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☆ Fukushima wastewater: South Korean shoppers hoard salt, seafood ahead of Japan's release of treated radioactive water
▼ + stars: | 2023-07-09 | by ( Jessie Yeung Yoonjung Seo Paula Hancocks | Jessie Yeung | Yoonjung Seo | ) edition.cnn.com time to read: +7 min

The government has said the wastewater release will begin this summer, though it has not specified a date. The shortages were so acute that the government was forced to release sea salt from its official reserves to stabilize salt prices, which have soared more than 40% since April, according to the country’s salt manufacturing association. After a thorough safety review, it concluded in a report last week that the wastewater release would have “negligible” impact on people or the environment. The South Korean government said last week it would respect the IAEA’s findings. Photos show protesters holding banners that lambasted the IAEA and the Japanese government and condemned the wastewater release.

Persons: There’s, Chung Sung, Jung Yeon, ”, Lee Gi, I’m, ” Lee, Rafael Grossi, “, Lee, I’ve, … I’ve Organizations: Seoul CNN —, United Nations, CNN, Shoppers, Ministry of, Fisheries, Reuters, National Federation of Fisheries Cooperatives, Gallup, Noryangjin Fisheries Wholesale, Getty, International Atomic Energy Agency, IAEA, South Locations: Seoul, South Korea, Fukushima, Japan, United States, China, Gallup Korea

☆ The US economy can’t function smoothly without UPS. That’s why a strike will hurt
▼ + stars: | 2023-07-07 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

That’s why there is so much at stake in contract negotiations between UPS and the Teamsters union. Without a deal, 340,000 Teamsters are preparing to go on strike at the nation’s largest trucking company starting August 1. A UPS strike could spread disruptions like that across much of the country. Their ability to adjust and find alternatives, it’s going to be challenging.”The economy has changed radically in the 26 years since the last UPS strike in 1997. UPS won’t comment on its contingency plans, saying it is focused on reaching a deal that would avoid a strike.

Persons: ”, Patrick Anderson, It’s, “, Sean O’Brien, O’Brien, it’s, Holly Wade, Satish Jindel, Mike Eisner, Jindel, Eisner, Tommy Storch, you’ll, it’ll, ” Storch Organizations: New, New York CNN, UPS isn’t, UPS, Teamsters, Anderson Economic Group, CNN, “ Shipping, National Federation of Independent Business, FedEx, US Postal Service, Postal Service, USPS Locations: New York, Michigan

☆ A New Kind of Disaster Aid: Pay People Cash, Before Disaster Strikes
▼ + stars: | 2023-07-03 | by ( Somini Sengupta | ) www.nytimes.com time to read: +1 min

In the United States, cash assistance to mothers for the first year of their children’s lives strengthened their babies’ brain development. Dozens of American cities have pilot projects to give poor residents no-strings-attached cash. Now comes the additional pressure of extreme weather, both slow and fast, aggravated by the burning of coal, oil and gas. Proponents of cash relief say it’s a more efficient way to use aid money because cash incurs fewer logistical expenses and funnels money directly into the local economy. “Cash transfers help families survive climate disasters,” said Miriam Laker-Oketta, research director for GiveDirectly, an aid group that does just that.

Persons: Cash, ”, Miriam Laker, “, Wanjira Mathai, Hurricane Julia Organizations: ”, World Resources Institute, International Federation of Red Locations: United States, Guatemala, Honduras

☆ LGBTQ small business owners struggle to find financing
▼ + stars: | 2023-06-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

For LGBTQ owners, the struggle has been even harder. Overall, small business owners are skeptical about their future business conditions, said Holly Wade, executive director of the National Federation of Independent Business' Research Center. "The small business economy is being hindered by inflation, supply chain disruptions, and labor shortages," she said. Yet, data show that when it comes to financing, LGTBQ small business owners are being left behind. While LGBTQ small business owners are very optimistic, they are also still more likely to report more kinds of financial challenges than non-LGBTQ businesses.

Persons: It's, Spencer Watson, Watson, Holly Wade, hasn't Organizations: Advancement, Center, Economic Advancement & Research, National Federation of Independent Business ' Research

☆ Russia’s Storied Tchaikovsky Competition Is Diminished by War
▼ + stars: | 2023-06-29 | by ( Javier C. Hernández | ) www.nytimes.com time to read: +1 min

The International Tchaikovsky Competition, one of the world’s most prestigious music contests, is typically a bustling, Olympics-style gathering that every four years brings talented young pianists, violinists, cellists, singers and others from around the globe to Russia. But as the storied competition unfolds this month for the first time since Russia invaded Ukraine and became a pariah in the West, it is struggling to live up to its reputation. The contest, which is organized and financed by the Russian government, was expelled from the international federation of music competitions because of the war. And, amid a crackdown on free speech, the foreign press corps representation is less robust, save for journalists from nations friendly to Russia, including China. “It’s genuinely sad because it was very prestigious.”

Persons: cellists, “, ”, Clive Gillinson, “ It’s Organizations: Carnegie Hall Locations: Russia, Ukraine, Russian, United States, Europe, China

☆ Main Street's labor problem is weighing on business owners as summer hiring picks up
▼ + stars: | 2023-06-21 | by ( Kate Rogers | ) www.cnbc.com time to read: +2 min

Alison Schuch owns Fells Point Surf Co., with locations in Maryland and Delaware. As summer arrives, Schuch is down about ten workers at her two beach locations as a perfect storm of reasons drive a post-pandemic hiring crunch. With summer hiring season in full swing, small business owners like Schuch have lingering concerns about filling roles to meet consumer demand. Labor quality was the most important problem for nearly a quarter of National Federation of Independent Business members surveyed in May, according to the small business advocacy organization. While owners have concerns about future business conditions and a potential recession, they're still trying to hire and raise wages to entice workers.

Persons: Alison Schuch, Schuch, It's, they're, Brendan McCluskey, he's, McCluskey Organizations: Co, Dewey, Goods, Labor, National Federation of Independent Business, Trident Builders Locations: Maryland, Delaware, Fells Point , Maryland, Dewey Beach , Delaware, Bethany Beach , Delaware, Baltimore , Maryland

☆ Consumers feel better/worse about inflation, economy's direction
▼ + stars: | 2023-06-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans are feeling upbeat about inflation and the economy, according to the University of Michigan’s latest consumer survey released Friday. Consumers’ inflation expectations for the year ahead retreated for the second straight month, declining to 3.3% early this month from 4.2% in May. That’s good news for the Federal Reserve, which closely watches sentiment surveys to gauge the expectations consumers and businesses have for price hikes. “The sharp drop of short-term consumer inflation expectations points to another slowdown in the June CPI report, which will be out before the Fed’s next decision,” wrote Bill Adams, chief economist at Comerica Bank, in an analyst note. However, Federal Reserve Chair Jerome Powell said in his news conference this week that inflation expectations remain in check.

Persons: ”, Bill Adams, Jerome Powell, That’s, Christopher Waller Organizations: DC CNN, University of Michigan’s, Federal Reserve, Comerica Bank, Federal Reserve Bank of New, National Federation of Independent Business, Federal Locations: Washington, Federal Reserve Bank of New York, Norway

Kalamata, Greece CNN —A boat that sank killing dozens of people was caused by a “sudden” shift in weight, Greek authorities said Thursday, in one of the largest-scale migrant vessel disasters in southern Europe this year. “A sudden shift in weight is likely to be the cause of what led the boat to capsize and then sink,” Hellenic Coast Guard spokesman Nikos Alexiou told CNN on Thursday. A migrant vessel pictured by the Greek coast guard on June 13 sank in the Mediterranean on Wednesday. From their accounts there seem to have been women and children on board,” he told CNN while helping survivors on the ground. “These people had not eaten for many days, had not drunk water for many days, were burnt by the sun,” the Greek Rescue Team member told CNN affiliate CNN Greece.

Persons: Greece CNN —, Nikos Alexiou, Thanasis Vasilopoulos, ”, “, –, ” Flavio Di Giacomo, Dimitris Chaliotis, Maria Triantou, Triantou, Frido Herinckx, ” Herinckx, Francesco Rocca, ” Rocca Organizations: Greece CNN, Hellenic Coast Guard, CNN, Rescuers, International Organization for Migration, UNHCR, ERT, NGO, Hellenic, Cross, International Federation of Red, Red Crescent Societies, Greek Rescue, CNN Greece, ” CNN Locations: Kalamata, Greece, Europe, “, East, Asia, Africa, Tobruk, Libya, Italy, ‘ State, Hypocrates, Athens

☆ Growing number of small businesses worry about inflation and the economy’s future
▼ + stars: | 2023-06-13 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —A greater number of small businesses are worried about inflation and future business conditions, according to a survey released Tuesday by the National Federation of Independent Business. The Fed keeps a close eye on inflation expectations to know whether or not US consumers have become used to a certain level of inflation. “Overall, small business owners are expressing concerns for future business conditions,” Bill Dunkelberg, NFIB’s chief economist, said in a release. The share of small business owners expecting better business conditions in the future declined in May while the share reporting that inflation “was their single most important problem in operating their business” increased. Officials are confident that inflation expectations remain in check.

Persons: “, Bill Dunkelberg, it’s, ”, Jerome Powell Organizations: Washington CNN, National Federation of Independent Business, Federal, Fed, Labor Statistics, Index, Employers, Market Committee

☆ The Fed is about to decide whether or not to keep ramping up its fight against inflation
▼ + stars: | 2023-06-13 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Some anticipate the Fed will raise rates again in July in an attempt to bring inflation down to the 2% target. Even if the Fed forgoes a rate increase on Wednesday, Fed officials have suggested the Fed may hike rates again at later meetings. The survey also found people's expectations of job loss fell 1.3 percentage points to 10.9%, suggesting rising job market strength. "I do not think that wages are the principal driver of inflation," Fed Chair Jerome Powell told reporters after the Fed's May policy meeting. "For instance, recent evidence shows that wage growth tends to follow inflation, as well as expectations of future inflation."

Persons: —, it's, Jerome Powell, Adam Shapiro, Shapiro Organizations: Federal, Service, Committee, Fed, payrolls, Labor Statistics, Labor, Index, BLS, Bureau of Labor Statistics, Silicon Valley Bank, First Republic Bank, New York Federal Reserve, Federal Reserve Bank of San, National Federation of Independent Business Locations: Ukraine, Silicon, Federal Reserve Bank of San Francisco

More than 85% of the South Korean public oppose Japan’s plan, according to a survey last month by local pollster Research View. Seven in 10 people said they would consume less seafood if the wastewater release goes ahead. "We are getting more customers than usual lately and many of them seem worried about the planned wastewater release," he said. Social media posts talking about buying salt in large amounts and urging people to do the same have also gone viral. Order volumes and inquiries about buying salt have increased as of late, according to the local branches of the National Agricultural Cooperative Federation known as Nonghyup in Sinan County, a region famous for producing sea salt.

Persons: Japan's, Hyun Yong, gil, Daewoung Kim, Jimin Jung, Hyunsu Yim Organizations: sil, South, South Korea's Ministry of, Fisheries, “, country’s, Of Fisheries Cooperatives, National Agricultural Cooperative Federation, NHK, Thomson Locations: SEOUL, Fukushima, Seoul, Tokyo, Sinan County, South Korea, Insanaga, KS, Japan

☆ Zlatan Ibrahimovic: Swedish legend announces retirement from football at age 41
▼ + stars: | 2023-06-05 | by ( Homero De La Fuente | ) edition.cnn.com time to read: +3 min

CNN —Swedish legend Zlatan Ibrahimovic has announced his retirement from a glittering soccer career at the age of 41, leaving Italy’s Serie A as the league’s oldest-ever goal scorer. “It’s time to say goodbye to football, but not to you,” an emotional Ibrahimovic told the Rossoneri fans at the San Siro stadium. Ibrahimovic won the Eredivisie twice and the KNVB Cup in 2002. Following his spell at the Dutch club, Ibrahimovic went on to play for some of the biggest clubs in Europe, including Juventus, Inter Milan, Barcelona, AC Milan, Paris Saint-Germain and Manchester United. His stint in Spain was short-lived as he was loaned to AC Milan in 2010, in a move made permanent in 2011.

Persons: Zlatan Ibrahimovic, “, Ibrahimovic, ” Ibrahimovic, ”, “ It’s, Swede, Germain Organizations: CNN, Serie, AC, Hellas Verona, San, International Federation of, Sweden’s, Malmö FF, Ajax, KNVB, Juventus, Inter Milan, AC Milan, Paris Saint, Manchester United, Ibrahimovic, Spanish, Barcelona, La Liga, League, English Premier League, Europa League, MLS, LA Galaxy, Milan’s, Udinese Locations: San Siro, Netherlands, Europe, Barcelona, Paris, Italy, Catalan, Spain

☆ Floods ruin crops and drown livestock in one of Italy’s gastronomic heartlands
▼ + stars: | 2023-05-21 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +4 min

“The water then slides away, destroying everything.”What also slid away were orchards, vineyards and crops ready to harvest. A tractor goes off road after flooding outside Ravenna in the Emilia Romagna region of Italy on May 20. Emilia Romagna is one of the richest regions in Italy. Firefighters come to rescue people and recover their belongings after flooding hit the Fornace Zarattini district of Ravenna in the Emilia Romagna region of Italy on May 20. Extreme weather such as what has happened this month in Emilia Romagna is perplexing even to experts.

☆ America has an umpire shortage. Unruly parents aren’t helping
▼ + stars: | 2023-05-18 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +5 min

In one Little League game in Alabama, a coach was seen grabbing an umpire and throwing him to the ground, while kids looked on in bewilderment. In another viral video, parents in Texas aggressively yelled at an umpire, who ended the game early over the disruption. It doesn’t mean I enjoy the way you are calling the game,” Wood told the umpire. The average pay for a youth umpire is $45 to $85 a game, according to the Babe Ruth League. Kelly Peterfriend, who also has a son in Ramsey’s Little League, says she gets most animated during her son’s soccer games.

☆ Wall St Week Ahead Amid banking woes, faltering US small-caps offer ominous economic sign
▼ + stars: | 2023-05-14 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

NEW YORK, May 12 (Reuters) - A U.S. stocks rally is leaving behind smaller companies, a sign that investors may be bracing for economic turmoil ahead. "Typically in a recession, small caps underperform." Last month it downgraded its view on U.S. small caps from "unfavorable" to "most unfavorable." Some investors are more upbeat about the outlook for small caps, particularly when looking beyond the next several months. One reason is that small caps, being sensitive to economic fluctuations, tend to shine early in a market recovery.

"When you get into higher interest rates ... you look to your collateral," Rodeheaver said in an interview. "We are tightening on price and profitability ... That is going to slow lending a bit." "The economy has started to slow in an orderly fashion" in response to higher interest rates, Jefferson said, calling tighter credit conditions "part of the transmission mechanism of monetary policy." Powell, however, said he felt the impact of the credit shock "remains uncertain," and his own baseline outlook does not include a recession. Bank lending dipped about 1.7% in the two weeks following SVB's collapse, but has risen since then and recouped about a third of the decline.

☆ US small business sentiment slumps to more than 10-year low
▼ + stars: | 2023-05-09 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

WASHINGTON, May 9 (Reuters) - U.S. small business confidence fell to more than a 10-year low in April on worries about the near-term economic outlook and persistent worker shortages, but there were few signs that businesses were having difficulties accessing credit. The National Federation of Independent Business (NFIB) said on Tuesday its Small Business Optimism Index dropped 1.1 points to 89.0 last month, the lowest level since January 2013. "As we've argued before, though, measures of sentiment are often a poor guide of what is likely to happen in the economy because it tells us more about how business owners are feeling, rather than what they are doing." The share of owners expecting better business conditions over the next six months fell two points to a net negative 49%. Forty-five percent of owners reported job openings that they could not fill, up 2 points from March.

☆ The latest inflation readings are expected to show that prices are still rising
▼ + stars: | 2023-05-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Stubbornly higher prices across multiple key categories of goods and services are expected to at least keep the inflation rate steady — and possibly even push levels up. That would put the respective annual inflation rates at 5%, essentially unchanged from March , and 5.5%, down just 0.1 percentage point. With inflation rising rapidly around this same time in 2022, the year-over-year comparisons should make the annual rate go down. "We continue to project inflation will ease over the course of the year with the headline CPI inflation dropping considerably in May and June as a result of base effects," UBS economist Jonathan Pringle wrote. April's nonfarm payrolls report also showed that average hourly earnings increased 0.5% on the month and 4.4% annually, both higher than expected.

☆ Morning Bid: US uncertainty feeds caution in Asia
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Asia markets correspondent Kevin Buckland. European investors hoping to find some clues on market direction from Asia may be disappointed today. Overall, the market mood was cautious ahead of the week's trading highlight, Wednesday's U.S. CPI report, which will put to the test the market's view that the Fed is done hiking. Reuters GraphicsAnd there are several other reasons that investor attention is squarely on the U.S., with the debt ceiling tussle deadlocked and banking sector troubles simmering. The Fed's quarterly Senior Loan Officer Opinion Survey ('SLOOS') also buoyed the mood, showing tighter lending conditions but no impending credit crunch.

May 8 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. If the mood in Asian markets on Tuesday reflects the broader global mood on Monday, there's every reason to expect an increase in risk appetite and risk assets, despite a higher dollar and Treasury yields. But there was no obvious sign of a credit crunch, which fits with recent weekly bank deposit flow and lending data too. Several positioning and sentiment indicators suggest investors are the most gloomy on stocks - especially Wall Street - than they have been in years, even decades. Asian markets appear to be looking at the U.S. banking and debt issues with a 'glass half-full' mentality.

☆ S&P 500 futures are flat as investors await closely followed inflation data: Live updates
▼ + stars: | 2023-05-08 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

S&P 500 futures are little changed Monday night as investors readied for key inflation reports due later in the week. S&P 500 futures inched down by 0.05%, while Nasdaq-100 futures shed 0.1%. The S&P 500 finished 0.05% higher, while the Nasdaq Composite ended with a gain of nearly 0.2%. Fox Corp. and Nikola are among companies set to report quarterly earnings before the bell, followed by Airbnb and Rivian after the market closes. Earnings season is beginning to wind down with more than 85% of the stocks in the S&P 500 done reporting.

Lending standards, which were already at levels consistent with past recessions, according to several indicators in the most recent 'SLOOS' and NFIB surveys, will only tighten further. Although tighter credit conditions will weigh on economic activity, hiring and inflation, recession can still be avoided. A separate NFIB banking survey published this week shows small business owners are not hitting the panic button just yet, but concern is growing. "Small business owners are, not surprisingly, concerned about the stability of the banking system. A strong small business banking system is essential for small business owners to operate and grow their business," Holly Wade, executive director of NFIB's Research Center said.

☆ Regional bank stocks could be a market afterthought in the week ahead
▼ + stars: | 2023-05-05 | by ( Scott Schnipper | ) www.cnbc.com time to read: +7 min

For the immediate economic and earnings and growth outlook, it almost seems irrelevant whether regional bank stocks rally, steady or sell off more next week. Regional banks were top of mind for investors this past week, as First Republic failed , the SPDR S & P Regional Banking ETF tumbled more than 10% — twice the five-day loss in the S & P 500 Energy Index, the hardest hit S & P sector — and lenders such as PacWest Bancorp and Western Alliance Bancorp lost billions in market value. And, for all that, the S & P 500 only fell about 0.75% this week. Now the conventional wisdom on Wall Street is that regardless of how the regional bank stocks trade, it's a given that bank lending officers are going to pull in their horns and risk management desks will grow more risk averse. But stocks still face a host of issues, none of which are going away next week.

☆ Will wages outpace inflation for long? It depends on the job
▼ + stars: | 2023-05-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —Wages are now finally beating inflation, according to the latest quarterly data on wage growth. That was the biggest monthly increase since March 2022, though wage growth had gradually slowed since then. “The folks who left one company and went to another are the ones who are still benefiting from wage growth,” said Morgan Llewellyn, chief data scientist at Jobvite. Part of the continued strength in wage growth largely has to do with employers’ difficulty in hiring, which varies by industry. “Wage growth has still been higher for job changers than job stayers and that suggests that there’s still a shortage of labor for some companies,” said Dawn Fay, operational president at staffing firm Robert Half.

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