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☆ What happens during a ‘credit crunch’ — and how you can prepare for one
▼ + stars: | 2023-03-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

But what is a credit crunch and how might you prepare? Loans would be tougher to getDuring a credit crunch, banks significantly tighten their lending standards. Banks may prioritize a healthier balance sheetA credit crunch seems likely given banking woes that have unfurled over the past two weeks. A severe credit crunch isn't a foregone conclusion, though. How to prepare for a credit crunchThere are some steps consumers can take now to prepare for a possible credit crunch.

☆ Mark Zuckerberg is leaning into Meta's 'year of efficiency' the wrong way, and multiple rounds of layoffs will be damaging
▼ + stars: | 2023-03-19 | by ( Rebecca Knight | Tim Paradis | ) www.businessinsider.com time to read: +5 min

Meta CEO Mark Zuckerberg last week unveiled another round of layoffs hitting 10,000 staffers. The dismissals are part of an efficiency plan boost productivity and turn Meta into a talent magnet. But the job cuts are likely to have the opposite effect, two management experts told Insider. Rather than resorting to layoffs, Sucher said companies should look at other ways to lower headcount, including natural attrition, buyouts, and hiring freezes. "You have to plan for it in order to not have it kill your company," Sucher said.

☆ Bank failures could put crimp in Fed rate plans, says Cramer
▼ + stars: | 2023-03-13 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank failures could put crimp in Fed rate plans, says CramerMad Money host Jim Cramer looks at why, after a 'fistfull' of bank failures, there's a good chance the Fed could almost be finished with rate hikes.

☆ Fed’s reluctance to go green will cost the Earth
▼ + stars: | 2023-03-07 | by ( Ben Winck | ) www.reuters.com time to read: +8 min

WASHINGTON, March 7 (Reuters Breakingviews) - Central banks don’t think they can do much about the environment. The U.S. Federal Reserve has done even less, arguing it should not tackle climate change without an explicit order from Congress. In a 2021 survey by Invesco, 63% of responding central banks said addressing climate change fell within their mandate. Central banks aren’t best equipped to lead the green transition, anyway. There’s also a valid concern that focusing on climate change could water down the Fed’s mission to fight inflation.

Summary Poll dataBENGALURU, March 7 (Reuters) - India's housing market will remain resilient despite rising interest rates and a weak global economic outlook, according to a Reuters poll of property analysts who have barely changed their forecasts from three months ago. Defying a global trend of falling housing prices as mortgage rates rise and crimp affordability, India has exhibited resilience and is emerging from a decade-long downturn due to strong demand. A major source of employment in a country of 1.4 billion people where a majority are unskilled, the Indian housing market is likely to remain a stable contributor to economic activity in Asia's third-largest economy. A recent increase in unemployment also raises concerns about the sustainability of the current housing market trend. "Amid rising prices, affordability will only worsen in the coming quarters.

☆ US natural gas prices plummet 13% as streak of mild winter weather set to continue
▼ + stars: | 2023-03-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Natural gas prices have fallen 13% amid forecasts of more mild weather as winter winds down. Falling prices are a sign that the US needs to scale back gas production, some commentators say. Henry hub natural gas futures for April fell to $2.62 per million British thermal units, according to data from the CME Group, down 12.73% from its previous close of $3 per million BTUs. Natural gas prices have tanked 34% since the start of the year, with the latest drop spurred by warm weather forecasts for the coming weeks. The changes in supply-demand balance are a stark contrast from last year, when issues stemming from Russia's invasion of Ukraine spiked gas prices on the spot market.

☆ Exclusive: Nvidia's plans for sales to Huawei imperiled if U.S. tightens Huawei curbs-draft
▼ + stars: | 2023-03-04 | by ( Alexandra Alper | ) www.reuters.com time to read: +4 min

[1/3] The logo of Nvidia Corporation is seen during the annual Computex computer exhibition in Taipei, Taiwan May 30, 2017. Nvidia's plans to sell to Huawei have not been previously reported. Reuters could not learn the details of the specific policy change whose impact was being assessed in the report. The report suggested Qualcomm would likely suffer a "moderate economic impact" from the change in policy, in contrast to Huawei. Indeed, the loss of access to Qualcomm's modem chips would have a bigger impact on Huawei, the report forecast, since Huawei "relies heavily on Qualcomm's modem chips to support its smart phone offering."

☆ Nvidia's plans for sales to Huawei imperiled if U.S. tightens curbs, draft report says
▼ + stars: | 2023-03-04 | by ( ) www.cnbc.com time to read: +3 min

Justin Sullivan | Getty Images News | Getty ImagesU.S. chipmaker Nvidia's plans to sell technology to China's Huawei would be thwarted if the U.S. government proceeds with a proposal to further restrict shipments to the blacklisted company, a draft report by a government contractor shows. Nvidia's plans to sell to Huawei have not been previously reported. Reuters could not learn the details of the specific policy change whose impact was being assessed in the report. The report suggested Qualcomm would likely suffer a "moderate economic impact" from the change in policy, in contrast to Huawei. Indeed, the loss of access to Qualcomm's modem chips would have a bigger impact on Huawei, the report forecast, since Huawei "relies heavily on Qualcomm's modem chips to support its smart phone offering."

☆ A big landlord who controls 60,000 homes is funneling money into a political action group that could urge lawmakers to curb renter protections
▼ + stars: | 2023-03-02 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Corporate owners of US rental homes are being scrutinized for making homes unaffordable. The landlords that control thousands of homes are girding for a political fight over regulation. As tenant advocates met with the White House and pushed the Biden administration to take action on high housing costs in November, one of America's largest single-family landlords was preparing its own move. AMH, formerly known as American Homes 4 Rent, did not respond to an Insider request for comment. Companies like AMH, Pretium Partners, and Invitation Homes have been building large portfolios of homes across the country since the last financial crisis.

Rystad Energy sees the global market deficit of lithium shrinking to around 20,000 to 30,000 tonnes of lithium carbonate equivalent (LCE) this year, from 76,000 tonnes LCE in 2022. Out to 2025 it expects lithium supply to grow on average by 34% a year against an annual demand growth rate of 25%. MINERS UNFAZEDThe decline in lithium prices in China, the world's biggest consumer, has hit lithium producers overseas. LITHIUM CARBONATE SINKSThe price decline has been sharp. "A lithium carbonate price of 200,000-300,000 yuan per tonne is where both upstream and downstream will feel comfortable," said Rystad's Zou.

☆ 2 million Cosori air fryers recalled because of fire hazard
▼ + stars: | 2023-02-24 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +1 min

New York CNN —Roughly 2 million Cosori air fryers have been recalled because they pose a possible fire risk. The US Consumer Product Safety Commission said that consumers “should immediately stop” using the recalled air fryers and contact Cosori for a free replacement. The company set up a special website for customers to trade in their air fryers for a new one. The air fryers, which range in price from $70 to $130, were sold between June 2018 through December 2022 at a number of retailers including Amazon, Best Buy, Home Depot and Target. The fryers are size 3.7 and 5.8 quarts and were sold in black, gray, white, blue or red colors.

☆ More than 2 million Cosori air fryers recalled after reports of the kitchen appliances 'catching fire, burning, melting'
▼ + stars: | 2023-02-23 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

A California company is recalling 2 million Cosori air fryers, US product safety officials announced Thursday. The recalled air fryers were reported as "catching fire, burning, melting." "Consumers should immediately stop using the recalled air fryers and contact Cosori to receive their choice of a free replacement air fryer or another Cosori product," the commission said. The agency said a "wire connection in the air fryers can overheat, posing fire and burn hazards." About 2 million of the air fryers have been sold in the US, while about 250,000 were sold in Canada and 21,000 in Mexico.

☆ Morning Bid: Hang on a minute
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +4 min

And so a speech from New York Fed chief John Williams make give a better steer on current thinking. Markets are now priced for a Fed 'terminal rate' in the 5.25-5.50% range by July and no cut from there by year-end. European central bankers are also talking tough as the region's economies dodge recession and inflation stays high. But geopolitical concerns rankle again ahead of Friday's anniversary, with Russia unilaterally withdrawing from a key nuclear arms control treaty. As G20 finance chiefs meet in India, the world is watching closely the extent of the alliance between Beijing and Moscow.

Lloyds set aside 1.5 billion pounds in 2022 to cover potential loan distress, a year after releasing 1.4 billion pounds of provisions as the economy rebounded from COVID-19. The bank reported pre-tax profit of 6.9 billion pounds ($8.4 billion) for 2022, unchanged on the previous year and in line with analyst forecasts it had compiled. It plans to pay a 1.6 pence per share final dividend and a share buyback of up to 2 billion pounds, taking total shareholder returns for 2022 up to 3.6 billion pounds. Expenses also rose 6% to 8.8 billion, partly due to rising wage bills as Lloyds boosted its staff bonus pool by 12% to 446 million pounds. Lloyds also said it had bought Tusker, a vehicle leasing company that provides electric vehicles via salary sacrifice schemes, for 300 million pounds.

☆ Oil rises on China demand hopes, concerns on supply outlook
▼ + stars: | 2023-02-20 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 20 (Reuters) - Oil prices rose on Monday amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was at $76.78 a barrel, up 44 cents or 0.6%. Russia plans to cut oil production by 500,000 bpd, or around 5% of output, in March after the West imposed price caps on Russian oil and oil products. China is the world's largest crude oil importer. Prices will move higher "as the market pivots back to deficit with underinvestment, shale constraints and OPEC discipline ensuring supply does not meet demand," they wrote.

☆ Ford to cut 11% of its European workforce in EV push
▼ + stars: | 2023-02-14 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Ford has announced plans to axe 3,800 jobs across Europe, citing difficult economic conditions and its major push toward electric vehicles. Economic pressureThe job cuts also come on the back of “unprecedented economic and geopolitical headwinds” in the region, a Ford spokesperson told CNN. The past year has been difficult for European manufacturers. The eye-watering costs weighed on producers, causing some to slash production, relocate parts of their operations outside Europe, and lay off staff. Wholesale gas prices — a key input for much of Europe’s heavy industry — are now back to their pre-war levels.

[1/2] Construction of new buildings alongside older establishments is seen within the business district in Makati City, metro Manila, Philippines January 25, 2017. "We are confident that we will remain in our high growth trajectory," Baliscan told a media briefing on Thursday. On a quarter-on-quarter basis, GDP growth came in at 2.4% in October-December, compared with expectations for a 1.5% rise and the previous quarter's upwardly revised 3.3% expansion. Like the rest of the world, the Philippines is battling red-hot inflation, currently running at 14-year highs, which if not tamed could crimp domestic consumption, a major driver of growth. "We expect a difficult year ahead for the Philippines," Capital Economics said in a note, citing the impact of high inflation and tighter monetary policy on domestic spending.

☆ U.S. mattress maker Serta Simmons files for bankruptcy protection
▼ + stars: | 2023-01-24 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

The Doraville, Georgia-based company, whose roots date to 1870, filed for Chapter 11 protection from creditors on Monday night with the U.S. Bankruptcy Court in the Southern District of Texas. Serta Simmons also lined up $125 million in financing to keep operating, including to pay its 3,600 employees. The company's brands include Serta, Simmons, Beautyrest and Tuft & Needle. Serta Simmons' advisers include the law firm Weil, Gotshal & Manges, Evercore Group LLC and FTI Consulting Inc. The case is In re Serta Simmons Bedding LLC et al, U.S. Bankruptcy Court, Southern District of Texas, No.

REUTERS/StringerLONDON, Jan 24 (Reuters) - China’s exports of refined petroleum products, especially diesel, surged in the final two months of 2022, relieving some of the global shortage caused by unusually low exports since the middle of 2021. China’s exports were below normal for 16 months from July 2021 through October 2022 with a cumulative shortfall relative to the previous trend of 21 million tonnes or 167 million barrels. The downturn was concentrated in diesel with a cumulative shortfall of around 17 million tonnes or 128 million barrels (“Monthly bulletin”, GAC, January 18). Diesel exports accelerated to a near-record 2.8 million tonnes in December, from just 1.1 million tonnes in October, narrowing the deficit since mid-2021 to less than 16 million tonnes or 117 million barrels. Related columns:- China’s diesel exports recover but not enough to reverse global shortage (Reuters, November 9)- Diesel’s gloomy message for the global economy (Reuters, October 14)John Kemp is a Reuters market analyst.

☆ Changing nature of inflation prompts new inequalities, New York Fed says
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

"As prices in other categories have begun to rise more rapidly, the pattern of inflation inequality is changing with groups that have larger expenditure shares on these components ... experiencing higher inflation," New York Fed economists wrote in a blog post. Asian American/Pacific Islander households are most impacted by rising housing inflation, the New York Fed said. To illustrate the changing patterns, the researchers showed that in June 2021, as transportation costs soared, the inflation rate for Hispanic households was more than 1.5 percentage points above the national average. In December 2022, the inflation disparity for Hispanic households fell to about 0.27 percentage point. But in December 2022, the bottom 40% by income had the highest year-on-year inflation rate, while the inflation rate for middle-income households was now below the national average.

At least 15 U.S. oil refineries plan maintenance ranging from two to 11 weeks through May, tallies by Reuters and refining intelligence firm IIR Energy show. By mid-February, U.S. refiners will drop some 1.4 million barrels per day of processing capacity, double the five-year average, according to IIR. PBF Energy's (PBF.N) Toledo, Ohio, refinery remains largely offline from December, according to two people familiar with the matter. Heating oil margins are $58 per barrel, more than double the year-ago level. U.S. gasoline inventories are 226.8 million barrels, compared to 240.7 million at this time last year, while refinery capacity is 8% lower than before storm Elliott.

☆ Forget inflation, it’s all about earnings
▼ + stars: | 2023-01-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

They noted that over the last three quarters, S&P 500 reactions to earnings beats and misses have soared higher and have now surpassed the one-day market reaction to both CPI inflation and Fed policy meeting decisions. Shares of Disney sank 13.16% last November — their lowest level in more than two years — when they missed earnings estimates. “We see this as a narrative shift in the market from the Fed and inflation to earnings: reactions to earnings have been increasing, while reactions to inflation data and FOMC meetings have been getting smaller,” wrote Subramanian and Kwon. So we can expect some serious volatility over the next few weeks as companies report their fourth quarter corporate earnings. Bad news ahead: The estimated earnings decline for the S&P 500 in the fourth quarter of 2022 is -3.9%, according to a FactSet analysis.

☆ Tim Cook, Apple's CEO, agrees to a 40% target pay cut
▼ + stars: | 2023-01-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Apple CEO Tim Cook has agreed to cut his pay this year after shareholders rebelled. The world’s largest tech company said it would reduce Cook’s target pay package to $49 million, 40% lower than his target pay for 2022 and about half Cook’s $99.4 million total compensation that he was granted last year. But shareholders voted against Cook’s pay package after Apple’s stock fell nearly 27% last year. This year, the executive’s share award target has been cut to $40 million. Apple’s share price, like other tech companies, plunged last year as coronavirus lockdowns shuttered some of its factories in China.

"I think that this is going to be the most contentious debt ceiling debate in memory," Winograd said. "It would suggest that there's some type of premium being allocated to bills in that space where the risk of the debt ceiling starts to grow," Norris said. Some investors also believe lawmakers will be able to reach a deal on raising the debt ceiling without severely unsettling markets. Edward Al Hussainy, senior interest rate and currency analyst at Columbia Threadneedle, thinks any debt ceiling tensions would eventually be resolved, calling the issue "a well rehearsed storyline." However, the heightened concerns about the debt ceiling are "an extra little justification on top" for the firm's positioning, Pride said.

Jan 10 (Reuters) - Oil edged lower on Tuesday on expectations that further interest rate hikes in the United States, the world's biggest oil user, will slow economic growth and limit fuel demand. Brent futures for March delivery fell 43 cents to $79.22 a barrel, a 0.5% drop, by 0522 GMT. U.S. West Texas Intermediate crude fell 36 cents, or 0.5%, to $74.27 per barrel. But analysts warned that China's demand revival may play limited role to drive up oil prices under the global economic downward pressure. Separately, U.S. crude oil stockpiles likely fell 2.4 million barrels, with distillate inventories also seen slightly down, a preliminary Reuters poll showed on Monday.

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