Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "George G"


25 mentions found


Donald Trump's favored inflation gauge? Bacon.
  + stars: | 2023-09-18 | by ( George Glover | ) www.businessinsider.com   time to read: +3 min
Donald Trump pointed to the rising cost of bacon as evidence for inflation. "Bacon is up five times… food is up horribly, worse than energy," he told NBC Sunday. Sliced bacon prices have actually only risen by about 12% since Trump left office. "Bacon is up five times… food is up horribly, worse than energy," he added. AdvertisementAdvertisementPerhaps the Donald Trump Bacon Index will one day join those two in the pantheon of great food-based economic metrics.
Persons: Donald Trump, Bacon, Trump, NBC's, Kristen Welker, Joe Biden's, hasn't, Donald Trump Bacon Organizations: NBC, Service, Sunday, Bureau of Labor Statistics –, Federal, Republican, Bloomberg, London and Locations: Wall, Silicon, Pret, London, London and New York
The US economy is looking resilient right now, with much of Wall Street dropping their recession calls. But growth will "slow meaningfully" over the fourth quarter, according to Goldman Sachs. Student loan repayments, the autoworkers' strike, and a potential government shutdown will all drag on GDP, the bank warned. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. That resumption could weigh on spending and chop around half a percentage point of the US's GDP growth, according to Hatzius' team.
Persons: Goldman Sachs, Goldman's, Jan Hatzius, Hatzius, there's Organizations: Service, Republicans, Detroit, Bank of America, Federal, Fed Locations: Wall, Silicon, Washington
Chinese house prices fell last month, according to data released Friday. The world's second-largest economy is grappling with a property crisis that's threatened to drag down growth. Policymakers have responded by cutting down-payment requirements and mortgage rates. The figures cover a period before policymakers slashed down-payment requirements and allowed lenders to cut mortgage rates in a bid to boost China's long-suffering real-estate sector. Falling house prices tend to weigh on a country's overall level of wealth, which fuels a decline in spending that drags down growth.
Persons: Evergrande Organizations: Service, National Bureau of Statistics, Fantasia Holdings Locations: Wall, Silicon, Beijing
"Fiji is the most important match of our Rugby World Cup campaign," coach Eddie Jones said in a news release. "It's another big opportunity for our young side to keep getting better and we'll be ready on Sunday." The experienced Nic White will instead partner flyhalf Carter Gordon at halfback with rookie Issak Fines-Leleiwasa set to win his second test cap from the bench. Hooker Jordan Uelese has also recovered from injury and will back up starting rake David Porecki from the bench. Ben Donaldson, man of the match against Georgia after being brought into the side primarily for his place-kicking, retains the fullback spot ahead of Andrew Kellaway.
Persons: James Slipper, Andrew Boyers, ETIENNE, George Gregan, Adam Ashley, Cooper, Taniela Tupou, Stade Geoffroy, Eddie Jones, Jones, Tate McDermott, Nic White, flyhalf Carter Gordon, Issak, Rob Valetini, Samu Kerevi, Marika Koroibete, Mark Nawaqanitawase, Lock Nick Frost, Will Skelton, Hooker Jordan Uelese, David Porecki, Ben Donaldson, Andrew Kellaway, Jordan Petaia, Carter Gordon, Fraser McReight, Tom Hooper, Nick Frost, Angus Bell, Jordan Uelese, Blake Schoupp, Zane Nonggorr, Richie Arnold, Rob Leota, Lalakai Foketi, Nick Mulvenney, Peter Rutherford Organizations: Rugby Union, Wales, Evergreen Wallabies, Fiji, Georgia, Stade, Rugby World, Thomson Locations: Australia, Cardiff, Wales, Britain, Australian, Taniela, Fiji
Oil prices are surging again – and that's making Russia a lot richer. Higher prices offset the potential impact of Russia's total output falling by around 150,000 barrels a day, the IEA added. West Texas Intermediate crude has climbed 26% to around $96 a barrel since the end of June, while the Urals crude gauge of Russian prices has jumped 33% over the same period. Rising oil revenues are likely to give Russia a much-needed economic boost as the Kremlin presses ahead with its ongoing war in Ukraine. AdvertisementAdvertisementWestern countries imposed a $60-a-barrel cap on Russian crude in December 2022 but Moscow has excelled at evading those sanctions, according to multiple think tanks.
Organizations: International Energy Agency, Service, IEA, West Texas, Kremlin Locations: Russia, Wall, Silicon, OPEC, Saudi Arabia, Moscow, Ukraine
The Lordstown plant opened in 1966; GM closed it just months before its contract with the UAW expired in 2019. The former GM plant in Lordstown, Ohio. The Ultium plant, just over a third of the size of the closed Lordstown plant, started building batteries last August. Justin Brown’s father worked at the Lordstown plant for nearly nearly 50 years; Brown, for 10 years. Some Ultium workers said they took the lower-paying job with the expectation that they would someday make GM-level pay.
Persons: Lordstown, , David Green, Foxconn, Fisker, Chris Isidore, isn’t, Eric Manaro, , EVs, Ultium, autoworkers, “ It’s, Justin Brown’s, Brown, “ I’m, George Goranitis, it’s Organizations: Ohio CNN, Lordstown Assembly, Pentagon, Motors, United Auto Workers, GM, UAW, EV, Lordstown Motors, CNN, Ohio Turnpike, , LG, Ultium, Ford, , General Motors, Big Locations: Lordstown, Ohio, It’d, Indiana, Lordstown , Ohio, Missouri, Spring Hill , Tennessee, Spring, Ultium
Don't rule out a hard landing for the US economy just yet, according to Bank of America. Strategists led by Michael Hartnett warned that oil, the dollar, and the Federal Reserve all still pose a threat. Their gloomy outlook clashes with much of Wall Street, with top banks and the Fed itself having shelved their recession predictions. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Hartnett's team said the consensus view is that there's a 20% chance of a hard landing – but warned the trifecta of oil, the dollar, and the Fed each still pose an economic threat.
Persons: Michael Hartnett, that's, Goldman Sachs, Jan Hatzius, Susan Collins Organizations: Bank of America, Federal Reserve, Fed, Service, Federal, West Texas, Boston Fed Locations: Wall, Silicon, Brent, Russia, Saudi Arabia
New Era Cap raised $775 million worth of debt and could explore an IPO, Bloomberg reported. New Era is best known as the official licensed hatmaker for MLB and the NFL. It's secured a $525 million loan and another $250 million worth of revolving credit, Bloomberg reported. Reuters reported Thursday that New Era had started preparing for an IPO that would value it at between $4 billion and $5 billion, citing unnamed sources. AdvertisementAdvertisementMeanwhile, Bloomberg reported Wednesday that Wilson tennis rackets maker Amer is targeting an IPO in early 2024 that could value the company at up to $10 billion.
Persons: Christopher Koch, It's, Christopher H, Koch, I've, didn't, Wilson, Amer Organizations: Bloomberg, MLB, NFL, Service, Bank of America, JPMorgan, Citigroup, Truist Financial, Reuters, SoftBank Locations: Wall, Silicon, North Carolina
China bought Russian products worth a record $11.5 billion last month, new customs data showed. Trade between the two countries has soared since the Kremlin invaded Ukraine last year. Russia expects trade volume with China to hit $200 billion by the end of the year. Customs data published Thursday showed that Chinese imports from Russia jumped more than 25% to a record $11.5 billion in August. Russia and China started to do more business with each other after Vladimir Putin invaded Ukraine in February 2022, which led to the US and its allies imposing widespread sanctions.
Persons: Vladimir Putin Organizations: Service, China, Kremlin Locations: China, Kremlin, Ukraine, Russia, Wall, Silicon, Beijing, Moscow, renminbi
The data suggests businesses are struggling to cope with the Federal Reserve's interest-rate rises. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The number of failed firms jumped 17% between July and August, according to data from Ep iq Bankruptcy reported by Bloomberg. Last month was the 13th in a row where the number of individual and commercial bankruptcies rose year-on-year, the outlet added. AdvertisementAdvertisementRetailer Bed Bath & Beyond, Silicon Valley Bank, and digital media brand Vice are among the US companies that have filed for Chapter 11 bankruptcy this year.
Persons: Kevin O'Leary Organizations: Bloomberg, Company, Service, Valley Bank Locations: Wall, Silicon
The AI boom won't prevent a recession, according to Jeremy Grantham. Stock prices will fall when that economic slump hits, the legendary investor added. "Personally, I think AI is very important," the GMO cofounder said. And we will have a recession running perhaps deep into next year and an accompanying decline in stock prices." AdvertisementAdvertisement"It may start in 2023," Grantham added, in response to a question about when the recession is likely to begin.
Persons: Jeremy Grantham, hasn't, Bloomberg's David Rubenstein, Grantham, Grantham –, he's, We're Organizations: Bloomberg, Service, Grantham Locations: Wall, Silicon, ChatGPT
"Bidenomics" isn't winning over US voters, according to a Wall Street Journal survey. Nearly 60% of respondents told the outlet they disapproved of the President's economic policies. That's despite inflation cooling and unemployment holding steady in recent months. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The Wall Street Journal surveyed 1,500 voters on August 24 and found that 59% of Americans disapprove of the job Joe Biden is doing on the economy, with just 37% saying they approved the President's policies.
Persons: Joe Biden, Joe Biden's, Biden, Donald Trump, Trump Organizations: isn't, US, Wall Street, Service, Street Journal, Biden, Federal Reserve, Labor, America, Journal Locations: Wall, Silicon, China, August's, America, Pennsylvania
There's now just a 15% chance of a US recession over the next 12 months, according to Goldman Sachs. The Federal Reserve is close to calling time on its war on inflation, according to the bank. "Our confidence that the Fed is done raising rates has grown," economist Jan Hatzius said. "On net, our confidence that the Fed is done raising rates has grown in the past month," he wrote in a research note. Those economic data-points could help to convince some of the more hardline Fed policymakers that further tightening won't be necessary necessary, according to Hatzius.
Persons: There's, Goldman Sachs, Jan Hatzius, there's, it's, Henry Blodget, Jerome, Powell's, Jackson, Hatzius Organizations: Federal, Service, Federal Reserve, Fed Locations: Wall, Silicon, Wyoming
China may now never become the world's largest economy, according to Bloomberg Economics. Forecasters expect its GDP to briefly pass the US's in the mid-2040s, before "falling back behind". Beijing has struggled to revive growth and shore up its crisis-hit property sector this year. "The post-Covid rebound has run out of steam, reflecting a deepening property slump and fading confidence in Beijing's management of the economy. The economists – who previously saw China overtaking the US in the 2030s – believe that GDP growth in the world's most-populous country will slow from its current level of over 6% to just 1% by 2050, revised down from an earlier prediction of 1.6%.
Persons: China's, Joe Biden, Organizations: Bloomberg Economics, Service, Bloomberg Locations: China, Beijing, Wall, Silicon
Kevin O'Leary once again warned that the Federal Reserve's sharp interest-rate hikes could cause economic chaos. The “Shark Tank” investor is worried about the impact that tightening campaign could have on small businesses. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. You can't say that about small business anymore," he added. "But 60% of America is small business.
Persons: Kevin O'Leary, " O'Leary, O'Leary, Biden, We've, Fox Organizations: Service, Fox Business, Canada's Conservative Party Locations: Wall, Silicon, America, That's
It's been a rough 2023 for China, with Beijing failing to stop deflation or contain an ever-worsening property crisis. A brain drain could present the next big threat for the world's second-largest economy. Brain drains are almost always bad news for a country, robbing its economy of a key engine for growth. AdvertisementAdvertisementBrain drains are "horrible for the economy – you need leaders to drive your economy forward," Nuzum said. "If one entrepreneur leaves, whatever – but if tens or hundreds of thousands move across the border, that's a big problem."
Persons: It's, Xi Jinping, Jack Ma, Rich Nuzum, Nuzum Organizations: Service, Wall Street, Henley & Partners, Big Tech Locations: China, Beijing, Wall, Silicon, North America, Europe, that's
Maritime historians found a schooner that sank in 1881 intact in Lake Michigan. Brendon Baillod and Robert Jaeck found the shipwreck of the 156-year-old vessel back in July. The vessel is so well-preserved that its crew's possessions are still present. Baillod and Jaeck found the vessel by reading historical accounts of the shipwreck by survivors, then deploying side-scan sonar to track its location more accurately. AdvertisementAdvertisementLake Michigan shipwrecks are often found intact due to the lake's cold and fresh waters, which tend to preserve many items found onboard the sunken vessels.
Persons: Brendon Baillod, Robert Jaeck, Jaeck Organizations: Service, Lake Michigan —, Associated Press, AP, Wisconsin Historical Society and University of Wisconsin Sea Grant Institute Locations: Lake Michigan, Wall, Silicon, Wisconsin, Trinidad, Milwaukee, Chicago, Oswego , New York, Sturgeon, Port Huron, Algoma, Ontario, Canada, Michigan
Ukrainians fighting in the northern sector of the frontline say they're buckling under Russia's attacks. Many of the troops were civilians before Russia's invasion and have just three weeks of NATO basic training. Other recruits the Kyiv Independent spoke to said three weeks of NATO basic training had left them underprepared for the reality of the situation on the ground. Meanwhile, Russia has amassed over 100,000 troops at the Kupiansk axis on the northern frontline, according to authorities in Kyiv. "Russian forces are likely seeking to distract Ukraine from its counteroffensive," the Ministry of Defence said on X Saturday.
Persons: Russia's, Igor Kossov, Volodymyr, he's, Ihor, Ukraine's, Vadim Ghirda Organizations: Kyiv Independent, Service, 32nd Separate Mechanized Brigade, Independent, NATO, 32nd Brigade, AP, Ministry of Defence, MoD Locations: Wall, Silicon, Ukraine, Kharkiv, Russia, Germany, Russian, Kupiansk, Kyiv, Ukrainian
It's becoming even more dangerous to clear minefields in Ukraine, according to the New York Times. Russians are dropping grenades from drones to create a "sea of fire and explosions," per the outlet. Dense minefields and fortifications have slowed down its troops and have resorted to a "village by village, house by house" approach to retaking the south, the NYT reported. Western tanks have struggled to break through the minefields, and Ukraine's generals have switched to using Ukrainian infantry units to push back the well-dug-in Russian occupiers methodically. While the White House believes that Ukraine has made "notable progress" against Russia's second line of defense in the south over the past 72 hours, its soldiers are now set to encounter more minefields, according to one think tank.
Persons: It's, Danilov Organizations: New York Times, Service, National Security and Defense, Institute for Locations: Ukraine, Wall, Silicon, Russia
Massive government spending is fueling inflation, according to markets guru Larry McDonald. "Washington is stepping on the gas and the brakes at the same time," he said Thursday. McDonald’s warning comes with the Federal Reserve’s chosen inflation gauge still running clear of its 2% target. "Let's 'fight inflation' with government spending up 10-15% year over year, a trending $1.7 trillion federal deficit for 2023," the Bear Traps Report founder said on X Thursday. "No one is calling them out… Washington is stepping on the gas (colossal deficit spending) and the brakes (epic rate hikes) at the same time," McDonald added.
Persons: Larry McDonald, McDonald, Biden, Nobel, Paul Krugman Organizations: Federal, Service, Fed, Biden, American Locations: Washington, Wall, Silicon, America
CNN —Pro Football Hall of Famer Gil Brandt, widely regarded as the architect who helped build the Dallas Cowboys into one of the most successful and popular sports franchises of all time, died on Thursday, according to the Cowboys. After a six-decade NFL executive career – 29 years with the Cowboys – Brandt was inducted into the Hall in 2019. As the vice president of player personnel for the Cowboys, Brandt was lauded for his acute ability to recognize player talent – having drafted nine Cowboys players who, like Brandt, are Pro Football Hall of Famers. Brandt is also credited in helping build the annual player draft into a three-day, made-for-TV event. The result was discovering future Cowboys from smaller colleges, or even off college basketball or track teams,” said Pro Football Hall of Fame President Jim Porter.
Persons: CNN — Pro Football Hall of Famer Gil Brandt, Brandt, “ Gil, Jerry Jones, , Cowboys – Brandt, Bob Lilly, Troy Aikman, Roger Staubach, “ Staubach, ” Brandt, , he’d, we’d, Staubach, Tex Schramm, George Gojkovich, Dallas, XII, , Jim Porter, Jones, Gil Organizations: CNN — Pro Football Hall of Famer, Dallas Cowboys, Cowboys, ” Cowboys, Pro Football Hall of Famers, Hall of Fame, US Naval Academy, NFL.com, Pittsburgh Steelers, NFL Scouting, Pro Football Hall of Fame
The US is nearing a dream no-recession scenario, according to Morgan Stanley's top economist. Falling inflation and steady growth show the Federal Reserve is closing in on a soft landing, Seth Carpenter said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "I wouldn't say that we've discarded it wholesale – there's always a risk," Carpenter, who is the bank's global chief economist, told Bloomberg TV, referring to the risk of a recession. Meanwhile, growth has remained resilient – with the economy expanding 2.1% between April and June, according to a government estimate Wednesday.
Persons: Morgan Stanley's, Seth Carpenter, , , Carpenter, Morgan Stanley, who's, Mike Wilson Organizations: Federal Reserve, Bloomberg, Service, Federal, Fed, Bank of America Locations: Wall, Silicon, China
VinFast stock plunged 44% Tuesday, reducing its market value by $83 billion. The EV maker's shares are thinly traded and it expects to sell just 50,000 cars this year. Shares in the little-known, Vietnamese company closed 44% lower, but it's still worth about $107 billion – more than double the market cap of Ford. Founder Pham Nhat Vuong still controls 99% of the stock, having issued just 1% of its 2.32 billion shares to the public. Vuong also suffered a massive hit to his paper wealth Tuesday, with VinFast's losses eroding the value of his stake from $141 billion to $74 billion, according to Barron's.
Persons: VinFast, Ford, Pham Nhat Vuong, Vuong Organizations: EV maker's, Service Locations: Wall, Silicon
Nvidia's earnings beat Wall Street's expectations last week, but that failed to translate into gains for its stock. The chipmaking giant's forward price-to-earnings ratio has dropped to its lowest level since December 2022, according to data from Refinitiv. Forward P/E ratios measure a company's stock price against its expected earnings over the next 12 months, helping investors to assess whether shares are over- or undervalued. Fellow Big Tech companies Apple, Microsoft, and Google parent Alphabet also have forward P/E ratios of around 30, per Refinitiv. But those stellar results didn't translate into significant gains for its share price – leading to its forward P/E ratio falling from 46-times expected earnings to 33-times expected earnings, according to Refinitiv.
Organizations: Service, Nvidia, Big Tech, Apple, Microsoft Locations: Wall, Silicon, Refinitiv
But the US itself poses the biggest threat to the buck's dominance, according to Benn Steil. Debt-ceiling standoffs and “growing weaponization” could undermine the currency, he said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "The biggest threat to the dollar's dominance comes not from competitive alternatives, but from the US government itself," Steil, who's the director of international economics for the Council on Foreign Relations, wrote. "Just as the overuse of antibiotics fuels antimicrobial resistance, excessive use of sanctions prompts targeted countries, as well as potential targets, to reduce their engagement with the US financial system," Steil wrote.
Persons: Benn Steil ., Benn Steil, Biden, Fitch, heightening, Vladimir Putin, that's, Elon Musk, Steil Organizations: Service, Project Syndicate, Council, Foreign Relations, International Monetary Fund, European Union Locations: China, Russia, Wall, Silicon, US, Ukraine
Total: 25