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☆ Russia stands to lose $6.5 billion a year if Ukraine doesn't renew a gas pipeline deal at the end of the year, report says
▼ + stars: | 2024-09-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's energy revenue could take another hit if Ukraine doesn't renew a key gas deal by the end of the year. AdvertisementRussia could end up losing billions if Ukraine turns its back on a deal to keep gas flowing from the country. Ukraine's state-run energy giant, Naftogaz, is up to renew its gas pipeline deal with Russia's Gazprom by the end of the year. Ending the pipeline deal would be a blow to Russia's gas trade, which is a key lifeline for the economy as it navigates a third year of war in Ukraine. Recently, Russia established a gas pipeline deal with China, which has become one of its largest trading partners.

Persons: Ukraine doesn't, — Organizations: Moscow, Service, Gazprom, Bloomberg, Ukraine, Yale Locations: Ukraine, Europe, Russia, Ukraine's, Moscow, China

☆ Stock market today: Stocks fall as annual inflation slows but monthly CPI notches surprise increase
▼ + stars: | 2024-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Core inflation rose 0.3% in August, slightly above economists' expectations. Meanwhile, investors dashed their hopes for a 50 basis point rate cut from the Fed next week. AdvertisementUS stocks traded mixed on Wednesday as investors took in last month's inflation report, which showed an unexpected increase in the monthly core consumer price index. Bond yields rose as traders readjusted expectations for a jumbo rate hike of 50 basis points at next week's Federal Open Market Committee meeting. AdvertisementThe surprise increase led investors to almost completely discount the possibility of a 50 basis point rate cut at the Fed's next policy meeting.

Persons: —, Josh Jamner, Jack McIntyre Organizations: Fed, Service, Dow Jones, ClearBridge Investments, Brandywine Global Locations: Here's

☆ Delinquent debt is piling up. Here's why it's not a reason to worry about the US consumer, according to BofA CEO Brian Moynihan.
▼ + stars: | 2024-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

There's no need to worry about consumers falling behind on debt payments, BofA's Brian Moynihan said. Deliquency rates on credit card and auto loans are normalizing and are close to 2019 levels. Go to newsletter preferences Thanks for signing up! AdvertisementConsumers are falling behind on their credit card and auto loan payments, but that's actually not such a big deal for the economy, according to Bank of America CEO Brian Moynihan. Late payments on consumer credit card loans have ticked slightly higher over the last quarter, with 9.1% of credit card balances and 8% of car loans transitioning into delinquency, according to the New York Fed's latest Household Debt and Credit Survey.

Persons: BofA's Brian Moynihan, —, that's, Brian Moynihan, Moynihan shrugged Organizations: Service, Bank of America, CNBC, Credit Survey, Business Locations: York

☆ Stock market today: Indexes rise as stocks whipsaw after inflation-fueled decline
▼ + stars: | 2024-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US stocks traded mixed as traders reacted to a mixed inflation report. Core consumer prices rose more than expected, reducing chances of a 50 basis-point rate cut. AdvertisementUS stocks traded mixed on Wednesday, with investors staging a recovery after taking in a mixed inflation report. Odds for a 50 basis-point cut have been slashed by more than half to just 15%, according to the CME FedWatch tool. Markets will assess August producer price inflation data and weekly jobless claims on Thursday and fresh retail sales data next Tuesday.

Persons: —, Bill Adams, Jensen Huang, Goldman Sachs Organizations: Service, Dow Jones, Traders, Comercia Bank, Bank of America, Tech, Nvidia, Here's

The collection's existence on your credit report can severely lower your credit score and impact future loans. Here's what you need to know about the impact of collections and how to get them removed from your credit report. As it ages on your credit report, its effect on your credit score will decrease until it falls off entirely. How can you remove collections from a credit report? There are a few different — and completely legal — ways you can try to remove it from your credit report to fix your credit score.

Persons: it's, there's, you've, Markia Brown, John Owens, Brown, Owens, Rick Eicheldinger, Zarrad, Eicheldinger, Jennifer, Read Organizations: Monterey Financial Services, Business, Yahoo, Finance, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: America, TheGrio, New York City

☆ Here's why the stock market is throwing a tantrum about new inflation data
▼ + stars: | 2024-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Core inflation rose unexpectedly, dashing hopes for a bigger rate cut from the Fed. US indexes slumped on Wednesday, with the Dow dropping as much as 600 basis points in the early morning as traders took a mixed-bag of inflation data. That's the lowest headline inflation rate recorded since early 2021. On the other hand, cutting interest rates by just 25 basis points means higher for longer interest rates. "Today's inflation data cemented in a 25 basis point cut next week 50 basis points in out the window," she added.

Persons: —, Julian Howard, Gina Bolvin, Preston Caldwell, Chris Zacarelli Organizations: Fed, Traders, Service, Dow, of Labor Statistics, GAM Investments, Bolvin Wealth Management, Labor Department, Morningstar, Independent

☆ Stocks won't hit new highs anytime soon and 3 things mean the market is fairly valued, Wells Fargo says
▼ + stars: | 2024-09-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The S&P 500 probably isn't hitting fresh highs anytime soon, according to Wells Fargo. AdvertisementThe stock market's long winning streak may be done for now, Wells Fargo said. That's because to a trifecta of headwinds will cap gains for the S&P 500. "For these reasons, we find it unlikely that the S&P 500 Index will reach meaningful new highs in the coming months." Since then, growth fears have overshadowed excitement about rate cuts, and questions about the sustainability of the AI rally have dented tech bullishness.

Persons: —, Wells Fargo, Stocks, Kamala Harris, Donald Trump Organizations: Service, Federal, Fed, Investor Locations: Wells Fargo

Although there are no restrictions on how often you can file for bankruptcy, there are restrictions on how often you can receive a discharge. While Chapter 7 and Chapter 13 bankruptcies will have the same effect on your credit score, creditors may view a Chapter 13 bankruptcy more favorably. A Chapter 7 bankruptcy will stay on your credit report for 10 years, while a Chapter 13 bankruptcy will fall off after seven years. Frequently asked questions about how often you can file for bankruptcyCan I file a Chapter 13 bankruptcy after a Chapter 7 bankruptcy? Yes, you can file Chapter 13 after Chapter 7 bankruptcy, but you must wait at least four years after the discharge of your Chapter 7 to file Chapter 13.

Persons: Filers, you've, Adrienne Hines, Hines, Scott Glatstian, Rosenblum, Lamine Zarrad, —, Jennifer, Read Organizations: refiling, Wright Co, Rosenblum Law, Federal Trade Commission, Business, Yahoo, Finance, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: Kademenos, Chevron, America, TheGrio, New York City

☆ Nvidia stock is on track to double in coming years as AI follows the path of past tech bubbles, portfolio manager says
▼ + stars: | 2024-09-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Nvidia stock has a lot more room to run, according to Dan Niles. The Niles Investment founder compared Nvidia to Cisco prior to the peak of the dot-com bubble. Nvidia shares could double in the next couple of years, he predicted. Nvidia shares, by comparison, have risen around 1,500% over the last six years. The chipmaker has hit a rough stretch in recent weeks, with shares dropping 27% from their peak earlier this summer.

Persons: Dan Niles, —, who's, Niles, you've, I've, Blackwell Organizations: Niles Investment, Nvidia, Cisco, Service, Niles Investment Management, CNBC, Blackwell, Nasdaq

☆ I took my son traveling without my partner. I was surprised by how easy parenting was on vacation, and it helped us bond.
▼ + stars: | 2024-09-10 | by ( Jennifer Sizeland | ) www.businessinsider.com time to read: +4 min

After my son was born, getting him out of the house felt like an insurmountable task. Once I'd mastered what I needed to bring with me to keep him happy, I took my son to the Lake District for a weekend without my partner. It's a bonding experienceMy son is now 3, and I've just taken him away on vacation for four days without my partner. Now, I find more peace and satisfaction than I ever thought possible in watching him throwing stones into a lake. There's a real joy to be had in slow travel, and solo adventures with my son have helped me to achieve that.

Persons: I'd, Jennifer Sizeland, I've, tantrums, Taj Organizations: Service Locations: Lake, Machu Picchu, Angkor

☆ The 5 markets hit hardest by housing shrinkflation, with buyers paying up for smaller homes
▼ + stars: | 2024-09-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The median US home size has shrunk by 128 square feet over the last five years. Go to newsletter preferences Thanks for signing up! AdvertisementThe housing market hasn't been spared from shrinkflation, the unfortunate phenomenon of paying more for less. The median-sizes US home has shrunk from 1,996 square feet to 1,868 square feet in the last five years, according to Realtor.com data. Yet, the median price for a US home has climbed to $429,990 as of August, up 36% from August five years ago, when the median price of a home stood at $315,791.

Persons: — Organizations: Service, Business Locations: shrinkflation

☆ America's shopping spree is over and retailers are facing a new world of cautious consumers
▼ + stars: | 2024-09-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewAmerica's wild, multi-year shopping spree has come to an end — and retailers who got used to Americans dropping cash on just about everything are in a tough spot. US retail sales came in stronger than expected in July, with Americans spending more overall compared to the prior month, according to Census data. Around 40% of consumers said they planned to pare back spending on accessories, home decor, jewelry, and furniture, per McKinsey's survey. We're now back in an environment where good retailers, strong brands that offer compelling value … will benefit," Siegel said. In the meantime, that could mean more pain for retailers, Siegel said, speculating that many were caught by surprise by the shift in consumer sentiment.

Persons: —, Ted Rossman, Rossman, pare, Simeon Siegel, Siegel, We're, SPDR Organizations: Service, Business, McKinsey & Company, Bankrate, Customers, BMO, Challenger, Walmart, Target, San Francisco Fed, Primerica Locations: FactSet

☆ Buyers catch a break — more homes on the market are seeing prices cut as sellers get impatient
▼ + stars: | 2024-09-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The housing market is turning in buyers' favor as more sellers cut prices. The number of homes that saw a price cut rose to 19.3% in August, per Realtor.com. Sellers could be losing patience as their homes sit on the market for longer, the firm said. AdvertisementThe housing market looks like it's starting to tip in buyers' favor. The number of homes for sale that saw a price cut in August rose to 19.3%, according to Realtor.com data.

Persons: Sellers, — Organizations: Service, Business

☆ Housing supply is piling up in Florida and Texas as HOA and insurance fees jump, Redfin says
▼ + stars: | 2024-09-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The condo market looks stuck in Florida and Texas, according to Redfin. Condo inventory has risen 53% in Florida and 42% in Texas since last year. Buyers have been scared away from both states, partly because of rising HOA fees and insurance premiums. Go to newsletter preferences Thanks for signing up! AdvertisementHousing inventory is piling up in Florida and Texas, in part because homeowners-association fees and home insurance costs are scaring buyers away from the condo market, according to Redfin.

Persons: — Organizations: Redfin, Buyers, Service, Business Locations: Florida, Texas

☆ Meet the 'silver squatters': Adults in their mid-50s who are woefully unprepared for retirement
▼ + stars: | 2024-08-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Thomas is among what retirement experts are calling "silver squatters" — adults in their mid-50s who are even more woefully unprepared than some boomers, despite being about a decade away from retirement. This group of Gen Xers — the generation of Americans aged 43 to 59 — largely expects to postpone or work past their retirement. AdvertisementA majority also don't expect to receive any inheritance, despite their boomer predecessors holding onto trillions in wealth. The gap in retirement readiness could be due to the "unique" challenges of Gen Xers, according to Dylan Tyson, the head of retirement strategies at Prudential. Around half of Gen Xers are saving without a general plan for retirement, Prudential found.

Persons: Jim Thomas, he's, Thomas, He's, Pete Welch, Gen Xers, they'll, René, We're, Xers, Dylan Tyson, Inspira's Welch, there's, Welch, Tyson, expectancies, undersaved — Organizations: Service, Business, Social Security, Prudential Financial, Inspira, Prudential Locations: Austin , Texas

☆ The US housing market is on the verge of hitting a record $50 trillion valuation as prices keep rising
▼ + stars: | 2024-08-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The US housing market is on track to hit a record $50 trillion in value, Redfin said. US homes gained $3 trillion in value last year, thanks to supply and demand imbalances. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US housing market has never been worth more, and it's on track to cross a record $50 trillion valuation, according to Redfin. Home prices have been on a rapid climb amid ongoing supply an-demand imbalances in the market.

Persons: Redfin, — Organizations: Service, Business

☆ Russia is reportedly receiving shipments of dollars and euros despite sanctions and efforts de-dollarize
▼ + stars: | 2024-08-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Russia has taken in billions in dollars and euros since 2022, Reuters reported. Allies have continued currency shipments despite the threat of Western sanctions. Russia has pushed to de-dollarize its economy, but the dollar is still needed for trade, experts say. Go to newsletter preferences Thanks for signing up! AdvertisementRussia is taking shipments of billions of dollars and euros, despite strict sanctions that banned currency exports to the nation since the start of the Ukraine war, according to Reuters.

Persons: — Organizations: Reuters, Service, Business Locations: Russia, Ukraine, Moscow

☆ American workers are stuck in place because everyone is too afraid of a recession to quit
▼ + stars: | 2024-08-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

The stagnation has resulted in a rise in "stuck" workers — frustrated employees who say they want to quit a job, but are staying put as the fear of a potential recession looms in the backs of their minds. Google search interest for the search phrase "quitting job" is down 11% over the last year, according to data accessed from the search analytics tool Glimpse. AdvertisementGoogle search interest in the term "recession" has exploded 230% over the past month, Glimpse data shows. Google search interest in "recession" has more than doubled in the past month. Job market forecasters say the slowdown in hiring looks poised to continue, even if the Fed begins to loosen monetary policy.

Persons: —, That's, Amanda, It's, I've, Raymond Lee, Careerminds, Korn, Radhika Papandreou, Papandreou Organizations: Service, Business, Bureau of Labor Statistics, Conference Board, Google, Fed, National Federation of Independent

☆ The latest stock market crash wasn't a fluke, and it signals more trouble coming for the economy, investor Mark Mobius says
▼ + stars: | 2024-08-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The recent sell-off in stocks could be a warning sign for what's coming for the economy, Mark Mobius said. If you look at the money supply growth in America, it is very low now," he said. We have more problems in the US and, that will affect the global situation unless the money supply is increased much more than it is now." Disruptions in the stock market are usually the signal "before the actual economic effects are seen," he added. A full-fledged bear market is unlikely, Bank of America said, as the market isn't flashing technical signals that would suggest a peak in stock prices.

Persons: Mark Mobius, Mobius, —, Monday's, Stocks Organizations: Economic, Service, Mobius Capital, Bank of Japan, Economic Times, Fed, Bank of America Locations: Japan, America

☆ How Amazon's massive TV deal with YouTube's top star turned sour
▼ + stars: | 2024-08-09 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

"Beast Games" was part of a celebrity-studded slate Amazon presented at its TV upfronts debut in May. Despite being a dominant spender on entertainment content, Prime Video has faced questions about its popularity with viewers. A second Amazon insider said producers were already talking about making a Fyre Fest-like documentary about "Beast Games." Advertisement"All you do is go through worst-case scenarios and work backwards from there," the second Amazon insider said. But Mike Hopkins, SVP of Prime Video and Amazon MGM Studios, is all over the situation, two Amazon insiders said.

Persons: —, Jimmy Donaldson, it's, Jennifer Salke, Jimmy, Salke, Donaldson —, Donaldson, Dave Kotinsky, Burger, Donaldson's, Matthew Hiltzik, couldn't, Puck, Mike Hopkins Organizations: Service, YouTube's, Amazon, Amazon MGM Studios, Business, Beast, New York Times, Times, Prime, Ampere Analysis, Reuters Locations: New Jersey, Vegas

☆ Taylor Swift concerts and the Olympics could lead to a fresh surge in global inflation, UBS says
▼ + stars: | 2024-08-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Global inflation could see a resurgence as the Olympics and Taylor Swift concerts drive demand. Mega-events tend to spike hotel and transportation costs, UBS said. Inflation in Europe and the US has cooled, but central bankers are still wary. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGlobal inflation could see a fresh resurgence thanks to a spending spree fueled by Taylor Swift concerts and the Olympics, UBS said.

Persons: Taylor Swift, — Organizations: UBS, Service, Olympics, Business Locations: Europe

☆ Russia's economy faces a demographic disaster and risks seeing its population reduced by half by the end of this century, think tank says
▼ + stars: | 2024-08-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Russia's population could shrink by half by the end of the century, an Atlantic Council report says. A shrinking population threatens Russia's economy and could result in worker shortages and low growth. Go to newsletter preferences Thanks for signing up! AdvertisementRussia's economy has a dire demographic problem on its hands, and the nation could see its population slashed in half by the end of the century, an Atlantic Council report says. The report from the Washington, DC, think tank — written by Harley Balzer, a professor emeritus at Georgetown University — points to Russia's long-running population decline.

Persons: —, Harley Balzer, Georgetown University — Organizations: Atlantic, Service, Georgetown University, Bank, Business Locations: Russia, Ukraine, Washington, DC

☆ The mortgage lock-in effect shaved $20 billion off the US economy in a year
▼ + stars: | 2024-08-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

A paper found that the housing market's lock-in effect cost the US economy $20 billion over a year. High mortgage rates led to economic stagnation and reduced housing activity. Researchers estimated Americans who moved paid an extra $21 billion a month in mortgage payments. Go to newsletter preferences Thanks for signing up! AdvertisementHigh mortgage rates cost the US economy billions of dollars last year.

Persons: —, Jack Liebersohn, Jesse Rothstein Organizations: Service, National Bureau of Economic, Business

☆ Rising household debt and shrinking incomes are setting the stage for a recession, top economist says
▼ + stars: | 2024-08-07 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The US looks poised to enter a recession, thanks to troubling trends in household finances. Economist David Rosenberg pointed to rising debt levels and shrinking incomes among American households. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US still looks poised to enter a recession, as rising debt and shrinking incomes are setting the economy up for a downturn.

Persons: David Rosenberg, —, Rosenberg Research who's, Rosenberg Organizations: Service, Rosenberg Research, Business

☆ What the Fed must do to soothe markets after a historic global sell-off, according to JPMorgan strategy chief David Kelly
▼ + stars: | 2024-08-06 | by ( Kelly Cloonan | Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Kelly says the Fed needs to broadcast its confidence in the economy to soothe jittery markets. JPMorgan's David Kelly told Business Insider he sees a possibility for even deeper losses following the big rout. We do stand ready to cut rates as appropriate but we don't think there's a very urgent situation here," Kelly said. More importantly, cutting rates abruptly would potentially instill more fear about the economy among investors, Kelly said. And I don't think the Federal Reserve tells people that, or maybe they don't appreciate it themselves," Kelly said, adding, "It's a drag before it's a stimulus."

Persons: Kelly, JPMorgan's David Kelly, —, David Kelly, Monday's, we've, Dow Jones Organizations: Fed, Service, JPMorgan Asset Management, Nasdaq, Nikkei, Reserve Locations: Japan

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