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☆ Wharton professor Jeremy Siegel expects unemployment to spike - but says that could help the US escape a recession
▼ + stars: | 2022-12-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jeremy Siegel expects a labor-market downturn to help the US economy avoid a recession. Weaker jobs data could lead the Fed to stop hiking interest rates and end its war on inflation. Companies shedding surplus workers could increase unemployment, which might lead the Federal Reserve to stop hiking interest rates, Siegel said. Higher interest rates discourage spending, investing, and hiring, which alleviates upward pressure on prices. Yet they also can also lead to sweeping job losses and drag the economy into a recession.

We're initiating a position in Emerson Electric (EMR) Wednesday, buying 150 shares at roughly $97.91 apiece. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 150 shares of EMR, representing about 0.5% of the portfolio. Ever since Lal Karsanbhai took over as CEO in 2021, Emerson has accelerated its portfolio transformation to create value for shareholders and become a pure-play automation company. In May, the company closed the combination of its industrial software business with Aspen Technology (AZPN) to create a global industrial software leader. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Biden Administration Awards $36 Billion to Pensions for Truckers, Warehouse Workers
▼ + stars: | 2022-12-09 | by ( Heather Gillers | Catherine Lucey | ) www.wsj.com time to read: 1 min

President Biden, joined by labor leaders Thursday, says thousands of union retirees and workers could be reassured that the pensions they worked for would be there when needed. The Biden administration has awarded its biggest pension bailout to date under a 2021 package aimed at shoring up near-insolvent retirement plans. The $36 billion in taxpayer aid announced Thursday will prevent threatened cuts to the pension checks of 350,000 truck drivers, warehouse workers and others, according to a document provided by the White House.

☆ Ex-Antiabortion Activist Tells House Panel of Effort to Sway Supreme Court
▼ + stars: | 2022-12-08 | by ( Jess Bravin | ) www.wsj.com time to read: 1 min

Robert Schenck testified that he and fellow evangelicals believed that conservative justices needed shoring up. WASHINGTON—A former antiabortion activist told a House committee on Thursday about a decadeslong operation to gain personal access to conservative Supreme Court justices in a bid to bolster their will to overrule Roe v. Wade. Robert Schenck, who has since broken with the conservative Christian movement, said he and fellow evangelicals believed that conservative justices “were routinely maligned and insulted in the public arena and needed shoring up.”

☆ In Atlanta, Seeking a House With Ample Space Indoors and Out. Which Option Did He Choose?
▼ + stars: | 2022-12-08 | by ( Tariro Mzezewa | ) www.nytimes.com time to read: +2 min

When AJ Dewberry began his search for a new home in Atlanta, he knew what he wanted more than anything else was ample outdoor space. “Griffin is the country,” said Mr. Dewberry, 29, the founder and owner of Level 10 Repairs, a popular mobile-phone repair company in Atlanta. Email: thehunt@nytimes.com]A year later, with bank approval for a $680,000 loan and a smaller cash gift from his aunt, Mr. Dewberry started looking for land. For $500,000 to $600,000, Mr. Fleury said, a buyer could get a five- or six-bedroom townhouse or condominium. “The thing about Atlanta,” Mr. Fleury said, “is that it’s flexible that way.

☆ U.S., Europe Need a Grand Bargain on Semiconductors and Electric Vehicles to Counter China
▼ + stars: | 2022-12-07 | by ( Greg Ip | ) www.wsj.com time to read: +1 min

The U.S. and its allies agree they need to reduce their dependence on China. They also agree none can do so alone: No country is big enough to sustain an entire supply chain. Thus the frequent calls for “friend-shoring” among “like-minded partners.” At a meeting this week the U.S. and the European Union pledged “coordinated action to foster supply chain diversification (and) build resilience to economic coercion.”Behind this rhetorical camaraderie, though, old habits of protectionism and parochialism are reappearing. First, South Korea, Japan and the European Union complain that the electric-vehicle subsidies in the Inflation Reduction Act, which President Biden signed into law in August, discriminate against their manufacturers and suck investment from them. Second, those same allies have rebuffed U.S. calls to join its restrictions on the export of sensitive semiconductor technology to China.

☆ Any on-shoring of semiconductor supply chain is beneficial, says Bernstein's Stacy Rasgon
▼ + stars: | 2022-12-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAny on-shoring of semiconductor supply chain is beneficial, says Bernstein's Stacy RasgonStacy Rasgon, Bernstein senior analyst and managing director, joins 'TechCheck' to discuss if he sees TSMC's new chip fabrication plant in Arizona as a hedge against China manufacturing issues, where Intel is in its ambitions to manufacture chips in the U.S. and more.

☆ Redis Names Former Five9 CEO to Head Database Startup
▼ + stars: | 2022-12-05 | by ( Belle Lin | ) www.wsj.com time to read: +4 min

Database startup Redis Ltd. has named Rowan Trollope its new chief executive officer, effective Feb. 1. Mr. Trollope was CEO of the cloud-based customer-service software firm Five9 Inc. until Nov. 28, and had served in the role since 2018. After Mr. Trollope’s departure, former Five9 CEO Mike Burkland returned to his previous post. At Redis, Mr. Trollope will succeed Ofer Bengal, who co-founded the startup with Yiftach Shoolman in 2011 and has served as CEO since its founding. Mr. Trollope led Five9 through its plans to merge with Zoom Video Communications Inc. in September of last year.

HONG KONG, Dec 5 (Reuters) - China may announce 10 new COVID-19 easing measures as early as Wednesday, two sources with knowledge of the matter told Reuters, supplementing 20 unveiled in November that set off a wave of COVID easing steps nationwide. Management of the disease may be downgraded as soon as January, to the less strict Category B from the current top-level Category A of infectious disease, the sources said on Monday, speaking on condition of anonymity. China will allow home quarantine for some of those testing positive, among the supplementary measures set to be announced, two sources told Reuters last week. COVID-19 could be downgraded to Category B management or even Category C, the expert told Yicai. read moreWriting by Ryan Woo; Editing by Alison Williams and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Anna Sorokin says Sam Bankman-Fried's media apology tour is a scam: 'He's just trying to save himself'
▼ + stars: | 2022-12-04 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

Sam Bankman-Fried has been on a media apology tour following the collapse of his crypto firm. Convicted scammer Anna Sorokin (AKA Anna Delvey) thinks "he's just trying to save himself." 'He's just looking for pity'Through his media interviews, Bankman-Fried is trying to cultivate a more innocent image in the public eye, Sorokin speculated. Sorokin acknowledged that Bankman-Fried's narrative that he was blindsided, rather than willfully preying on FTX's customers, may be legitimate. "I don't know which one is worse — that he actually was not in control, or if he's trying to cover it up now.

☆ In title bout, 'Chocolatito' fights for Nicaragua leader Daniel Ortega
▼ + stars: | 2022-12-03 | by ( Drazen Jorgic | ) www.reuters.com time to read: +8 min

Two years later, the wealthy Coen family contracted Gonzalez to promote their Grupo Coen conglomerate in three world title fights in exchange for a house worth $150,000. Gonzalez's relationship with Grupo Coen also fractured. In 2019, he sued Grupo Coen after it refused to pay the boxer, claiming he didn't contest enough world title fights to fullfil his contract. This year, the courts awarded an extra $150,000 to Gonzalez against Grupo Coen, according to court documents seen by Reuters. Grupo Coen declined to comment.

☆ Saudi Arabia extends $3 bln deposit term to cash-strapped Pakistan
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Dec 2 (Reuters) - Saudi Arabia on Friday extended the term of a $3 billion deposit it made to Pakistan's foreign reserves, state news agency SPA and Pakistan's central bank said. Saudi Arabia deposited the money in Pakistan's central bank late last year as a loan to shore up the cash-strapped country's reserves. The central bank reserves stood at $7.5 billion as of Nov 25 this year. "Saudi Fund for Development (SFD) extended the term for the deposit provided by the Kingdom of Saudi Arabia in the amount of 3 billion dollars to the State Bank of Pakistan," the bank said in a statement. Reporting by Alaa Swilam in Cairo and Asif Shahzad in Islamabad; Editing by Alex Richardson, William MacleanOur Standards: The Thomson Reuters Trust Principles.

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). Welcome to Personal Finance Insider, a biweekly newsletter that connects you with the stories, strategies, and tips you need to be better with money. Financial planner Alex Alba told Insider it's important to pad your emergency fund, especially if you're worried about layoffs. Financial planner Pamela Capalad recommends a high-yield savings account for this purpose. High-yield savings are offered by major banks, and many accounts are currently paying 3% or more.

☆ U.S. subsidies better than EU ones on energy re-shoring, Enel CEO says
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

Companies Enel SpA FollowNEW YORK, Dec 1 (Reuters) - The U.S. Inflation Reduction Act is more efficient than European Union aid to support domestic production of energy sector components, the CEO of Europe's biggest utility Enel (ENEI.MI) said in an interview during the Reuters Next conference. The United States approved a $430-billion new green energy subsidy package in the summer labelled Inflation Reduction Act that offers tax breaks for components used in renewable energy technologies on condition they are made in North America. Starace called "problematic" the global dependence on Chinese solar materials, and confirmed Enel would ramp up its solar panel manufacturing capacity in Europe and in the United States with two plants. Europeans will eventually find an agreement on how to reduce the volatility of gas prices, the CEO of Enel said. To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click [https://www.reuters.com/world/reuters-next/]Reporting by David Gaffen; writing by Francesca Landini Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ Here's how investors should position themselves for success in 2023 as the US follows Europe into a recession, according to financial giant Macquarie
▼ + stars: | 2022-12-01 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

Its top experts explained what's worth buying in stocks, fixed income, and alternative assets. Globalization was an aid to economic growth over the last few decades, but it's fading, or even reversing. Meanwhile productivity growth is weakening, and the aging populations of many countries means there are fewer workers, which makes growth harder to achieve and sustain. Global Fixed Income Strategist Graham McDevitt says that bond yields are peaking and prices are attractive in a lot of fixed income sectors, but overall fixed income pricing "is much more aligned with a soft landing" than the recession Macquarie's experts expect. Lastly, in real assets, McCormack says he's bullish on infrastructure and agriculture assets, and positive on real estate to a lesser extent.

☆ Yellen says U.S. firms should be mindful of China-Taiwan geopolitical risks
▼ + stars: | 2022-11-30 | by ( David Lawder | ) www.reuters.com time to read: +3 min

But we are seeing a range of geopolitical risks rise to prominence, and it's appropriate for American businesses to be thinking about what those risks are." U.S. companies are beginning to think about such supply chain risks more seriously, including over Taiwan and Chinese practices that have raised national security concerns, Yellen said. But she said continued strong business ties between the United States and China were important for the global economy. It would not be beneficial "either to the United States or to China or to the global economy to see that erode." Yellen also said China's persistent COVID-19 lockdowns were disrupting production and hampering efforts to end disruptions to global supply chains and rebuild goods inventories.

☆ Hunger-struck Africa needs liquidity, debt relief
▼ + stars: | 2022-11-30 | by ( Joe Bavier | ) www.reuters.com time to read: +3 min

"It's not just been these macroeconomic fallouts, but also, heart-wrenchingly, the food insecurity issue," said Abebe Aemro Selassie, director of the International Monetary Fund's (IMF) Africa Department. "Food insecurity has shot up like never before." The number of East Africans facing acute food insecurity has jumped by 60% to 82 million in the past year. But Razia Khan, Middle East and Africa Chief Economist at Standard Chartered Bank, questioned whether simply providing more liquidity would be enough. Easing their debt burdens would allow governments to focus on pressing problems including food insecurity.

☆ Huge trade partner and ‘systemic rival.’ Europe has a China problem
▼ + stars: | 2022-11-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

The Covid-19 pandemic, Russia’s invasion of Ukraine, and tit-for-tat sanctions between China and EU lawmakers have strained relations since. The total value of the goods trade between China and Europe hit €696 billion ($732 billion) last year, up by nearly a quarter from 2019. China was the third largest destination for EU goods exports, accounting for 10% of the total, according to Eurostat data. Even so, the United States may exert more pressure on Europe to pull away from China, Borges de Castro noted. EU investment into China has also become more concentrated.

☆ IMF and WTO leaders warn don't 'pull the plug' on global trade
▼ + stars: | 2022-11-29 | by ( Andreas Rinke | ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - The leaders of the International Monetary Fund and the World Trade Organization on Tuesday warned against the negative impact of deglobalization for the global economy, arguing instead for smart moves to diversify supply chains. "Don't pull the plug on trade that makes us all better." WTO Director-General Ngozi Okonjo-Iweala, speaking at the same news conference, echoed that view, noting a WTO estimate that breaking the global economy into two trading blocs would reduce global gross domestic product by 5% in the longer term. "Retreating from trade, being protectionist will make it harder - not easier - to solve the problems we have now," Okonjo-Iweala said. She said data pointed to even lower global growth next year than the 2.7% rate the IMF had projected in mid-October.

☆ Turkey's economy grew 4% in Q3; 2022 growth seen at 5%
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

Turkey's economy bounced back strongly from the COVID-19 pandemic to expand 11.4% in 2021. Turkey's gross domestic product (GDP) growth was expected to stand at 4% year-on-year in the third quarter, according to the median estimate of 13 economists participating in the Reuters poll. Given the expected slowdown, the median estimate of 13 economists for GDP growth in 2022 stood at 5%, in a range of 4.50% and 5.60%. It cited signs of an economic slowdown for its easing. The Turkish Statistical Institute will announce Q3 GDP growth data at 0700 GMT on Nov. 30.

☆ Analysis: Trump lesson on U.S. protectionism guides Canadian foreign policy
▼ + stars: | 2022-11-23 | by ( Steve Scherer | ) www.reuters.com time to read: +5 min

OTTAWA, Nov 23 (Reuters) - Canadian Prime Minister Justin Trudeau's government learned a lesson when former U.S. President Donald Trump forced the renegotiation of the North American trade pact five years ago: never underestimate U.S. protectionism. The next U.S. presidential election is less than two years away and Trump last week said he would run again, suggesting the "America first" trade policy could again be on the ballot. Even without Trump, the United States has shown signs of becoming increasingly leery of free trade in recent years. When America goes America first, they forget Canada's right next door," said a senior source familiar with the Canadian government's thinking on foreign policy. "I don't want to undermine the Indo-Pacific strategy by saying it's entirely about the United States, because it's not, but having a strong Indo-Pacific strategy is also important in our bilateral relationship with the United States," the senior source said.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 21, 2022. Energy was the only major S&P 500 sector eying gains for the year, surging around 58%. Travel stocks including American Airlines Group Inc (AAL.O) and Norwegian Cruise Line Holdings Ltd (NCLH.N) fell 0.5% and 1.2%, respectively. Keeping declines on the Dow Jones Industrial Average (.DJI) and S&P 500 (.SPX) in check was a 5.8% jump in Walt Disney Co (DIS.N) after Bob Iger's return as chief executive to the entertainment giant. The S&P index recorded eight new 52-week highs and two new lows, while the Nasdaq recorded 68 new highs and 156 new lows.

☆ Here's how to establish better protection around your company's 2 biggest cybersecurity risks
▼ + stars: | 2022-11-18 | by ( Sponsor Post | Created Citizens With Insider Studios | ) www.businessinsider.com time to read: +6 min

There are a number of ways that cybercriminals target payments directly or collect sensitive information that allows them to access financial accounts. Phishing remains one of the most common methods criminals use to gain access to payments or sensitive information. Under the guise of authority, they ask employees to send payments or sensitive information. Stolen credentials can also be used to initiate fraudulent ACH payments. Ransomware programs typically infiltrate a company's network, encrypting data across the network to render it unusable and then holding the encrypted data for ransom.

☆ Singapore minister says country won't take sides as there's no win-win scenario in fractured world
▼ + stars: | 2022-11-17 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +4 min

"Global businesses have a voice and need to make their voice heard, that you prefer an integrated world, and not a fragmented world," Singapore's Education Minister Chan Chun Sing (pictured here in 2019) said. Bloomberg | Bloomberg | Getty Images"It's important to remember that a more interdependent world is a safer world. He cited Russia's war in Ukraine and the World Trade Organization dispute settlement crisis as some of the cracks in the system. "Global businesses have a voice and need to make their voice heard, that you prefer an integrated world, and not a fragmented world," Chan said. "World trade as a percent of GDP had in the past been going up very fast, which contributed to the very low rate of inflation.

☆ ‘Difficult decisions’: Britain announces higher taxes and spending cuts
▼ + stars: | 2022-11-17 | by ( Julia Horowitz | ) edition.cnn.com time to read: +5 min

London CNN Business —The United Kingdom has already entered a recession and is battling decades-high inflation, eroding standards of living for millions of people across the country. Britain’s painful planThe United Kingdom is in a recession that will last just over a year, the country’s budget watchdog said in a new forecast released Thursday. The United Kingdom is also increasing its windfall tax on oil and gas companies, while slapping a new levy on electricity generators. “We do have to take difficult decisions on public finances, so we’re going to grow public spending, but we are going to grow it more slowly than the growth in the economy,” Hunt said. The Bank of England has said the United Kingdom could be in a recession for two years.

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