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☆ One part of China’s consumer market is holding up against a broad decline
▼ + stars: | 2023-08-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Customers enjoy food at a new Costco store in Shanghai on the first day of its trial operation on March 10. China News Service | China News Service | Getty ImagesBEIJING — If retail sales slowed this summer, it hasn't felt that way in parts of China. In the weeks around early July, New York residents David and Susan Schwartz visited three Costco stores, known as warehouses, on the outskirts of Shanghai and the neighboring city of Suzhou. China's retail sales slowed to a 2.5% year-on-year increase in July, adding to growing uncertainty about the country's future growth. Chris Reitermann CEO, Ogilvy Asia Pacific and Greater ChinaThe massive property market, where the majority of household wealth is stored, accelerated its decline in July.

Persons: hasn't, Susan Schwartz, David Schwartz, David, Susan, Malin, Goetz, Kate Spade, they're, Chris Reitermann, Ogilvy's Reitermann, Daniel Zipser Organizations: Costco, China News Service, Getty, BEIJING, U.S, Ogilvy Asia Pacific, CNBC, McKinsey Global Institute, Media, McKinsey Locations: Shanghai, China, New York, Suzhou, U.S, Hangzhou, Ningbo, York, Greater China

☆ The Evolution of A.O.C.
▼ + stars: | 2023-08-30 | by ( Lulu Garcia-Navarro | ) www.nytimes.com time to read: +2 min

And so what is considered center and moderate now is dramatically different than what it was five years ago. We started this conversation talking about how you entered politics at a particular moment, and not a good one. There have been times where this work has been extremely challenging, and I didn’t know if I would survive in this position. And so I’m motivated by an extraordinary sense of responsibility, not just for representation, but to deliver on policy. At 33 years old, first winning my election at 28 — this has taken a large degree of learning.

Persons: you’ve, I’m Organizations: Democratic Party, Democrats Locations: United States

☆ UK home sales set to hit their lowest since 2012 as mortgage sales plummet
▼ + stars: | 2023-08-30 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

That's the equivalent of each household moving once every 23 years, an increase of six years from 2021, the monthly report found. Demand for homes in the last four weeks is down 34% compared to the average of the last five years, as higher mortgage rates and cost-of-living pressures weigh on the market, Zoopla said. While house prices have seen a small uptick, sales numbers have been hit hardest by higher borrowing costs, Richard Donnell, executive director at Zoopla said in a press release. "Cash buyers are more immune and on track to account for more than one in three sales in 2023," Donnell said. Mortgage rates have started to come down but remain high, with the average rate for a 2-year fixed mortgage for a 95% loan at 6.7% for the week of Aug. 21, online real estate company Rightmove said last week.

Persons: Zoopla, Richard Donnell, Donnell, Rightmove Organizations: Office, National Statistics, Bank of England

☆ 3M agrees to pay $6 billion after US military said faulty earplugs led to hearing loss
▼ + stars: | 2023-08-29 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —3M has agreed to pay $6 billion to resolve roughly 300,000 lawsuits alleging that the manufacturing company supplied faulty combat earplugs to the military that resulted in significant injuries, such as hearing loss. 3M is prepared to continue to defend itself in the litigation if certain agreed terms of the settlement agreement are not fulfilled,” the company said. 3MThe earplugs were used by the US military in training and combat from 2003 to 2015. Veterans accused 3M of selling defective earplugs that caused hearing loss and tinnitus, according to a 2021 Wall Street Journal report. The earplugs were made by Aearo Technologies, a company 3M bought in 2008.

Persons: 3M, Aearo Organizations: New, New York CNN, Veterans, Aearo Technologies, 3M Locations: New York, United States

☆ UK home sales on course to fall to lowest since 2012: Zoopla
▼ + stars: | 2023-08-29 | by ( David Milliken | ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Aug 30 (Reuters) - The number of house purchases in Britain this year is on course to drop by 21% to its lowest since 2012 as a result of rising borrowing costs, property website Zoopla forecast on Wednesday. "While UK house prices are 0.1% higher over the year, it is the number of sales that have been hit hardest by higher borrowing costs, especially amongst mortgage-reliant buyers," Zoopla's executive director, Richard Donnell, said. Zoopla forecast that house purchases funded by mortgages would drop 28% this year, while cash buyers would fall just 1% and account for more than a third of sales. The most recent official data showed that there were 22% fewer house purchases in the three months to the end of June than a year earlier. Zoopla provides property valuations and also advertises more than 1 million properties for sale or to rent.

Persons: Toby Melville, Richard Donnell, BoE, David Milliken, Alex Richardson Organizations: REUTERS, Thomson Locations: Bristol, Britain

☆ German consumer morale to fall in September -GfK
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Michael Dalder Acquire Licensing RightsBERLIN, Aug 29 (Reuters) - German consumer sentiment is expected to fall in September, due to declining income expectations and propensity to buy, a GfK institute survey showed on Tuesday. "The chances that consumer sentiment can sustainably recover before the end of this year are dwindling more and more," said GfK consumer expert Ralf Buerkl. Persistently high inflation rates are hindering any improvement in consumer sentiment, said Buerkl. The consumer climate indicator forecasts the development of real private consumption in the following month. According to GfK, a one-point change in the indicator corresponds to a year-on-year change of 0.1% in private consumption.

Persons: Michael Dalder, Ralf Buerkl, GfK, Maria Martinez, Friederike Heine Our Organizations: REUTERS, Rights, Reuters, Thomson Locations: Munich, Germany

☆ Americans are being asked to consider tipping, but is it really required?
▼ + stars: | 2023-08-27 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

Mingrone pays her kitchen staff between $20-25 an hour, well above minimum wage. Comparatively, her front of house staff — servers and bartenders — make the state’s tipped minimum wage of $6.38 an hour. Eight states have abolished their tipped minimum wage. One Fair Wage, the group leading the movement, wants businesses to be required to pay employees the state’s minimum wage, plus tips. The federal tipped minimum wage is $2.13 an hour and has been frozen there since 1991 — and many states default to that.

Persons: ”, Carly Cullen, ” Cullen, Emily Mingrone, aren’t, Mingrone, —, I’ve, Danny Meyer, “, pushback, Sean Kennedy, Destiny Fox, Georgetti’s, Coco Pazzo —, She’s, Fox Organizations: New, New York CNN, Purdue University, Temple University, Co, Square Hospitality, Nation Restaurant Association, National Restaurant Association Locations: New York, New Haven , Connecticut, State, Chicago

☆ China's economic model isn't working, but that doesn't mean the country's headed for a 'Lehman moment'
▼ + stars: | 2023-08-26 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

And, similar to the crisis that ultimately toppled Lehman Brothers in 2008, much of China's troubles are rooted in its property sector. China's property crisisFront and center for any comparison between today's China and the US in 2008 is the real estate market. "The boom that characterized the property sector of the last decade is over," he said. AdvertisementAdvertisementStill, given the scale of China's property market, policymakers may need to step in with fiscal stimulus to avoid catastrophe. "Rather, it'll be a slow-moving, structural economic crisis that could last for years.

Persons: hasn't, Lehman, Xi Jinping, Alfredo Montufar, William Hurst, Hurst, it's, Helu, Evergrande, Nicholas Spiro, Spiro Organizations: Service, Lehman Brothers, People's Bank of, China Center, Conference Board, Citi, Zhongrong, University of Cambridge, Country Garden Holdings, Lauressa Locations: China, Wall, Silicon, People's Bank of China, Japan, Beijing

☆ Personal emergency kits are a growing market in an uncertain world
▼ + stars: | 2023-08-26 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +8 min

Ripple effects from international incidents also affect the US emergency kit market. “More people are thinking about (emergency preparedness) and those that always have been are spending more.”Federal data backs it up. Many experts say while buying emergency kits might be helpful, the most important preparedness actions will not hurt your wallet. Patrick T. Fallon/AFP/Getty ImagesCrager warns people who choose to purchase extensive disaster kits should not be lulled into a false sense of security. It’s one of the most important steps we can take.”For more information on FEMA disaster preparedness recommendations, visit www.ready.gov.

Persons: ”, Trevyn Reese, Reese, Hilary, Bryan Woolston, Joel Stuart, “, Christian Schauf, Stuart, Lea Crager, FEMA’s, you’re, Patrick T, Fallon, ” Schauf, ‘, Jeff Schlegelmilch Organizations: New, New York CNN, Federal Emergency Management Agency, Ready, Hardware, Walmart, Tropical, Reuters Sirius Survival, Supply, Amazon, Sirius, Norfolk Southern, Federal, Preparedness Survey, FEMA, Getty, National Center for Disaster Preparedness, Columbia University Locations: New York, California, Cathedral City , California, Hawaii, Norfolk, East Palestine , Ohio, North Korea, United States, Russia, Ukraine, Lahaina , Hawaii, AFP, www.ready.gov

☆ 'Manias die in vicious ways': A pair of fund managers who have beaten 99% of their peers over the last 5 years warn the S&P 500 will shed at least 30% of its value when the current bubble pops
▼ + stars: | 2023-08-26 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

They likened the current environment to the dot-com bubble around 2000. Cole told Insider he thinks the S&P 500 will lose at least 30% of its value in the years ahead. "This financial euphoria episode has gone to a sustained high that makes the dot-com bubble look like small change," he wrote in the August 22 letter. Smead is the founder of Smead Capital Management and comanages the Smead Value Fund (SMVLX) with his son, Cole. Don't take that to mean the S&P 500 will deliver low returns every year until 2033.

Persons: Cole Smead, Cole, Bill Smead, Smead, Russell, Akin Oyedele, It's, Manias, Bill, Dubravko Lakos, Lakos Organizations: Smead Capital Management, Yahoo Finance, it's, Netflix, Visa, Mastercard, Paypal, Smead, Federal, JPMorgan, CNBC, Conference

☆ Jackson Hole: Fed policy collides with reality in the most unequal county in America
▼ + stars: | 2023-08-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Central bank officials from across the world have descended upon Jackson Hole, Wyoming this week to discuss policy decisions that will shape the economy for years to come. That’s because Jackson Hole is the most economically unequal place in the United States, according to the Economic Policy Institute. What’s happening: The snow kissed peaks and verdant valleys of Jackson Hole, Wyoming — where Federal Reserve Chair Jerome Powell is due to give a highly anticipated speech on Friday — aren’t just awe-inspiring. Among the top 1% in Teton County (where Jackson Hole is located), the average annual income is a jaw-dropping $22.5 million. The extreme wealth disparity in Jackson Hole is a perfect example of that dichotomy.

Persons: Jackson, Jerome Powell, aren’t, They’re, ”, Kenan Fikri, “, they’re, Powell, ” Jackson, That’s, Allison Morrow, Krystal Hur, it’s, Anna Bahney, Black Knight, Knight, Andy Walden Organizations: CNN Business, Bell, New York CNN, Economic, Institute, Census Bureau, Economic Innovation, Nvidia, Revenue, Wall, Federal Reserve, Black Locations: New York, Jackson Hole , Wyoming, United States, Teton County, Wyoming, Jackson, Teton, Santa Clara , California

☆ Home affordability is the worst it has been since 1984
▼ + stars: | 2023-08-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Buying a house requires a much bigger slice of people’s income now — making this the most unaffordable housing market since 1984, by one measure. The number of cost-burdened renters increased by 1.2 million, to a record 21.6 million households, between 2019 and 2021. In all, 40.6 million households were housing-cost burdened in 2021, including 20.3 million who were severely burdened. Affordability picture remains grim this yearHopeful house hunters continued to face challenging affordability conditions in July as rising mortgage rates and historically low housing inventory pushed prices higher, said Edward Seiler, the Mortgage Bankers Association’s associate vice president for housing economics. “Unfortunately, given today’s lack of inventory and affordability levels, it may take years before home affordability returns to more ‘normal’ levels,” he said.

Persons: Black Knight, Knight, “, ”, Andy Walden, Edward Seiler, Seiler, Joel Kan, Walden, ” It’s Organizations: DC CNN, Federal Reserve, Black, Joint Center for Housing Studies of Harvard University, Mortgage, Moody’s Investors Service Locations: Washington

☆ CNN is launching a live service on Max with new programming as the network reboots its streaming efforts
▼ + stars: | 2023-08-24 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

New York CNN —CNN is heading to the Max streaming platform. Under previous leadership, CNN launched the standalone streaming service CNN+, which former executives touted as one of the most important moves in the network’s four-decade history. Warner Bros. CNN Max represents a path forward into the future, while also being more aligned with Warner Bros. Discovery’s vision. Discovery said that CNN Max will be available across all its various subscription packages, including its advertiser-supported plans.

Persons: CNN Max, Jake Tapper, ”, “ Anderson Cooper, Jim Acosta, Rahel Solomon, Amara Walker, Fredricka Whitfield ”, Jim Sciutto, “ Stanley Tucci, Italy ”, “ Anthony Bourdain, Anderson Cooper ”, Chris Wallace, —, Amy Entelis, David Leavy, Virginia Moseley, Eric Sherling —, Audie Cornish, David Zaslav, Max, Zaslav, ” JB Perrette, Warner Organizations: New, New York CNN, CNN, Max, Warner Bros ., Warner Bros . Discovery, “ CNN, Nielsen, Warner Bros, HBO, Discovery, CNN International, Netflix, Turner Sports Locations: New York, United States, Italy

☆ House Republicans Begin Investigating Willis Before Trump’s Atlanta Booking
▼ + stars: | 2023-08-24 | by ( Luke Broadwater | More About Luke Broadwater | ) www.nytimes.com time to read: +2 min

“Turning first to the question of motivation, it is noteworthy that just four days before this indictment, you launched a new campaign fund-raising website that highlighted your investigation into President Trump,” he wrote. A review of budget documents indicates that most of the office’s funding comes from local government, though prosecutors’ offices often receive at least some federal grant money. It was the latest example of House Republicans allied with Mr. Trump using their power in Congress to try to derail efforts to prosecute him. Mr. Jordan has recommended House Republicans “eliminate any funding for the F.B.I. Mr. Trump now faces 91 felony charges across the four criminal cases against him.

Persons: Trump, ”, Jordan, Alvin L, Bragg, Republicans “ Organizations: Republicans, Mr, Department, D.C Locations: Fulton County, Manhattan, New York, Washington, Alabama

☆ The earnings and economic data shows the consumer is still in control of the economy
▼ + stars: | 2023-08-23 | by ( Tim Mullaney | ) www.cnbc.com time to read: +9 min

Moody's says that consumer savings rates are rising after bottoming out in June 2022. "We still see it as a normalization, not a deterioration story when we talk about consumer credit.'' But consumer loan delinquency rates are at 2019 levels, and below any level ever seen before 2014, according to Federal Reserve data. At JPMorgan, mortgage credit quality is so solid that the bank reported no net chargeoffs in the second quarter. Overall, the Bureau of Economic Analysis says consumer spending on new vehicles rose $40 billion to $642.4 billion in the first half of the year, with most gains coming in the second quarter.

Persons: Brandon Bell, Arun Sundaram, haven't, Alastair Borthwick, Moody's, Scott Hoyt, Jeremy Barnum, it's, Barnum, David Fieldhouse, Hoyt, Sundaram, Horton, Goldman Sachs, Goldman Organizations: Chevrolet, Knapp, Getty, Amazon, Walmart, Home Depot, Bank of America, CFRA, Atlanta Federal Reserve Bank, JPMorgan Chase, Federal Reserve, JPMorgan, Federal, Wall, General Motors, GM, Ford, U.S, Toll, Pride Locations: Houston , Texas

☆ Trump's Atlanta booking on RICO charges show why we need perp-walkable cities
▼ + stars: | 2023-08-23 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

Trump's booking and arraignment in Atlanta will take weeks, which is way too long. In Atlanta, where the Fulton County district attorney charged Trump with an array of crimes for trying to overturn Georgia's 2020 election results, that same process is expected to take several weeks. It's 'lightning speed' for AtlantaTrump has said he'll go to Atlanta on Thursday where he'll be booked at the Fulton County jail, known locally as Rice Street, on 13 charges ranging from RICO — a racketeering charge — to illegally pressuring public officials. Fulton County Sheriffs install barricades outside the Fulton County Jail, making it even less walkable. AdvertisementAdvertisementYes, the district attorney's office, county court, and federal court are all nearby each other in downtown Atlanta.

Persons: Donald Trump, Trump, Georgia's, he'll, —, Patrick Labat, Fani Willis, J.Tom Morgan, Morgan, Willis, Brendan McDermid, hasn't, arraignments, Ronald L, Carlson, Steve Buscemi, counterprotests, Jean Carroll, Ed Sheeran, Jeffrey Epstein, CHANDAN KHANNA, there's Organizations: Atlanta, Service, Trump, Atlanta Trump, Rice, Superior, Western Carolina University ., DA, Former U.S, Manhattan Criminal, REUTERS, Manhattan, New York Police Department, University of Georgia School of Law, Metropolitan Museum of Art, Trump Tower, Google, Fulton County Superior, Fulton County Sheriffs, Getty Locations: Atlanta, York, Wall, Silicon, Manhattan, Fulton County, New York, Fulton, DeKalb County, New York City, walkable, . Manhattan, America, Fulton County Superior Court, Fulton County's, Brooklyn

☆ US wildland firefighter pay threatened by Republican feud in Congress
▼ + stars: | 2023-08-23 | by ( David Morgan | ) www.reuters.com time to read: +4 min

"Firefighters cannot be held hostage to congressional infighting," said Lucas Mayfield, president of the advocacy group Grassroots Wildland Firefighters. More than 10 million acres were affected in 2015 and 2017. Last year, the cost of suppressing wildfires across 7.6 million acres surpassed $3.5 billion, according to the center. "Now is not the time ... to be engaging in this kind of the political gamesmanship around something as important as the livelihood of our wildland firefighters," he told Reuters. Neguse and Senator Kyrsten Sinema, an independent from Arizona, have introduced legislation in their respective chambers that would avoid the pay cliff and authorize future pay increases for wildland firefighters.

Persons: Matthew A, Foster, Handout, Mike Simpson, Joe Biden, Lucas Mayfield, Mayfield, Joe Neguse, Kyrsten Sinema, David Morgan, Scott Malone, Alistair Bell Organizations: Force, U.S . Army National Guard, Staff, REUTERS, Rights, Interagency Fire, Idaho Republican, Reuters, Republicans, Democrats, Democratic, Biden, Grassroots, Firefighters, Republican, National Interagency Fire Center, Colorado Democrat, House, Thomson Locations: Lahaina , Hawaii, U.S, Washington, West, British Columbia, Idaho, United States, Neguse, Arizona

☆ Stock futures are little changed as investors look ahead to next batch of corporate earnings: Live updates
▼ + stars: | 2023-08-22 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Stock futures are near flat Tuesday night as investors awaited on the latest crop of corporate earnings reports from well-known names including Nvidia . S&P 500 and Nasdaq 100 futures also each climbed 0.1%. The moves follow a mixed session on Wall Street. The S&P 500 and Dow slid around 0.3% and 0.5%, respectively. Of the more than 95% of S&P 500 companies that have delivered results, about four out of five have exceeded Wall Street expectations.

Persons: Foot, Kohl's, Fitch, Snowflake, Dow, Macy's, Lowe's, Rob Haworth, They'll, Jerome Powell Organizations: New York Stock Exchange, Stock, Nvidia, Dow Jones Industrial, Nasdaq, Urban Outfitters, Retail, Abercrombie, Dick's Sporting Goods, U.S . Bank Locations: what's, Jackson Hole , Wyoming

☆ What to Know About China’s Real Estate Crisis
▼ + stars: | 2023-08-21 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Tremors in China’s real estate market are shaking the country’s economy, as well as the world, which has come to rely on China as a reliable engine of growth. A long-running building boom that propelled China’s growth has come to a halt, threatening the jobs and savings of millions of households. Here’s what you need to know:What’s going on with real estate and China’s economy? For decades, China’s economy was dependent on a booming real estate sector fueled by population growth. The housing market created jobs and served as a place to store wealth for China’s growing middle class.

Locations: China

☆ The top 20 areas real-estate investors are piling into for high population growth, increasing rental demand, or price appreciation, according to a property-data firm
▼ + stars: | 2023-08-20 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

When it comes to single-family homes, it's predominantly investors, according to recent data from CoreLogic, a property-data firm that tracks real-estate transactions. But whether they are small or large investors, they are targeting specific areas, according to the data. "All the others make sense as these have been hot real estate investment areas that have been hot for a very long time in terms of investment. Small investors are active all around the country and make up most of the investors, he said. The below table is based on CoreLogic public records data for single-family transactions.

Persons: Thomas Malone, Goldman Sachs, who's, Malone, upticks, There's Organizations: CoreLogic, Investor, Mega, McAllen, El, San Bernardino -, Thousand Oaks, Beaumont, UT, KS Locations: CoreLogic, California, Jose, Sunnyvale, Santa Clara, CA, Angeles, Long, Anaheim, Edinburg, Mission, Brownsville, Harlingen , TX, Atlanta, Sandy Springs, Roswell, Francisco, Oakland, Hayward , CA, El Paso , TX, Diego, Carlsbad, Fresno, Modesto, Riverside, San Bernardino, San Bernardino - Ontario, Oxnard, Ventura, Santa Rosa, Stockton, Lodi , CA, Albuquerque, NM, Port Arthur, TX, Memphis, TN, Salt Lake City, Christi , TX, Wichita

☆ Asking prices for UK homes drop sharply - Rightmove
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Toby Melville/File photo Acquire Licensing RightsLONDON, Aug 21 (Reuters) - Asking prices for homes in Britain fell sharply this month as rising mortgage costs caused sellers to lower their expectations of what they can get for their properties, an industry survey showed on Monday. Website Rightmove said average asking prices for homes dropped by 1.9%, the biggest monthly fall for August since 2018 and twice as steep as the usual summertime fall. Mortgage lenders Nationwide and Halifax both previously reported falls in selling prices in July. Rightmove's survey also showed the number of home sales was down 15% compared with 2019, before the pandemic. Average asking prices for homes were 2% below their peak in May but, reflecting the surge in demand during the pandemic, remained 19% higher than in August 2019, Rightmove said.

Persons: Toby Melville, Rightmove, William Schomberg, Suban Abdulla Organizations: REUTERS, Bank of England, Nationwide, Halifax, Homes, Thomson Locations: Bristol, Britain

☆ A man who 'hopes he runs out of money' before he dies explains why you may not need as much cash to retire as you think
▼ + stars: | 2023-08-20 | by ( Liz Knueven | Stephanie Hallett | Personal Finance Reporter | ) www.businessinsider.com time to read: +6 min

Bill Perkins wants to spend every penny before he dies, he explains in his book "Die With Zero." He thinks most people are saving too much for retirement, given that a lot of it goes unused. Instead of leaving a large inheritance, he'd rather use his money on experiences, helping his children while they're starting out, and spending the money on his needs. While some people did use up their money, many retirees actually see their net worth increase with time. "Retirees with less than $200,000 saved up for retirement ... had spent down only one quarter of their assets 18 years after retirement."

Persons: Bill Perkins, Perkins, doesn't, Get, it's, overspending Organizations: Service, Federal, Board, Medicare Locations: Wall, Silicon

☆ Consumers have spent all of their excess savings from the pandemic. That's just one reason why stocks are poised to fall, JPMorgan says
▼ + stars: | 2023-08-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

US consumers have spent all of their excess savings from the pandemic, according to JPMorgan. The bank highlighted the softening of the consumer as one reason why stocks are poised to continue their decline. In a Thursday note, he said consumers have spent down the entirety of their excess savings from the pandemic, which at one point totaled more than $2 trillion. A softening consumer is just one reason why he is preaching continued caution towards the stock market amid its 5% decline, according to the note. Another headwind for the stock market is the fact that rich valuations make buybacks less attractive for companies when they're funded by debt, he added.

Persons: JPMorgan's Marko Kolanovic, Kolanovic Organizations: JPMorgan, Service Locations: Wall, Silicon, China, Germany

☆ Mess at Chef's Table: How claims of theft, embezzlement, and abuse shut down Brooklyn Fare's legendary Michelin-starred restaurant
▼ + stars: | 2023-08-18 | by ( Anna Silman | ) www.businessinsider.com time to read: +25 min

Chef's Table at Brooklyn Fare, the iconic three-Michelin-star tasting restaurant by chef César Ramirez, quietly ceased operations in July. Chef's Table at Brooklyn Fare is one of New York's most hallowed culinary institutions. A former employee at Chef's Table at Brooklyn FareBut beneath the restaurant's pristine stainless-steel surface, chaos was brewing. By 2011, Chef's Table had become one of only 138 restaurants worldwide to boast three Michelin stars. This year, Chef's Table at Brooklyn Fare was the highest-ranked US restaurant on the 2023 World's 50 Best Restaurants' list.

Persons: César Ramirez, hasn't, Ramirez, Moneer, Moe, Issa, I'd, Ramirez's, Conti, David Bouley's, Le Bernardin, Per, Chef César Ramirez, Jamie McCarthy, WireImage, Joshua David Stein, Grub, Ramirez freaked, he'd, didn't, Pete Wells, Issa didn't, Adriana, Issa's, Heidi, —, Domaine, disrespected, Spencer Platt, Cesar, Issa wouldn't, commenter Organizations: Brooklyn, Brooklyn Fare, Manhattan Fare Corp, Chef's, Pepsi, GQ, Michelin, Madison, New York Press, Guardian, Staff, New York Times, York, Madison Park Locations: Hokkaido, Los Angeles, New York, Brooklyn, Burgundy, Israeli, Hill, Mexican, Chicago, West, Madison, Masa, Kaluga Queen, Russia, Asia, Kings County, Clinton Hill, Taiwan, York

☆ Evergrande’s bankruptcy may be just the beginning of China’s real estate crisis
▼ + stars: | 2023-08-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Evergrande’s US bankruptcy serves as a cautionary tale about the growth-at-all-costs model that underpinned China’s spectacular growth over the past 30 years. For decades, Evergrande, once one of China’s most successful real estate developers, gobbled up debt as China’s economy exploded. A wave of defaults followed, and China’s vast real estate market has yet to recover. Evergrande's decline has become a cautionary tale about the breakneck growth that defined China's economy for three decades. China’s economy is strugglingIt’s hard to overstate the importance of the property market China.

Persons: Evergrande, Xi Jinping, ” Organizations: New, New York CNN, Getty Locations: New York, AFP, China, Beijing

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