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Talk of recession is dying down in corporate America
  + stars: | 2024-03-17 | by ( Alex Harring | ) www.cnbc.com   time to read: +7 min
Ever since the Federal Rserve began raising interest rates in early 2022, corporations and investors have braced for how a recession might play out. The word recession came up on the fourth-quarter earnings calls of 47 companies in the S & P 500, according to market data platform FactSet. Almost half of the more than two dozen finance chiefs surveyed by CNBC said they expect the Federal Reserve to control inflation without a recession, a scenario known as a soft landing. Looking ahead to 2024, CFO Emma Giamartino said the Dallas-based company's full-year guidance is "contingent" on the Fed cutting short-term interest rates and the economy skirting a recession. "All indications are now that we're going to have more of a soft landing than a recession."
Persons: John Wall, Emma Giamartino, Giamartino, Richard Galanti, Galanti, Joseph Margolis, it's, Margolis, J, Thomas Hill, Marvin Ellison, Ellison Organizations: Federal, U.S, Cadence Design Systems, CNBC, Federal Reserve, Costco, Kirkland Signature, Hotels, Vulcan Locations: Dallas, Salt Lake City, North Carolina
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The agency counted some of Russia's elite among its clientele — so I was quickly thrust into a world of private jets, guarded estates, and personal chauffeurs. I worked in Moscow until Russia's full-scale invasion of Ukraine in February 2022, when I was relocated to Monaco. I have a massage every day, I have my own massage therapist," he told us. AdvertisementBut the children often brought the topic up themselves, their comments ringing with the ideology they had likely absorbed at home.
Persons: , Cameron Manley, Barts, Vladimir Putin, Ivan, Alexei, Elena, It's, Philippe Jacquemart, Jorg Greuel, Putin, Sasha Mordovets, getty, wryly, Elizaveta Organizations: Service, Business, Monaco penthouses, Monaco, Mandoga, Getty, Mercedes, Benz, United Arab, Russia's, Sirius Locations: Moscow, Ukraine, Monaco, St, Caribbean, Rublevka, Saint, Nice, France, Russia, United Arab Emirates, Dubai, Russian, Sochi, Kyiv
CNN —A major fire ravaged the 80-year-old iconic Al-Ahram Studio in Cairo, causing extensive damage and spreading to adjacent buildings on Saturday morning, according to the Egyptian state news website Al-Ahram. The fire, which took firefighters over five hours to extinguish and prompted an evacuation of nearby residential buildings, erupted just hours after the completion of filming for a Ramadan television series, Al-Ahram added. Videos circulating on Egyptian media sites showed the studio site and the buildings around it fully affected by the fire. The studio had been instrumental in producing countless Egyptian films and television series, marking it as a significant cultural asset. Egypt’s Public Prosecutor has launched an investigation into the cause of the fire at one of the Arab world’s oldest film production houses, state media outlets report.
Persons: Ahram, Momen Samir, , Omar Sharif, Youssef Chahine, Mostafa Madbouly, Nevine, Kilany Organizations: CNN, Ahram, Getty, Hollywood, Egypt’s, Madbouly, State Information Service Locations: Cairo, Ahram, AFP, Egypt, Al
Read previewThe most competitive rental markets in the country are failing to add enough new housing. That's according to a new analysis of the country's 139 largest rental markets by RentCafe, which found that 17 of the 20 most competitive rental markets in the US are building less than the national average. Miami has the most competitive rental housing market in the country, the report found. Just 3.5% of Miami's rental apartments were vacant early this year — far below the five to eight percent vacancy rate that's considered healthy. Seven midwestern cities are among the top 20 most competitive markets in the US.
Persons: , RentCafe Organizations: Service, RentCafe, Oklahoma City, Silicon Valley , California —, Business, Income Housing Coalition, , Miami, Chicago . College towns —, University of Arkansas Locations: Oklahoma, Bridgeport, New Haven, Connecticut, Lansing, Ann Arbor , Michigan, Silicon Valley , California, Brooklyn , New York, San Diego, North New Jersey, Miami, Midwest, Milwaukee, North Jersey, Chicago, Fayetteville
"In a condo or co-op building, upfront costs and fees are determined at the building level and they can vary significantly," Romero said. To compare, for a typical rental building, according to New York state law, the application fee is capped at $20, and the security deposit is limited to one month's rent, Romero said. Rhode Island has a new state law that prohibits landlords, rental agents and property managers from charging application fees to rental applicants beyond the actual cost of conducting certain background checks if needed. What to know about renting a condo or co-opTo be sure: condos and co-op properties are primarily targeted to people who want to buy. If you come across condos or co-ops in your rental search, here are a few things to consider: 1.
Persons: " Romero, Romero, Frank Dong Organizations: Getty, Rhode, Ruby Locations: New York, . Wisconsin
I have a twin sister who I'm very close with, who said, "I'm going to Chicago," and I was like, "You know what? But once things started opening back up and the world started to become "normal" again, a lot of my friends left Chicago. When they hired me, they said I could work from one of two locations: either Austin, Texas, or Chicago. It's been almost two years or so and people are still commenting, "Texas didn't want you anyway." I haven't been back to Texas since I made my decision but I'm going in February for my cousin's birthday.
Persons: , AW, I've, Austin, Ayahna Wilbon, wasn't, flack, It's, A.W, Wilbon, haven't, I'm Organizations: Service, Facebook, Business, Chicago, Texas, Austin, Dallas Locations: Chicago, Texas, There's, Austin , Texas, Austin, Dallas, Houston
Howey, now 30, grew up in northwestern Georgia near Dalton, a small city known as the "carpet capital of the world." SolarCycle, which reclaims old solar panels to make new ones, in February announced plans for a glass factory. The law authorized big tax credits for companies making renewable-energy technologies, including solar panels, batteries, and electric vehicles, in the US. According to S&P Global, the US imported more than two-thirds of its solar panels from Southeast Asia last year. When he sees solar panels atop the chargers, he feels pride in his job.
Persons: Robert Howey, Howey, he'd, Qcells, Catherine Boudreau, Joe Biden, Biden, Bob Keefe, Keefe, Gedia, Pat Wilson, Wilson, Brian Kemp, Benz, Dalton, Kemp, Heidi Popham, Popham, Donald Trump, Scott Moskowitz, Sen, Jon Ossoff of, Moskowitz, it's, Carl Campbell, Campbell, , Whitfield, Jevin Jensen, Jensen, He's Organizations: US Navy, Business, Qcells, South, Hanwha, SK, Hyundai, Georgia Department of Economic, Gov, Porsche, Mercedes, SK On's, Financial Times, Georgia Northwestern Technical College, Treasury Department, P Global, Microsoft, Development Authority, Shaw Industries, Mohawk Industries, EV Locations: Georgia, Dalton, Japan, Cartersville, South Korea, Malaysia, North Carolina, China, Georgia , North Carolina, South Carolina, Savannah, Atlanta, Cartersville , Georgia, Germany, Commerce , Georgia, Southeast Asia, Korea, Jon Ossoff of Georgia, Washington, BloombergNEF, Vietnam, Whitfield County, ., Whitfield, Calhoun
The 10-minute walk took me past a row of colorful houses and apartments, red-and-yellow nasturtiums poking from their yards. The train ride, too, gave me precious time to read. It turned out swapping the train for two wheels took a bit more sweat, but no more time at all. My route took me under freeways, but most of the streets I took were so quiet that I could hear birds singing. AdvertisementGiving up my car has made me healthier, happier, and more connected to my neighbors than before.
Persons: I'd, California's, I've Organizations: Service, Oakland Locations: Los Angeles, America, South Berkeley, Oakland, Berkeley, Chance
She has amenities, like a 24-hour gym and an on-site community clinic, at arm’s reach. The complex seeks to be a model for communities nationwide by linking stable housing to better health. Aetna, a managed care organization that operates in the region, invested $26.7 million in the $80 million project, called H3C, whose “H” stands for health and the “3C” represents commerce, culture and community. Tenants and others in the community will have access to a medical clinic operated by DePaul Community Health Centers on the ground floor. Researchers at the Louisiana Public Health Institute will study patients’ health outcomes, and consultants at Health Management Associates will use the anonymized data to determine more effective ways that health systems can work with developers.
Persons: Ce’Yann Irving, I’m, , Irving Organizations: Catholic Charities, Community, Gulf Coast Housing Partnership, DePaul Community Health Centers, Louisiana Public Health Institute, Health Management Associates Locations: Central City, New Orleans, arm’s, Gulf, Coast
You're screened before you can move inThe Cohabs team ensures you have the right vibe and are there for the right reasons before you can sign a lease. The rent is fair to me for what I getA bedroom in a Cohabs house. AdvertisementThe roof deck in a Cohabs house. One of the kitchens in a Cohabs house. The Cohabs team really emphasizes this — on the first Sunday of every month, they send us a brunch for everyone to bond over.
Persons: , Elisa, Cohabs, There's, Cohabs I've, would've, We've Organizations: Service, Business Locations: New York City, Paris, New York, France, Brooklyn, Manhattan, Harlem, Europe
Vanke’s stock soared in Hong Kong and Shenzhen following the reports of potential new financing. On Monday, Moody’s cut Vanke’s rating to Ba1, which is often referred to as a junk rating. Residential buildings being built by Vanke in Nanjing STR/AFP/Getty ImagesFounded in 1984 in Shenzhen, Vanke is a flagship company in China’s property sector. It was the first listed property company in mainland China, boasting a high-profile IPO in 1991 on the still-nascent Shenzhen Stock Exchange. In 2023, property sales dropped 6.5% from 2022.
Persons: Moody’s, China Vanke, Vanke, Kaven Tsang, Fitch, Wang Shi, Donald Trump, Refinitiv Eikon, Vanke’s, it’s, , Ni, , ” Nomura Organizations: Hong Kong CNN, Economic Observer, CNN, Getty, Time, Shenzhen Stock Exchange, Shenzhen Metro, National People’s Congress Locations: China, Hong Kong, Beijing, Evergrande, Shenzhen, Nanjing, Vanke
China’s factory exports are powering ahead faster than almost anyone expected, putting jobs around the world in jeopardy and setting off a backlash that is gaining momentum. From steel and cars to consumer electronics and solar panels, Chinese factories are finding more overseas buyers for goods. But other countries are increasingly concerned that China’s rise is coming partly at their expense, and are starting to take action. The European Union announced last week that it was preparing to charge tariffs, which are import taxes, on all electric cars arriving from China. The European Union said that it had found “substantial evidence” that Chinese government agencies have been illegally subsidizing these exports, something China denies.
Organizations: European Union, Union Locations: China
Colin Yong, who works in the food and beverage industry, lives in a cozy, five-room public housing apartment in Singapore with his wife. But she wasn't always keen on it because she preferred a new house," Yong said. But my wife wanted more shelving and everything, so we learned to meet in the middle." Amanda Goh/Business InsiderWarm, dim lights create a soothing atmosphere that puts people at ease. Amanda Goh/Business InsiderNot settling for lessThe couple has one tip for other first-time homeowners: Don't settle for less.
Persons: Colin Yong, , It's, homeownership, Yong, they're, Eddy Kur, Amanda Goh, I've, wasn't Organizations: Service, Housing, Development Board, BTO, Amazon Locations: Singapore, Hougang, Amazon Germany
This is Nyepi, Balinese New Year. Amanda Syrowatka, owner of the Viceroy Bali, helps manage expectations for hotel guests during Nyepi. The day before Nyepi is Ngrupuk, when giant monster effigies called ogoh ogoh, representing evil spirits, are paraded around by local children. While some tourists plan to come to Bali for Nyepi specifically to witness or take part in the holiday, some find themselves there unexpectedly. “While I might not plan a trip around Nyepi,” says Bigg, “I certainly wouldn’t mind being in Bali for it again.
Persons: CNN —, Amanda Syrowatka, Viceroy Bali, Nyepi, , Wayan Ari, Putu Sayoga, Agung Parameswara, Margot Biggs, Organizations: CNN, Local, School for International Training, Viceroy Locations: CNN — Bali, Indonesia, Bali, Putu, India, Viceroy Bali ., Nyepi, American
So, when John and I started dating two years into living together, nobody was entirely surprised. AdvertisementHaving separate bedrooms was what we were used toWe visited one one-bedroom apartment just to check it out and knew immediately it wasn't for us. The apartment is two floors, with both bedrooms, the full bath, and the kitchen and dining area on the top floor, and a half-bath and living room in the basement. So, by having the bed in my room, it made my room also his, in a sense. Besides sleeping in the same bed at night, we treat our separate bedrooms the same way we did as roommates.
Persons: John, you've, we've, Waverly Colville, I'm Locations: East Williamsburg, Bushwick, Waverly
For years, the Yimbytown conference was an ideologically safe space where liberal young professionals could talk to other liberal young professionals about the particular problems of cities with a lot of liberal young professionals: not enough bike lanes and transit, too many restrictive zoning laws. The event began in 2016 in Boulder, Colo., and has ever since revolved around a coalition of left and center Democrats who want to make America’s neighborhoods less exclusive and its housing more dense. (YIMBY, a pro-housing movement that is increasingly an identity, stands for “Yes in my backyard.”)But the vibes and crowd were surprisingly different at this year’s meeting, which was held at the University of Texas at Austin in February. In addition to vegan lunches and name tags with preferred pronouns, the conference included — even celebrated — a group that had until recently been unwelcome: red-state Republicans. The first day featured a speech on changing zoning laws by Greg Gianforte, the Republican governor of Montana, who last year signed a housing package that YIMBYs now refer to as “the Montana Miracle.”
Persons: , Greg Gianforte, Organizations: University of Texas, Republicans, Republican Locations: Boulder, Colo, Austin, Montana
Barbara Corcoran once made over $1.2 million by selling 88 apartments in less than three hours. The "Shark Tank" star modeled her strategy on a puppy sale she watched as a child. AdvertisementBarbara Corcoran once sold 88 lousy apartments within three hours, making her $1.2 million, by cribbing from a puppy sale she witnessed as a child. Advertisement"All these fancy city people have come to buy the puppies," Corcoran recalled her mother saying. "I had almost 180 people waiting for me, the morning of the puppy sale, the morning of the one-price sale," she recalled.
Persons: Barbara Corcoran, , Jack Russell, Tim Ferriss, Corcoran, must've, Corcoran — Organizations: Service, cribbing, Corcoran Group Locations: New York, New Jersey, New York City,
People are aghast at a video of an NYC studio apartment with an open shower in the kitchen. The small apartment in downtown Manhattan had been on the market for two months at $3,495 a month. AdvertisementNew York City rents are no joke, but people are finding the monthly fees of a small Manhattan apartment with an open shower in the kitchen laughable. The camera pans over the shower, located steps from the door and the refrigerator of the open kitchen. In 2023, BI's Hana R. Alberts reported on a bidding war by prospective renters over a studio apartment without a bathroom listed for $2,350 a month because of its location in Manhattan's Greenwich Village.
Persons: isn't, , Elizabeth, it's, Alexander Spatari, wasn't, BI's Hana, Alberts, David Brand Organizations: Service Locations: NYC, Manhattan, York City, Soho, NYC's, Nolita, Midwest, Little Italy, NYC New York, York, Greenwich, it's
In addition to Diaz, the lawsuit names Merkley+Partners and its parent company Omnicom Group as defendants. Merkley+Partners is a 30-year-old full-service ad firm that has created campaigns for brands including Mercedes-Benz, White Castle, and Florida's Natural. "You went down on me, I went down on you, we had sex," the lawsuit says Diaz told the plaintiff. The lawsuit also says O'Rear was "treated in a cruel and callous fashion" during the firm's investigation. O'Rear's attorney told BI she was no longer working at the ad agency but declined to comment further.
Persons: , Armando Diaz, Diaz, Merkley, we've, Erin Johnson, Walter Thompson, Mr, O'Rear, I'm, Armando Organizations: Service, New York, Business, Partners, Omnicom Group, Mercedes, Benz, Merkley, WPP, Industry, de Mayo Locations: New York City, Manhattan, White, de
New York CNN —After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. I take that as a signal of a potential turn in the CMBS market in terms of the market sentiment. It’s not just all gloom and doom in the CRE market. Richmond Federal Reserve President Tom Barkin echoed the idea that the central bank may not cut interest rates this year. OPEC+, a coalition of the world’s top oil producing countries, had announced voluntary oil cuts of 2.2 million barrels per day in November.
Persons: Tracy Chen, Chen, that’s, Bell, Banks aren’t, CMBS, We’ve, they’ve, , Jerome Powell, Torsten Slok, , Tom Barkin, ” Barkin, “ I’m, Eva Rothenberg, Brent, Goldman Sachs Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, Brandywine, Intercontinental Exchange and Bank of America, outperformance, Fed, New York Community Bank, York Community Bank, Federal, Apollo Global Management, Richmond Federal, CNBC, OPEC, AAA Locations: New York, Japan, Switzerland, Germany, New, New York City, Richmond, OPEC, Saudi Arabia, Russia, Iraq, United States
A young worker complained about feeling lonely in a hotel room for a work trip and sparked an online debate. The US is facing a loneliness epidemic as young people feel increasingly isolated in a digital world. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA young worker has gone viral on social media and sparked a debate about loneliness and the relative merits of solo business trips after posting a TikTok complaining about feeling bored and alone in a hotel room for a work trip. Riley Scruggs, a senior creative strategist at Discover Financial Services in Washington, DC, posted a video on TikTok sitting around in a hotel room in suburban Illinois.
Persons: , Riley Scruggs, Scruggs, Eloise, I'm lowkey, Vivek Murthy, Murthy Organizations: Service, Discover Financial Services, US Locations: Washington ,, Illinois, TikTok
But Mr. Li maintained that China was on the right track. China had “withstood external pressures and overcome internal hardships,” Mr. Li told the National People’s Congress, a Communist Party controlled body that approves laws and budgets. “The economy is generally rebounding.”The National People’s Congress, a choreographed weeklong event, typically focuses on the government’s near-term initiatives, especially economic objectives. China’s growth goal, and the ways that the government is attempting to achieve it, are under intense international scrutiny this year. Communist Party leaders are trying to restore confidence in China’s long-term prospects and to harness new drivers of growth, such as clean energy and electric vehicles.
Persons: Li, ” Mr, Li’s Organizations: Stock, National People’s Congress, Communist Party, People’s Congress Locations: China
A two-year-old boy, who officials said was named Timofii, was discovered under rubble on a ground floor after the strike, Odesa City Municipality said on Telegram. He was killed the day before his third birthday, Oleh Kiper, the head of Odesa region military administration, said in a TV interview. Ukrainian President Volodymyr Zelensky said the attack showed the need to further strengthen the country’s air defense capacities. 18 apartments have been destroyed,” Ukrainian President Volodymyr Zelensky said Saturday. At least four have been declared killed after the drone strike hit a residential building in Odesa.
Persons: CNN —, Anna, Oleh Kiper, Andriy Kostin, Volodymyr Zelensky, Oleksandr Gimanov, , Zelensky, Joe Biden’s Organizations: CNN, Getty, Ukraine, Republican, Pentagon Locations: Russian, Ukrainian, Odesa, Odesa City, Ukraine, AFP, Russia
The Absurd Problem of New York City Trash
  + stars: | 2024-03-02 | by ( Emily Badger | Larry Buchanan | ) www.nytimes.com   time to read: +30 min
In New York City, trash has no dedicated space all its own. The Absurd Problem of New York City Trash And the Trade-Offs Required to Fix ItConsider the ubiquitous New York trash bag. The prospect has prompted much snickering: New York’s big idea to clean up trash is to … put it in trash bins? New York City Municipal Archives1913: A century in the past, but the same problems as today. New York City Municipal ArchivesBut those cans overflowed to horrifying effect during the 10-day strike:When New York streets resembled landfills.
Persons: , that’s, ” Anthony Crispino, , ” Cole Stallard, Stallard, Gerard Koeppel, Oscar, Neal Boenzi, New York Times Garbage, Larry C, Morris, Meyer Liebowitz, Rudy Giuliani, , , Norman Steisel, Eric Adams, Jessica Tisch, Tisch, Hiroko Masuike, Ms, there’s, It’s, ” Harry Nespoli, workarounds, Martin Melosi, Clare Miflin, Miflin, don’t, Benjamin Miller, Martin Robertson, ” Mr, Robertson Organizations: Sanitation Department, New York City Municipal, New York Times, York’s Sanitation Department, Department, York City Municipal, District of Columbia Department of Public, New York, New York Public, The New York Times, City Hall, Avenue, West 22nd, West, Eighth, 21st, West 21st, Bronx Manhattan Queens, Financial, Center, Zero Locations: New York City, stairwells, York, New York, York City, Amsterdam, Barcelona, Berlin, Washington, Houston, what’s, Chelsea, Erie, Manhattan, , New Yorkers, Staten Island, New, East, Bronx, Bronx Manhattan Queens Brooklyn Staten Island, European, Harlem, New York . New York, Relatedly, Brooklyn
Her husband and daughter survived the drone attack, her sister told CNN. According to Saturday’s daily address by Ukrainian President Volodymyr Zelensky, a toddler named Mark was also killed - he was two, set to turn three on Sunday. 18 apartments have been destroyed,” Ukrainian President Volodymyr Zelensky said Saturday. At least four have been declared killed after the drone strike hit a residential building in Odesa. Ukraine has been asking its western allies for more military aid as Russia’s war against Ukraine enters its third year.
Persons: Oleh Kiper, Anna, Volodymyr Zelensky, Mark, Andriy Kostin, Zelensky, Oleksandr Gimanov, , Joe Biden’s Organizations: CNN, Getty, Ukraine, Republican, Pentagon Locations: Russian, Ukrainian, Odesa, Ukraine, AFP, Russia
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