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☆ What is the Student Aid Report?
▼ + stars: | 2023-10-24 | by ( Aly J. Yale | Richard Richtmyer | ) www.businessinsider.com time to read: +14 min

The Student Aid Report summarizes the information on your Free Application for Federal Student Aid (FAFSA). See Insider's picks for the best private student loans >>What is the Student Aid Report (SAR)? The Student Aid Report is a document that, through the 2023-2024 school year, was used to summarize the data submitted on a Free Application for Federal Student Aid (FAFSA). Federal student aid eligibilityYour summary will also include your Student Aid Index — formerly called the Expected Family Contribution. Schools and aid offersThe schools you apply to don't actually receive your FAFSA Submission Summary (formerly Student Aid Report).

Persons: —, Shannon Vasconcelos, Robert Kersey, you'll, Kersey, Vasconcelos, Perkins, Pell Grant, Elaine Rubin, You'll Organizations: Federal Student Aid, Service, Bright Horizons, Grants, What's, College of Charleston, Education, Department, Department of Federal Student Aid, Internal Revenue Service, SAR Locations: FAFSA.gov

☆ Javier Milei wants Argentina to swap the peso for the US dollar. Here's what that would mean
▼ + stars: | 2023-10-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

For years, Argentinians have preferred to pay for many goods and services in greenbacks, rather than with their own collapsing currency, as part of an informal “blue dollar” currency market. To dollarize its economy, Argentina would need to exchange all pesos held by its people and businesses for US dollars, and assign a dollar value to all of its assets and contracts. The Fed would continue to set the cost of borrowing based on the needs of the US economy, not Argentina’s. Practical headacheThere’s another significant snag in Milei’s plan: Argentina doesn’t have enough dollars to ditch the peso. “People would need to take wheelbarrows of cash to convert to dollars,” Sabatini said.

Persons: Javier Milei, Sergio Massa, Argentina’s, JP Morgan, Argentinians, Milei, Natacha, Matias Baglietto, Reuters “ That’s, ” Christopher Sabatini, Kimberley Sperrfechter, ” Sperrfechter, It’s, ” Sabatini, Luis Robayo, Sabatini, ” Organizations: London CNN, National Institute of Statistics, Argentina’s, US Federal Reserve, Economic, Reuters, America, Chatham House, CNN, Capital Economics, International Monetary Fund, Getty, IMF Locations: Argentina, greenbacks, Washington, El Salvador, Panama, Ecuador, United States, Buenos Aires, AFP

☆ GOP lawmaker attacks tax-exempt status of US colleges failing to condemn Hamas' 'barbaric' attacks
▼ + stars: | 2023-10-19 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +4 min

A GOP lawmaker said he was "disgusted" by US college responses to Hamas' attacks on Israel. AdvertisementAdvertisementA top Republican lawmaker overseeing US federal taxes has attacked the tax-exempt status of universities failing to condemn Hamas' "barbaric acts of terrorism committed against the Jewish people," according to a statement. Smith added that after Hamas' "horrific attack" on Israel on October 7, some universities, which had previously condemned speech they disapproved of, had failed to condemn Hamas attacks and student statements of support for Hamas. In the 12 days since the Palestinian militant group Hamas' terror attacks on Israel, elite US universities have been criticized for their response, or lack of response, to Hamas' attacks and student statements holding Israel responsible for Hamas' offensive. More than thirty Harvard student organizations issued a joint statement on October 10, in which they held Israel "entirely" responsible for Hamas' attacks.

Persons: Jason Smith, Smith, —, Israel Organizations: GOP, Service, Republican, Hamas, University, University of Virginia, Northwestern University Students for Justice, Israel Defense Forces, Palestinian Health Ministry Locations: Israel, United States, Palestinian, Harvard, Palestine, Gaza

☆ Joran van der Sloot confessed to killing Natalee Holloway. Why he likely won't be charged with her murder
▼ + stars: | 2023-10-19 | by ( Emma Tucker | ) edition.cnn.com time to read: +7 min

Joran van der Sloot is no longer the suspect in my daughter’s murder. The office told the Associated Press it was not immediately clear whether van der Sloot could face murder charges there. Joran van der Sloot (center) is transferred in a police car from the Ancon I jail in Lima, Peru, on June 8. She was last seen leaving a nightclub with van der Sloot and two other men. In court on Wednesday, Manasco said she considered van der Sloot’s “brutal murder of Natalee Holloway” in her decision to accept the plea agreement.

Persons: Joran van, Sloot, Natalee, Holloway’s, “, ” Beth Holloway, van der, ”, Ann Angela, van der Sloot, Ben Grunwald, he’s, Stephany Flores, it’s, ” Grunwald, ” Van der Sloot, Joran van der, Ernesto Benavides, der Sloot, Holloway, Deepak, Satish Kalpoe, Holloway kneed, Anna Manasco, Flores, van, Manasco, Natalee Holloway, der, Hermann Walz, Walz, Natalee Holloway ”, “ It’s, ” Walz, ‘ Organizations: CNN, Aruba –, Alabama, Associated Press, Duke University School of Law, Getty, Local, Prosecutors, John Jay College of Criminal Locations: Aruba, Dutch, Caribbean, Peru, Peruvian, Grunwald, Lima , Peru, AFP, Alabama, van der, New York

☆ GM and Honda team up on autonomous ride service for Japan
▼ + stars: | 2023-10-18 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —General Motors and Honda, along with Cruise — GM’s autonomous driving subsidiary — have agreed to create a driverless ride-hailing company in Japan. The company will use the Cruise Origin autonomous vehicle to give rides in Tokyo, Japan’s largest city. The Cruise Origin, an electric vehicle GM builds at a factory in Detroit, has no steering wheel, pedals or space for a driver. GM said it plans to build 500 of the vehicles for the Tokyo ride-hailing service, which is expected to be the first autonomous ride-hailing service in Japan, according to the companies. “The range of situations our [autonomous vehicles] have encountered is quite broad,” Voigt said, noting obstacles such as jugglers on the streets of San Francisco and donkeys in Austin.

Persons: Cruise, Honda, General Motors Cruise, Kyle Voigt, Voigt, ” Voigt Organizations: CNN —, Motors, Honda, —, Cruise, GM, General Motors, Ministry of Internal Affairs and Communications, Traffic, Administration Locations: Japan, Tokyo, Japan’s, Detroit, California, San Francisco, Phoenix, Austin, United States

Dutch citizen Joran van der Sloot is also accused of extorting and defrauding the teen’s mother. But Kelly confirmed to CNN that van der Sloot intends to plead guilty in connection to the case. The 18-year-old was last seen leaving a nightclub with van der Sloot and two other men, brothers Deepak and Satish Kalpoe. They were rearrested and charged in 2007 for “involvement in the voluntary manslaughter of Natalee Holloway or causing serious bodily harm to Natalee Holloway, resulting in her death,” Aruban prosecutors said at the time. Van der Sloot confessed to killing Flores and was sentenced to 28 years in a Peruvian prison.

Persons: Natalee Holloway, Joran van, Sloot, Holloway, John Q, Kelly, It’s, van der Sloot, NBC’s, ” Kelly, Beth Holloway, Natalee’s, der Sloot, Deepak, Satish Kalpoe, ”, van der, van, Stephany Flores, Van der Sloot, Flores Organizations: CNN, Alabama, “, FBI, US Justice Department, US Locations: Aruba, Natalee’s, Caribbean, Alabama, Peru

That shift in legal doctrine was profound, shaping how courts have applied antitrust law ever since. Khan’s ideas have challenged the closest thing to a sacred cow in antitrust law. The most ambitious of those never became law, but Khan’s role in the probe, which Cicilline described as “critical,” helped further raise her profile. Amazon and Meta have both pushed for Khan to recuse herself from matters involving the companies, questioning her objectivity. The US Federal Trade Commission sued Amazon.com Inc. in a long-anticipated antitrust case, accusing the e-commerce giant of monopolizing online marketplace services by degrading quality for shoppers and overcharging sellers.

Persons: Lina Khan, Khan, Stephanie Keith, ” Khan, “, Joe Biden, ”, William Kovacic, George W, Bush, Barry Lynn, Lynn, New America Foundation —, Obama, —, ” Lina Khan, Rong Xu, ” Lynn, it’s, ’ ”, Reagan, Robert Hockett, Khan’s, David Cicilline, Lina, ” Cicilline, Cicilline, Justin Tallis, Biden, Trump, Douglas Farrar, Gary Gensler, Tom Williams, Jonathan Kanter, Roe, Wade, Kevin Kiley, Meta, she’s, “ We’ve, they’re, Federal Trade Commission Lina Khan, Al Drago, Kathleen Bradish, Bradish, Christine Wilson, Wilson, Noah Phillips, Gabby Jones, NetChoice, Carl Szabo, “ It’s, ” Szabo, There’s, ” Kovacic Organizations: CNN, Federal Trade Commission, Amazon, FTC, Big, Microsoft, Meta, Bloomberg, Getty, Republican, White House, Williams College, New America Foundation, Washington Monthly, Yale Law, Washington Post, Cornell Law School, Big Tech, Rhode, Rhode Island Democratic, Apple, Facebook, Cambridge, Activision, SEC, Financial Services, General Government, Securities and Exchange Commission, Capitol, Justice Department, Epic Games, California Republican, Washington , D.C, American Antitrust Institute, GOP, US Federal Trade Commission, Amazon.com Inc Locations: Big Tech, Robbinsville , New Jersey, Washington, Larchmont , New York, Rhode Island, Washington ,, New York

☆ A bigger war in Israel would send oil prices skyrocketing and hurt the economy's chances of avoiding a recession
▼ + stars: | 2023-10-16 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

The impact on oil prices would be enormous with one prediction of $150 per barrel. A surge in oil prices could undo the fight against inflation and cause prices to soar again. International Monetary Fund managing director Kristalina Georgieva expressed concern on Thursday over how global oil markets would be impacted by the war. If that were to happen, they predict that oil prices would skyrocket more than 70% to $150 per barrel from just under $90 we have now. An estimated 20-30% of global oil supply passes through the Strait of Hormuz, which is controlled by Iran.

Persons: —, Kristalina Georgieva, Steven Mnuchin, That's, Mnuchin, Mustafa Hassona, there's, Jerome Powell, Liu Jie Organizations: Service, Hamas, Monetary Fund, Bloomberg Economics, Bloomberg, US, Fox Business, Anadolu Agency, Getty, Biden, US Strategic Petroleum Reserve, Strategic Petroleum Reserve Locations: Israel, Iran, Hormuz, Iraq, Kuwait, Abu Nasr, Gaza City, Ukraine, Washington ,, Xinhua

☆ AMC CEO says he was the victim of an extortion plot
▼ + stars: | 2023-10-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Adam Aron, the CEO of AMC Entertainment, admitted Thursday that he was a “victim of an elaborate criminal extortion” plot. On X, Aron continued that following a “vigorous federal criminal investigation,” the perpetrator was convicted this past summer. He also said that the incident was “entirely a personal matter” and that he informed the AMC’s board of directors, as well as reviewed the events with an independent outside counsel. Aron said that the “matter is closed,” and he remains the CEO of AMC. AMC’s board of directors said in a statement to CNN that it had “determined it was a personal matter, and considers the issue resolved.”

Persons: New York CNN — Adam Aron, “, Aron, Semafor, of New York, Sakoya Blackwood, wasn’t, Thursday’s, Blackwood, ” Organizations: New, New York CNN, AMC Entertainment, US, Office, Southern, of, CNN, AMC Locations: New York, of New

☆ CNBC Daily Open: Investors shrugged off a hawkish Fed and hot PPI
▼ + stars: | 2023-10-12 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineInvestors shrugged off Fed minutes that tilted hawkish and a hotter-than-expected PPI report to give markets a fourth consecutive winning session. Unfortunately, September's PPI report came in surprisingly hot. It's true the PPI report focuses on producer prices, while the Fed tends to scrutinize the consumer side of the equation more. Investors could be feeling defiant — or wanting to seize the opportunity to snap up stocks at relatively cheaper prices — after September's stocks slump.

Persons: Jerome Powell, Ryan Collerd, Derek Schug, weren't fazed, Treasurys Organizations: US Federal Reserve, Bloomberg, Getty, CNBC, PPI, Fed, CPI, today's, Kestra Investment Management, Dow Jones, Nasdaq Locations: York , Pennsylvania

☆ Fed officials see 'restrictive' policy staying in place until inflation eases, minutes show
▼ + stars: | 2023-10-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Jerome Powell, chairman of the US Federal Reserve, arrives to a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, March 22, 2023. Federal Reserve officials at their September meeting differed on whether any additional interest rate increases would be needed, though the balance indicated that one more hike would be likely, minutes released Wednesday showed. Another point of complete agreement was the belief "that policy should remain restrictive for some time until the Committee is confident that inflation is moving down sustainably toward its objective." However, in the dot plot of individual members' expectations, some two-thirds of the committee indicated that one more increase would be needed before the end of the year. Since the September meeting, the 10-year Treasury note yield has risen about a quarter percentage point, in effect pricing in the rate increase policymakers indicated then.

Persons: Jerome Powell Organizations: US Federal Reserve, Market, Federal, Market Committee Locations: Washington , DC

London CNN —Claudia Goldin, a professor at Harvard University, was awarded the Nobel Prize in economics Monday for her research into women’s income and employment. Jakob Svensson, chair of the committee for the prize in economic sciences, added: “Understanding women’s role in the labor market is important for society. Thanks to Claudia Goldin’s groundbreaking research we now know much more about the underlying factors and which barriers may need to be addressed in the future.”Claudia Goldin Harvard UniversityGoldin was born in 1946 in New York. She is the author of several books and is best-known for her work on the history of women in the US economy. The economics prize is officially known as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

Persons: London CNN — Claudia Goldin, Goldin, ”, Jakob Svensson, Claudia Goldin’s, ” Claudia Goldin Harvard, ” Claudia Goldin Harvard University Goldin, Henry Lee, Alfred Nobel, Ben Bernanke, Douglas Diamond, Philip Dybvig Organizations: London CNN, Harvard University, Royal Swedish Academy of Sciences, ” Claudia Goldin Harvard University, National Bureau of Economic Research, Sveriges, Economic Sciences, Federal Locations: New York, United States, Swedish

☆ Biden administration bypasses 26 federal laws to build additional border wall in South Texas amid political pressure
▼ + stars: | 2023-10-05 | by ( Priscilla Alvarez | ) edition.cnn.com time to read: +5 min

But the move comes at a time when a new surge of migrants is straining federal and local resources and placing heavy political pressure on the Biden administration to address a sprawling crisis. Border Patrol reported nearly 300,000 encounters in the Rio Grande Valley sector between last October and August, according to federal data. Last month, Border Patrol apprehended more than 200,000 migrants crossing the US-Mexico border, the highest total this year. Over the last two years, his administration has continued to face fierce pushback from Republicans – and at times, Democrats – over his immigration policies. Senior administration officials maintain that the US has been in regular touch with Mexico over the situation at the US southern border, including commitments to shore up enforcement.

Persons: Washington CNN —, Biden, Joe Biden –, –, Alejandro Mayorkas, ” Mayorkas, “, Antony Blinken, General Merrick Garland, Liz Sherwood, Randall Organizations: Washington CNN, Federal, Border Patrol, US, –, Republican, of Homeland Security, Homeland, US Federal Registry, “ DHS, Customs, Protection, Environmental, US Customs, Border Protection, CNN, House Homeland Locations: Rio Grande, Rio Grande Valley, Mexico, New York, Chicago, Starr County , Texas, United States, Mayorkas, “, Texas, Starr County, Mexico City

☆ Think interest rates are high now? The Romans had it worse, a Bank of America chart shows.
▼ + stars: | 2023-10-03 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Bank of America charted the historical path of interest rates last week. Central banks have lifted borrowing costs away from "5,000-year lows" over the past year, strategists said. AdvertisementAdvertisementJust like the men of TikTok, Bank of America strategists have been thinking a lot about the Roman Empire. For reasons unknown, the bank decided to chart five millennia's worth of interest rates in a recent research note. AdvertisementAdvertisementNeedless to say, investors can probably take the chart with a grain of salt – but the strategists probably aren't being facetious when they say there are gloomy times ahead.

Persons: —, Sidney Homer, Richard Sylla's, Michael Hartnett, Hartnett, he's Organizations: of America, Service, Bank of America, Federal, of, Street Locations: TikTok, Roman, Greece

☆ Fiscal excess, the power of Main Street, and US 'debasement': Here are the themes BofA says will dominate markets for the rest of this decade
▼ + stars: | 2023-10-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Central banks around the world are raising interest rates up from 5,000-year lows, and that's ushering in the end of abnormally high returns for stocks and bonds. In the prior decade, deflation assets like bonds and tech gained about 10%, while inflation assets such as cash, commodities, and value gained 6%. Central bank policyThe backdrop to all this has been the actions taken by global central banks, led by the US Federal Reserve. But as with other dominant themes of the 2010s, the monetary excess of central bankers is set to be replaced. The combination of central banks' monetary excess and governments' fiscal excess of the last three years has pushed nominal US GDP 40% higher since its pandemic low in the fourth quarter of 2020.

Persons: —, BofA, It's Organizations: Bank of America, Service, European Union, St, Bank of America US, US Federal Reserve Locations: Ukraine, Central

☆ A 'litmus test' for a looming recession could come next quarter, says an economist who's been predicting a downturn for 18 months
▼ + stars: | 2023-09-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

He told CNBC in an interview the fourth quarter of this year would be the "litmus test" for his call. He added a recession typically starts two years after a rate hike cycle begins. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementVeteran economist David Rosenberg has been calling a recession for the last 18 months, and he isn't letting the current resilience in the US economy change his mind. "It hasn't materialized, dot dot dot, yet," Rosenberg told CNBC on Wednesday, in response to his bearish call.

Persons: David Rosenberg, —, Rosenberg, — Squawk Organizations: CNBC, Service, Rosenberg Research, US Federal Reserve, Energy, West Texas, Brent Locations: Toronto, Saudi Arabia, Russia

☆ Morning Bid: Oil spike delivers coup de grace to dire Q3
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +5 min

A nighttime view of the Torrance Refinery, an oil refinery operated by PBF Energy, in Torrance, California, U.S., March 10, 2022. The U.S. Treasury completes more than $130 billion of new debt sales this week with another 7-year note auction later on Thursday. But even though the euro bounced back from 2023 lows today, there was better news on the inflation front from Europe. As China's markets headed for the Golden Week holidays next week, stocks there were in the red too - with Hong Kong's Hang Seng (.HSI) hitting its lowest for the year so far. * U.S. Treasury auctions 7-year notes, 4-week bills* U.S. corporate earnings: Nike, Accenture, CarmaxReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsEditing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Mike Dolan, Jerome Powell, it's, Lisa Cook, Austan Goolsbee, Thomas Barkin, Emelia Sithole Organizations: Torrance Refinery, PBF Energy, REUTERS, Federal, U.S, Treasury, U.S . Treasury, Micron Technology, Nvidia, Kansas, Fed, Chicago Fed, Richmond Fed, Nike, Accenture, Carmax Reuters Graphics Reuters, Reuters, Thomson Locations: Torrance, Torrance , California, U.S, Washington, United States, Europe

☆ Orcas Learned to Steal Fish From Lines, May Be Killing Them
▼ + stars: | 2023-09-28 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +3 min

But it could also be a fad spreading simply because the killer whales find the behavior entertaining. AdvertisementAdvertisementObservers from the National Oceanic and Atmospheric Administration (NOAA) are now investigating what exactly has caused the recent spike in killer whales' deaths near Alaska. Thankfully, resident fish-eating killer whales in Alaska are not endangered. NOAA estimates there are in excess of 1,920 living near Alaska. But all killer whales are protected under the Marine Mammal Protection Act, which means any death or injury needs to be reported, per NOAA.

Persons: —, They've, they've, That's, orcas Organizations: Service, Anchorage Daily, Portland Press Herald, Getty, National Oceanic, Atmospheric Administration, NOAA, Mammal Protection Locations: Alaska, Seattle, South Africa

☆ Elizabeth Warren says student-loan companies can't use lack of funding as an excuse for bad customer service — and she's 'deeply worried' they're not ready for repayment starting next week
▼ + stars: | 2023-09-28 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Sen. Elizabeth Warren led some Democratic colleagues in sending letters to four student-loan companies requesting information on the repayment restart. They also said a lack of funding is not a valid excuse for borrowers to be facing bad customer service. AdvertisementAdvertisementSenator Elizabeth Warren is worried that four federal student-loan companies aren't up to the task of transitioning millions of borrowers back into repayment in a few days. These letters come just days before pandemic relief for federal borrowers comes to an end. White House Press Secretary Karine Jean-Pierre said during a Monday press briefing that it would further strain Federal Student Aid's ability to assist borrowers over the next month.

Persons: Sen, Elizabeth Warren, —, Warren, — Sens, Chris Van Hollen, Ed Markey, Richard Blumenthal —, servicers, Joe Biden's, Virginia Foxx, Bill Cassidy, Karine Jean, Pierre, Jean, Pierre said Organizations: Democratic, Service, Federal Services, servicer, Central Research Inc, Education Department, — House Republicans, Federal Student Aid, Consumer Financial, Republican, Office, Department, House Press, Education

☆ Judge assigned to US antitrust case against Amazon recuses himself
▼ + stars: | 2023-09-27 | by ( ) edition.cnn.com time to read: +1 min

The judge assigned to the US Federal Trade Commission’s antitrust lawsuit against Amazon.com has recused himself from the case, according to a court document filed on Wednesday. Senior Judge John Coughenour was assigned to the case on Tuesday, when the antitrust lawsuit was filed against Amazon in federal court in Seattle. Coughenour, an appointee of Republican former President Ronald Reagan, did not cite a reason for dropping off the case in the court filing. The case has been re-assigned to US District Judge John Chun based on rotation, according to the document. Amazon is facing a series of similar but smaller private consumer cases filed in recent years that are pending in the same US federal court with Judge Ricardo Martinez and the FTC has argued its case should be assigned to the same judge to avoid duplication or conflict.

Persons: John Coughenour, Ronald Reagan, John Chun, Chun, Joe Biden, Judge Ricardo Martinez Organizations: US Federal Trade, Amazon.com, Amazon, Republican, US, Washington, Court of Appeals, FTC Locations: Seattle

☆ Heinz creates ‘Ketchup and Seemingly Ranch’ condiment for Taylor Swift
▼ + stars: | 2023-09-27 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Not even bottled ketchup is immune from the excitement of the possible romance between Taylor Swift and Travis Kelce. Heinz is releasing a limited edition “Ketchup and Seemingly Ranch” sauce in celebration of the two, with its origins being extremely online. Heinz told CNN that it’s producing and releasing 100 bottles of “Ketchup and Seemingly Ranch” sauce with a chance to score one soon via its Instagram account. Heinz is releasing a condiment in honor of Taylor Swift and Travis Kelce. Swift has been a boon to business and the broader economy – beyond just jersey sales and ketchup.

Persons: New York CNN —, Taylor Swift, Travis Kelce, Heinz, Swift, weren’t, “, they’re, Kelce, ” Organizations: New, New York CNN, NFL, CNN, Variety, North, US Federal Reserve Locations: New York, Kansas City

☆ Central bank interest rates: Is the global fight to tame inflation nearly over?
▼ + stars: | 2023-09-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —Central bankers have had to climb a metaphoric mountain over the past two years in the battle to control runaway inflation. The announcement came just hours after Switzerland’s central bank kept rates unchanged and a day after the US Federal Reserve did the same, holding its key lending rate in the range of 5.25% to 5.5%. “Central banks think they have raised interest rates enough to bring inflation down to their 2% targets in a couple of years’ time,” Paul Dales, chief UK economist at Capital Economics, told CNN. Key interest rates are now at levels that, if “maintained for a sufficiently long duration, will make a substantial contribution” to reducing inflation to its 2% target, the central bank said. “By this time next year, we anticipate that 21 out of the world’s 30 major central banks will be cutting interest rates.”

Persons: ” Paul Dales, “, Jerome Powell, Sarah Silbiger, Brent, Andrew Bailey, ” Seema Shah, ”, J.P, Morgan, Jennifer McKeown Organizations: London CNN —, Bank of England, US Federal Reserve, Capital Economics, CNN, European Central Bank, ECB, Federal, Washington DC, Bloomberg, Getty, European Union, EU, European Commission, Asset Management, “ Locations: United Kingdom, United States, Germany, Saudi Arabia, Russia

☆ Fortnite players can claim funds in Epic Games settlement
▼ + stars: | 2023-09-19 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Millions of Fortnite users can now claim their small part of the $245 million that the game’s parent company agreed to pay as part of a settlement with the US Federal Trade Commission. In a second and separate settlement, Epic also agreed to pay $245 million as refunds to consumers who were allegedly harmed by user-interface design choices that the FTC claimed were deceptive. The FTC is now notifying users who may be eligible to receive part of that $245 million settlement fund. Affected users may receive an email from the FTC over the next month with a claim number, or they can go directly to the settlement site and file a claim using their Epic account ID. Users have until January 17, 2024, to submit a claim to be included in the settlement class.

Persons: “, ” Organizations: New, New York CNN, US Federal Trade Commission, Epic Games, FTC Locations: New York

☆ Ballooning US deficit will keep bond yields high, even as inflation cools, market veteran says
▼ + stars: | 2023-09-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Despite cooling inflation, a growing US deficit will force yields to stay elevated, Ed Yardeni wrote. The 10-year Treasury yield is likely to remain elevated at around 4.25%-4.5%. "That's the highest ever excluding during the Covid-19 pandemic, despite Biden's claim that his administration has implemented measures to slash the deficit," Yardeni wrote. So, even as inflation heads towards the Federal Reserve's 2% target rate, the 10-year Treasury bond is likely to remain elevated at around 4.25%-4.50%, the market veteran said. Increasing the yield may be necessary as net inflows into bond mutual funds and ETFS has dwindled, Yardeni wrote.

Persons: Ed Yardeni, That's, Yardeni Organizations: Service, Treasury Department, Federal, Social Security, Treasury, Fed Locations: Wall, Silicon

GENEVA (AP) — Voters in a southern Swiss region on Sunday rejected a plan to allow large solar parks on their sun-baked Alpine mountainsides as part of the federal government’s push to develop renewable energy sources. The rejection doesn't torpedo solar parks entirely if the private sector wants to develop them. At stake is up to 60% of financing for big solar parks. The federal energy department estimates that about 40 to 50 proposals for large solar parks have been made across the country. Overall, Swiss federal authorities have set a target of 2 billion GWh in new solar energy under legislation promoting development of solar energy, adopted in September 2022.

Persons: “ Organizations: GENEVA, — Voters, Swiss People's Party Locations: Swiss, Valais, Switzerland, Bern Oberland

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