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ORLANDO, Florida, June 30 (Reuters) - Britain has an inflation problem, but imagine how much worse it would be were it not for the strong pound? But of all the factors pushing up UK inflation, including some that are unique to Britain's economy, labor market and cost of doing business as a consequence of Brexit, a weak exchange rate is not one of them. Indeed, sterling's value on a real effective exchange rate (REER) basis is the highest it has been since the Brexit vote. "UK inflation would indeed be even higher if sterling had not appreciated," Novy said. All else being equal, and taking into account the notorious 'long and variable' lag between interest rate hikes and cooling price pressures, UK inflation could come down pretty quickly next year.

Persons: Liz Truss's, Dennis Novy, Novy, BoE, turvy, Alan Ruskin, Ruskin, Goldman Sachs, Jamie McGeever, Jonathan Oatis Organizations: Bank of England, Reuters, University of Warwick, Brexit, Deutsche Bank, Thomson Locations: ORLANDO, Florida, Britain, Ukraine

☆ As Nigeria scraps fuel subsidy, a vibrant black market collapses
▼ + stars: | 2023-06-26 | by ( Desire Danga Essigue | ) www.reuters.com time to read: +4 min

Since Nigeria scrapped a state fuel subsidy on May 31, black market fuel vendors and commercial drivers in Cameroon, Benin and Togo who were heavily reliant on petrol smuggled from Nigeria have seen their businesses collapse. With supplies dwindling, queues have been forming at official petrol stations, where fuel is now competitively priced. "Supply has become scarce and customers think we're ripping them off with this high price, yet it's from Nigeria that prices have soared," said Perevet Dieudonne, a black market seller. The trade in black market fuel is so central to the local economy that authorities either turn a blind eye or are complicit. At Hilacondji, a border crossing between Togo and Benin, some black market fuel stalls were shut, while at others vendors waited among rows of empty plastic jerricans for potential deliveries.

Persons: Danga, turvy, Perevet Dieudonne, Ousmanou Mal Djoulde, Ayi Hilla, Alice Lawson, Pulcherie, Amindeh Blaise Atabong, Elisha Bala, MacDonald Dzirutwe, Estelle Shirbon, Bate Felix, Elaine Hardcastle Organizations: REUTERS, CFA, Reuters, Dangote Petroleum, United Nations, Thomson Locations: Garoua, Cameroon, GAROUA, West, Nigeria, Benin, Togo, Nigerian, West Africa, Dangote, Hilacondji, Africa, Cotonou, Pulcherie Adjoha

☆ Ray Dalio just named which major economy presents the biggest investment opportunity
▼ + stars: | 2023-06-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

This morning we have stories on Ray Dalio, the topsy-turvy housing market, troubled commercial real estate, and more. Ray Dalio said India presents the next big investment opportunity. Troubled assets in the sector just reached $64 billion, climbing 10% in the first quarter of the year. The housing market suggests that the US economy dodged the recession bullet. According to Carson Group, recent strength in housing starts and building permits indicates that construction groups are confident about demand.

Persons: I'm Phil Rosen, Ray Dalio, topsy, Buckle, Eoin Noonan, it's, There's, Warren Buffett, Melinda Gates, Fundstrat's Tom Lee, Phil Rosen, Jason Ma, Nathan Rennolds Organizations: Getty, Berkshire Hathaway, Melinda Gates Foundation, Carson Group, Manheim, Homeowners, Bank of America Locations: India, China, Russia, Ukraine, New York, Los Angeles, London

☆ Climate activist faces 10 years in jail for a fake letter ‘canceling’ an oil industry conference
▼ + stars: | 2023-06-16 | by ( Laura Paddison | ) edition.cnn.com time to read: +3 min

CNN —A climate activist in New Zealand faces 10 years in jail after a court found her guilty of forgery for sending a fake letter to the speakers at an oil industry conference, telling them it had been postponed due to the climate crisis. She had been protesting outside oil conferences for years, but the 2019 PEPANZ conference was taking place in quite a small town and she was concerned few activists would be able to attend, she told CNN. Five days before the conference, she sent the letter by email, purporting to be from oil industry organizers canceling the event until further notice. PEPANZ organizers told speakers that the letter was fake and the conference went ahead. Three years later, after a trial in the Dunedin District Court, Penwarden was found guilty on Wednesday of two charges of creating and using a forged document.

Persons: Rosemary Penwarden, “, ”, Penwarden, ” Penwarden, “ I’m, Niamh O’Flynn, Rosemary, ” O’Flynn Organizations: CNN, Petroleum Exploration, Production Association of New, Greenpeace, Energy Resources Aotearoa Locations: New Zealand, Dunedin, Production Association of New Zealand, Court

☆ For G.O.P. Rivals, an Unhappy Task: Defend the Man Dominating Them in the Polls
▼ + stars: | 2023-06-09 | by ( Shane Goldmacher | ) www.nytimes.com time to read: +1 min

In the topsy-turvy world of 2024 Republican politics, rivals of Donald J. Trump had been bracing for weeks for his second indictment with more dread than any sense of opportunity. They snap to Mr. Trump’s defense, no matter how outrageous the charges are or who is making them — Democrats, the news media, local prosecutors or, now, federal ones. Donations surged after Mr. Trump’s first indictment in Manhattan. Even prominent Republicans eager for the party to cast aside Mr. Trump in 2024 were concerned ahead of the indictment. They have long been exasperated by the immunity of Mr. Trump’s base to almost any attack or argument, swarming to neutralize any perceived political threat almost by habit.

Persons: Donald J, Trump, Trump’s, Chris Sununu Organizations: Republican Locations: Manhattan, New Hampshire

☆ Could the Fed raise rates again in June?
▼ + stars: | 2023-05-21 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Traders saw a roughly 36% chance last Thursday that the Fed will raise rates by another quarter point in June, up from around 15.5% on May 12, according to the CME FedWatch Tool. Traders pared down their expectations to about a 18.6% chance that the central bank will raise rates next month, as of Friday evening. Experts seem to agree that the Fed is unlikely to raise rates again in June. Jim Baird, chief investment officer at Plante Moran Financial Advisors, also expects the Fed to hold rates steady in June. Dimon said in the same Bloomberg interview that he’d “love to get rid of the debt ceiling thing” altogether.

☆ Rome Masters: Ukrainian tennis player refuses to shake Russian opponent's hand after semifinal victory
▼ + stars: | 2023-05-20 | by ( Matt Foster | ) edition.cnn.com time to read: +2 min

CNN —Ukrainian tennis player Anhelina Kalinina refused to shake hands with Veronika Kudermetova, her Russian opponent, following the former’s victory in the semifinals of the Rome Masters in Italy on Friday. Speaking to reporters after the match at Foro Italico, Rome, Kalinina said, “We didn’t shake hands because the girl is from Russia basically. It’s no secret why I didn’t shake, because this country actually attacks Ukraine. We are here to play tennis.”Veronika Kudermetova began the tournament as the world No.12. Antonietta Baldassarre/Insidefoto/LightRocket/Getty ImagesKalinina denied the idea that her opponent’s nationality influenced the topsy-turvy nature of the match, describing Kudermetova as “a top player, a very great player.

☆ Nina Gold on creating film stars, audition tapes, and why she'll never act
▼ + stars: | 2023-05-19 | by ( Thomas Page | ) edition.cnn.com time to read: +8 min

This is the same Nina Gold who’s made a successful career casting some of the defining films and TV shows of this century. “I still don’t really understand what it is that makes acting good,” she says. For “Bad Sisters’” smarmy, abusive antagonist John Paul, Gold cast Claes Bang. For Gold and her team – rising to six people, depending on projects – it’s a lot of logistics and audition tapes. Gold cast Taylor-Johnson in his breakout role as John Lennon in “Nowhere Boy” (2009) at age 18-20, she guesses, but had been auditioning him since about the age of nine.

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

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Regulators shuttered Silicon Valley Bank (SVB) and Signature Bank, the second and third largest closures in the nation's history. Authorities then took unprecedented action to backstop the collapsed companies' deposits and introduced new measures to shore up confidence. The ups and downs may have helped banks' trading desks as choppy markets fueled client activity. While billions of dollars of those deposits landed at the biggest banks, some analysts said the influx was unlikely to provide a major boost to their earnings. Investors are becoming increasingly focused on the rising cost of funding for banks, which could weigh on earnings, analysts at Piper Sandler wrote in a note last week.

☆ The CD Market Is Doing Something Strange—and It Could Have a Big Impact on Your Money
▼ + stars: | 2023-03-14 | by ( ) www.wsj.com time to read: +8 min

CD rates have been rising rapidly over the past year, thanks to the Federal Reserve’s efforts to fight inflation. And there’s potentially a bigger issue at play: Regardless of where you stick your cash, interest rates’ odd behavior suggests the economy may be out of whack. CD rates have climbed dramatically since the Federal Reserve embarked on its campaign to fight inflation, which peaked at nearly 10% late last year. But the Fed faces a conundrum: Hiking interest rates to fight inflation also slows economic growth. Short term rates remain high, while longer term rates—reflecting grim economic prospects in years to come—fall off.

REUTERS/Brendan McDermidORLANDO, Fla., March 5 (Reuters) - Hedge funds entered February holding their biggest ever short position in two-year U.S. Treasuries futures. As of Feb. 7, funds' net short position in two-year Treasury futures stood at a record 658,802 contracts, up by more than 80,000 contracts from the week before. chartA short position is essentially a wager that an asset's price will fall, and a long position is a bet it will rise. FLIP-FLOP ON FEDThe two-year yield last week reached 4.95%, the highest since July 2007. They see the two-year yield falling to 3.55% in the third quarter and 3.15% by the end of this year.

☆ Asian markets breathe sigh of relief amid Ueda hearing
▼ + stars: | 2023-02-24 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

[1/2] The Japanese government's nominee for the Bank of Japan (BOJ) Governor Kazuo Ueda attends a hearing session at the lower house of the parliament in Tokyo, Japan, February 24, 2023. Ueda's confirmation hearing in the lower house comes as markets renew their attack on YCC, taking bets on a near-term interest rate rise. Japan's five-year government bond yield fell a little to 0.235%, from the previous close of 0.240%. The yield on the benchmark 10-year government bonds eased as far as 3.8590%, compared with the previous close of 3.8810%. The two-year bond yield was hovering at 4.6810%, compared with the previous close of 4.6930%.

☆ You're a sucker if you trust ChatGPT
▼ + stars: | 2023-02-19 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

But first: Adam Rogers, a senior tech correspondent at Insider, breaks down why ChatGPT is for suckers. Well, social scientists don't really know why anyone believes anything, from kooky stuff they read on Twitter to closely held ideals. Faced with those conditions, Gen Z has adapted to a new normal: When in doubt, find a new job. It has rankled some of the academics and advocates whose work helped kick off the psychedelics renaissance in the first place. Insider spoke to more than a dozen industry participants to chart its rise and its role in the psychedelics boom.

☆ ‘Emily’ Review: Imagining the Origin of ‘Wuthering Heights’
▼ + stars: | 2023-02-17 | by ( Kyle Smith | ) www.wsj.com time to read: +1 min

The biographical drama “Emily” contains a wonderful moment—spooky, disturbing, as chilling as a November wind sweeping across the Yorkshire hills—when the young Emily Brontë is playing a silly party game with her sisters and summons the Gothic spirit before their panicked and needy eyes. The game involves putting on a mask and inviting others to guess which prominent figure one is pretending to be. Charlotte and Anne are both horrified and ensorcelled, begging for any kind of contact with the departed and overcome with emotion at how Emily channels their mother’s kind thoughts. So movies about writers tend to fall into the trap of depicting them as glorified transcribers of things they happened to see. Gilbert getting the idea for “The Mikado” from an exhibition on Japan, a legend that has been discredited.

☆ CNBC Daily Open: U.S. stocks don't seem bothered by inflation, ignore jump in retail sales
▼ + stars: | 2023-02-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. It's as if investors aren't concerned about inflation and higher interest rates anymore. It appears that the prospect of sustained economic growth is injecting optimism into stocks too. Recent economic activity and market movement are forcing economists and investors to reconsider the effect of interest rates. The higher cost of borrowing typically slows economic growth by curtailing spending and increasing unemployment which, in turn, depress stocks.

☆ CNBC Daily Open: U.S. stocks don't seem concerned about inflation, disregard jumping retail sales
▼ + stars: | 2023-02-16 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

☆ Make these 4 undervalued investments now while the stock market rally unwinds after a red-hot jobs report, according to the investment chief at Cambria Funds
▼ + stars: | 2023-02-07 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

The economist continued: "And it's not the level of the unemployment rate that matters as far as the economic cycle is concerned — it's the change in the unemployment rate. He told Insider in a recent interview that investors should target value stocks and foreign equities, specifically Chinese stocks and those in emerging markets. For most of the past decade, value stocks were unloved while growth names went on an explosive rally. But now value stocks have made a major comeback, while growth picks have melted down. When picking stocks, Faber said he's especially interested in two qualities: a stock's valuation and momentum.

☆ Mark Cuban and Amazon Are Shaking Up Generic Drugs
▼ + stars: | 2023-02-03 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Americans tremble at the idea of losing their health coverage, but bypassing giant insurers saves some people serious money on prescriptions in a topsy-turvy system. Consider the story of Ohio pharmacist Nate Hux. Since 2016, his Pickerington Pharmacy has accepted many types of insurance. But, due to his frustration with the way middlemen, known as pharmacy-benefit managers, pocket large profits through opaque pricing methods, he decided to open another pharmacy right next door that takes no insurance. It sells generic drugs for their cost plus a markup, sometimes saving customers hundreds of dollars.

☆ Why Friday's market moves are an 'amazing feat' — listen to the 'Homestretch'
▼ + stars: | 2023-02-03 | by ( ) www.cnbc.com time to read: +6 min

HERE IS WHAT I'M GOING TO TALKABOUT TOMORROW, YOU SHOULD SELL. I'M TIRED OF THEM. I'M TIRED OF THE WAY THEY'REHIGH-HANDED WAY OF TELLING YOUEVERYTHING IS GOING WELL. TWO COMPANIES THAT DO WELL WITHA STRONG ECONOMY WE PROBABLYWILL NOT HAVE AS MANY BAD LOANSAS THE BEARS THINK, WELLS FARGOAND MORGAN STANLEY. WE HAD AMAZON THAT WAS BAD, ANDI DON'T KNOW, I'M STILL WORKINGON AMAZON TO TELL YOU THE TRUTHABOUT WHAT TO DO WITH IT.

☆ Bed Bath & Beyond just missed another debt payment. See the full list of stores it will close, including Harmon and Buybuy Baby locations.
▼ + stars: | 2023-02-02 | by ( Avery Hartmans | Dominick Reuter | ) www.businessinsider.com time to read: +20 min

In addition to 87 more Bed Bath & Beyond stores, the company now says it will close all of its remaining Harmon health and beauty stores, and five Buybuy Baby stores. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. Marina: 117 General Stilwell Drive117 General Stilwell Drive Vallejo: 105 Plaza Drive, Suite 107105 Plaza Drive, Suite 107 * Palm Desert: 72459 Highway 11172459 Highway 111 * Visalia: 3125 South Mooney Blvd. Arterial * Coralville: 2515 Corridor Way Suite 5Kansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd Place425 3rd Place * Olathe: 15335 W. 119th St.Kentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd.

☆ U.S. unemployment system still plagued by delays 3 years after pandemic-era downturn
▼ + stars: | 2023-01-28 | by ( Greg Iacurci | ) www.cnbc.com time to read: +9 min

Patrick T. Fallon | Afp | Getty ImagesThese days the U.S. unemployment system is somewhat of an anomaly. At the pandemic-era nadir, just 52% got a "timely" first payment of unemployment insurance, for example. Unemployment claims spiked as businesses closed amid stay-at-home orders to contain the virus' spread. States get funding based on their administrative workload, like the volume of claims states are paying. That's especially true for one CARES Act program, Pandemic Unemployment Assistance.

☆ Mike Pompeo is using his memoir to try to demolish the Trump adviser-turned-critic John Bolton
▼ + stars: | 2023-01-24 | by ( Kimberly Leonard | Sonam Sheth | ) www.businessinsider.com time to read: +8 min

Pompeo compares Bolton writing a memoir to Edward Snowden, who leaked classified information from the National Security Agency to reporters in 2013. "At least Snowden had the decency not to lie about his motive," Pompeo writes. Former President Donald Trump listens to former Secretary of State Mike Pompeo in the White House, on October 21, 2019. "Memo to John Bolton: I'm talking about you," Pompeo writes. Pompeo writes that he was having lunch with reporters the day of the firing and got a note saying that the president needed to speak with him.

☆ Bed Bath & Beyond is closing dozens of stores in 2023 — see the full list
▼ + stars: | 2023-01-10 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +10 min

Bed Bath & Beyond released an updated list of store closures set to take place by March. San Leandro: 15555 East 14th St., Suite 24015555 East 14th St., Suite 240 Burbank: 201 East Magnolia Blvd. ArterialKansas:Lawrence: 3106 S. Iowa St., Suite 2153106 S. Iowa St., Suite 215 Manhattan: 425 3rd PlaceKentucky:Elizabethtown: 1998 N. Dixie Ave.1998 N. Dixie Ave. New Hartford: 4805 Commercial Drive4805 Commercial Drive Kingston: 1187 Ulster Ave.1187 Ulster Ave. Plattsburgh: 73 Centre Drive, Suite 10073 Centre Drive, Suite 100 Farmingdale: 251 Airport Plaza Blvd. Wisconsin:Mequon: 11110 N. Port Washington RoadPuerto Rico:Bayamon: Plaza Del Sol, 725 West Main Ave.Do you work for Bed Bath & Beyond?

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