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Gabriel Flores shows the level of the water dropped in the Lake Titicaca area during the drought season, in Huarina, Bolivia, August 3. Titicaca is only 30 cm (1 foot) away from reaching its record low of 1996 due to severe drought, said Lucia...moreGabriel Flores shows the level of the water dropped in the Lake Titicaca area during the drought season, in Huarina, Bolivia, August 3. Titicaca is only 30 cm (1 foot) away from reaching its record low of 1996 due to severe drought, said Lucia Walper, an official with Bolivia's hydrology and meteorology service. She added that the drought could last until November in some parts of the country. REUTERS/Claudia MoralesClose
Persons: Gabriel Flores, Lucia, Lucia Walper, Claudia Morales Locations: Lake, Huarina, Bolivia, Titicaca
[1/9] Isabel Apaza and Gabriel Flores sail in their boat through a narrow water path near the shore of Lake Titicaca in Huarina, Bolivia, August 3, 2023. REUTERS/Claudia MoralesHUARINA, Bolivia, Aug 4 (Reuters) - The parched shoreline and shrinking depths of Lake Titicaca are prompting growing alarm that an ago-old way of life around South America's largest lake is slipping away as a brutal heat wave wreaks havoc on the southern hemisphere's winter. Like many places suffering deadly consequences of climate change, the sprawling freshwater lake nestled in the Andes mountains on Bolivia's border with Peru now features a water level approaching an all-time low. Globally, July was the hottest month on record, as prolonged dry spells take an especially heavy toll on humans and animals alike. "I don't know what we're going to do any more since we don't have food for our cows or lambs."
Persons: Isabel Apaza, Gabriel Flores, Claudia Morales HUARINA, Lucia Walper, Monica Machicao, Santiago Limachi, Sergio Limachi, Valentine Hilaire, David Alire Garcia, Nick Macfie Organizations: REUTERS, Farmers, Bolivia's Oruro Technical University, International Monetary Fund, Thomson Locations: Lake Titicaca, Huarina, Bolivia, Titicaca, South America's, Peru, Gabriel Flores ., South America, Uruguay, Montevideo, shriveled
Millionaire investors are adding to their mountains of cash, betting on higher interest rates and weak stock markets in 2023, according to the CNBC Millionaire Survey. Of the survey respondents, 28% said they have purchased more fixed income, as they expect interest rates to remain high. Millionaire investors are still betting inflation will persist for years, potentially keeping interest rates higher for longer. Three-quarters of millennial millionaires say inflation will come down to 2% within two years, with one in four saying it will hit the 2% target within a year. CNBC's Millionaire Survey was conducted online in April.
Persons: Elias Ghanem, George Walper, Walper Organizations: CNBC Millionaire Survey, Capgemini Research Institute, Financial Services, Spectrem, Millionaire Survey, CNBC, Millionaires, Millionaire, Valley Bank, First, Signature Bank, Federal Deposit Insurance Corporation
Millionaire investors haven't been this bearish since 2008
  + stars: | 2022-12-19 | by ( Robert Frank | ) www.cnbc.com   time to read: +4 min
Millionaire investors are betting on double-digit declines in stocks next year, reflecting their most bearish outlook since 2008, according to the CNBC Millionaire Survey. The last time millionaire investors were this gloomy was during the financial crisis and Great Recession more than a decade ago. Inflation, rising rates and the potential for recession are all weighing on the minds of wealthy investors, Walper said. The bleak outlook could also put additional pressure on markets, since millionaire investors own more than 85% of individually held stocks. Nearly half (46%) of millionaire investors have more cash in their portfolio than last year, with 17% holding "a lot more."
American millionaires are trimming their holiday spending and becoming more budget-conscious as a result of inflation, a sign that spending cuts are now rising up the wealth ladder, according to a CNBC survey. The CNBC Millionaire Survey found 80% of millionaire respondents — those with investible assets of $1 million or more — say they plan to spend less this holiday season due to inflation. Millennial millionaires are the most likely to cut back, with 100% saying they plan to spend less, compared to 78% of baby boomers. "They're becoming more cautious about how they're spending their money," said George Walper, president of Spectrem Group, which conducts the Millionaire Survey with CNBC. While inflation has impacted their spending, millionaires are split when it comes to inflation-driven changes in their investment portfolio.
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