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REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsLONDON, Oct 27 (Reuters) - The steepest jump in interest rates in decades will spark a domino effect on corporate defaults in the years ahead, asset manager Janus Henderson Investors said in a report on Friday. Rising borrowing costs are back in stark focus following a rout in government bonds since September as investors adjust to the prospect of interest rates staying persistently high, which has also raised corporate bond yields. "The credit cycle tends to turn only if three conditions are present: high debt loads, lack of access to capital, and an exogenous shock to cash flow. These conditions ... are all present today," Janus' global head of fixed income Jim Cielinski said. But as inflation starts slowing and higher rates are here to stay, headwinds are mounting, and the risk is that the increase in borrowing costs could outpace revenue growth, it added.

Persons: Wolfgang Rattay, Janus Henderson, Janus, Jim Cielinski, ”, Chiara Elisei, Yoruk Bahceli, Mark Potter Organizations: European Central Bank, European Union, REUTERS, Janus Henderson Investors, P Global Market Intelligence, Thomson Locations: Frankfurt, Germany

☆ US lawmakers question tax prep companies on sharing of taxpayer data with Big Tech platforms
▼ + stars: | 2023-10-26 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

“Americans should be able to file their taxes without fear that their sensitive data will be shared with Big Tech companies,” said the letters, copies of which were obtained by CNN. The letters — led by Massachusetts Democratic Sen. Elizabeth Warren — focus on the use of tracking technology developed by tech platforms and embedded within the tax prep companies’ websites that quietly transferred users’ personal information to Meta and Google, allegedly without their consent. Of the five tax prep companies, Intuit was not a major focus of the initial congressional probe because it did not use tracking pixels to the same extent as the others, the investigation found. They also asked the same question of each of the four other tax prep companies, as well as requesting a commitment to abide by the FTC’s warning not to use customer data in ways consumers did not expressly approve. The lawmakers requested that the tax prep firms respond by Nov. 8.

Persons: ”, Massachusetts Democratic Sen, Elizabeth Warren —, Warren, Meta, — Sens, Ron Wyden, Richard Blumenthal, Tammy Duckworth, Vermont Independent Bernie Sanders, Sheldon Whitehouse, Katie Porter Organizations: CNN, Federal Trade Commission, Big Tech, Massachusetts Democratic, Meta, Google, FTC, Intuit, Ramsey Solutions, Oregon Democrat, Connecticut Democrat, Vermont Independent, Rhode, Rhode Island Democrat, House Democratic Locations: Oregon, Connecticut, Vermont, Rhode Island, California

☆ Gaza needs billions in aid to reverse years of restrictions -UN trade body
▼ + stars: | 2023-10-25 | by ( Gabrielle Tétrault-Farber | ) www.reuters.com time to read: +2 min

Trucks carrying aid wait to exit, on the Palestinian side of the border with Egypt, as the conflict between Israel and Palestinian Islamist group Hamas continues, in Rafah in the southern Gaza Strip, October 21, 2023. REUTERS/Ibraheem Abu Mustafa/File Photo Acquire Licensing RightsGENEVA, Oct 25 (Reuters) - Gaza needs billions of dollars in international economic aid to compensate for years of restrictions that have stifled its economy and curbed its development, according to a report published on Wednesday by the United Nations trade body. "Donors and the international community need to extend significant economic aid to repair the extensive damage Gaza has experienced under prolonged restrictions and closures and frequent military operations, which has stifled the economy and decimated infrastructure," the report said. Nearly half of Gaza's population is unemployed, and more than half lives in poverty, the report said. "Border closures and repeated military operations have set in motion a vicious circle of economic and institutional collapse that has rendered Gaza a case of 'development in reverse,'" the report said.

Persons: Abu Mustafa, Richard Kozul, Wright, Gabrielle Tétrault, Farber, Bernadette Baum Organizations: Hamas, REUTERS, Rights, United, United Nations Conference, Trade, Development, Thomson Locations: Egypt, Israel, Palestinian, Rafah, Gaza, United Nations, Palestinian Territory, Geneva

☆ Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor - Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. The partnership would also give Stellantis access to the EV maker's parts and certain technologies, according to the report. Stellantis, whose brands include Fiat and Peugeot, has only a very small presence in China, the world's largest auto market. The group and rivals such as Renault (RENA.PA) are concerned about growing competition from cheap Chinese electric cars in Europe. The companies are hammering out the final details of a transaction and an announcement could be made in the coming days, Bloomberg said.

Persons: Gonzalo Fuentes, Stellantis, Leapmotor, Akanksha, Gilles Guillaume, Giulio Piovaccari, Zhang Yan, Keith Weir, Shilpi Majumdar, Shweta Agarwal, Mike Harrison, Jan Harvey Organizations: REUTERS, Stellantis, Bloomberg, Zhejiang, HK, Fiat, Peugeot, Renault, Hong Kong, Guangzhou Automobile Group, Thomson Locations: Saint, Yvelines, Paris, France, China, Europe, Hong Kong, Bengaluru, Milan, Shanghai

☆ China's defence ministry blasts Pentagon's annual report
▼ + stars: | 2023-10-25 | by ( Bernard Orr | ) www.reuters.com time to read: +3 min

The flags of the United States and China fly from a lamppost in the Chinatown neighborhood of Boston, Massachusetts, U.S., November 1, 2021. REUTERS/Brian Snyder Acquire Licensing RightsBEIJING, Oct 25 (Reuters) - China's defence ministry on Wednesday denounced the U.S. Defense Department's annual report on China, saying it distorts the country's security policy and military strategy. "The so-called report on China's military power released by the United States is full of all kinds of wrong content, including the statement on the Taiwan issue," a spokesperson for China's Taiwan Affairs Office said at a media briefing on Wednesday. But he added the difficulties and obstacles facing relations between the two militaries are created by the United States. The United States accepted China's invitation after China turned down a meeting a few months ago between the two countries' defence chiefs.

Persons: Brian Snyder, Wu Qian, Wu, Defence Ministry's Wu, Bernard Orr, Gerry Doyle Organizations: REUTERS, Rights, U.S . Defense, Pentagon, Congress, Defence Ministry, Taiwan Affairs, Defence, United, Thomson Locations: United States, China, Chinatown, Boston , Massachusetts, U.S, Rights BEIJING, People's Republic of China, South, Taiwan, United, Beijing

☆ Why 'Made in America' will make everything more expensive
▼ + stars: | 2023-10-25 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

While this could create American jobs, it could make a wide range of products more expensive. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But fewer made-in-China product labels will likely also mean higher prices for Americans at the checkout line. Given it's generally more expensive to manufacture goods in the US than China, shoppers could have to pay more for made-in-America items like clothes, toys, and furniture. That's because higher prices could make it more difficult for the Federal Reserve to cool inflation .

Persons: —, JPMorgan's, reshoring, Jerome Powell Organizations: Federal Reserve, Service, JPMorgan, Reshoring Initiative, Economic, of New Locations: China, America, Mexico, Ukraine, Israel, of New York

☆ Israel agrees to U.S. request to delay Gaza invasion- WSJ
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Israel has agreed to delay an expected invasion of Gaza for now so that the United States can rush missile defences to the region to protect U.S. troops there, the Wall Street Journal reported on Wednesday, citing U.S. and Israeli officials. U.S. officials have so far persuaded Israel to hold off until U.S. air-defence systems can be placed in the region, as early as later this week, the WSJ said. Israel is also taking into account in its planning the effort to supply humanitarian aid inside Gaza, as well as diplomatic efforts to free hostages held by Hamas militants, the news report said. The U.S. military and other officials believe their forces will be targeted by militant groups once Israel launches its ground invasion of the Hamas-ruled Palestinian territory, according to the report. Reporting by Shubham Kalia in Bengaluru; Editing by Alison Williams and Howard GollerOur Standards: The Thomson Reuters Trust Principles.

Persons: Washington, Shubham, Alison Williams, Howard Goller Organizations: Wall Street, Hamas, United Arab Emirates, Israel, Reuters, Palestinian, Pentagon, Area Defense, Thomson Locations: Israel, Gaza, United States, Washington, Iraq, Jordan, Kuwait, Saudi Arabia, Syria, U.S, Qatar, Bengaluru

☆ Off-duty Alaska Airlines pilot Joseph Emerson said he took 'magic mushrooms' 48 hours before allegedly trying to shut off plane's engines, court documents say
▼ + stars: | 2023-10-25 | by ( Elizabeth Wolfe Pete Muntean Cheri Mossburg Josh Campbell | Elizabeth Wolfe | Pete Muntean | ) edition.cnn.com time to read: +10 min

Emerson told investigators he “had consumed ‘magic mushrooms’ approximately 48 hours prior to the incident on the plane,” an affidavit filed by prosecutors states. Off-duty pilot Joseph D. Emerson was accused of trying to shut off a plane's engines mid-flight. “The officer and Emerson talked about the use of psychedelic mushrooms and Emerson said it was his first-time taking mushrooms,” the affidavit says. Authorities do not believe the incident was an act of terrorism or ideologically motivated violence, a law enforcement source familiar with the investigation told CNN. ‘It was very shocking,’ suspect’s neighbor saysEmerson’s neighbor, Ed Yee, told CNN it was “very shocking” to hear of the suspect’s alleged actions.

Persons: Joseph D, Emerson, “, “ Emerson, ” Emerson, It’s, Matt Johnson, Johns Hopkins, Johnson, Derealization, Joseph Emerson, “ I’m, ”, Jenna Plank, Emerson “, LiveATC.net, ‘, ’, Aubrey Gavello, ” Gavello, “ Laura Coates, Alex Wood, Wood, ” Wood, Ed Yee, ” Yee Organizations: CNN, Alaska Airlines, Sunday, US, Office, District of Oregon, Facebook, Portland police, Investigators, Everett , Washington , Alaska Airlines, Horizon, Embraer, Portland International Airport, FBI Locations: Washington, San Francisco, Oregon, Portland , Oregon, Port, Portland, Multnomah, Everett , Washington , Alaska

☆ Misbehaving Russian troops were tossed in 'pits' at military training grounds for up to a week at a time, a deserted soldier says
▼ + stars: | 2023-10-25 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

So-called "torture pits" were dug at Russian military training grounds to punish troops, a report said. A former soldier told Important Stories and the Conflict Intelligence Team that misbehaving troops were put in pits for up to a week. The investigative report, published on Tuesday, cites ex-trainees at the Prudboy military training camp in the Volgograd Oblast and the Totsky military training ground in the Orenburg Oblast. The former soldier told IStories and CIT that one recruit died at the training ground after he was put in a pit. The report said that Sergei not only left the Prudboy training ground, but also the country.

Persons: —, Sergei, IStories, Viktor Organizations: Conflict Intelligence, Service, Conflict Intelligence Team, CIT, UK's Ministry of Defense Locations: Volgograd Oblast, Orenburg Oblast, Russian, Prudboy

☆ Europe's ESG funds suffer more outflows - Morningstar
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Investors pulled 20.5 billion euros ($21.7 billion) from funds in the European Union's lower sustainability classification, while net inflows into the higher classification were their lowest since early 2021, the Morningstar report said. U.S sustainability funds are also struggling. Morningstar data on Tuesday showed managers closing funds faster than they opened new ones in the third quarter. Investors exited U.S. funds in general in the period but sustainable funds fared worse, registering their fourth consecutive quarter of outflows. In Europe, ESG funds launches totalled 126 in the third quarter, down 31% from the second quarter, Morningstar said.

Persons: Morningstar, Tommy Reggiori Wilkes, David Evans Organizations: Investors, Investment, Sustainable, Morningstar, Thomson Locations: outflows, Europe, U.S

☆ World oil, gas, coal demand to peak by 2030, IEA says
▼ + stars: | 2023-10-24 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

The report from the IEA, which advises industrialised countries, contrasts with the view of oil producer group the Organization of the Petroleum Exporting Countries, which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment. In its annual World Energy Outlook released on Tuesday, the IEA said peaks in oil, natural gas and coal demand were visible this decade in its scenario based on governments' current policies - the first time this has happened. "The transition to clean energy is happening worldwide and it's unstoppable. "Governments, companies and investors need to get behind clean energy transitions rather than hindering them." The IEA also sees China's role as a key source of energy demand growth changing.

Persons: Sun, Siphiwe, Fatih Birol, Alex Lawler, Jonathan Oatis Organizations: Kendal Power, REUTERS, International Energy Agency, Organization of, Petroleum, trillions, Energy, IEA, U.S, Thomson Locations: Kendal, Witbank, Mpumalanga, South Africa, Paris, China, OPEC

CNN —An off-duty pilot who was riding in the cockpit of an Alaska Airlines flight en route to San Francisco on Sunday is facing dozens of attempted murder charges after he tried to shut down the plane’s engines mid-flight, authorities say. “The fire suppression system consists of a T-handle for each engine; when pulled, a valve in the wing closes to shut off fuel to the engine,” Alaska Airlines said in a statement to CNN. The flight crew detained the suspect and the plane was diverted to Portland International Airport, the Port of Portland said in a statement. After Alaska Airlines acquired Virgin America in 2016, Emerson became a first officer with Alaska and worked about three more years to become a pilot for the airline, according to the airline statement. “Throughout his career, Emerson completed his mandated FAA medical certifications in accordance with regulatory requirements, and at no point were his certifications denied, suspended or revoked,” Alaska Airlines said in a statement.

Persons: Joseph D, Emerson, CNN’s Josh Campbell, Joseph Emerson, “, Mike Karn, LiveATC.net, ”, Aubrey Gavello, ” Gavello, Laura Coates, Alex Wood, Wood, ” Wood, Gavello, “ I’m, Ed Yee, ” Yee Organizations: CNN, Alaska Airlines, Sunday, Port, Portland police, Horizon, Airlines, Embraer, American Airlines, Portland International Airport, FBI, Detention, Federal Aviation Administration, FAA, Hamas, Passengers, Alaska, Alaskan Airlines, Alaska Air Group, Virgin America, Airbus, Boeing, Canadair Regional Jet, Havilland Locations: San Francisco, Portland , Oregon, Portland, Oregon, Everett , Washington, Sunday, Port, Multnomah, Israel, Alaska

The International Energy Agency (IEA) said in its World Energy Outlook 2023 report released on Tuesday that China is reaching an inflection point and its total energy demand is likely to peak around the middle of this decade. But the sheer scale of China's energy demand means that even though it's making vast strides to deploy renewables and electrify its vehicle fleet, it will still be consuming vast quantities of fossil fuels for decades to come. "In our scenarios, China's GDP growth averages just under 4% per year to 2030," the IEA said. "This results in its total energy demand peaking around the middle of this decade, with robust expansion of clean energy putting overall fossil fuel demand and emissions into decline." This means that from a climate change perspective, encouraging and supporting China's energy transition is probably the most meaningful goal that can be achieved.

Persons: it's, It's, Sam Holmes Organizations: International Energy Agency, Energy, IEA, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Europe

☆ China signals more support for struggling local governments
▼ + stars: | 2023-10-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +2 min

Future Publishing | Future Publishing | Getty ImagesBEIJING — China on Tuesday took steps toward easing financing conditions for local governments, which have been at the crux of recent economic difficulties. The central government said it formalized a process allowing local governments to borrow funds for the year ahead — starting in the preceding fourth quarter, according to an announcement published by state media. The measure was adopted at a meeting of the National People's Congress Standing Committee, according to state media. The move helps stabilize fiscal policy, said Xu Hongcai, deputy director of the Economics Policy Commission at the China Association of Policy Science. On Tuesday, Chinese authorities also announced the issuance of 1 trillion yuan ($137 billion) in government bonds for natural disaster relief, according to state media.

Persons: —, Xu Hongcai, Zhiwei Zhang Organizations: Workers, Future Publishing, Getty, State Council, National, China Association of Policy, CNBC, International Monetary Fund, IMF, Xinhua Locations: Suzhou, China's Jiangsu, BEIJING, China

☆ 1,000 cats rescued in China from being slaughtered and sold as pork, mutton
▼ + stars: | 2023-10-24 | by ( Chris Lau | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Police in China have rescued some 1,000 cats from a truck en route to a slaughterhouse, state-affiliated media has reported, busting part of an illicit trade that fraudulently sells feline meat as pork or mutton and sparking fresh food safety concerns. The report did not mention whether any arrests had been made, nor whether the cats were strays or pets. CNN has reached out to the Zhangjiagang police and the animal shelter for comment. Images published by The Paper showed rescued cats at the shelter resting in larger cages. Animal rights and environment groups have long campaigned against the use of animal parts – including from many endangered species – for traditional medicine.

Persons: Gong Jian, Han Jiali Organizations: Hong Kong CNN — Police, Police, CNN, Local, corgi Locations: Hong Kong, China, Zhangjiagang, Jiangsu, Guangdong, Chinese, Yulin, Guangxi

☆ Industry could save $437 bln a year via energy efficiency efforts
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Oct 24 (Reuters) - Global industry could save around $437 billion a year from 2030 via energy efficiency savings and could also achieve big reductions in carbon emissions, a study showed. Companies could undertake regular energy audits, review the ideal size of industrial assets, connect sites and machines to reap energy synergies and use more efficient engines, the report said. "Since renewables can only provide a part of the answer, the critical role energy efficiency plays in accelerating the energy transition toward reaching net-zero emissions by 2050 is undeniable." Last week, the U.S. Energy Information Administration (EIA) said global energy consumption will likely increase through 2050 and outpace advances in energy efficiency, boosted by population growth and higher living standards, among other factors. Non-fossil fuel-based resources, including renewables, will produce more energy through 2050, but that growth is not likely to be enough to reduce global energy-related CO2 emissions, it said.

Persons: Tarak Mehta, Christoph Steitz, Jane Merriman Organizations: Energy Efficiency Movement, ABB, Germany's DHL, Sweden's Alfa Laval, Microsoft, Reuters, Companies, U.S . Energy Information Administration, Thomson Locations: FRANKFURT

☆ China roughly doubled the number of missiles it could use to go after US bases in Japan, new Pentagon report shows
▼ + stars: | 2023-10-24 | by ( Chris Panella | ) www.businessinsider.com time to read: +6 min

The US Department of Defense released its annual China Military Power Report last week. The report says China's has increased in missile stockpiles, doubling its supply of the DF-21 missile. The increase in what an expert called "Japan Killers" gives China greater capability to threaten US bases. The People's Liberation Army Rocket Force's includes a significant increase in DF-21 medium-range ballistic missiles. The new figures were released last week in the Department of Defense's annual China Military Power Report.

Persons: China's, —, That's, GREG BAKER, Tom Shugart, who's, that's, Shugart, Joe Biden, Xi Jinping, Roosevelt, Mandel Ngan Organizations: US Department of Defense, China, Service, People's Liberation, Pentagon, Department, Taiwan . Military, Getty, NATO, US, Center, New, New American Security, DF, . Navy, Japan, Self, Defense Force, Reuters, US Navy, Defense, RAND, PLA, Artillery, White, American, DoD Locations: China, Japan, People's Republic of China, Taiwan, Beijing, AFP, Guam, New American, Korea, Soviet, Washington , DC

☆ Bank of Montreal is exploring sale of RV loan portfolio - Bloomberg News
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie Acquire Licensing RightsOct 24 (Reuters) - Bank of Montreal (BMO.TO) is exploring the sale of a portfolio of recreational vehicle loans, Bloomberg News reported on Tuesday, citing people with knowledge of the matter. The potential sale comes at a time when several banks in North America shed loan portfolios to bolster balance sheets in the face of a 'higher-for-longer' interest rate environment. "We can't comment on specifics of a transaction," a Bank of Montreal spokesperson told Reuters in an emailed statement. The sale of loan portfolios, particularly those which are rate-sensitive, allows lenders to manage risk and keeps credit loss provisions or capital set aside to cover potential defaults in check.

Persons: Chris Wattie, Manya Saini, Jaiveer Shekhawat, Shailesh Organizations: of Montreal, BMO, REUTERS, Bank of Montreal, Bloomberg, Reuters, Thomson Locations: Ottawa , Ontario, Canada, North America, Bengaluru, Balu, Toronto

The cost to Israel's economy of its war with Hamas militants will be unlike anything it has experienced in decades. "This is not a hit for contractors or industrialists alone," said Raul Sarugo, president of the Israel Builders' Association. Israel was blindsided on Oct. 7 by Hamas gunmen from Gaza who rampaged through border towns in the deadliest attack on civilians in its history. The conflict has also halted the movement of thousands of Palestinian labourers from Gaza to Israel and curtailed the flow from the occupied West Bank. The Economy Ministry created a war room and put out a call for help.

Persons: Raul Sarugo, Israel, Netanel Shraga, Barak Klein, ThetaRay, Erel Margalit, Dror Bin, We've, Bin, Leo Leiderman, Amir Yaron, Yaron, Steven Scheer, Ari Rabinovich, Toby Chopra Organizations: Hamas, Israel Builders ' Association, West Bank, Columbia, HIGH, TECH, Factories, Israel Innovation Authority, Ministry, Bank Hapoalim, Israeli Finance Ministry, Reuters, of Israel, Thomson Locations: Israel, Gaza, Israel's, Iran, Lebanese

☆ Global demand for oil, coal and gas set to peak by 2030, energy agency IEA says
▼ + stars: | 2023-10-24 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

Demand for oil, coal and natural gas is set to peak before the end of this decade, with fossil fuels' share in the world's energy supply dropping to 73% by the year 2030 after being "stuck for decades at around 80%," the International Energy Agency said Tuesday. Energy related carbon dioxide emissions are also on course to peak by the year 2025. Among other things, heat pumps — as well as other electric heating systems — are on course to outsell boilers that use fossil fuels. "If countries deliver on their national energy and climate pledges on time and in full, clean energy progress would move even faster," the IEA's statement said. "However, even stronger measures would still be needed to keep alive the goal of limiting global warming to 1.5 °C," it added.

Organizations: International Energy Agency, Energy, IEA Locations: Paris

HOUSTON (AP) — Flights were delayed and canceled Wednesday evening at Houston's William P. Hobby Airport as crews cleaned up after two private jets clipped wings when they were moving on the airfield, officials said. No injuries were reported and the city fire department said there was no risk of fire after the collision around 3:30 p.m. at the airport southeast of downtown. “Due to the debris caused by the accident, the airfield is shut down until further notice,” Hobby Airport said on X. In an update just after 5 p.m., the airport said it diverted 11 flights and canceled four, ABC 13 reported. The money will go toward new safety measures, including automation to alert air traffic controllers about planes that are heading for the wrong runway.

Persons: Houston's William P, Hawker H25B, Biden Organizations: HOUSTON, —, Hobby Airport, Federal Aviation Administration, Cessna, FAA, ” Hobby, ABC Locations: Houston's, downtown

“Today we are again facing a crisis in the Middle East that could once again shock oil markets," said IEA Executive Director Fatih Birol. That comes on top of the stress on energy markets from Russia's cutoff of natural gas to Europe over its invasion of Ukraine, he said. Political Cartoons View All 1215 ImagesFossil fuel prices are down from 2022 peaks, but “markets are tense and volatile," said the IEA in the report. “Some of the immediate pressures from the global energy crisis have eased, but energy markets, geopolitics, and the global economy are unsettled and the risk of further disruption is ever present,” it said. “We have solar, wind, nuclear power, electric cars.

Persons: Fatih Birol, “, ” Birol, Birol, ” Organizations: International Energy Agency, Associated Press, Hamas, Israel, Nations, IEA, AP Locations: FRANKFURT, Germany, Gaza, Europe, Ukraine, Israel, China

☆ Mortgages will remain sky-high in 2024, pushing existing home sales to a 3-decade low, Goldman Sachs says
▼ + stars: | 2023-10-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Mortgage rates will stay high through 2024, dipping to just under 7% at year-end, Goldman Sachs forecasts. This will keep homeowners off the market, and the housing turnover rate will fall to its lowest since the 1990s. Higher rates will also mean more moderate price growth, with a 1.3% year-on-year rise expected in 2024. AdvertisementAdvertisementThough housing starts are usually sensitive to mortgage rates themselves, Goldman has previously found that this relationship weakens if homeowner vacancy rates are low. The below-trend level will follow an estimated 3.4% price increase for 2023 — though the current rate is higher, Goldman expects prices to turn negative into the year-end.

Persons: Goldman Sachs, —, Goldman, multifamily, Barbara Corcoran Organizations: Service

☆ Billionaires pay almost no tax. A global levy of just 2% could raise $250 billion
▼ + stars: | 2023-10-23 | by ( ) edition.cnn.com time to read: +3 min

Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday. Currently billionaires effectively pay far less personal tax than other taxpayers of more modest means because they can park wealth in shell companies sheltering them from income tax, the group said in its 2024 Global Tax Evasion Report. Although the end of banking secrecy and the corporate minimum tax have largely put an end to decades-long competition between countries on tax rates, numerous opportunities remain to reduce tax bills, the report said. For example, the rich increasingly park wealth in real estate instead of offshore accounts while companies can exploit loopholes in the 15% corporate tax minimum. Meanwhile, governments are increasingly competing for investment through subsidies rather than competing only on low tax rates, the Observatory said.

Persons: Gabriel Zucman, Joe Biden’s, ” Zucman, Zucman Organizations: EU Tax, Paris School of Economics, ” Locations: United States, France, Washington

☆ India's fiscal position remains solid, headline inflation to stay within target - ministry
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

A labourer carries a sack at a wholesale market in the old quarters of Delhi, India, June 7, 2023. REUTERS/Anushree Fadnavis/File photo Acquire Licensing RightsNEW DELHI, Oct 23 (Reuters) - India's fiscal position remains solid with steady revenue growth, and headline inflation is likely to remain within the target band, the government said on Monday. "Rationalisation of revenue expenditure has enabled the front-loading of capital expenditure while keeping the market borrowing programme tied to the budgeted target," the report said. Headline inflation was also likely to remain within the target band, the report said, due to the downward trajectory observed in core inflation. While sluggish global demand is affecting India's trade, this is projected to recover in the second half, said the report adding that India's forex reserve position is "comfortable" and external account "robust".

Persons: Anushree, Downside, Nikunj Ohri, Shilpa Jamkhandikar, Christopher Cushing, Mike Harrison Organizations: REUTERS, Reuters, Thomson Locations: Delhi, India, DELHI

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