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The current housing market offers 39% fewer homes for sale than pre-pandemic, Redfind said. Homeowners are unwilling to part ways with low mortgage rates secured before borrowing costs went up. Mortgage rates are now hovering close to 7%, nearly double where they were at in 2021, when ultra-low rates fueled a home-buying boom. "People who are sitting on the sidelines, waiting for mortgage rates to decline, should know that's unlikely to happen in the foreseeable future. Edward Seiler, the associate vice president for housing economics at the Mortgage Bankers Association, told Insider earlier that the housing market has never been this unaffordable for new buyers.
Persons: Redfind, , Chen Zhao, Redfin, Edward Seiler, Seiler Organizations: Service, Federal Reserve, Mortgage, Mortgage Bankers Association Locations: homebuilding
Harry and Meghan's Spotify deal comes to an end
  + stars: | 2023-06-16 | by ( ) www.reuters.com   time to read: +2 min
LONDON, June 16 (Reuters) - Prince Harry and his wife Meghan's multi-year agreement with streaming giant Spotify to produce podcasts has ended with just one series made. It was estimated by media to have been worth as much as $20 million or more. But in a joint statement, Spotify and the royal couple's company said the agreement to produce future series had been terminated. "Spotify and Archewell Audio have mutually agreed to part ways and are proud of the series we made together," the statement said. The podcast was one of a number of lucrative deals the couple signed after moving to the United States.
Persons: Prince Harry, Meghan's, Duke, Duchess of Sussex, Mariah Carey, Serena Williams, King Charles, Muvija, Angus MacSwan Organizations: Spotify, Netflix, Thomson Locations: Swedish, California, United States
14 million student-loan borrowers could resume payments under a new servicer, the CFPB said in a new report. It could "complicate" the repayment process due to confusion on where the debt is owed, per the report. According to the report, 44%, or 14 million, student-loan borrowers in the bureau's sample will have their loans managed by at least one new student-loan company when payments resume, which could "complicate" the process. Additionally, the bureau found that about one in five borrowers in its sample have "risk factors" that suggest they could struggle when payments resume. "I'm in this limbo period not really knowing what's going on with my student loans," he said.
Persons: , delinquencies, MOHELA, I'm Organizations: Service, Education Department, Consumer Financial, Public, Federal Student Aid, Locations: autopay
Amazon is reportedly plotting an ad tier for Prime Video, per The Wall Street Journal. A new ad-supported tier for Prime Video could bring in nearly $5 billion in yearly revenue for Amazon, according to Morgan Stanley analysts. "We size US Prime subscribers at ~95 million in 2025, and ourAlphaWise surveys suggest ~77% of Prime subscribers use Prime Video, implying 73 million Prime Video viewers in 2025." "We size US Prime subscribers at ~95 million in 2025, and our AlphaWise surveys suggest ~77% of Prime subscribers use Prime Video, implying 73 million Prime Video viewers in 2025." But they estimated that a Prime Video ad tier outside the US could add a further $209 million to 2025 EBIT.
Persons: Morgan Stanley Organizations: Amazon, Prime, Street, Street Journal, Netflix, NFL, Disney, US, YouTube, NBA, CTV Locations: EBIT
June 15 (Reuters) - Canadian miner First Quantum Minerals (FM.TO) has rejected an informal takeover offer from Barrick Gold (ABX.TO), Bloomberg News reported on Thursday, citing people familiar with the matter. Shares of copper miner First Quantum rose 12% following the news, while Barrick fell 2.7%. First Quantum did not immediately respond to a Reuters request for comment, while Barrick said the company does not comment on market speculation. Barrick Gold CEO Mark Bristow's had expressed his interest in copper giant Freeport-McMoran (FCX.N) in 2020, but a deal between the companies did not pan out. Reporting by Sourasis Bose in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Barrick, Mark Bristow's, Sourasis Bose, Devika Organizations: Minerals, Barrick Gold, Bloomberg, Barrick, Newmont Corp, Thomson Locations: Freeport, McMoran, Bengaluru
The findings amount to a historic admonishment of a former prime minister, who won a landslide electoral victory less than four years ago but saw his political career collapse amid a series of scandals. The committee dismissed Johnson's argument that he didn't know he was breaking his lockdown rules during the events. Johnson, in his own response to the report, called its publication a “dreadful day for democracy.”“This report is a charade. The former PM’s departure from the House of Commons is not necessarily good news for Sunak, whom Johnson criticized in his resignation statement. Johnson has always been an influential figure among Conservative voters, whether inside or outside of parliament.
Persons: Boris Johnson, Johnson “, Johnson, ” “, Johnson’s Conservative Party –, Rishi Sunak, Mr Johnson …, , Liz Truss, Sunak Organizations: London CNN — Former British, Downing, Johnson’s Conservative Party, Commons, Conservative Locations: Downing Street
But the report’s data hints at the broad reach pro-life groups can have by placing these advertisements in Google results for common phrases searched for by abortion seekers. Using Semrush, an analytics tool, researchers at the CCDH identified “188 fake clinic websites” that placed ads on Google between March, 2021 and February of this year. CCDH estimates that ads for fake clinics were clicked on by users 13 million times during this period. “We do not allow ads promoting abortion reversal treatments and we also prohibit advertisers from misleading people about the services they offer.”“We remove or block ads that violate these policies,” the company added. Google said it does not allow for abortion reversal pill advertisements because the treatment isn’t approved by the FDA.
Persons: , Roe, Wade, Google, , Thursday’s Organizations: New, New York CNN, Google, Congressional Democrats, CNN, FDA, The Washington Post Locations: New York
Europe's biggest gas field is set to close permanently in October, Bloomberg reported. The news sparked a 30% jump in benchmark European natural gas futures on Thursday. Earthquakes near the Groningen field in the Netherlands have damaged thousands of homes over the years. The six-decade operation has been an important energy source for much of Western Europe. Europe has since stockpiled natural gas to levels not seen in years, helped by a mild winter, but this summer's hot weather is boosting demand, while outages in Norwegian gas fields and increased competition for liquefied natural gas are also adding to price pressures.
Persons: , Mark Rutte Organizations: Bloomberg, Earthquakes, Service Locations: Groningen, Netherlands, Western Europe, Europe, Russia, Ukraine
WASHINGTON, June 15 (Reuters) - The U.S. sharpened its criticism of Russia's record on human trafficking on Thursday, citing Moscow’s treatment of conscripts and Ukrainian children, in an annual report on countries that Washington says are failing to protect victims. The State Department’s 2023 Trafficking in Persons report kept Russia on a list of "state sponsors" of human trafficking and ranked Russia among the world's worst at addressing the problem. A section on Russia included more criticism than last year of Moscow's detention of people in Ukraine. “There was a government policy or pattern of trafficking of Ukrainian citizens and North Korean workers,” it added. The report put Russia in Tier 3, which groups the worst offenders in human trafficking, where it was last year.
Persons: Vladimir Putin, , Matt Spetalnick, Simon Lewis, Cynthia Osterman Organizations: Criminal, State Department, Thomson Locations: U.S, Washington, Russia, Moscow, Ukraine, North, Syria, Russia's, Tier, Algeria, Chad, Djibouti, Equatorial Guinea, Malaysia, Vietnam
June 15 (Reuters) - HarperCollins Publishers and KKR & Co (KKR.N) are among the bidders for book publisher Simon & Schuster as it pursues a sale for the second time in less than three years, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Reuters had in February reported that Paramount Global (PARA.O), the owner of Simon & Schuster, was again seeking to sell the publisher, months after the media company's $2.2 billion deal to sell the book publisher to Penguin Random House collapsed. Last year, the U.S. Justice Department sued to stop the tie-up of Penguin and Simon & Schuster, as a combined group would have accounted for nearly half of the market for publishing rights to blockbuster books. HarperCollins and Simon & Schuster did not immediately respond to Reuters' requests for comment, while KKR declined to comment. Paramount is exploring a sale that could value Simon & Schuster between $2 billion and $2.5 billion and was also courting private equity buyers, Reuters reported in February, citing sources.
Persons: Simon, Schuster, Simon & Schuster, Chavi Mehta, Pooja Desai Organizations: HarperCollins Publishers, KKR, Co, Wall Street, Reuters, Paramount, Simon &, Penguin Random, U.S . Justice Department, HarperCollins, News Corp, Thomson Locations: Bengaluru
However, “I didn't want to make people think that I was an expert,” said Spehar, who filmed the TikTok video from their home in Rochester, New York. Josh Helfgott, a TikTok user with 5.5 million followers, posts a recurring series of videos called “Gay News” discussing current events relevant to LGBTQ viewers. Meanwhile, TikTok is the fastest-growing social media platform for news, according to a report by the Reuters Institute for the Study of Journalism published on Tuesday. Twenty percent of 18-to-24-year-olds use TikTok to learn about current events, up 5 percentage points from last year, the report said. The benefit was mutual: Spehar learned how journalism is produced, while the publisher benefited from Spehar's TikTok skills.
Persons: Josh Helfgott, Magali, Read, Vitus, Spehar, , , Helfgott, Joe Biden, ” Helfgott, Kristy Drutman, TikTok, Lisa Remillard, Remillard, ” Remillard, Magali Druscovich, Sheila Dang, Kenneth Li, Matthew Lewis Organizations: REUTERS, U.S, Capitol, White, Human, New York Times, BuzzFeed News, Reuters Institute for, , Los Angeles Times, Thomson Locations: Los Angeles , California, U.S, Rochester , New York, Tallahassee , Florida, San Diego , California, United States
[1/3] An attendant walks outside the entrance to Hong Kong Monetary Authority in Hong Kong, China November 10, 2015. REUTERS/Bobby YipJune 15 (Reuters) - HSBC (HSBA.L) and Standard Chartered (STAN.L) are among lenders facing pressure from Hong Kong's banking regulator to take on crypto exchanges as clients, the Financial Times reported on Thursday, citing three people with knowledge of the matter. The UK-based lenders and the Bank of China were questioned by the Hong Kong Monetary Authority (HKMA) last month on why crypto exchanges were not being accepted as clients, according to the report. HSBC, Standard Chartered and the HKMA did not immediately respond to a Reuters request for comments. The HKMA, in a letter to lenders on April 27, said diligence on potential customers should not "create undue burden", especially "for those setting up an office in Hong Kong," the FT report said.
Persons: Bobby Yip, Hong Kong's, Rahat Sandhu, Rashmi Aich, Sherry Jacob, Phillips Organizations: Hong Kong Monetary Authority, REUTERS, HSBC, Standard Chartered, Financial Times, Bank of, U.S, Securities and Exchange Commission, Thomson Locations: Hong Kong, China, Hong, Bank of China, Bengaluru
Boris Johnson misled British lawmakers over lockdown-breaking parties in Downing Street, the residence and office of the prime minister, during the Covid-19 pandemic, a powerful committee concluded on Thursday, releasing publicly the findings that prompted Mr. Johnson’s angry resignation from Parliament last week. The lengthy document, produced by the House of Commons privileges committee, offered a damning verdict on Mr. Johnson’s conduct, honesty and integrity, concluding that his conduct was deliberate and that he had committed “a serious contempt” of the House. “We came to the view that some of Mr. Johnson’s denials and explanations were so disingenuous that they were by their very nature deliberate attempts to mislead the Committee and the House, while others demonstrated deliberation because of the frequency with which he closed his mind to the truth,” the report said. Mr. Johnson was sent a draft of the report last week and promptly resigned from the House of Commons, characterizing the committee investigating him as a “kangaroo court” bent on a politically motivated witch hunt against him. In fact, most of its members are from the Conservative Party, which Mr. Johnson led until last year, and two are prominent supporters of Brexit, his flagship policy.
Persons: Boris Johnson, Johnson’s, , Johnson, Brexit Organizations: Conservative Party Locations: Downing
According to the report, the measures are designed to punish countries that seize Russian assets, and reward those which don't. Western companies that've stayed in Russia have made significant profits there, indirectly helping the Kremlin fund its war. Western companies collectively contributed more than $3.5 billion to the Russian state in 2022, Russian independent outlet Novaya Gazeta reported. The new measures Putin signed could be interpreted as a way of making it more difficult for firms to leave. Earlier in June, the Russian government sought to raise $4 billion by imposing a windfall tax on large Russian companies, Insider reported.
Persons: Putin, , Vladimir Putin, they'd, that've, Dmitry Peskov, Peskov Organizations: Service, Financial Times, McDonalds, Ikea, Kremlin, Novaya Gazeta Locations: Russia, Ukraine, Russian, AFP
He has accused the privileges committee, a parliamentary standards body that has investigated Johnson, of mounting a "witch-hunt" and behaving like a "kangaroo court". The former prime minister said it was a lie to say he deliberately misled parliament and called the report a charade. Below are the main findings from the report into Johnson's behaviour:JOHNSON DELIBERATELY MISLED PARLIAMENTThe committee offered a damning verdict on Johnson's honesty and conduct, concluding that he had deliberately and repeatedly misled parliament. JOHNSON WOULD HAVE FACED 90-DAY SUSPENSION FROM PARLIAMENTThe Committee said it would have recommended a suspension of three months from the House of Commons for Johnson if he had not resigned. FIVE WAYS JOHNSON COMMITTED CONTEMPTS OF PARLIAMENTThe committee found that Johnson had committed five contempts of parliament.
Persons: Boris Johnson, Johnson, JOHNSON, CONTEMPTS, Mr Johnson, Scottish National Party –, Andrew MacAskill, William James, Angus MacSwan, Toby Chopra Organizations: CONTEMPTS OF, BE, PASS, Labour, Scottish National Party, Thomson Locations: British, COVID, Downing Street, Downing, Chequers
Here are some key facts about Odey, London-based OAM, the allegations, and their fallout:WHO ARE CRISPIN ODEY AND ODEY ASSET MANAGEMENT? Odey, 64, founded the asset management firm which bears his name in 1991. HOW BIG IS ODEY ASSET MANAGEMENT? Schroders and Canada Life last week moved to cut back their dealings with asset management businesses with links to Odey. It is looking increasingly unlikely, even though larger funds such as Odey Asset Management Group are made up of many funds with different trading strategies.
Persons: Crispin Odey, OAM, Odey, CRISPIN ODEY, Kwasi Kwarteng, Goldman Sachs, Morgan Stanley, James Hanbury, Hanbury, Peter Martin, Carolina Mandl, Nell Mackenzie, Elisa Martinuzzi, Dhara Ranasinghe, Alexander Smith Organizations: Odey, Management, Reuters, Financial Times, WHO, Asset Management, Conservative Party, Securities and Exchange Commission, Financial, Authority, Lawmakers, JPMorgan, UBS, CAN, Odey Asset Management, Inc, Carolina, Thomson Locations: London, Schroders, New York
Gallup says "quiet quitting," in which workers do the bare minimum, is a global phenomenon. Forty-four percent of respondents also said they'd experienced stress at work the previous day. Gallup's 2023 State of the Global Workplace report surveyed 122,416 employed respondents ages 15 and over in more than 160 countries from 2022 to 2023 and concluded that 59% of the workers worldwide were "quiet quitting." The report used respondents' answers to a series of 12 questions to split those surveyed into three categories at work: engaged, not engaged, and actively disengaged. Gallup's report estimated that such low engagement at work was costing the global economy $8.8 trillion, or 9% of global gross domestic product.
Persons: Gallup, they'd, , it'd, Gallup didn't, Gen Zers, Zers weren't Organizations: Service, Gallup, Deloitte
Henriette Borgund knows attackers can find weaknesses in the defences of a big renewables power company - she's found them herself. She joined Norway's Hydro (NHY.OL) as an "ethical hacker" last April, bringing years of experience in military cyberdefence to bear at a time of war in Europe and chaos in energy markets. They're nervously monitoring a hybrid war where physical energy infrastructure has already been targeted, from the Nord Stream gas pipelines to the Kakhovka dam. It said Russia had tried to destroy digital networks and cause power cuts, and that missile attacks on facilities were often accompanied by cyberattacks. "Companies in the energy space, their core business is producing energy, not cybersecurity," said Jalal Bouhdada, CEO of cybersecurity firm Applied Risk, a division of DNV.
Persons: Nora Buli, Henriette Borgund, she's, shoring, Michael Ebner, cyberattacks, didn't, Swantje Westpfahl, James Forrest, Cem Gocgoren, Stephan Gerling, Mathias Boeswetter, Leonhard Birnbaum, Jalal Bouhdada, Nina Chestney, Christoph Steitz, America Hernandez, Paris Pavel Polityuk, Guy Faulconbridge, Pravin Organizations: REUTERS, Norway's Hydro, Reuters, Hydro's Oslo, Hydro, Ukraine, cyberattacks, Germany's Institute for Security, TRITON, Triton, Svenska, ICS CERT, University of Tulsa, E.ON, " Companies, Pravin Char, Thomson Locations: Norwegian, Fosen, Norway, Ukraine, OSLO, LONDON, FRANKFURT, Europe, Nord, Russia, Ukrainian, Moscow, United States, Russian, Capgemini, Saudi, Swedish, DNV, Oslo, London, Frankfurt, Paris, Kiev
Bill Gates, co-chairman of the Bill and Melinda Gates Foundation, during the EEI 2023 event in Austin, Texas, US, on Monday, June 12, 2023. Microsoft 's co-founder Bill Gates will be meeting Chinese President Xi Jinping on Friday, Reuters reported Wednesday citing two sources familiar with the matter. CNBC reached out to China's ministry of foreign affairs but did not hear back at the time of publication. They discussed views on enhancing public health service and poverty reduction, according to China's foreign ministry. In March, Cook met China's minister of commerce Wang Wentao to discuss China's reopening and broader supply chain issues.
Persons: Bill Gates, Melinda Gates, Xi Jinping, Gates, Antony Blinken, Qin Gang, Blinken, Tim Cook, Elon Musk —, Cook, China's, Wang Wentao, Musk, Ding Xuexiang Organizations: Melinda Gates Foundation, Microsoft, Reuters, CNBC, U.S, Foreign, U.S ., U.S . State Department, Apple, Tesla Locations: Austin , Texas, China, Hainan province, Beijing, U.S
June 15 (Reuters) - Software firm Oracle (ORCL.N) on Thursday laid off hundreds of employees, rescinded job offers and cut back open positions within its health unit, the Insider reported, citing three people familiar with the matter. The layoffs follow thousands of cuts in corporate America as companies wrestle with elevated levels of inflation and rising interest rates. Oracle's health unit includes electronic medical records firm Cerner which it acquired for $28.3 billion, its biggest ever deal, in December last year. The layoffs were largely due to Cerner's challenged work with the U.S. Department of Veterans Affairs, which hired Cerner to replace its homemade medical records with Cerner's technology, the report said. Reporting by Kannaki Deka and Samrhitha Arunasalam in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: Cerner's, Cerner, Kannaki Deka, Maju Samuel Organizations: Software, Oracle, U.S . Department of Veterans Affairs, Thomson Locations: America, Bengaluru
Art Basel draws surge in Asian collectors
  + stars: | 2023-06-15 | by ( Noele Illien | ) www.reuters.com   time to read: +2 min
[1/4] People pose in front of the sculpture "Naughtynightcap" from 2008 by artist John Chamberlain at the Art Unlimited exhibition at the Art Basel art fair in Basel, Switzerland September 21, 2021. Noah Horowitz, who became Chief Executive of Art Basel in November said that an extraordinary amount of people from Asia have travelled to this year's flagship Art Basel fair. China's art market, the third largest in the world, had reported a steep decline in sales in 2022, with lockdowns stalling activity and cancelling art auctions and events, according to the 2023 UBS Global Art Market Report. "The art market compared to the financial market is completely different – it is very opaque, it is not transparent and there are limited sources of data," she said. Art Basel is open to the public until Sunday.
Persons: John Chamberlain, Arnd, Mark Rothko, Noah Horowitz, Joost Bosland, Stevenson, Bosland, Patricia Amberg, Noele Illien, Sandra Maler Organizations: Art, REUTERS, Art Basel, Basel, UBS Global Art, UBS, Thomson Locations: Art Basel, Basel, Switzerland, ZURICH, Swiss, Asia, South Africa, Netherlands, China
WELLINGTON, June 14 (Reuters) - New Zealand needs to keep increasing the supply of houses to address housing affordability, which is still a concern, the International Monetary Fund said on Wednesday, adding that land should be freed up to promote investment. “The cyclical downturn in (house) prices does not imply that the structural housing shortage has been addressed. The IMF report said while prices have fallen, financial stability risks appear contained. It added that achieving long-term affordability depends critically on freeing up land supply and improving planning and zoning, and fostering infrastructure investment to enable fast track housing developments and reduce construction costs and delays. “Risks to the outlook stem from the external environment and a potential need for stronger tightening of monetary and financial condition,” it said.
Persons: Lucy Craymer, Shri Navaratnam Organizations: International Monetary Fund, IMF, Thomson Locations: New Zealand, Zealand
“Generative artificial intelligence” is set to add up to $4.4 trillion of value to the global economy annually, according to a report from McKinsey Global Institute, in what is one of the rosier predictions about the economic effects of the rapidly evolving technology. Half of all work will be automated between 2030 and 2060, the report said. would automate half of all work between 2035 and 2075, but the power of generative A.I. “Generative A.I. has the potential to change the anatomy of work, augmenting the capabilities of individual workers by automating some of their individual activities,” the report said.
Persons: Organizations: McKinsey Global Institute, McKinsey
Some are diverting the money from other areas, like paid advertising, as overall marketing budgets face scrutiny. Here's what the study said about how and why brands are spending on influencer marketing in 2023. A new study from the creator-focused marketing platform CreatorIQ shows brands are investing more in influencer marketing and seeing results. It found 67% of the companies surveyed increased their influencer-marketing budgets from 2022 to 2023. Most of the brands that increased their influencer-marketing budgets — 76% — were diverting funds away from other marketing activities.
Persons: CreatorIQ, That's, Brittni Starr, Starr Organizations: Brands, CreatorIQ's
Russian nationalists blamed military leaders after a shocking report said a large number of troops was killed. "We are at war with our own stupidity and sloppiness," a Russian blogger wrote. It wasn't clear if the latest casualties also included troops from the naval infantry that Akhmedov had led before commanding a Russian field army. Russian generals and colonels have previously been accused of incompetence that led to military disasters. A Ukrainian New Year's strike led to as many as 400 deaths and fueled outrage that Russian officers had bivouacked troops within range of the GPS-guided HIMARS rockets.
Persons: , Sergey Kolyasnikov, Rob Lee, Zurab Akhmedov, milbloggers, Akhmedov Organizations: Service, Armed Forces, Foreign Policy Research Institute, Ministry of Defense Locations: Russian, Kreminna, Ukraine, Luhansk, Ukrainian
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