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☆ Cramer examines the potential fallout from a UAW strike but doesn't think auto shareholders should panic
▼ + stars: | 2023-08-16 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Wednesday examined the ramifications a strike by the United Auto Workers union would have on the big three U.S. automakers. The union will vote on whether to strike next week, and if they decide to do so it could cost automakers billions. But Cramer said he doesn't think investors should rush to sell off their auto shares, saying he feels the strike is a one-time cost that these companies can bounce back from. Cramer noted that auto stocks are already down from their highs in a short period of time. Cramer also said he doubts the agreement UAW would eventually reach with automakers will be at the level of Fain's current demands.

Persons: CNBC's Jim Cramer, Shawn Fain, Cramer, FactSet, Ford Organizations: United Auto Workers, U.S, automakers, UAW, Motors Locations: North America

☆ Pensions business boosts Legal & General H1 profit above expectations
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 15 (Reuters) - Legal & General (LGEN.L) reported a forecast-beating operating profit of 941 million pounds ($1.20 billion) in the first half on Tuesday, boosted by its bulk annuity business, and said it was on track to meet its five-year ambitions. Analysts in a company-compiled consensus poll had forecast operating profit for the British life insurer and asset manager of 834 million pounds. Operating profit fell nearly 2% from a year earlier but analysts at Jefferies said they expected the results to be "well received" on Tuesday. British specialist insurer Just Group (JUSTJ.L) reported a 154% jump in first-half profit on Tuesday, also beating market estimates, boosted by bumper sales of its retirement income products and higher new business income. ($1 = 0.7868 pounds)Reporting by Carolyn Cohn in London and Eva Mathews in Bengaluru, editing by Sinead CruiseOur Standards: The Thomson Reuters Trust Principles.

Persons: Nigel Wilson, Jefferies, Carolyn Cohn, Eva Mathews, Sinead Cruise Organizations: General Investment Management, Thomson Locations: London, Bengaluru

A Russian rouble banknote is seen in front of a descending and rising stock graph in this illustration taken March 1, 2022. So it’s no surprise that a day after prodding by a Kremlin official, the central bank announced an emergency rate increase of 350 basis points to 12%. Stricter fiscal or monetary policies would hurt an economy weakened by the war effort and Western sanctions. After a record high in 2022, it fell 85% in the first seven months of the year, to some $25 billion, according to the Russian central bank. Before the plunge in the currency, the central bank forecast prices rising 5% to 6.5% this year, above its 4% target.

Persons: Dado Ruvic, Vladimir Putin, it’s, Putin, Elvira Nabiullina, Vladimir Putin’s, Maxim Oreshkin, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Kremlin, Reuters Graphics Reuters, Thomson Locations: Russia, Russian, Europe

☆ How much worse can China's economic slowdown get?
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +4 min

HONG KONG, Aug 15 (Reuters) - China's economic activity data for July, including retail sales, industrial output and investment failed to match expectations, fuelling concern over a deeper, longer-lasting slowdown in growth. THE DEMISE OF CHINA'S GROWTH HAS BEEN MISTAKENLY FORECAST BEFORE. Alarm bells over growth rang during the global financial crisis in 2008-09 and during a capital outflow scare in 2015. If it persists, deflation could exacerbate the economic slowdown and deepen debt problems. There is also uncertainty about China's appetite for large fiscal stimulus, given the high levels of municipal debt.

Persons: Marius Zaharia, Robert Birsel Organizations: Communist Party, Thomson Locations: HONG KONG, China, West, United States, Japan, outflows

☆ US loss of AAA badge a reminder of 'regime shift' for government debt
▼ + stars: | 2023-08-14 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

"I think it really brings home that shift being a regime shift rather than a cyclical one," Katimbo-Mugwanya said. S&P said the assumption that governments would prioritise servicing debt over spending promises had rarely been tested at such high debt levels. For now, despite the steepest increases in borrowing costs in decades, investors still see little risk in holding governments' longer-term debt. POLICY WATCHGreater focus on longer-term risks should bring scrutiny of government policies. Still, with higher debt an economic reality, few governments are left with the coveted AAA rating.

Persons: Brendan McDermid, Fitch, David Katimbo, Mugwanya, Bill Ackman, Moritz Kraemer, Fichan, Kraemer, Kshitij Sinha, Martin Lenz, LBBW's Kraemer, Yoruk Bahceli, Davide Barbuscia, Tomasz Janowski Organizations: New York Stock Exchange, REUTERS, AAA, Financial, Fitch, EdenTree Investment Management, P Global, LBBW, European Union, European Commission, European Central Bank, Syz, New York Fed, Life Asset, Union Investment, Thomson Locations: New York City, U.S, United States, Japan

☆ Chrysler owner calls for focus on reality in UAW labor talks
▼ + stars: | 2023-08-11 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

People attend a Stellantis presentation at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' DelgadoAug 11 (Reuters) - Chrysler parent Stellantis (STLAM.MI) sharply criticized the demands of the United Auto Workers (UAW) union on Friday, saying they need "a focus on reality from everyone involved." A UAW spokesman declined immediate comment on Stewart's letter, but earlier this week UAW President Shawn Fain called the Stellantis proposals "trash" and tossed a copy of them in a waste basket in live streamed remarks. "Stellantis proposals are a slap in the face," Fain said disclosing the company was proposing cuts to healthcare coverage, fewer vacation days for new hires and lifting a cap on temporary employees. The UAW also said the company opposes an end to two-tier wages, a practice of newer hires getting paid much less than veteran workers.

Persons: David, Dee, Delgado, Mark Stewart, Shawn Fain, Stewart, Fain, Stellantis, David Shepardson, Mark Porter, Alexander Smith Organizations: New York, REUTERS, Chrysler, United Auto Workers, UAW, Reuters, Stellantis, General Motors, Ford, Thomson Locations: Manhattan , New York City, U.S, America

But there are new good deals all the time, you just have to go out to find them." That's what deflation looks like in China. As witnessed by Japan in the 1990s, deflation - if prolonged - can weigh on economic growth. "Good deals are needed to get consumers through the door so there is a lot of pressure on these businesses to find margins," said Ben Cavender, managing director at China Market Research Group in Shanghai. Restaurant worker Dong went to a wet market in central Beijing around lunchtime on Thursday, but did not buy anything.

Persons: Gao Yi, Ben Cavender, Zhu Danpeng, Joey Wat, Dong, Sophie Yu, Marius Zaharia, Sam Holmes Organizations: China Market Research Group, Guangdong Provincial Food Safety, Alliance, HK, KFC, Reuters, Thomson Locations: BEIJING, Beijing, China, Japan, Shanghai, Guangdong

☆ UPS CEO says drivers will average $170,000 in pay and benefits at end of 5-year deal
▼ + stars: | 2023-08-09 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

UPS ' CEO said drivers will average $170,000 in pay and benefits such as health care and pensions at the end of a five-year contract that the delivery giant struck with the Teamsters Union last month, averting a strike. "We expect our new labor contract to be ratified in 2 weeks," UPS CEO Carol Tomé said on an earnings call Tuesday. The company cut its full-year revenue and margin forecasts "primarily to reflect the volume impact from labor negotiations and the costs associated with the tentative agreement." The deal is the latest large wage increase won in labor negotiations. Workers from pilots to aerospace manufacturing employees have recently pushed for and won higher pay.

Persons: Carol Tomé Organizations: UPS, Teamsters Union, Workers

☆ Aptiv expects semiconductor prices to remain high
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Aptiv PLC (APTV.N) does not expect semiconductor prices to cool off in the near future, the auto parts supplier said on Wednesday. Even though supply-chain challenges are easing, prices of certain parts remain high, denting profits. The company said the "real challenge" is in obtaining chips, whose prices have risen 25% to 30%, while supply chains remain tight. The Dublin-based company said demand for new vehicles remains strong in North America and Europe, but flagged concerns around underlying GDP growth in China. Reporting by Pratyush Thakur in Bengaluru; Editing by Shailesh Kuber and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Clark, Pratyush Thakur, Shailesh Kuber, Pooja Desai Organizations: Aptiv, Ford, Detroit, JPMorgan, United Auto Workers, UAW, Ford Motor, General Motors, Thomson Locations: Dublin, North America, Europe, China, Bengaluru

☆ High interest rates make these guaranteed-income products attractive. Here's what to know about fixed annuities
▼ + stars: | 2023-08-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

Americans have flocked to annuities for guaranteed income over the past year, as interest rates rose and investors looked for safety amid the market turbulence and recession concerns. One of the popular products has been fixed-rate deferreds which — as the name implies — provide a fixed rate for a specific period of time. "So that opportunity to get a more competitive rate on a fixed annuity is not an indefinite window." Multiyear guaranteed annuities Traditional fixed annuities typically guarantee the rate for a portion of the contract, while a multiyear guaranteed annuity, or MYGA, has a rate of return that is guaranteed over the duration of the contract. When buying a fixed annuity, investors need to figure out the term that works best for them, said Limra's Hodgens.

Persons: we've, Bryan Hodgens, Doug Ornstein, David Blanchett, TIAA's Ornstein, Ornstein, Limra's, " Blanchett Organizations: TIAA Wealth Management, Federal Deposit Insurance Corporation, guaranty, DC Solutions, Insurance, TIAA Institute, Social Security Locations: Connecticut

☆ UAW says Chrysler parent Stellantis seeking concessions in talks
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, Feb. 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoAug 8 (Reuters) - The United Auto Workers (UAW) union said on Tuesday that Chrysler parent Stellantis (STLAM.MI) is seeking numerous concessions in ongoing contract talks, including cuts to existing medical coverage. The UAW also said the company opposes an end to two-tier wages, a practice of newer workers getting paid much less than veteran workers. The UAW is seeking more than 40% pay raises over four years, significant additional time off and a restoration of defined benefit pensions previously eliminated for newer workers. The UAW wants new limits on temporary workers and for them to receive profit sharing.

Persons: Gonzalo Fuentes, Stellantis, Shawn Fain, David Shepardson, Bernadette Baum Organizations: REUTERS, United Auto Workers, UAW, Chrysler, Stellantis, General Motors, Ford, Reuters, U.S, Thomson Locations: Velizy, Villacoublay, Paris, France, Illinois

☆ UAW angrily tosses Stellantis contract offer in trash
▼ + stars: | 2023-08-08 | by ( ) edition.cnn.com time to read: +2 min

United Auto Workers (UAW) union President Shawn Fain angrily tossed contract proposals from Stellantis in a trash can on Tuesday, citing numerous concessions that the Chrysler parent is seeking in labor talks. “Management has chosen to spit in our faces.”During the chat Fain tossed a copy of the Stellantis proposal in a waste basket. Fain cited an Aug. 1 statement Stellantis made to Reuters that the automaker is “not seeking a concessionary agreement.”Stellantis did not comment. The UAW is also seeking to make all temporary workers at US automakers permanent, add a substantial increase in paid time off, and restore retiree health-care benefits and cost-of-living adjustments. The union also wants new limits on temporary workers.

Persons: Shawn Fain, “, ” Fain, Fain, ”, Stellantis, ” Stellantis Organizations: United Auto Workers, UAW, Chrysler, “, Reuters, Stellantis, General Motors, Ford

☆ UAW leader defends union's lofty demands, (literally) trashes Stellantis contract proposals
▼ + stars: | 2023-08-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

The leader of the United Auto Workers on Tuesday adamantly defended lofty demands for the union's members who work for the Detroit automakers, while calling recent contract proposals from Stellantis "trash." Fain laid out reported changes to the contract involving holiday and vacation days, absenteeism, 401(k) contributions, profit-sharing payments and other proposals that he described as "concessionary." "Stellantis' proposals are a slap in the face. Contract talks between the union and automakers usually begin in earnest in July ahead of mid-September expirations of the previous four-year agreements. Fain also criticized Stellantis CEO Carlos Tavares for not meeting with union leaders to open the negotiations.

Persons: Shawn Fain, Fain, Stellantis, it's, Carlos Tavares, Tavares Organizations: United Auto Workers, Detroit automakers, UAW, Chrysler, Ford Motor, General Motors, Detroit Locations: Europe

☆ UAW calls Stellantis contract offer 'trash'
▼ + stars: | 2023-08-08 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, Feb. 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoAug 8 (Reuters) - United Auto Workers (UAW) union President Shawn Fain angrily tossed contract proposals from Stellantis (STLAM.MI) in a trash can on Tuesday, citing numerous concessions that the Chrysler parent is seeking in labor talks. Stellantis said the cumulative increase in employee health-care costs over the next four years is expected to be $613 million. Fain cited an Aug. 1 statement Stellantis made to Reuters that the automaker is "not seeking a concessionary agreement." The union also wants new limits on temporary workers.

Persons: Gonzalo Fuentes, Shawn Fain, Fain, Stellantis, David Shepardson, Bernadette Baum, Marguerita Choy, Leslie Adler Organizations: REUTERS, United Auto Workers, UAW, Chrysler, Reuters, Stellantis, General Motors, Ford, U.S, Thomson Locations: Velizy, Villacoublay, Paris, France

☆ Pope says Church open to everyone, including LGBT people, but has rules
▼ + stars: | 2023-08-06 | by ( Philip Pullella | ) www.reuters.com time to read: +4 min

Pope Francis attends a press conference onboard a plane en route to Rome, at the end of the XXXVII World Youth Day in Lisbon, August 6, 2023. ANSA/Maurizio Brambatti/Pool via REUTERSABOARD THE PAPAL PLANE, Aug 6 (Reuters) - Pope Francis said on Sunday that the Catholic Church is open to everyone, including the gay community, and that it has a duty to accompany them on a personal path of spirituality but within the framework of its rules. "The Church is open to everyone but there are laws that regulate life inside the church," he said. He said ministers in the Church had to accompany all people, including those not conforming to the rules, with the patience and love of a mother. The Church teaches that women cannot become priests because Jesus chose only men as his apostles.

Persons: Pope Francis, ANSA, Maurizio Brambatti, Francis, Jesus, Philip Pullella, Lisa Shumaker Organizations: REUTERS, Catholic, Vatican, Thomson Locations: Rome, Lisbon, Portugal

☆ GM vows to boost jobs next year despite EV shift
▼ + stars: | 2023-08-04 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

GM, Ford Motor (F.N) and Chrysler-parent Stellantis last month opened contract talks with the United Auto Workers (UAW) union ahead of the Sept. 14 expiration of the current four-year labor deals. GM manufacturing chief, Gerald Johnson, said on Friday he did not agree it would need fewer workers for EV production. Separately, CFRA Research on Friday downgraded GM on concerns about a possible strike after the UAW sought large pay and benefit hikes. The UAW wants new limits on temporary workers and for them to receive profit sharing. Sources said the union wants the companies to agree to the equivalent of a paid day-off per week, at a time of growing trials globally of a four-day working week.

Persons: Joe Biden, Jonathan Ernst, autoworkers, Gerald Johnson, Johnson, Ford, Stellantis, Shawn Fain, David Shepardson, Marguerita Choy Organizations: Hummer, Motors, REUTERS, General Motors, GM, Ford Motor, Chrysler, United Auto Workers, UAW, EV, Research, Company, U.S, Thomson Locations: Detroit , Michigan, U.S

☆ Magna lifts annual forecasts as results beat estimates on parts demand
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File PhotoAug 4 (Reuters) - Canada's Magna International (MG.TO) on Friday raised its full-year profit and sales outlook after its quarterly results beat estimates on solid demand for parts, as automakers ramp up production. Magna expects 2023 revenue between $41.90 billion and $43.50 billion, compared with its previous forecast of $40.20 billion to $41.80 billion. The company raised its adjusted annual income outlook to between $1.40 billion and $1.60 billion, from $1.30 billion to $1.50 billion forecast earlier. Its second-quarter revenue rose 17% to $10.98 billion, topping estimates of $10.30 billion.

Persons: Wolfgang Rattay, Seetarama Kotagiri, Garrett Nelson, Nathan Gomes, Pratyush Thakur, Vinay Dwivedi Organizations: Munich, REUTERS, United Auto Workers, UAW, Ford Motor, Motors, Chrysler, Detroit, Magna, Thomson Locations: Munich, Germany, Europe, North America, Bengaluru

☆ Biden labor secretary sees 'slow and steady' growth in July jobs report
▼ + stars: | 2023-08-04 | by ( Chelsey Cox | ) www.cnbc.com time to read: +1 min

Julie Su, nominee to serve as Secretary of Labor, arrives for her confirmation hearing in the Senate Health Education Labor & Pensions Committee on Thursday, April 20, 2023. WASHINGTON — The U.S. economy saw the smallest jobs increase in July since December 2020, but Acting Labor Secretary Julie Su said the number reflects what experts increasingly believe see as a "soft landing" for the U.S. economy. Nonfarm payrolls increased by 187,000 last month, slightly below expectations, and the unemployment rate fell slightly to 3.5%. "This is an example of what slow and steady growth looks like," Su told CNBC's "Squawk on the Street" on Friday. She also touted the "very high labor force participation rate, especially among prime-age workers aged 25 to 54."

Persons: Julie Su, WASHINGTON —, Su, CNBC's Organizations: Labor, Health Education Labor, Pensions, WASHINGTON Locations: WASHINGTON — The U.S, U.S

☆ GM criticizes autoworkers union's contract demands
▼ + stars: | 2023-08-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca CookWASHINGTON, Aug 3 (Reuters) - General Motors (GM) (GM.N) on Thursday said it expected to offer unionized workers higher wages, but granting the United Auto Workers' (UAW) ambitious contract demands including large pay rises would hurt its ability to make sound business decisions. Company and union sources told Reuters the UAW was seeking at least a 40% pay hike over the life of the four-year contract, including an initial 20% hike upon ratification. "We think it's important to protect U.S. manufacturing and jobs in an industry that is dominated by non-unionized competition," GM said. Fain on Tuesday said the union demands were its "most audacious and ambitious" proposals in decades.

Persons: Rebecca Cook WASHINGTON, Mary Barra, Shawn Fain, Fain, David Shepardson, Shivansh, Pooja Desai, Cynthia Osterman, Jamie Freed Organizations: General Motors, REUTERS, United Auto Workers ', UAW, Reuters, Detroit, Chrysler, Ford, GM, U.S, Thomson Locations: Detroit , Michigan, U.S, Washington, Bengaluru

☆ GM JV battery firm rejects including Ohio workers under national agreement
▼ + stars: | 2023-08-02 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Ultium Cells LLC said on Wednesday it "does not see a viable legal or practical path to place Ultium Cells-Ohio into the General Motors National Agreement." Last week, a group of 28 senators including Senate Majority Leader Chuck Schumer urged GM, Chrysler-parent Stellantis (STLAM.MI) and Ford Motor (F.N) to recognize joint venture battery workers under national labor agreements before the current contracts expire on Sept. 14. If battery workers were covered under the national agreement, they would likely be eligible for better pay and benefits. Ultium said on Wednesday it "has provided a proposal for a fully comprehensive collective bargaining agreement, including substantial wages and benefits." In December, workers at the Ultium Cells Ohio plant overwhelmingly voted to join the UAW.

Persons: Rebecca Cook, Chuck Schumer, Ultium, Sherrod Brown, Mark Stewart, Shawn Fain, Fain, Mary Barra, David Shepardson, Chris Reese, Sonali Paul Organizations: General Motors, REUTERS, LG Energy, Democratic U.S, Ultium Cells, United Auto Workers, UAW, GM, Chrysler, Ford, Ohio, Reuters, Ultium Ohio, Thomson Locations: Detroit , Michigan, U.S, KS, Ohio, Ultium Cells Ohio, Ultium

☆ The Kremlin has pumped so much money into the economy that it's creating a boom — but this house of cards could topple anytime soon
▼ + stars: | 2023-08-01 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Russia's wartime economy is thriving, the New York Times reported Monday. Corporate loans have increased 19% in the year to June as investments grew, according to The Times, citing Russian central bank's figures. Russia's central bank has also been candid about its gloomy assessments of the economy — which at times were at odds with more bullish statements from the Kremlin. But, the institution has come under pressure from Moscow to give a more "upbeat assessment" about the country's economy, Bloomberg reported in February. In April last year, Russian central bank governor Elvira Nabiullina warned the country's reserves won't last infinitely.

Persons: Wagner, Alexandra Prokopenko, Elvira Nabiullina, Ariel Chernyy, Chernyy Organizations: New York Times, Service, Putin, Times, Reuters, Wagner Group, The, Frank Media, Carnegie Russia Eurasia Center, Bloomberg Locations: Russia, Wall, Silicon, Ukraine, Russia's, Russian, Moscow

☆ UAW seeks double-digit pay hikes in Detroit Three auto contract talks
▼ + stars: | 2023-08-01 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Aug 1 (Reuters) - United Auto Workers (UAW) President Shawn Fain said on Tuesday the union was seeking ambitious benefit increases in contract talks with the Detroit Three automakers, including double-digit pay rises and defined-benefit pensions for all workers. Fain said the CEOs of the Detroit Three saw their pay rise by 40% on average over the last four years. He noted the Teamsters recently won an end to two-tiered wages in a new contract with UPS (UPS.N). We can't allow it any longer," Fain said of the demand for the same at the Detroit Three. GM said it would review the demands once they were received from the UAW on Wednesday.

Persons: Shawn Fain, Fain, Mary Barra, Stellantis, Ford, David Shepardson, Chris Reese, Jamie Freed Organizations: United Auto Workers, UAW, Detroit Three, Chrysler, General Motors, Ford, U.S, Facebook, Detroit, GM, Teamsters, UPS, Democratic, Thomson

☆ 37% of baby boomers have more stock exposure than they should, Fidelity says. These 4 tips can help
▼ + stars: | 2023-07-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Simon Potter | Getty ImagesWhen it comes to stocks, investors face a big question: How much exposure is enough? At Fidelity, the allocations to equities in retirement funds are about 10% higher than where they should be, Shamrell said. watch nowSome of those investors with excess stock exposure may simply need to rebalance after recent market highs, Shamrell said. Experts say having the right mix of equities can go a long way toward helping retirees meet their financial goals. Importantly, a client's personal circumstances drive these goals, McClanahan noted.

Persons: Simon Potter, Mike Shamrell, boomers —, Shamrell, Carolyn McClanahan, McClanahan, Carl Smith, Sri Reddy Organizations: Getty, Fidelity Workplace, Security, Fidelity, Planning Partners, CNBC's, Principal Financial, iStock Locations: Jacksonville , Florida

☆ San Francisco was too expensive so they moved to Spain and bought a beautiful house for $50,000. Here’s how they did it
▼ + stars: | 2023-07-27 | by ( Inka Piegsa-Quischotte | ) edition.cnn.com time to read: +11 min

CNN —When John Flores and Michael Leitz were looking for a home in which to spend the next stage of their lives, they realized that where they lived in San Francisco was too expensive. Instead, they began looking further afield – eventually buying a beautiful 120-year-old, three-story home in rural Spain for less than $50,000. Finding the right place and relocating to another country was by no means easy for Flores and Leitz. As is often the case in rural Spain, many records had been lost over the years. “We bought the most beautiful antique rural Spanish furniture there.”Work to renovate the house took about six months, but that followed the considerable time taken to get building permission from local authorities.

Persons: John Flores, Michael Leitz, Flores, Leitz, – Leitz, ”, “, John, Gonzalo Azumendi, Flores aren’t, Stefano Politi Markovina, Spain they’d, ” Flores, woodworm, ” Leitz, Flores “, they’ve, They’ve, “ Leitz Organizations: CNN, UCLA, “, Getty, Global Citizen Solutions, Visa Locations: San Francisco, Spain, Francisco, “ Europe, Europe, Spanish, Valencia, Leitz, Phoenix, Xatavia, Madrid, Barcelona, Seville, Malaga, California, Xativa, –, Ikea

Reuters analysis shows a massive jump in the assets of emerging market (EM) mutual funds and exchange traded funds (ETFs) that exclude China as U.S. and European investors turn more wary of being exposed to the Asian giant. Other investors are simply moving to markets with better growth prospects, such as Brazil. The scale of change needed in global supply chains could drive such capital flows for the next decade, he said. The iShares MSCI Emerging Markets ex-China ETF , the world's largest emerging market ex-China ETF whose biggest holdings are firms in Taiwan, South Korea and India, attracted a record $1 billion net inflow in the first half of 2023, the data showed. "China is the one major country that investors are most concerned about in EM," said John Lau, portfolio manager for Asia Pacific and emerging market equities at SEI.

Persons: Aly, Malcolm Dorson, John Lau, Goldman Sachs, Jeffrey Jaensubhakij, ”, Benjamin Low, Donald Trump, Joe Biden's, Biden, Wong Kok Hoi, Summer Zhen, Vidya Ranganathan Organizations: REUTERS, Global, China ETF, China, Asia Pacific, SEI, Stock Connect, Morningstar, China Opportunity Equity Fund, Fund, Boston, Cambridge Associates, CSI, Nikkei, Investors, Reuters Graphics, APS Asset Management, Thomson Locations: Shanghai, China, HONG KONG, U.S, Mexico, India, Vietnam, Brazil, New York, Taiwan, South Korea, Asia, Singapore, Indonesia, Japan, Hong Kong, Canada, “ U.S

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