. In February, the U.N. climate science agency released a major report on adapting to a warmer world - and detailed how that effort would differ from place to place. While some countries see glaciers melt or coastlines rise, others will contend mostly with raging wildfires and extreme heat, the report by the Intergovernmental Panel on Climate Change said. A World Bank report warned in September that climate impacts, including water scarcity and declining crop yields, could force some 216 million to migrate within their own countries by 2050. And in the Arctic, melting sea ice, warming temperatures, and thawing permafrost will push many species to the brink of extinction.

☆ Iran warns Saudi Arabia 'our strategic patience' may run out - Fars
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 9 (Reuters) - Iran's intelligence minister told its regional rival Saudi Arabia on Wednesday that there is no guarantee of Tehran continuing its "strategic patience," according to semi-official Fars news agency. "Until now, Iran has adopted strategic patience with firm rationality, but it cannot guarantee that it will not run out if hostilities continue," Fars quoted Esmail Khatib as saying. Last month, Iran's Revolutionary Guards chief Hossein Salami warned Saudi Arabia Riyadh to control its media outlets. "I am warning the Saudi ruling family.... Watch your behaviour and control these media ... otherwise you will pay the price. Last week Iran denied that it posed a threat to Saudi Arabia after the Wall Street Journal reported that Riyadh had shared intelligence with the United States warning of an imminent attack from Iran on targets in the kingdom.

WASHINGTON — Supreme Court Justice Amy Coney Barrett on Friday rejected a second challenge to President Joe Biden’s student loan forgiveness plan, keeping the court out of the fight over the program that’s raging in the lower courts. The decision has little practical effect, as an appeals court ruling had already put implementation of the policy on hold. Garrison works for the Pacific Legal Foundation while Johnson works for another conservative group, the Public Interest Legal Foundation. The challengers argue they will be worse off because of the cancellation of student debt. Biden’s student debt relief program would provide up to $10,000 in debt cancellation for those earning less than $125,000 a year and couples who file taxes jointly and earn less than $250,000 annually.

This standoff will shift the terrain only by inches, even if it does help change which party has technical control of Congress. As for resolving the larger argument, that’s still a decision that the country makes during presidential elections, not midterms. For Republicans, a populist questionNeither party is currently prepared for the coming 2024 fight because both have unresolved internal issues that the midterm results may put into sharper focus. But the fact of the matter is, they are losing on the crime issue — not by a little, but a lot. But just because the fight is public and ugly, doesn’t mean it isn’t necessary and eventually helpful ahead of 2024.

☆ Many young Iranians lose their fear in struggle for "freedom"
▼ + stars: | 2022-11-03 | by ( Parisa Hafezi | ) www.reuters.com time to read: +9 min

Her sentiment was echoed by a dozen young Iranians from across the country interviewed by Reuters by phone. As a young woman, her death sparked anger among Iranians who do not want their daughters arrested because of how they dress. Many young Iranians have long called for the lifting of social restrictions, such as internet censorship and strict dress codes. With student numbers swelling in Iran's young population, such signs of growing dissent cannot be easily ignored by the authorities, a former moderate official said. By defying state warnings to end protests, students have paid a heavy price.

☆ Prayers, the pledge of allegiance and culture wars: Inside a Doug Mastriano rally in the final days of his long-shot bid for governor of Pennsylvania
▼ + stars: | 2022-11-03 | by ( Oma Seddiq | ) www.businessinsider.com time to read: +13 min

A Doug Mastriano rally in Bucks County, Pennsylvania, featured praying and wading into culture wars. National and state Republican donors and groups have offered little support to his candidacy. "He's just been there the whole time," a Mastriano voter in Bucks County who only identified himself as Jeremy, told Insider. "You can't get your message out one-on-one to voters," Josh Novotney, a Pennsylvania GOP strategist, told Insider. "It's a different tactic and I pray it works," Joe Vichot, chairman of Lehigh County's GOP, told Insider.

☆ Lawbreaker to Israeli kingmaker? Far-right Ben-Gvir surges in vote
▼ + stars: | 2022-11-02 | by ( Dan Williams | ) www.reuters.com time to read: +4 min

In government, however, Ben-Gvir - who wants to be police minister - would further envenom Israel's standoff with the Palestinians and strain Jewish-Arab relations inside Israel. Burly and bespectacled, Ben-Gvir has for decades engaged in raging arguments with Arabs and liberals on curbsides or in the Knesset. The yellow trappings of Israeli supremacist groups was banished from his campaign, replaced by the national colours, blue and white. A settler on the West Bank which Israel captured and occupied in 1967, Ben-Gvir wants the Palestinian Authority, which has governed parts of the territory under interim peace deals, dismantled. That would place West Bank Palestinians back under full Israeli control.

The U.S. Federal Reserve's rate hikes are expected to drive up interest income for commission-free brokerage Robinhood Markets Inc (<HOOD.O>) and cryptocurrency exchange Coinbase Global Inc (<COIN.O>). "The impact of higher rates will flow through earnings at a rate slightly better than previously forecast," J.P. Morgan analysts said of Robinhood. That has led to a stunning reversal in fortunes for lenders squeezed by near-zero interest rates last year. On the other hand, Coinbase earns interest on reserves backing USD Coin (USDC), the second-biggest stablecoin by market capitalization, which it issues jointly with crypto firm Circle. Analysts expect net interest revenue at Robinhood to surge 65%, while Coinbase's subscription and services revenue, which includes interest income, is estimated to grow 28%, according to IBES data at Refinitiv.

☆ This millennial took a gamble during the pandemic. Now her startup has raised over $225 million
▼ + stars: | 2022-10-31 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +6 min

"A lot of people actually told us that it's a very bold move to actually open an offline presence, while everybody was closing their offline stores [during the pandemic]," she added. But that was a "well-calculated" move for Social Bella, which operates Sociolla. Indiana, the co-founder and chief marketing officer of Social Bella, tells CNBC Make It how she took her Jakarta-based startup to the next level. The makeup junkie realized that in Australia, she had easy access to a wide range of beauty products from international brands. On top of that, the business also operates Soco, which Social Bella says is Indonesia's largest online review service for beauty products.

☆ Large explosion in Taiwan's CPC Dalin oil refinery, no injuries
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 28 (Reuters) - An explosion hit Taiwan's state-backed CPC Dalin Refinery in the southern city of Kaohsiung on Thursday night, videos and images from the Fire Department showed with heavy fire seen above the plant, officials said, adding nobody was hurt in the incident. The city's fire department said flames were put out early on Friday and no one was injured or trapped as per an initial investigation. CPC spokesperson Ray Chang said there was "very limited impact" on the company's output, as it has several other such units in its facilities across the island. The unit, which has a capacity of 40,000 barrels per day according to Refinitiv Eikon, is used to remove sulphur from oil products. The incident happened during routine maintenance at the plant, the city government said.

Oct 28 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeeverThe heat is off the Bank of Japan. The BOJ announces its policy decision on Friday against a much calmer market backdrop than only a few days ago. Economists expect no change to the bank's ultra-loose stance and an upward revision to the inflation outlook. Other Japanese data due on Friday include inflation and unemployment, which could also drive trading sentiment in Asia. The dollar has slumped to a three-week low against the yen and below the level that prompted the BOJ's historic yen-buying intervention on Sept. 22.

Desperate to survive, many locals fleeing raging floods which have wrecked their homes and livelihoods are also forced to depend on floodwater for sustenance. A child is pictured doing her dishes in floodwater in Odi, in Nigeria's southern Bayelsa State, on Tuesday. Aniso Handy has remained in his house in Odi, in Nigeria's Bayelsa State. Displacing the living and the deadIn Bayelsa’s capital Yenagoa, located 28 kilometers (17 miles) from Odi, floods have displaced not just the living but also the dead. Flooding in Nigeria's Bayelsa state has forced people to wade through waiste-high water.

☆ The era of quiet quitting is already over
▼ + stars: | 2022-10-26 | by ( Aki Ito | ) www.businessinsider.com time to read: +9 min

One of the first documented cases of quiet quitting was a recruiter I'll call Justin. It was Justin, in fact, who helped spark the national debate that's been raging over quiet quitting. When a popular career coach on TikTok riffed on my story, the phrase "quiet quitting" became something of a new cultural dividing line. But by the time the US was furiously debating his new approach to work, Justin was already shifting gears. "Reading the tea leaves, we could be in for a difficult 2023," Bryan Creely, the career coach who coined the term quiet quitting, told me.

☆ Trump should testify to the Jan. 6 committee because he has 'nothing to hide,' his lawyer says
▼ + stars: | 2022-10-26 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +3 min

Trump lawyer Alina Habba said he should have "no problem" testifying to the January 6 committee. The committee's subpoena demanded a wide range of Trump's communication records that would cover any exchanges he had while the Capitol was under attack. It asks Trump to submit documents by November 4 and then sit to testify around the middle of the month. On Newsmax — where chyrons echoed Trump by calling it a "political witch hunt" — Bolling outlined how Trump might respond. Former White House strategist Steve Bannon was sentenced to four months in prison for contempt of Congress after he refused the committee's subpoena.

Biden blamed Russian President Vladimir Putin’s invasion of Ukraine for higher crude and gasoline prices, while noting prices had fallen 30% from their peak earlier this year. “Families are hurting,” and gasoline prices are squeezing their budgets, he added. Retail gasoline prices have fallen from a high in June, but remain above historical averages, and are a major contributor to inflation. Biden said oil companies should feel more confident about investing in production with the new SPR repurchase pledge, and stop pushing stock buybacks. So you can act now to increase oil production," he said.

☆ EXCLUSIVE Deadly Iran jail fire erupted as police clashed with inmates, sources say
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +8 min

A view of the aftermath of the fire in Evin prison in Tehran, Iran October 17, 2022. The patrols at the Tehran jail began without any apparent provocation by inmates, the sources said. The prisoner and other sources spoke to Reuters on condition of anonymity due to concern for their safety. Ward 7 holds prisoners convicted of general crimes and political prisoners, and is in the same building housing ward 8. "Prisoners from ward 7 tried to break the door of ward 8 to let them out too.

☆ Rapid Covid Tests Can’t Keep Abbott Healthy Forever
▼ + stars: | 2022-10-19 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Third-quarter sales of the BinaxNow test declined somewhat from a year earlier but were still $1.64 billion. Covid-19 has been a double-edged sword of sorts for Abbott Laboratories the maker of the popular rapid antigen test BinaxNow. On the one hand, demand for that product has barely let up, allowing the health-supplies company to raise its 2022 adjusted earnings forecast while posting third-quarter revenue of $10.4 billion that far exceeded Wall Street expectations. Its sales of BinaxNow declined somewhat from the same period last year when the Delta variant was raging, but they still came at an impressive $1.64 billion, trouncing Wall Street expectations of about $500 million.

☆ Biden tries again to lower gas prices — and slams oil companies for raking in record profits 'while a war is raging'
▼ + stars: | 2022-10-19 | by ( Juliana Kaplan | Ben Winck | ) www.businessinsider.com time to read: +4 min

President Joe Biden will release 15 million more barrels of oil from the country's reserves to lower gas prices. Biden also urged oil companies to invest in more production, and not their own stocks. "Gas prices hit almost every family in this country and they squeeze their family budgets. The president also castigated oil companies for pocketing larger profits instead of tamping down prices for consumers. Replenishing the SPR should provide security for the oil companies sitting on their profit windfalls.

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