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President-elect Donald Trump signaled Friday his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary, in a move that puts a seasoned market pro and a close Trump loyalist in a critical economic position. As head of Treasury, Bessent, 62, will be both the U.S. fiscal watchdog as well as a key official to help Trump enact his ambitious economic agenda. Like Trump, Bessent favors gradual tariffs and deregulation to push American business and control inflation. The Treasury secretary is the lynchpin for the White House economic agenda. Others close to the president-elect think Bessent has not been rigorous enough in his support for tariffs, though Warsh also has made public statements against the levies.
Persons: Scott Bessent, Donald Trump, Kevin Warsh, Marc Rowan, Trump, Bessent, George Soros, Soros, Jerome Powell's, Warsh, Janet Yellen, Elon Musk, Cantor Fitzgerald, Howard Lutnick Organizations: Key, Trump, Group, Treasury, Wall, World's, Investors, Yale University, Rockefeller University, Preservation, Wall Street, Federal Reserve, Federal, National Economic Council, White Locations: Washington , DC, U.S, Bessent
Reno Mayor Hillary Schieve says city leaders should cut regulations that stymie construction. AdvertisementThe mayor of Reno, Nevada, argues that the single best thing city leaders can do to help solve one of the country's worst housing shortages is to loosen regulations on housing construction. As mayor, Schieve has celebrated the new jobs and the growth of arts and culture in Reno and its surroundings. Under Schieve, Reno has loosened some of its regulations by allowing for more density, reducing parking requirements, and cutting fees. Schieve, the former chairwoman of the US Conference of Mayors, said Reno's rules regarding affordable housing construction are relatively lenient.
Persons: Hillary Schieve, , There's, Schieve, Alex Horowitz, Tesla, she's, Joe Biden, Biden, Adrianne Todman, Donald Trump's, We've, we've, Vance, That's, Trump, Kamala Harris Organizations: Reno, Service, Apple, US, of Mayors, White Locations: Nevada, Reno , Nevada, Reno, Las Vegas
Insider Today: Hallways are disappearing
  + stars: | 2024-10-12 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com   time to read: +7 min
This post originally appeared in the Insider Today newsletter. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. More of this week's top reads:AdvertisementThe Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York City.
Persons: , Chelsea Jia Feng, Imani Bashir, it's, Bashir isn't, They've, Rebecca Zisser, Issa Issa Rae, Issa Rae, There's, Rae, Issa Rae's, Cate Blanchett, Kevin Kline, Menendez, Ryan Murphy, Jose, Kitty Menendez, Lyle, Erik, Abbott, Dan DeFrancesco, Jordan Parker Erb, Lisa Ryan, Amanda Yen, Grace Lett Organizations: Business, Service, BI, DC, Getty, HBO, Apple, Netflix, ABC Locations: Mexico, Washington, Hulu, New York City, New York, Chicago
These dividend growers are also on Goldman Sachs' buy list
  + stars: | 2024-10-09 | by ( Michelle Fox | ) www.cnbc.com   time to read: +4 min
Goldman Sachs recently screened for stocks that offer solid dividend yield as well as dividend growth, both of which can be covered by the company's earnings or free cash flow. All the names had to also be rated a buy at Goldman and have an estimated dividend yield of 2% or more in 2025. It has an estimated 2025 dividend yield of 4.6%, analyst Deep Mehta said. Its estimated CAGR in dividend-per-share between 2024 and 2026 stands at 19% and its estimated dividend yield in 2025 is 2.9%. In the oil patch, integrated producer Chevron is expected to nab a dividend yield of 4.9% next year.
Persons: Goldman Sachs, Deep Mehta, Corie Barry, Mehta, Prologis, Hess, John Hess Organizations: Federal Reserve, Goldman, Citigroup, Rent, Chevron, nab, Canadian Natural Resources, Federal Trade Commission, Exxon, Hess Locations: Guyana
Hallways are disappearing from America's homes
  + stars: | 2024-10-05 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +7 min
AdvertisementAs homeowners and builders make tough design choices, hallways are disappearing from many newly built homes. Highland Homes' Palermo floor plan. Courtesy of Highland HomesBy contrast, a Highland Homes floor plan from 2018 for a one-story home has more hallways. Why long hallways are becoming passéThere are several reasons hallways are being phased out of newly built homes, apart from saving money for builders. Courtesy of Highland HomesPictured above is Highland Homes' 608 floor plan, a two-story home of about 4,500 square feet released in 2020.
Persons: John Burns, Mikaela Arroyo, Arroyo, It's, Taylor Morrison, Jen Shurtleff, Shurtleff, Organizations: National Association of Home Builders, John Burns Research, Consulting, Trends, JBREC, Tri Pointe Homes, Forbes, Highland Homes, Highland, Homes, Generations United Locations: Tri Pointe, Texas, Highland, Dallas, Fort Worth , Houston, Austin, San Antonio, Palermo
These real estate stocks top Bank of America’s buy list
  + stars: | 2024-09-26 | by ( Michelle Fox | ) www.cnbc.com   time to read: +4 min
Investors looking to get in on the recent rise in real estate stocks should focus on quality, according to Bank of America. The real estate sector of the S & P 500 has been moving higher over the past month or so and is now up 10% year to date, after being in the red earlier this year. Real estate investment trusts are also an income play, often paying out attractive dividends. .SPLRCR YTD mountain S & P 500 Real Estate Sector The Federal Reserve started its rate-cutting cycle last week, slashing the federal funds rate by 50 basis points. Health-care real estate is a play on the aging of America , which will see more people seeking medical services and senior housing, Hall said.
Persons: Jill Carey Hall, REITs, Hall, Jeffrey Spector, Welltower, Spector Organizations: Bank of America, Real, Federal Reserve, Communities, American, Federal Realty Investment Trust Locations: America, U.S
In Japan, for example, most people are actually quite satisfied with housing costs. In recent years, rising rents and home prices driven by a severe housing shortage — coupled with elevated mortgage rates — have caused Americans' housing costs to soar to near-record levels of unaffordability. Some experts have pointed to Japan, where housing costs are lower than peer countries, as a potential model for solutions the US could adopt. While Japan's abundance of housing isn't entirely a positive story, when it comes to Tokyo, housing experts say there are many lessons the US could learn from its ally. AdvertisementWhile a population slowdown could help moderate housing costs, some experts believe a substantial population decline would have big economic consequences in the long run.
Persons: , aren't Organizations: Service, Business, Housing, Gallup Locations: Japan, Israel, Turkey, Slovenia, Portugal, United States, Tokyo
Are We Loving Our Pets to Death?
  + stars: | 2024-06-22 | by ( Linda Baker | ) www.nytimes.com   time to read: +1 min
Pets are more popular than ever. The pet population in India hit 31 million in 2021, up from 10 million in 2011. And our pets are becoming ever more like us — or at least, that seems to be our goal. Now some animal welfare ethicists and veterinary scientists are wondering if, in our efforts to humanize our pets, we’ve gone too far. The more we treat pets like people, they argue, the more constrained and dependent on us our pets’ lives have become, and the more health and behavioral issues our pets develop.
Persons: , Annie McCall, we’ve Organizations: American Pet Products Association Locations: Europe, India, Seattle
Opinion | The Stench of Climate Change Denial
  + stars: | 2024-05-27 | by ( Paul Krugman | ) www.nytimes.com   time to read: +1 min
This may sound a bit weird, but when I think about my adolescent years, I sometimes associate them with the faint smell of sewage. You see, when I was in high school, my family lived on the South Shore of Long Island, where few homes had sewer connections. Most had septic tanks, and there always seemed to be an overflowing tank somewhere upwind. Climate change. Along the Gulf and South Atlantic coasts, The Washington Post reported last week, “sea levels have risen at least six inches since 2010.” This may not sound like much, but it leads to rising groundwater and elevated risks of overflowing tanks.
Organizations: The Washington Post Locations: Shore, Long, Nassau County, Atlantic, The
China has made a lot of solar panels, dramatically lowering prices and helping the country's clean-energy transition. The problem is that Chinese manufacturers seem to have made too many solar panels, according to the US, the European Union, and their allies. China's facing its own overproduction problem at home following a breakneck pace of growth in solar energy — one key pillar of the country's "new three" economic drivers. Germany's energy prices are under pressure from too much solar energyIt's not just China getting hit by an excess of solar energy. Germany, too, has been producing so much solar energy that energy prices have fallen into negative territory when output peaks.
Persons: They're, Joe Biden, David Fishman Organizations: Service, European Union, Business, Reuters, Bloomberg, West, Longi Green Energy Technology, China Photovoltaic Industry Association, Lantau Group Locations: China, Beijing, overcapacity, Germany, that's
Republican Mark Christie opposed the rule, dismissing it as a gift to solar and wind power operators. Many power companies and Republican-led states don't want to spend money on new transmission lines or upgrades for renewable energy, creating conflicts with Democratic states that have ambitious clean-energy goals. The rule is intended to streamline how power lines are sited and how costs are shared between states. It could accelerate construction of new transmission lines for wind, solar and other renewable power and add huge amounts of clean energy to the grid. The new rule "will improve regional transmission planning, break down barriers to grid buildout and support the delivery of more affordable and reliable power,″ Zaidi said.
Persons: Joe Biden's, Willie Phillips, Allison Clements, Republican Mark Christie, Phillips, Christie, , Biden, Ali Zaidi, ″ Zaidi, Clements, Heather O'Neill, Chuck Schumer, Schumer Organizations: Federal Energy Regulatory Commission, Democratic, Republican, Energy Department, FERC, Advanced Energy Locations: Washington, U.S
How floodplain buyouts work
  + stars: | 2024-04-22 | by ( Lindsey Jacobson | Jason Reginato | Christina Locopo | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow floodplain buyouts workThe U.S. government is buying up and destroying American homes. Homeowners in the floodplain are choosing to voluntarily sell their doomed properties to the government. Since 1989, FEMA has helped fund around 45 to 50,000 home buyouts. FEMA is estimated to have spent somewhere around $4 billion on the project so far but that's just a fraction of the total amount spend on buyouts, since there are programs outside of FEMA. But not everyone is convinced buyouts are a good idea.
Organizations: Homeowners, FEMA Locations: U.S
That's not to say predictions of a commercial real estate rebound are a sure bet. Here are four signs that support Gray's prediction that the commercial real estate market may be bottoming. (New York Community Bank had previously purchased $2.7 billion in Signature's loans and deposits, but not the real estate loans.) According to David Seifert, partner at private equity real estate firm Velocis, there are some sweet deals to be had in secondary sales of private-equity funds tied to real estate. The road aheadWhere Gray sees signs of bottoming, others think commercial real estate has much further to fall.
Persons: Warren Buffett, Buffett, Paul Getty, Getty, Steve Mnuchin —, Blackstone, Mnuchin, Donald Trump's, George Soros, John Paulson, It's, Jonathan Gray, Jim Garman, That's, Barry Sternlicht, Gray, Tracy Chen, Chen, BGO, secondaries There's, Ares, Brian King, King, David Seifert, Seifert, Velocis, Goldman Sachs, Dan McNamara, McNamara, Scott Rechler, wallop, Janet Yellen, Rechler, there's Organizations: Business, Goldman, Reuters, Starwood, Brandywine Global, Federal Reserve, . Bank, New York Community Bank, FDIC, Signature Bank, Community Bank, Fund Management, Community Preservation, New, Commercial Observer, Blackstone, Homes, Digital Realty, Polpo, RXR Locations: Blackstone, , New York, New York, BREIT, Real, Velocis
These were informal but high-stakes gatherings, then known as LAN parties, whether winning a box of energy drinks or just the joy of emerging victorious. Many people who had never experienced the era of LAN parties also responded with excitement. Digital cameras — with which most of the photos in “LAN Party” were taken — had just become widely available to the public. LAN parties made space for competition and community in both 'real life' and online environments simultaneously. Dane Oleson/Electronox/Courtesy Thames & HudsonThough they have significantly dwindled in frequency, LAN parties do still take place.
Persons: David Harrison, Gen Xers, podcaster Merritt, , ” K, , , Anne de Waal, Charles, Jeff Tillett, , Merritt K, Brett Masse, Nick Huber, White, it’s, Dane Oleson Organizations: CNN, chrysalis, Google, Napster, Hudson, Thames, LAN Party, Twitter, QuakeCon, IRL Locations: Brisbane, Australia, Hengelo, The Netherlands, St, Charles Parish , Louisiana, Dallas , Texas, Tulsa , Oklahoma, Lee's Summit , Missouri
Declining boomer ownership will free up 9.2 million homes by 2035, a Freddie Mac report found. The 32 million homes owned by boomers will drop to 23 million by 2035, when the oldest members of the group are pushing 90. A new report from Freddie Mac estimates that declining homeownership for the group will free up 9.2 million homes by 2035. The generation accounts for about 21% of the total US population, but they own 38% of American homes, Freddie Mac found. The 32 million homes owned by the generation as of 2022 will drop to 23 million in 2035, when the oldest boomers will be close to 90 years old.
Persons: Freddie Mac, , Meredith Whitney Organizations: Service, American Consumer Survey
Wayne said that has been the case in his district, where an Ohio corporation has bought more than 150 single-family homes in recent years — often pushing out individual homebuyers with all-cash offers. Wayne's bill offers few specifics. It consists of a single sentence that says a corporation, hedge fund or other business may not buy purchase single-family housing in Nebraska unless it's located in and its principal members live in Nebraska. Currently, about 13% of single-family homes in Lincoln are owned by out-of-state corporate firms, he said. As in other states, Wayne's bill likely faces an uphill slog in the deep red state of Nebraska.
Persons: Sen, Justin Wayne’s, Wayne, it's, ” Wayne, isn't, Wayne Mortensen, Lincoln, Mortensen, ” Mortensen, Omaha Sen, Brad von Gillern, , Organizations: Control, American Homes, Democratic, Banking, Insurance, Commerce Locations: Nebraska, Omaha, Ohio, Minnesota , Indiana, North Carolina, Texas, Lincoln
That covers energy networks, mostly in the Northeast, that provide electricity for 190 million Americans, according to federal data. It also gets Goldman into an industry, albeit through an intermediary, that critics have called a hotbed of consumer abuse. The startup, which began offering retail energy plans to Texans in 2021, avoids the teaser rates and hidden fees of rivals, it has said. "Many of those companies operate businesses that serve retail customers. Private equity firms have transformed the energy landscape in the nation's largest power markets.
Persons: Omar Marques, Goldman Sachs, Goldman, watchdogs, James Bride, Marcus, David Solomon, Dennis Wamsted, Tyson Slocum Organizations: Lightrocket, Getty, Energy, CNBC, Texans, U.S . Energy Information Administration, New, Institute for Energy Economics, Utilities, Federal Energy Regulatory, Street, Public Citizen Locations: Texas, Houston, New York, Pennsylvania, New Jersey, Maryland
As climate-fueled disasters destroy more American homes, the crowdfunding platform GoFundMe has exploded in popularity. Its appeal is simple: People can provide cash directly to survivors, which is quicker than insurance and often more generous than government aid. But new research suggests that cash sent through GoFundMe disproportionately benefits the wealthy rather than those who most need help. They found that those with household incomes above $150,000 received 28 percent more money, on average, than those with incomes below $75,000. The authors concluded that the explanation largely revolves around social networks: Wealthier disaster survivors tend to be connected to more people, and those people often have more money to give.
Locations: Colorado, Boulder
LOS ANGELES (AP) — Japan's Sekisui House Ltd. is buying Denver-based homebuilder M.D.C. Holdings Inc. for $4.9 billion in a deal that would make the Japanese company the fifth-largest builder of new homes in the U.S. The companies said Thursday that they reached a definitive agreement for Osaka-based Sekisui to acquire M.D.C. Holdings for $63 per share. The all-cash offer translates to a roughly 19% premium over M.D.C. Holdings' closing stock price Wednesday. Political Cartoons View All 253 ImagesIn addition to the U.S. and Japan, Sekisui House has operations in Australia, the U.K., China and Singapore. Among the U.S. home construction brands it now operates are Woodside Homes, Holt Homes, Chesmar Homes and Hubble Homes.
Persons: Toru Tsuji, Sekisui, homebuilders Organizations: ANGELES, Sekisui, Holdings Inc, U.S, M.D.C, Holdings, M.D.C . Holdings, . Holdings, Richmond American Homes, Woodside Homes, Holt Homes, Chesmar, Hubble Homes, Residential Holdings Locations: Denver, Osaka, California , Florida , Texas, Japan, Australia, China, Singapore, U.S, Woodside, Sekisui
An advanced geothermal project has begun pumping carbon-free electricity onto the Nevada grid to power Google data centers there, Google announced Tuesday. Getting electrons onto the grid for the first time is a milestone many new energy companies never reach, said Tim Latimer, CEO and co-founder of Google's geothermal partner in the project, Houston-based Fervo Energy. Political Cartoons View All 1267 ImagesFervo is using this first pilot to launch other projects that will deliver far more carbon-free electricity to the grid. Google and Fervo Energy started working together in 2021 to develop next-generation geothermal power. Google announced back in 2020 that it would use carbon-free energy every hour of every day, wherever it operates, by 2030.
Persons: Tim Latimer, ” Latimer, Michael Terrell, We’re, , Terrell, , ” Terrell, Jennifer Granholm, Granholm, Sarah Jewett, Latimer, DCVC, Rachel Slaybaugh, Fervo, Slaybaugh, it’s, Jewett Organizations: Google, Energy, International Energy Agency, Fervo Energy, U.S . Energy Information Administration, Energy Department, DOE, Massachusetts Institute of Technology, AP Locations: Nevada, Houston, Utah, Winnemucca , Nevada, Las Vegas, Reno, United States, California , Nevada , Utah, Hawaii , Oregon , Idaho, New Mexico, Latimer, Fervo, Beaver County , Utah
George Tscherny, a leading figure in postwar graphic design whose work unified the crisp, clean lines of European modern art with an American commercial pop sensibility, died on Monday at his home in Manhattan. His daughter Carla Tscherny confirmed the death. Mr. Tscherny (pronounced CHAIR-nee) started his career in the early 1950s, near the beginning of an extended golden era of American consumerism and corporate growth — a period that demanded new types of advertising. Many of the designers who crafted the signature images of the era were European immigrants, often refugees like Mr. Tscherny, who brought a familiarity with the latest in modern art and design. Their work graced advertising campaigns, produced on Madison Avenue, that pushed cigarettes and toothpaste and jet travel into American homes.
Persons: George Tscherny, Carla Tscherny, Tscherny Locations: American, Manhattan, Madison
For more than a quarter century, the fortunes of the United States and China were fused in a uniquely monumental joint venture. Americans treated China like the mother of all outlet stores, purchasing staggering quantities of low-priced factory goods. Major brands exploited China as the ultimate means of cutting costs, manufacturing their products in a land where wages are low and unions are banned. As Chinese industry filled American homes with electronics and furniture, factory jobs lifted hundreds of millions of Chinese from poverty. China’s leaders used the proceeds of the export juggernaut to buy trillions of dollars of U.S. government bonds, keeping America’s borrowing costs low and allowing its spending bonanza to continue.
Persons: Niall Ferguson, Organizations: Communist Party Locations: United States, China
Airbnb started out with all mom-and-pop hosts, but now big firms are eyeing it as a money-maker. AdvertisementAdvertisementIt started buying up houses in Florida, and renting them out on Airbnb for hundreds of dollars a night, the Wall Street Journal recently reported . "The majority of Airbnb hosts share only one listing," according to a spokesperson. But the shift in operators from mom-and-pop hosts renting their spare bedrooms to major companies renting hundreds of units out has changed the guest experience, too, according to NerdWallet. AdvertisementAdvertisementShort-term rentals can be a volatile investmentRelying on Airbnb, though, can be risky for both mom-and-pop hosts and big-money investors.
Persons: Airbnb, , Brian Chesky, AirDNA, Skift, Jelke Bosma, Jamie Lane, NerdWallet Organizations: TPG, Service, Wall Street Journal, Saluda, Investment, Davidson, Capital Management, University of Amsterdam Locations: Florida, San Francisco, New York, WEG, Pompano Beach, Fort Lauderdale
Inside the $40 billion tuna industry
  + stars: | 2023-11-03 | by ( Darren Geeter | Christina Locopo | Tala Hadavi | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInside the $40 billion tuna industryOnce a staple in American homes, canned tuna consumption dropped 45.7% between 2000 and 2021. That is mainly due to changing consumer preferences, sustainability concerns, market consolidation and a major price-fixing scandal between Bumble Bee and StarKist that lasted nearly a decade. Despite this, in 2020, the U.S. remained the top importer. The industry, largely controlled by conglomerates such as Thai Union Group, saw a pandemic-driven demand spike in 2020, but that has since declined.
Persons: Bumble Organizations: U.S ., Thai Union Group Locations: U.S
The 2030 target, unveiled shortly after Biden took office, is central to Biden's broader plan to decarbonize the U.S. economy by 2050. The energy research firm expects 21 GW of offshore wind along U.S. shores in 2030, breaking 30 GW by 2032. Still, offshore wind developers including Orsted have said the IRA’s subsidies are insufficient for projects to thrive in the current environment, and are lobbying the administration for additional concessions. The nation currently has just two pilot-scale offshore wind farms capable of producing 42 megawatts of electricity. Stephanie McClellan, executive director of the offshore wind advocacy group Turn Forward, said making sure the first fleet of projects succeeds was more important than a particular timeline.
Persons: Brian Snyder, Joe Biden’s, Biden, Kris Ohleth, It's, Samantha Woodworth, Wood Mackenzie, Michael Brown, France's, it's, Kelly Penot, Rousseau, Orsted, Michael Kikukawa, Samah Shaiq, Shaiq, Doreen Harris, NYSERDA, Elizabeth Mahony, Stephanie McClellan, Nichola Groom, David Gregorio Our Organizations: REUTERS, BP, Shell, Companies, Developers, Ocean Winds, Reuters, Biden, U.S . Department of Energy, DOE, New York State Energy Research, Development Authority, New York State Department of Public Service, Equinor, Orsted . Massachusetts Department of Energy, Office of Energy, Environmental Affairs, New, New Jersey Board of Public Utilities, Thomson Locations: Rhode, U.S, North American, Massachusetts, Gulf of Mexico, Europe, Asia, China, United Kingdom, New Jersey, New York, Orsted .
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