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☆ Mizuho’s fintech punt would overdo optimism
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

First, it values Rakuten Securities at an eye-popping 52 times earnings, based on annualised net profit for the six months to end of June. Listed rival Monex (8698.T) only trades at around 13 times earnings, despite sporting a 22% operating margin, better than Rakuten Securities’ 13%. Second, Mizuho’s largesse will benefit parent Rakuten, the Japanese word for optimism. Register now for FREE unlimited access to Reuters.com RegisterSure, Rakuten Securities has rarity value, not least for banks with less of an online presence. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Peloton races tough economic cycle
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

TORONTO, Oct 6 (Reuters Breakingviews) - Peloton Interactive (PTON.O) is pedaling as fast as it can. The maker of connected bikes plans to cut 500 more jobs, or about 12% of its workforce, according to the Wall Street Journal. And even though McCarthy has steadily trimmed the cash burn, free cash flow was a hefty negative $412 million in the three months to June 30. Peloton, whose market value has plummeted 90% in a year, is coming precariously close to the end of a wild ride. (By Sharon Lam)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist.

Average 30-year U.S. mortgage rates have hit 6.7%, the highest level since 2007, mortgage giant Freddie Mac reported Thursday. There remains a large dispersion in rates, Freddie Mac said, with some lenders having breached 7%, according to Mortgage News Daily, representing a 20-year high. This time last year, mortgage rates were at less than 3%. If bond yields continue to move higher, mortgage rates will, too, said Matt Graham, the founder and CEO of MBS Live mortgage data group. "We may already be looking at the ceiling levels for mortgage rates unless Treasuries manage to press significantly" higher, Graham said in an email.

☆ Mortgage refinancing drops to a 22-year low as interest rates surge even higher
▼ + stars: | 2022-09-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. They are now at a 22-year low because there are very few borrowers who can benefit from a refinance at today's higher rates. "Ongoing uncertainty about the impact of the Fed's reduction of its MBS and Treasury holdings is adding to the volatility in mortgage rates." Mortgage applications to purchase a home decreased 0.4% for the week and were 29% lower than the same week one year ago. Mortgage rates continued to surge higher this week, crossing 7% on the 30-year fixed to 7.08%, according to a separate survey by Mortgage News Daily.

☆ Saudi king names crown prince as prime minister
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

Saudi Crown Prince Mohammed bin Salman meets with Greek Prime Minister Kyriakos Mitsotakis (not pictured) at the Maximos Mansion in Athens, Greece, July 26, 2022. REUTERS/Louiza VradiSept 27 (Reuters) - Saudi Arabia's King Salman bin Abdulaziznamed his son and heir Prince Mohammed bin Salman as the kingdom's prime minister and his second son Prince Khalid as defense minister, a royal decree said on Tuesday. The reshuffle kept another son, Prince Abdulaziz bin Salman, as energy minister, theroyal decree, carried by state news agency SPA, said. Foreign Minister Prince Faisal bin Farhan Al Saud, Finance Minister Mohammed al-Jadaan and Investment Minister Khalid al-Falih remained unchanged, the decree showed. Prince Khalid bin Salman, MbS's younger brother, previously served as deputy defense minister.

☆ Analysis: Saudi prince's Ukraine mediation signals 'useful' Russia ties - analysts
▼ + stars: | 2022-09-23 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +5 min

With Prince Mohammed's mediation, Russia on Wednesday released 10 foreigners it had captured in Ukraine, including five Britons and two Americans. He denied the Crown Prince had become involved to rehabilitate his reputation. U.S. citizens Alexander Drueke, 39, and Andy Huynh, 27, both from Alabama, are expected to leave Saudi Arabia within days, officials said. But Saudi Arabia has shown little readiness to join the effort to isolate Russia. U.S. National Security Adviser Jake Sullivan, Secretary of State Antony Blinken and British Prime Minister Liz Truss thanked the Saudi crown prince for his role.

☆ Elon Musk's Starlink held an in-flight WiFi demo on a private jet after Delta passed on a deal with SpaceX
▼ + stars: | 2022-09-20 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

SpaceX hosted a demo of its Starlink satellite internet service on a JSX jet last week. The event was held on a JSX jet, a regional carrier that describes itself as a "hop-on jet service." Since SpaceX entered the satellite internet market it has been vying with more established providers, including Viasat and Intelsat. What's more, regulators have expressed doubt in SpaceX's satellite internet service. Last month, Royal Caribbean announced it had launched the satellite internet service across its fleet of ships.

☆ F1 is the biggest party weekend of the year in Singapore, but it'll easily set you back thousands of dollars. We broke down the prices.
▼ + stars: | 2022-09-19 | by ( Amanda Goh | ) www.businessinsider.com time to read: +6 min

The 2022 F1 Singapore Grand Prix is taking place from September 30 to October 2. Around 268,000 fans attended the 2019 F1 Singapore Grand Prix — the second-highest on record since the 2008 inaugural race, race organizer Singapore GP told local news outlet The Straits Times. Here's how much it'll cost you to party big during F1 weekend in Singapore. The Marina Bay skyline as viewed from Marina Bay Sands. 4FR/Getty ImagesLAVO, an Italian restaurant also on the MBS rooftop, is holding a Race Weekend Party Brunch.

As Russia bombs its neighbor, what has become the biggest European war since 1945 has had an outsized impact far south, in the Middle East. Here are four ways the Ukraine war has affected the Middle East over the last six months:Energy exporters are cashing inThe war has seen oil prices rise to as much as a 14-year high. Despite vowing to turn Saudi Arabia into a pariah, US President Joe Biden visited Saudi Arabia in a landmark trip last month. Saudi Arabia: #How_many_wives_would_you_takeSaudi men took to Twitter to ask each other how many wives they’d like to take. According to the 2019 report by the Doha International Forum called State of Marriage in the Arab World, information on polygamy in Saudi Arabia is not readily available.

Mortgage rates are more directly impacted by investor demand for mortgage-backed securities. If the Fed can tame inflation, mortgage rates may trend down in the coming years. But while the Fed does often have some impact on whether mortgage rates go up or down, the central bank's rate and mortgage rates aren't as closely tied together as some might think. What the Fed rate hike means for mortgage ratesWhen the federal funds rate goes up, short-term consumer rates typically trend up, too. So if investors believe that the Fed won't be able to tame inflation, mortgage rates might trend up.

Persons: —, Shashank Shekhar, it's, Shekhar Organizations: Service, Federal Reserve, Fed, Investors, Mortgage Bankers Association

☆ The Fed is fed up with inflation and it's going to unwind its pandemic aid sooner than planned
▼ + stars: | 2021-12-15 | by ( Ben Winck | ) www.businessinsider.com time to read: +5 min

"Inflation developments and the further improvement in the labor market" sparked the move, the Fed said. Fed officials signaled they'll raise interest rates three times in 2022 to cool inflation. In a Wednesday statement, it attributed this acceleration to "inflation developments and the further improvement in the labor market." Though Powell has maintained the surge will be transitory, faster tapering suggests the Fed will more aggressively fight inflation in 2022. Median forecasts from Fed officials see the benchmark rate climbing to 0.9% in 2022 from 0.1%, and higher still to 1.6% in 2023.

☆ The Federal Reserve will start shrinking its pandemic aid later in November, signaling new priorities for the central bank
▼ + stars: | 2021-11-03 | by ( Ben Winck | ) www.businessinsider.com time to read: +4 min

The Fed will start shrinking its emergency asset purchases later in November, according to a Wednesday statement. The central bank announced Wednesday it would begin tapering its asset purchases later in November. The central bank slashed interest rates to zero and began its asset purchases early in the pandemic to keep markets working normally and lower borrowing costs. The tapering schedule signals new priorities for the central bank. The central bank has a different and "more stringent" test for eventually lifting rates, he added.

☆ The Fed hints it'll start reining in pandemic-era stimulus later this year
▼ + stars: | 2021-08-18 | by ( Ben Winck | ) www.businessinsider.com time to read: +4 min

Most participants saw reason to start shrinking the Fed's emergency asset purchases later this year. Still, members disagreed on the speed, schedule, and composition of tapering purchases. The statement is the first to reveal any kind of timeline for the Fed's tapering of the asset purchases that began at the start of the pandemic. Several participants said a reduction in asset purchases should come early next year instead, noting the labor market hadn't healed enough to warrant a pullback. Some preferred completely ending asset purchases before the Fed lifted interest rates, while others argued reasons for tapering were different than reasons for raising rates.

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