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☆ I've made almost $10,000 a month from Shopify and YouTube. Here's how I built 2 income streams in college.
▼ + stars: | 2023-03-20 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +7 min

Tammy Dinh started her art business, Uncomfy, on Etsy in 2020 before moving it to Shopify in 2022. I grew up watching YouTube videos of people making things with polymer clay. I started making clay figurines when I was 9. While the business was in my name, we worked in partnership for the first few months and split the income. I started making Instagram Reels and TikToks — but it's a lot of workWhen I started posting photos on Instagram, I didn't want to use my face or voice.

Concerns that Chinese investors are buying overseas to make a quick profit at home are valid. Since last year, 11 Chinese companies have raised a combined $3.6 billion by selling GDRs on the Six Swiss Exchange, data from Dealogic show. Savvy punters with access to foreign funds can therefore make a quick and relatively risk-free profit by shorting the Chinese stock and buying the discounted GDRs. This helps explain why Swiss shares of Chinese companies barely trade. Since the launch of a China-Swiss stock scheme in 2022, 11 Chinese companies have raised a combined $3.6 billion, according to data from Dealogic.

☆ My skincare business made $740,000 in revenue in 16 months. Here's how we used TikTok and Instagram to do it.
▼ + stars: | 2023-03-17 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +6 min

They used TikTok and Instagram to promote their product — and didn't pay for any advertising. She invested 5,000 Australian dollars in savings, around $3,363, in the business and became my business partner. We used TikTok and Instagram to build a following before our launch dateWe started posting videos on TikTok and Instagram in July 2021 to hype our launch date. She posted videos every day with her skincare routine, showing how she used our product. Often when someone bought our product, they'd post about it on TikTok or Instagram and tag us in their posts.

☆ Diabetes Drug Giant Sanofi Cuts Insulin Prices by Up to 78%
▼ + stars: | 2023-03-16 | by ( Jared S. Hopkins | ) www.wsj.com time to read: 1 min

Sanofi plans to take a 78% list-price cut on its most widely used insulin in the U.S., joining other drugmakers facing criticism of insulin prices. French drugmaker Sanofi SA said it would cut the price of some of its insulin products by as much as 78% in the U.S., joining other big pharmaceutical companies facing pressure to reduce the cost of diabetes treatments. Sanofi plans to take a 78% list-price reduction on Lantus, the company’s most widely used insulin in the U.S., and a 70% cut on its Apidra product starting in January 2024, the company said Thursday.

The determination is intact," European Central Bank President Christine Lagarde said in remarks after the policy decision. "There is no tradeoff between price stability and financial stability ... we are addressing the price stability issue by raising the interest rate by 50 basis points ... Beyond the rate increase, the Fed will also be debating changes to its policy statement that could prove consequential. In crafting their next policy statement officials will have to decide, for example, whether to continue to anticipate the need for "ongoing increases" in the policy interest rate, or to temper that seemingly open-ended commitment with language that indicates rate hikes could pause at any moment, given the new risks. They will also be issuing new economic and interest rate projections that could add a further dose of caution.

☆ First Drugs Facing Medicare Price Penalty Named by U.S.
▼ + stars: | 2023-03-15 | by ( Stephanie Armour | Jared S. Hopkins | ) www.wsj.com time to read: 1 min

Humira, which treats rheumatoid-arthritis, is one of the 27 drugs named by U.S. health officials whose prices went up more than the rate of inflation. U.S. health officials released the first list of drugs paid for by the government’s Medicare insurance program whose prices went up more than the rate of inflation and and will face a penalty under a new federal law. The Centers for Medicare and Medicaid Services on Wednesday named 27 drugs that had the large price increases, including rheumatoid-arthritis treatment Humira from AbbVie Inc. and Yescarta lymphoma therapy from Gilead Sciences Inc., and will face the price-increase penalty in the form of a rebate.

☆ First Drugs Facing Medicare Price Penalty Are Named
▼ + stars: | 2023-03-15 | by ( Stephanie Armour | Jared S. Hopkins | ) www.wsj.com time to read: 1 min

Humira, for rheumatoid arthritis, is one of the drugs facing a price-increase penalty. U.S. health officials released the first list of drugs paid for by the government’s Medicare insurance program whose prices went up more than the rate of inflation and will face a penalty under a new federal law. The Centers for Medicare and Medicaid Services on Wednesday named 27 drugs that had the large price increases, including rheumatoid-arthritis treatment Humira from AbbVie Inc. and Yescarta lymphoma therapy from Gilead Sciences Inc., and will face the price-increase penalty in the form of a rebate.

Yields on Treasury bonds, meanwhile, increased as investors discounted the likelihood that the Fed would shy away from further rate increases. The Fed's preferred measure of inflation is running at almost three times the central bank's target. Important aspects of both reports, however, moved in the favor of a more tempered Fed policy. Wage growth continued to slow in February, and much of the jump in prices last month was driven by the cost of shelter, an area where Fed officials feel inflation will soon prove to be slowing. "The Fed can support liquidity in the banking system and tighten monetary policy at the same time," Sweet said.

The inflation rate in January actually rose, while an Atlanta Fed real-time projection as of March 8 showed gross domestic product expanding at a 2.6% annual rate, well above the economy's roughly 2% underlying potential. As of December the high point for the target federal funds rate was expected by most officials to be 5.1%. Government reports released after Powell's last press conference showed the central bank's preferred measure of inflation had risen slightly to a 5.4% annual rate. It is not the first time the Fed has been caught out by after-the-fact data updates. And Powell is trying to be nimble," said former Fed economist John Roberts.

☆ Pfizer Agrees to Buy Seagen for $43 Billion
▼ + stars: | 2023-03-13 | by ( Jared S. Hopkins | Jonathan D. Rockoff | ) www.wsj.com time to read: 1 min

Pfizer has been looking for acquisitions to help it offset losses in sales. Pfizer Inc. has agreed to pay $43 billion for biotech Seagen Inc. and its pioneering class of targeted cancer drugs. Under the terms, Pfizer would pay $229 a share cash, the drugmaker said Monday. The companies expect the deal to close late this year or early next year.

WASHINGTON/SINGAPORE, March 13 (Reuters) - U.S. authorities launched emergency measures on Sunday to shore up confidence in the banking system after the failure of Silicon Valley Bank (SIVB.O) threatened to trigger a broader financial crisis. Silicon Valley Bank (SVB), a mainstay for the startup economy, was a product of the decades-long era of cheap money, with unique risks that made it especially vulnerable. With the Fed poised to continue raising interest rates, investors said the financial system may not be fully out of the woods just yet. Goldman Sachs' analysts said they no longer expect it to raise rates at that meeting, amid the stress in the banking sector. A senior U.S. Treasury official said the actions taken would protect depositors, while providing additional support to the broader banking system, but officials and regulators were continuing to monitor financial system stability.

☆ Premarket stocks: From Wile E. Coyote to edibles: Recession forecasts are getting weird
▼ + stars: | 2023-03-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

And for the US economy, it could likely mean a “Wile E. Coyote moment,” Summers said — if we run off the cliff, gravity will eventually win out. AntibioticsWhen describing the state of the economy, Summers doesn’t just rely on Looney Tunes. “Will working people be better off if we just walk away from our jobs and inflation remains 5% or 6%?” Powell replied. Before the Bell: Is it necessary to increase the unemployment rate to successfully fight inflation? In a related action, the government shut down Signature Bank, a regional bank that was teetering on the brink of collapse in recent days.

WASHINGTON, March 12 (Reuters) - Earlier this month the U.S. Federal Reserve in a report to Congress gave what has become a standard reassurance: Banks were strong and the overall financial system in solid shape. Regulators on Sunday were working on a response to contain any fallout from the bank's collapse, including a sale to another institution able to make depositors whole. More broadly, the Fed has tools that are always available to shore up the financial system, including direct loans to banks with adequate collateral through its so-called discount window. Karim Basta, chief economist for III Capital Management, wrote on Sunday, mapping out the potential trail from SVB's collapse to broader macroeconomic implications. "Large banks continue to have ample liquidity to meet severe deposit outflows," the Fed report said.

☆ How to Prepare for the Next Pandemic - The New York Times
▼ + stars: | 2023-03-12 | by ( ) www.nytimes.com time to read: +1 min

This is part of a series on preparing for future outbreaks. Sign up for The Next Pandemic newsletter. It’s been three years since the Covid-19 pandemic began, and yet many aspects of how to best respond to a novel virus remain unsettled or fiercely debated. The next currently unknown virus that could cause a pandemic — what the World Health Organization calls “Disease X” — may be different from Covid, requiring a different set of tools and a different level of response. We hope to show that experts with policy-making experience and similar goals can come to different conclusions and advise different strategies.

☆ Stocks week ahead: US banks sitting on unrealized losses of $620 billion
▼ + stars: | 2023-03-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

US banks were sitting on $620 billion in unrealized losses (assets that have decreased in price but haven’t been sold yet) at the end of 2022, according to the FDIC. What’s happening: Back when interest rates were near zero, US banks scooped up lots of Treasuries and bonds. The result is that most banks have some amount of unrealized losses on their books. “Unrealized losses weaken a bank’s future ability to meet unexpected liquidity needs,” he added. Before the Bell: Do we need unemployment to rise in order to ease inflation rates?

☆ I just traveled to Argentina — and doubled my money with a 'black market' exchange rate
▼ + stars: | 2023-03-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +15 min

A legal exchange rate influenced by the black marketA worker lays out 500 Argentine peso note sheets on Aug. 14, 2020 in Buenos Aires. Greg IacurciPut another way: Your money goes almost twice as far with the "blue dollar" exchange rate. The exchange rate for the transaction was 366 Argentine pesos per U.S. dollar, almost double the official exchange rate (190 pesos per dollar) at the time. Anyone who wants to save more cash in U.S. dollars must turn to the black market, which sets the "blue dollar" exchange rate. The exchange rate offered by Western Union has been similar to that of the "blue dollar" rate on the black market.

☆ Customers Are Being Asked to Tip Everywhere. They're Sick of It.
▼ + stars: | 2023-03-10 | by ( Aidan Pollard | ) www.businessinsider.com time to read: +4 min

Many have taken a stand against the pressure to tip everywhere, saying the US has a "tipping culture." But the shift in American tipping culture has come with some consumer backlash. Even as consumers expect to be solicited for a tip when they're out and about, some on social media are working to draw a new line, spurring regular debates. Dubbed "tipping culture" by many on social media, the feeling that gratuities have become compulsory has also spread beyond North America and into other countries like Australia. Still, many on the side of service workers argue that tipping is necessary for many workers to be able to stay afloat and pay their rent.

☆ UK economy rebounds with stronger-than-expected January GDP print
▼ + stars: | 2023-03-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

LONDON — The U.K. economy grew by 0.3% in January, official figures showed on Friday, exceeding expectations as it continues to fend off what economists see as an inevitable recession. The U.K. economy showed no growth in the final quarter of 2022 to narrowly avoid a recession — commonly defined as two quarters of negative growth — but shrunk by 0.5% in December. The ONS said Friday that monthly GDP is now estimated to be 0.2% below its pre-pandemic levels. Despite the better-than-expected January print, economists still broadly believe activity is on a downward trajectory, as high inflation eats into household incomes and business activity. While extending energy support will provide some relief to struggling households, aggressive tax rises would risk eliminating any lingering momentum from the economy," Thiru said.

☆ Factbox: Life and career of film and TV actor Robert Blake
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

LOS ANGELES, March 9 (Reuters) - The following are select facts about the life and career of screen actor Robert Blake, who was acquitted in 2005 of murdering his wife but later found liable for her death in a civil trial:* Blake was about 6 years old when he started his Hollywood career. Before that, he and his brother and sister were part of an act known as "The Three Little Hillbillies" on the vaudeville circuit. Even though his earnings would provide most of his family's income, Blake said his father used him as "his punching bag." As a child he also worked with Laurel and Hardy, Jack Benny, John Wayne, John Garfield and Gene Autry. Other jailhouse visitors included musician-composer Quincy Jones, comedian Mort Sahl, and Scott Wilson, Blake's "In Cold Blood" co-star.

☆ Sri Lanka needs institutional changes for long-term debt sustainability, says professor
▼ + stars: | 2023-03-10 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

Buddhika Weerasinghe | Bloomberg | Getty ImagesSri Lanka needs institutional reforms in order to achieve long-term debt sustainability, said Steve Hanke, who played a key role in establishing new currency regimes in emerging markets like Argentina and Montenegro. "In fact, most of the personalities involved in Sri Lanka at the high level are exactly the same as they've been for years. In September, the IMF outlined a series of steps that it wanted Sri Lanka's government to implement prior to loan approval, which included major tax reforms. "Debt relief from Sri Lanka's creditors and additional financing from multilateral partners will be required to help ensure debt sustainability and close financing gaps," the fund said at the time. "The Secretary welcomed Sri Lanka's commitments to transparency and comparable treatment for all bilateral official and private creditors."

HONG KONG, March 9 (Reuters Breakingviews) - European financial centres are rolling out the red carpet for Chinese companies. Its free-float market capitalisation of $1.9 trillion is just a tenth of the New York Stock Exchange, January data from the World Federation of Exchanges show. Yet as tensions between Washington and Beijing rise and Chinese companies in New York face the threat of delisting, traditionally neutral Zurich has become an attractive alternative. That removes the risk that overseas regulators will demand access to mainland companies’ books - the source of a lengthy spat between the U.S. Public Company Accounting Oversight Board and Beijing. Deutsche Börse (DB1Gn.DE), which operates Frankfurt’s stock exchange, is technically ready to launch the China-Germany Stock Connect, board representative Niels Tomm said in November.

☆ Sri Lanka crisis: None of these IMF programs work, says Steve Hanke
▼ + stars: | 2023-03-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSri Lanka crisis: None of these IMF programs work, says Steve HankeSteve Hanke, professor of applied economics at Johns Hopkins University, says there's temporary relief but "tremendous recidivism" in the long run.

"We have not made any decision," Powell said, but will be looking closely at upcoming jobs data on Friday and inflation data next week in deciding whether rate hikes need to shift back into a higher gear. Recent inflation data was worse than expected, and revisions to prior months showed the Fed had made less progress than expected in returning inflation to its 2% target from current levels that are more than double that. At the margins, however, some of the data did move in ways consistent with the softer job market the Fed hopes will develop. In their last set of projections, in mid-December, the median estimate of the high point of the Fed's benchmark overnight interest rate was between 5.00% and 5.25%, versus the current 4.50%-4.75% range. Reporting by Howard Schneider, Ann Saphir and Lindsay Dunsmuir; Writing by Dan Burns and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

The usually sleepy Ministry of Science and Technology will be tasked to help lead the country's efforts to reduce dependence on Western suppliers. Meanwhile, creating a National Data Bureau should streamline the myriad of regulations spanning cybersecurity, personal privacy and information transfer. The benefits of upgrading the science, technology and patent ministries are less clear. And despite China being the world's most prolific patent filer, 90% are low-value "trash", estimated one Chinese official in 2019. Other proposals from the State Council include creating a National Data Bureau to coordinate sharing and developing the country's data resources.

"If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell said. Republicans focused on whether energy policy was restricting supply and keeping prices higher than needed, and whether restrained federal spending could help the Fed's cause. As of December, officials saw that rate rising to a peak of around 5.1%, a level investors expect may move at least half a percentage point higher now. With a 50-basis-point rate hike now in play, Brown said a strong monthly jobs report on Friday would likely lead to "calls for a 6% terminal rate," nearly a percentage point higher than Fed officials had projected as of December. How much remains unclear, but Powell said the focus will remain more squarely on how inflation behaves.

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