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☆ Jeep was a hot brand. Then Stellantis priced its fans out of its showrooms
▼ + stars: | 2024-11-21 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —The Jeep Gladiator was unveiled to great fanfare by then-owner Fiat Chrysler in 2018, the first pickup model for the hot brand in more than a quarter of a century. Gladiator sales have fallen steadily from the 2020 peak as a result and are down another 21% so far this year. The company’s relentless focus on short-term profits for 2023 had devastating consequences for Stellantis, Farris wrote. A car hauler transporting Jeep Wranglers drives past striking United Auto Workers members outside the Stellantis Jeep Plant in Toledo, Ohio, during the 2023 strike. One of the two factories at that assembly complex is about to lose one of the two shifts that builds the Jeep Gladiator.

Persons: Stellantis, Dodge, ”, Jessica Caldwell, Edmunds, “, Charlie Chesbrough, Kevin Farris, Carlos Tavares, Farris, Farris ’, Rebecca Cook, “ You’re, he’s, ” Farris Organizations: New, New York CNN, Fiat Chrysler, Fiat Chrysler’s, PSA Group, Gladiators, General Motors, Ford, Chrysler, Pacifica minivan, Toledo Assembly, Stellantis, Ford Motor, Cox Automotive, Dealers, Council, United Auto Workers, Jeep Wranglers, CNN, Challenger, Cherokee, Renegade Locations: New York, Toledo, Edmunds, Warren , Michigan, Stellantis, Toledo , Ohio

☆ McDonald’s needed to win Americans back. Then came an E. coli outbreak
▼ + stars: | 2024-10-28 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Even for a brand as gargantuan as McDonald’s, the last few months have been… a lot. The timing of the outbreak is especially challenging for McDonald’s as it has been trying to win back customers who’ve been put off by higher prices. Over the summer McDonald’s did an about face to try to win people back. “It had been a pretty strong quarter.”And absent the E. coli outbreak, Tuesday’s earnings call might have been all about the value menu and the Crocs. The length and severity of the outbreak is now a wild card for analysts as they assess McDonald’s financial future.

Persons: CNN Business ’, Chris Gaulke, Cornell University’s Nolan, who’ve, Chris Kempczinski, McDonald’s, They’ve, ” RJ Hottovy, it’s, ” Hottovy, “ McDonald’s, McDonald’s didn’t, “ We’ve, Sara Senatore, Chipotle, ” Senatore, “, ”, Wendy’s Organizations: CNN Business, New York CNN, shimmer, New York Mets, Cornell University’s, Cornell University’s Nolan School of Hotel Administration, Associated Press, Colorado Department of Agriculture, Bank of America, Wendy’s Locations: New York

☆ How a Trump or Harris presidency could impact your investments
▼ + stars: | 2024-10-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +12 min

This is the first in a five-part series about the impact both Trump and Harris presidencies could have on US consumers. To date, Trump and Harris have outlined specific policy proposals that will impact different parts of the stock market. The guide covers four specific asset classes, and is divided between the Trump and Harris impact on each. Advertisement"Our upbeat projections for the stock market in 2024 and 2025 are predicated on a view that hype over AI will continue to fuel a stock market bubble," the research firm said. And since presidential actions usually impact rates, the bond market will be shaped by what either Trump or Harris end up doing.

Persons: Harris, —, Donald Trump, Kamala Harris, Today's, they're, BofA, It's, Financials, Trump's, Trump, Peter Berezin, Joe Biden's, Bonds, Crypto, Bernstein, Gautam Chhugani, bitcoin, Chhugani, Harris Harris, she's, I'm, Larry Fink, Biden, it's Organizations: Trump, Service, Business, Wall, Bank of America, Allies, Foundation, BCA Research, Harris, Democratic, Economics, Capital, Federal, Harris Capital Economics, Federal Reserve, Bloomberg, bitcoin, BlackRock, Capital Economics, Fed Locations: China

☆ A historically Black community grapples with lasting impacts after Baltimore bridge collapse
▼ + stars: | 2024-10-18 | by ( The Associated Press | ) www.nbcnews.com time to read: +12 min

For their working-class, historically Black neighborhood, it was a lifeline to the outside world, a source of both pride and convenience. She doesn’t want to leave Turner Station, where her grandparents put down roots many decades ago. The federal government provided nearby housing only for white workers, so Black families started their own community in nearby Turner Station. He said Turner Station residents have expressed concern about potential damage to buildings from the seismic impact of the collapse. Meanwhile, Turner Station residents will be doing what they’ve done for generations: coming together and fighting for their community.

Persons: Baltimore’s Francis Scott Key, Minor, she’s, ruefully, ”, Courtney Speed, shouldn’t, “ We’ve, Turner, Speed’s Barber, “, ” Henrietta, Johns Hopkins, Robert Curbeam, Kweisi Mfume, Calvin Hill, “ It’s, Mfume, he’s, ” Mfume, Marquis Neal, Linwood Jackson, Jackson, ” Vernon Banks, There’s Gloria Nelson, there’s, Rashad Singletary, ” Singletary, God, He’s, nodded Organizations: Turner, Black steelworkers Turner, Black steelworkers, Bethlehem Steel, Turner Station, NASA, . Rep, NAACP, NFL, Democrat, ” Residents, football, Mount, Mount Olive Baptist Church Locations: Black, Turner, Baltimore’s, Baltimore, Southern, Congress, Baltimore County, Vietnam, Bethlehem, Avondale, Mount Olive

Donald Trump overcharged Secret Service agents protecting him and his family for rooms at his hotel in Washington while he was president, a new report from House Democrats alleges. The report points specifically to Nov. 28, 2017, when the Secret Service paid $600 apiece for several rooms for agents guarding Trump’s son Eric and his wife, Lara. On the same night, records show, more than 80 rooms were rented out at the Trump hotel at less than $600 a night. Craft booked rooms at the Trump hotel on 20 nights over the 11-month period, spending close to $30,000. But emails the committee obtained from the State Department show she insisted she stay at the Trump hotel.

Persons: Donald Trump, Trump, Trump's, —, Trump’s, Eric, Lara, Kelly Craft, Craft, Albert Pirro, Jeanine Pirro, Pirro, “, Mazars Organizations: Secret, Democrats, Trump International, NBC News, Trump, Trump Corporation of jacking, Secret Service, Democratic, Trump Cabinet, United Nations, State Department, Fox News, Trump Corporation, Republicans Locations: Washington, Trump's Washington, Canada, Craft, Maryland, Doral, Florida

☆ Dow gets a 500-point boost
▼ + stars: | 2024-09-09 | by ( David Goldman | ) edition.cnn.com time to read: +2 min

The Dow rose 484 points, or 1.2%, on Monday. At one point earlier in the afternoon, the Dow was up more than 600 points. This week, investors will get another look at US inflation data, starting Wednesday morning with the Consumer Price Index report. The Fed has kept interest rates high to bring price hikes under control. Because consumer spending makes up the vast majority of America’s economy, the Fed almost always plunges the economy into a recession when it hikes rates — although that’s obviously not the goal.

Persons: Dow, Fear, That’s, —, It’s Organizations: CNN — Investors, Dow, Nasdaq, CNN, Fed Locations: America

☆ Real estate values in Texas and Florida are being hit by violent weather as insurance costs spike
▼ + stars: | 2024-08-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The rise in violent weather events over the past few years are driving a decline in real estate values in Texas, Florida, and Louisiana, according to a recent note from Capital Economics. Related storiesAccording to data from MSCI, insurance costs in Florida have more than doubled from less than 2% of income receivable in 2017 to 4.5% at the end of 2023. And those higher costs have ultimately helped drag down property values in impacted regions, especially in the multifamily sector. Capital EconomicsBut there has been a sign of hope in that the rate of growth in insurance costs appears to have peaked, according to Pattison. But she says the ongoing trend of violent weather could still exacerbate the issue in the future, further driving real estate values down in the most impacted regions.

Persons: Imogen Pattison, Beryl —, Karen Clark, they're, Pattison, CBRE Organizations: Service, Capital Economics, Business Locations: Texas , Florida, Louisiana, MSCI, Florida, multifamily, Florida , Texas

☆ The Fed Is Impacting Our Election, Our Climate, Our Economy - The New York Times
▼ + stars: | 2024-07-29 | by ( Jen Harris | ) www.nytimes.com time to read: +2 min

The Federal Reserve’s handling of inflation is souring the public on our economy, harming vulnerable Americans, slowing our fight against climate change — and hindering the fight against inflation itself. For the past several months, the Fed has resisted lowering interest rates in an environment that clearly demands lower rates. The Fed repeatedly stated that it would not lower rates until it had confidence the P.C.E. While the Fed keeps waiting, the pain keeps accumulating. There is also the damage that unnecessarily high interest rates are inflicting on our battle against climate change.

Persons: Donald Trump, Kamala Harris Organizations: Fed Locations: U.S

☆ Parisian Airbnb hosts are raking it in this summer as hotels suffer
▼ + stars: | 2024-07-25 | by ( Eliza Relman | ) www.businessinsider.com time to read: +8 min

Many will stay in the French capital's tens of thousands of hotel rooms, but many others are opting for short-term rentals, including Airbnbs. There are 44% more short-term rentals listed in Paris than there were last summer, according to AirDNA, a collector of industry data. The French capital had the fastest-growing short-term rental market in the EU over the last year, according to Lighthouse, a firm that analyzes the hotel market. National lawmakers are also poised to raise taxes on income from short-term rentals as a way to encourage homeowners to rent out their properties long-term. Airbnb, which dominates the short-term rental market in France, has leveraged the Olympics to expand its roster of hosts and guests in France.

Persons: —, Airbnb, Dave Stephenson, it's, AirDNA, RICCARDO MILANI, Blake Reiter, Reiter, they're, John van Hasselt, Anne Hidalgo, Hidalgo, wouldn't, " Reiter Organizations: Service, Olympic, Business, Games, City of, Getty, Time, Olympic Games Locations: Paris, That's, EU, France, City, Weeks

☆ Postage is going up again. You should care, even if you don’t send mail
▼ + stars: | 2024-07-13 | by ( Chris Isidore | ) edition.cnn.com time to read: +9 min

Most people don’t use mail the way they used to – if they send out mail at all. And, most of all, businesses still depend on the mail to help them reach customers and keep the economy going. A history older than AmericaThe postal service and the United States have grown side by side since before the country’s birth – quite literally. The band The Postal Service was an indie-pop darling near the turn of the century. While stamp prices have doubled in that time, most experts point the finger at technology instead.

Persons: ”, Michael Plunkett, Benjamin Franklin, Alexis de Tocqueville, “ Alexander M, –, Santa Claus, Cliff, Newman, “, David Brin, Kevin Costner, ” Plunkett, Kevin Kosar, that’s, Plunkett, Sackler, ” ‘, doesn’t, Louis DeJoy, Kyle Grillot, Michael Kubayanda, Mark Dimondstein, ” Kubayanda Organizations: New, New York CNN, US Postal Service, Association for Postal Commerce, Boston Post, United States, Smithsonian Magazine, Getty, New York City, Postal Service, Post, ” Workers, Service, American Enterprise Institute, “, ”, Coalition, Century Postal Service, USPS, American Postal Workers Union Locations: New York, United States, Boston, United, Britain, France, Siren , Wisconsin, City, Los Angeles, AFP

☆ Illegal Eviction Complaints Rise As Police Fail to Enforce
▼ + stars: | 2024-07-10 | by ( Cecilia Reyes | ) www.businessinsider.com time to read: +44 min

The nature of illegal lockouts means they are hard to track directly. One of the responding officers calls a sergeant over, who says there's nothing else they can do. While only 14% of lockout calls led to a police report, 86% of calls about shoplifting did. As they walk over, one of the officers tells the other to look up "illegal lockout" on his phone. A 2006 bill that would have defined illegal lockouts for all Illinois residents was defeated.

Persons: Alfred Perry, He'd, Perry, Dan Wright, Perry didn't, Wright, Bridget Bennett, Dan hadn't, I'd, he'd, Charlie Bliss, Matthew Desmond, Lockouts, Jersey City's, haven't, he's, David Leibowitz, Leibowitz, —, Pretium —, Kristi DesJarlais, Siegel, Sean Thueson , , Thueson, Blackstone, lockouts, Pretium, Katherine Kelly, RealPage, Jennifer Bowcock, William Prosser ,, they're, Donna Rossi, Sara Heymann, Meghan Aguilar, Misty Skinner, Skinner, Levi Wilhelm, It's, hasn't, I've, Wilhelm, they'd, Jeffrey Uno, Deirdre Orange, isn't, Daniel Benavidez, Jenny Chavez, criminalizing, Rob Bonta, Eric Carter, John Bartlett, Carter, Fred Fuchs, Steve Cohen, Michael Bennet, Sarah Saadian, Douglas Farrar, Kelly, Fuchs, Heymann, who've Organizations: Labor, Chrysler, Social Security, Business, North Las Vegas Police Department, Child Protective Services, Las Vegas Justice, Atlanta Legal, Atlanta Police Department, Atlanta, Supreme, Department of Housing, Los Angeles Police Department, Houston —, Arizona, Housing Association, Invitation Homes, Siegel, Siegel Group, Blackstone ., Progress, Homes, Union, city's Housing Department, Miami, Police, Houston, Houston Police Department, Phoenix, Criminal, Chicago, Chicago Department, LAPD, Records, Jersey City, Las Vegas Metropolitan Police Department, Las Vegas Metro Police, Legal, Foundation of Los, Phoenix Police Department, Fulton County Marshal's Department, Avondale Police Department, Avondale Police, Metropolitan Tenants Organization, Texas Justice Court, Court Training Center, Illinois, National Weather Service, Democratic, Senate, Income Housing Coalition, Consumer Financial Protection Bureau, Federal Trade Commission, FTC, AGs Locations: Las Vegas, Detroit, Vegas, United States, Perry's, Princeton, Milwaukee, Los Angeles, Chicago, Atlanta, South Chicago, Phoenix, Jersey, New Jersey, Jersey City, Houston, Nevada, . Texas, Harris County, Texas, Arizona, Washington, city's, Atlanta , Miami, California, New York City, Spring Valley, Spring Valley , Nevada, Las, Foundation of Los Angeles, Avondale , Arizona, Arkansas, Georgia , Mississippi, Pennsylvania, Wyoming, In Connecticut , Massachusetts, Minnesota , New Jersey, New York, Delaware, Illinois

☆ America's Economic Plan Will Hurt World Economy, Global Stock Markets
▼ + stars: | 2024-06-09 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

The European Central Bank began easing interest rates on Thursday, cutting its benchmark rate by 0.25%. Investors and economists expect the Federal Reserve to follow suit and cut interest rates in September. This combination means there's a good chance that the September cut Wall Street is praying for may never materialize. The US already has somewhat higher interest rates than other countries — the Fed's benchmark rate is 5.25%- 5.50%. And in Asian economies, where interest rates are already significantly lower than in the US, things could get even messier.

Persons: Tamara, Vasiljev, Peter Schaffrik, Nigel Green, Green, we're Organizations: European Central Bank, Investors, Federal Reserve, Oxford Economics, JPMorgan, UBS, Bloomberg, of International Finance, Markets, RBC Capital Markets, deVere, Fed, We're, ECB, Bank of, EU, Bank of Canada, Bank of Canada's, Bank of England Locations: stagflation, China, Europe, Japan, South Korea, It's, America, United States, EU, Bank of England, Canada, East Asia

More than a year later, she is still in debt and resorting to sex work to pay her bills. But now she would have to repay him – with sex work the only way to raise the cash. Yu is one of hundreds of women coerced to sell their bodies after frequenting Japan’s so-called “host clubs,” experts told CNN. Of those detained, 40% told police they were soliciting to repay debts run up at host clubs, NHK reported. “It’s a romance scam, basically,” said Ayaka Shiomura, a member of Japan’s upper house of parliament, who has unsuccessfully pushed for better safeguards against exploitative host clubs.

Persons: Tokyo CNN — Yu, she’d, Yu, ’ ”, “, ” Yu, Daniel Campisi, Behrouz Meheri, ”, Ayaka Shiomura, Mikami Rui, ” Mikami Rui, Hidemori, Gen, Shiomura, “ let’s, ” –, ‘, ’ ” Yu, –, Rui, “ I’m Organizations: Tokyo CNN, CNN, Getty, Tokyo, NHK, Asahi Shimbun, International Association for Suicide Prevention, Befrienders Locations: Japan’s, Kabukicho, Tokyo, AFP, Japan, Okinawa, Macao, Hong Kong

☆ Golden Age for Rich Renters: Deals Make It Better Than Buying a Home
▼ + stars: | 2024-06-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +10 min

The result is that class A units account for more than half the apartment market, compared with one-third in the early 2000s, according to Moody's Analytics. High-end apartments that offer amenities up the wazoo — and rent breaks, to boot — represent a tantalizing alternative to the for-sale market right now. But as with all good things, the golden age for America's wealthy renters must also come to an end. Nations told me she still hoped to buy a home one day. "I know how challenging it is to rent in Nashville, especially on your own," Nations told me.

Persons: Emily Nations, she's, Nicole Bachaud, Rich, Joel Sanders, Sanders, Doug Ressler, David Brasington, Ressler, they're, — Organizations: Trinity, cabana, Nations, Analytics, University of Cincinnati, Census Locations: Nashville, downtown, Nations, New York, Salt Lake City, Atlanta, America, Houston, Austin, Phoenix, Charlotte, North Carolina, Raleigh , North Carolina, Tampa , Florida

☆ I spend $500 at Costco every month shopping for my family of 5. Here are 10 of my favorite things to buy.
▼ + stars: | 2024-06-01 | by ( Chris Bibey | ) www.businessinsider.com time to read: +1 min

I live in Pittsburgh with my wife and our three children, and I love to shop at Costco. I spend around $500 a month at the bulk grocer because I do most of my shopping there. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . To avoid blowing through our grocery budget as inflation keeps jacking price tags up, I do the majority of our shopping at Costco. Here are 10 of my favorite things I buy for my family of five at Costco.

Persons: Nutella, — Organizations: Costco, Gatorade, Service Locations: Pittsburgh

☆ Want to see Taylor Swift’s ‘Eras Tour’ without breaking the bank? Try Europe
▼ + stars: | 2024-05-14 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Planning a summer vacation in Europe usually requires an exorbitant amount of cash, but when Taylor Swift is involved, it actually might be a deal. For example, secondary market ticket prices for Swift’s show in Stockholm, Sweden, this Saturday are as cheap as $300 for standing room-only and seats in the nosebleed sections. Compare that to Swift’s show in Miami in October where seats are selling for about $2,000 to as much as $8,500 on StubHub. Julien De Rosa/AFP/Getty ImagesAlthough Europe’s laws on ticket resale vary country by country, a number of them, including Ireland and Portugal, ban ticket sellers from making a profit on the secondary market. For Swifties looking to jump over the pond for their London Boy, Shemtob recommends using ticket sellers such as Ticketmaster, AEG, Eventim or Twickets.

Persons: Taylor Swift, Swift, Sam Shemtob, Julien De Rosa, reselling, Shemtob, it’s, ” Organizations: New, New York CNN, Union, Alliance, CNN, Friends Arena, Swedish men’s national football team, Sweden isn’t, Getty, EU, Digital Services, European Court, Justice, ”, London, Ticketmaster, AEG Locations: New York, Europe, Stockholm, Sweden, Swedish, Miami, New Orleans, Indianapolis, Portugal, Spain, Germany, Paris, AFP, Ireland, France, EU

☆ MDMA therapy could be legalized by summer. Why are so many advocates sounding the alarm?
▼ + stars: | 2024-05-13 | by ( Anna Silman | ) www.businessinsider.com time to read: +52 min

Last summer, thousands of tie-dyed Burners and Patagonia-clad tech founders converged on the MAPS Psychedelic Science conference in Denver. The experience "broke the spell of this trauma, and she was able to rebuild her life," Doblin told The Guardian . The video team's job was to store recordings of every MDMA therapy session performed in the clinical trials. Grof believes in something called an "inner healing intelligence," an innate capacity for self-healing that psychedelic therapy helps unleash. Another time, a patient who had come to an MDMA therapy session later acknowledged they had been under the influence of LSD during treatment.

Persons: Jaden Smith, Aaron Rodgers, bro, Andrew Huberman, Rick Doblin, Doblin, mainstreaming psychedelics, influencers, Johnson, Elizabeth Nielson, Aubrey Marcus, ayahuasca, Matthew Stockman, Helena —, Timothy Leary, —, Hitler, Stanislav Grof, zombified, Brad Burge, Michael Mithoefer, Annie Mithoefer, Oprah, Sen, Joe Biden, MDMA's neurotoxicity, they'd, Albert Hofmann, David Bronner, Dr, Joe's, Bronner, Bronner's, Richard Rockefeller, John D, Rockefeller Jr, Rockefeller, Neşe, Johns Hopkins, who's, Devenot, Rick Friedman, Betty Aldworth, MAPS's multimillionaire, Tim Ferriss, Cody Swift, Zendo, Aldworth, Erica Siegal, Seth Whitelaw, Amy Emerson, JULIE JAMMOT, Ifetayo Harvey, Harvey, Lauren Unger, Unger, Casey Hardison, Harvey didn't, Hardison, Doblin's, Baylee Ybarra Gatlin, Gatlin, negligently, There's, Michael Pollan's, Steve Jurvetson, Elon Musk's who's, Genevieve, Steve Cohen, Alexandra, Mark Zuckerberg's, Dustin Moskovitz, Cari, Gwyneth Paltrow, Paltrow, Sergey Brin, Joe Green, Green, Zuckerberg, Genevieve Jurvetson, Michael Pollan, Jonathan Lubecky, he'd, Rebekah, Robert Mercer, Elizabeth Koch, Charles Koch, Rachel Nuwer, Koch, she'd, MAPS's, Elizabeth Crystal, Joe Rogan, didn't, Jesus Christ, Crystal, Meaghan Buisson, Richard Yensen, Donna, Yensen, Buisson, weren't, Robert, Rebekah Mercer, Sean Zanni, Grof, They've, Kayla Greenstien, it's, George Sarlo who'd, Vicky Dulai, Sarlo's, Dulai, Gul Dolen, Michael Mullette, who'd, Marla Aufmuth, Mullette, Lily Kay Ross, David Nickles, Ross, Greenstien, Rick, Lenny Ignelzi, biostatisticians, Lykos, Peter Thiel, Kara Swisher, Kris Lotlikar, Federico Menapace, Mo Septimus, Handout, Monnica, Williams, Lotlikar, Henry Elkus, Helena ., Elkus, Emerson, ICER Organizations: Science, New York Jets, rockstar, Multidisciplinary Association for Psychedelic Studies, Lykos Therapeutics, and Drug Administration, FDA, Business, Florida's New College, Jewish Telegraphic Agency, Sarasota Herald, Tribune, New College, Guardian, Drug, Harvard's Kennedy School of Government, eBay, Nevada, Doblin, Pentagon, Department of Veterans Affairs, Department of Defense, Staff, Corporation, PBC, pharma, New Yorker, New York Mets, Bloomberg, CBS, Breitbart, CBC News, BI, Porsche, Santa Cruz, New York Times, longtime, Mullette Corporation, New York, Health Canada, Compass, Sciences, Psychedelic Science, Whole Foods, McKinsey, Big Pharma, Vine Ventures, Lucid, Street Journal, Investments, Gawker, Publicly, PBC alums, Numinus, US Army Locations: Patagonia, Denver, Harvard, Colorado, Skokie , Illinois, Ireland, Czech, Sarasota, Arcturus, Florida, Swiss, Vietnam, Washington, Santa Cruz, Chicago, California, Iraq, British Columbia, New York, Hawaii, Santa, Nature, Moderna, Europe, Helena, Yale, Australia, Canada, Israel, Ukraine, ICER, . Upper

☆ This Old, Old House: Would You Buy a 1702 Fixer-Upper?
▼ + stars: | 2024-05-12 | by ( Steven Kurutz | ) www.nytimes.com time to read: 1 min

Lee McColgan’s career in finance was probably doomed as soon as he started visiting historic house museums. The first one he toured was the Fairbanks House, in Dedham, Mass., the oldest surviving timber-frame home in America, built in 1637. It was 2014, and Mr. McColgan was living in Omaha, where he worked as a sales representative for a large investment company. Despite a rural childhood in Vermont and an interest in visual arts and building, he had spent much of his adulthood working in a cubicle: five years of “jacking in” at a call center outside Boston, followed by several more as a Midwestern “external wholesaler” pitching mutual funds to financial advisers.

Persons: Lee McColgan’s, McColgan, “ Organizations: Fairbanks Locations: Dedham, Mass, America, Omaha, Vermont, ”, Boston

☆ Don't blame Wall Street for jacking up home prices, economist says
▼ + stars: | 2024-05-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +1 min

Wall Street isn't to blame for the non-stop rise in housing prices, according to Capital Economics. The research firm said any legislation designed to block hedge funds from buying homes won't lower home prices. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe ongoing rise in home prices shouldn't be blamed on Wall Street, according to a Thursday note from Capital Economics. The worry is that a surge in big investors buying up single-family homes is driving up prices, exacerbating a shortage in housing, and preventing younger people from becoming first-time home buyers.

Persons: — Organizations: Capital Economics, Investor, Service, Business Locations: Congress

☆ Wall Street Cruel Summer: Stock Market Crash, Inflation Ends Vacation
▼ + stars: | 2024-05-05 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Inflation canceled that, and now it's almost certain that Wall Street's summer is canceled, too. That means Wall Street's fantasies of decamping to the Hamptons for the summer have shattered. You can see why this tug-of-war will keep Wall Street on its toes and off Georgica Beach. There is a certain set on Wall Street that does not get to "rosé all day" on Hamptons summer water when currencies trade that way. The simplicity that Wall Street hoped for is one of the few options that's no longer on the table.

Persons: —, Justin Simon, decamping, Jerome Powell, opportunistically, Jamie Dimon, Torsten Slok, Slok, Powell, we'd, David Lefkowitz, dory, McDonald's, Silas Myers, Wall, Zuck, Simon, they're, it's Organizations: Federal Reserve, Jasper Capital, Nasdaq, Hamptons, JPMorgan, Fed, Pepsi, Mar Vista Investments, Wall, Nvidia, Tesla, Microsoft, Meta, Apple, EU Locations: Georgica, Japan

☆ UK property prices: Brits face biggest obstacles in 70 years to buying a first home
▼ + stars: | 2024-04-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“During some periods both the cost of buying (down payments) and the cost of owning (mortgage repayments) have been high. Mortgage rates biteThe average mortgage repayment has rocketed since late 2021 as the Bank of England, along with other major central banks, began jacking up official interest rates to bring down inflation. (The interest rate on some government bonds is used to set mortgage rates). On Monday, the average rate on a two-year fixed-rate mortgage stood at 5.82%, according to data from product comparison website Moneyfacts. “An election is due within the next year and a new government, committed to helping prospective first-time buyers, might start by acknowledging the challenges younger generations face not just in housing but more generally,” the BSA said.

Persons: Liz Truss, “ Organizations: London CNN, Building Societies Association, BSA, Office, National Statistics, Bank of England, UK Finance Locations: United Kingdom, London, England, Wales

☆ Final Four women’s prices: It’ll cost more to see Caitlin Clark game than the men’s
▼ + stars: | 2024-04-04 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Caitlin Clark’s popularity is jacking up ticket prices for the women’s NCAA basketball Final Four on Friday, making them even more expensive than the men’s. The average ticket price sold for the women’s games is $726, slightly higher than the men’s matchups ($710) on Saturday, according to data from secondary ticket website StubHub. With the women’s tournament having a lot fewer seats, plus the high demand, prices are going to be higher compared to the men’s. The higher average prices for Women’s Final Four games is a continuing trend from last year, according to StubHub. The men’s Final Four gets underway Saturday night.

Persons: Caitlin, Clark, ”, Adam Budelli Organizations: New, New York CNN, NCAA, Iowa Hawkeyes, State, NFL, LSU, ESPN, Hawkeyes, UConn Huskies, NC State, South Carolina Locations: New York, men’s, Cleveland , Ohio, Phoenix

☆ Chair Powell says the Fed isn’t more tolerant of higher inflation. Some economists disagree
▼ + stars: | 2024-03-31 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Some economists interpreted that as a sign that the Fed is now more tolerant of higher inflation. Powell pushed back on the perception that the central bank has grown more comfortable with inflation being higher for longer than expected in his post-meeting news conference. and my sense coming out of this month’s meeting was that Fed Chair Powell wants to get this easing cycle going sooner rather than later. What’s allowing the Fed to be patient or more tolerant of higher inflation? They’re willing to essentially look through some of the bumpiness in the inflation data at the beginning of the year.

Persons: Jerome Powell, That’s, Powell, “, ” Powell, “ We’re, Mohamed El, Erian, ”, Bell, Lydia Boussour, they’re, What’s, we’ve, Nathaniel Meyersohn, Read, Levi Strauss, Tupperware Organizations: Washington CNN, Federal Reserve, Financial Times, Fed, Home Depot, Home, P Global, Institute for Supply Management, Maine Foods, Dave, Buster’s Entertainment, US Labor Department, US Commerce Department, Stanford University Locations: EY, Cal

☆ Netflix cofounder Reed Hastings, who bought a ski mountain in Utah, snaps up more land for his public-private mountain experiment
▼ + stars: | 2024-03-29 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Reed Hastings is turning part of Powder Mountain into a ski club for the wealthy. Powder Mountain is the largest ski resort in the country. Related storiesThe former Netflix CEO said he is privatizing part of Powder Mountain to help remediate years of financial struggles. AdvertisementThe mountain was previously owned by a group of millennial investors who struggled to maintain the mountain, according to a report from The Information. Hastings announced his plans to make part of the ski resort private in December 2023, but Powder Mountain announced a new land acquisition and lift on Friday.

Persons: Reed Hastings, —, He's, Hastings, Ian Matteson Organizations: Netflix, Service, The New York Times, Meriwether Companies, Forbes Locations: Africa, Ogden, The, Sierra Nevada, Utah

LONDON (AP) — Unilever, the company that makes Ben & Jerry’s ice cream, Dove soaps and Vaseline, said Tuesday that it is cutting 7,500 jobs and spinning off its ice cream business to reduce costs and boost profits. London-based Unilever said its ice cream business, which also includes Magnum bars, has “distinct characteristics” from its other brands and would benefit from separate ownership to increase growth. The British consumer goods company with 128,000 employees also said it is launching a “productivity program” that is expected to lead to a reduction of about 7,500 mostly office-based jobs worldwide. The company behind Hellman’s mayonnaise, Axe fragrances and Cif household cleaners said it is targeting underlying sales growth of mid-single digits after spinning off the ice cream business. It saw sales volume drop 3.6% in 2022 after jacking up prices 13.3% on average across its brands that year.

Persons: Hein Schumacher, ”, Richard Hunter Organizations: — Unilever, Unilever, London Stock Exchange Locations: London

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