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☆ Biden wants to kill junk fees — here's what could change and how you can minimize fees right now
▼ + stars: | 2023-03-08 | by ( Jason Stauffer | Elizabeth Gravier | ) www.cnbc.com time to read: +9 min

But you don't have to wait for the government to take action to reduce your exposure to junk fees. Comparison shop (as well as you can) Ferreting out junk fees can be tricky and different products and services have their own red flags. The CFPB wants to limit credit card late fees and the Biden Administration is pushing for Congress to pass the Junk Fee Prevention Act, which addresses four types of junk fees. Credit card late fees The CFPB has proposed a new rule to limit credit card late fees to $8. While it doesn't come with a welcome bonus or a 0% intro APR period, it also doesn't charge any fees — including late fees.

☆ 'Bond King' Jeffrey Gundlach warns of jumbo rate hikes because the US economy is too hot
▼ + stars: | 2023-03-08 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Billionaire investor Jeffrey Gundlach says the Fed is "very likely" to raise interest rates by 50 basis points at its next meeting. The "Bond King" pointed to a strong US economy that could trigger an acceleration in inflation again. That would mark a reacceleration of monetary tightening in the US, from February's increase of 25 basis points that was the smallest since early 2022. According to Gundlach, the fed funds rate has tracked the 2-year Treasury yield over the years. "If it comes in at or above expectations, I think it's a lock that the Fed's going to go with 50 basis points at a minimum."

☆ A reading of more than 200,000 jobs added in February would be the Fed's trigger for a big March rate hike, Barclays says
▼ + stars: | 2023-03-08 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

The Fed will likely upsize its March rate hike if the February jobs report shows 200,00 or more jobs added, Barclays said. Investors on Tuesday quickly pushed up the odds the Fed deliver a rate hike of a half-percentage point after downsizing the pace to 25 basis points last month. The February jobs report due Friday is expected to show the world's largest economy added 203,000 jobs, with a steady unemployment rate of 3.4%. The January jobs report trounced expectations with growth of 517,000 jobs. Such moves would put the peak of the Fed's benchmark interest rate at 5.5%-5.75% assuming that after June, the Fed sees sufficient evidence that slowing in employment and wages warrant a pause in rate hikes, Barclays said.

☆ If You’re a Foodie, You’ll Want This Cash Back Card
▼ + stars: | 2023-03-08 | by ( ) www.wsj.com time to read: +6 min

By Martha C. WhiteIf you, like many Americans, do the bulk of your credit card spending at the supermarket, Capital One SavorOne Cash Rewards may be the perfect card for you. While this card’s base 1% cash back rate is unremarkable, its unlimited 3% cash back at grocery stores is the highest uncapped rate we found in the cash back category. It’s why Buy Side from WSJ named this card Best Cash Back Card for Groceries. Card details you might missWhile Buy Side from WSJ judges cash back credit cards primarily based on their cash back offers, it’s important to understand all the terms and conditions. For instance, a family with $3,000 a month in credit card spending who spent half of that amount—$1,500—on food would earn $720 a year in cash back with this card, the same as they would with Buy Side from WSJ’s Best Overall Cash Back Credit Card pick, the Wells Fargo Active Cash, which offers 2% cash back on purchases across all categories.

☆ A new luxury camp site in Texas will offer 3D-printed 'glamping' hotel rooms and homes to stay in — see what the structures will look like
▼ + stars: | 2023-03-08 | by ( Brittany Chang | ) www.businessinsider.com time to read: 1 min

The walls of the smaller glamping units could take around four to eight days to print while the larger homes could take around two weeks, dramatically cutting the time it takes to build such structures.

☆ The world's first 3D-printed rocket is about to launch into space. Here's how it could beat Elon Musk's SpaceX to Mars.
▼ + stars: | 2023-03-08 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +2 min

Relativity Space wants to be for rockets what Tesla was for electric cars, says Ellis. Tim Ellis, CEO of Relativity Space. Relativity spaceEllis, CEO and co-founder of Relativity Space, said his eureka moment came while working at Jeff Bezos' Blue Origin. Ellis decided he would disrupt the rocket business by putting metal 3D printers at the core of the manufacturing process. "The way you have to design for a nearly entirely 3D printed rocket is very different," he said.

☆ Hawkish Powell puts 50 bp Fed rate hikes back on table
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +6 min

"Powell makes it clear the Fed would react accordingly if the data suggests that inflation continues to move in the wrong direction. It was very clear to the market that the Fed is not going to equivocate in terms of data that suggests inflation continues to climb higher or remain sticky." "Six percent (terminal rate) would be a little higher than it is likely. ROBERT PAVLIK, SENIOR PORTFOLIO MANAGER, DAKOTA WEALTH, FAIRFIELD, CONNECTICUT"The focus of the Fed is trying to get inflation down to 2%. "I prefer just one more 25 basis point rate hike, but probably we're going to get three 25 basis point rate hikes."

☆ Mitch McConnell slams Fox News — but spares Kevin McCarthy — over Tucker Carlson's depiction of January 6 footage
▼ + stars: | 2023-03-07 | by ( Bryan Metzger | Kelsey Vlamis | ) www.businessinsider.com time to read: +3 min

Mitch McConnell slammed Fox News for airing Tucker Carlson's misleading portrayal of January 6. He held up a letter from the Capitol Police chief calling the depiction "offensive and misleading." But he notably declined to fault House Speaker Kevin McCarthy for handing over the footage. At the top of his weekly press conference at the Capitol, McConnell produced a print-out of an internal letter from US Capitol Police Chief Thomas Manager describing the footage as "offensive and misleading." But he later declined to criticize House Speaker Kevin McCarthy for handing over 40,000 hours of footage to Carlson in the first place.

☆ Here are Tuesday's biggest analyst calls: Apple, Amazon, Arista, Costco, Joby, Netflix & more
▼ + stars: | 2023-03-07 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Northcoast upgrades Costco to buy from hold Northcoast said it sees more upside for the wholesale retailer. " Goldman Sachs initiates Arista Networks and Juniper as buy Goldman initiated several networking equipment stocks, noting they are attractively valued. Deutsche Bank downgrades Joby to sell from hold Deutsche said it sees too many risks for the aviation company. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said its standing by shares of Walmart as the retail giant continues to sign up new members for its Walmart+. Loop reiterates Netflix as hold Loop said its survey checks show that password sharing charging is increasing revenue for Netflix.

☆ Analysis: China's chip sector needs more than state money to dull impact of US restrictions
▼ + stars: | 2023-03-06 | by ( Josh Horwitz | ) www.reuters.com time to read: +5 min

The government has earmarked $140 billion that could include subsidising the purchase of domestically produced chipmaking equipment, Reuters reported in December, likely benefiting manufacturers such as China's sole semiconductor lithography specialist, Shanghai Micro Electronics Equipment Group (SMEE). Just as in the aviation industry, chipmaking equipment manufacturers work closely with clients, offering long-term services including installation, calibration, maintenance and repair of machines that can cost over $100 million each. Another former top staffer at a Chinese chipmaking equipment manufacturer recounted how while working to master the etching procedure for 3D NAND Flash, the company could not perfect a critical element, namely the channel hole, or hole size. The situation could be worsened for Chinese companies should Japan and the Netherlands agree with the United States to also restrict exports of chipmaking equipment to China. "When the sanctions came out, all the American companies followed," an engineer at a Chinese memory chipmaker told Reuters.

☆ A Tennessee high school club tried to put up flyers for transgender awareness month. The school said they were illegal.
▼ + stars: | 2023-03-06 | by ( Yelena Dzhanova | ) www.businessinsider.com time to read: +5 min

A school club in Tennessee tried to put a flyer that defined the word "transgender" in November. But the principal of Northeast High School rejected it, a 17-year-old member of the club said. After the poster was rejected, Elizabeth came up with other ideas in an effort to get the word out about Transgender Awareness Month. Elizabeth said the experience raised her awareness about the extent to which trans rights are threatened in the state of Tennessee. The Tennessee law is part of a wave of legistion focused on trans people largely fueled by anti-LGBTQ sentiment in the United States.

☆ Morning Bid: China takes five
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in U.S. and global markets from Alun John"Fair enough I suppose" seems to be markets' response to China's comparatively-modest 5% 2023 growth target announced on Sunday. (.MIWD00000PUS)This year's growth target of around 5% was at the low end of expectations, as policy sources had recently told Reuters a range as high as 6% could be set. It is also below last year's target of around 5.5%, though up from last year's actual 3% figure. It focuses more on longer-term growth challenges," said ING's chief economist for Greater China Iris Pang. * U.S. Three month and six month bill auctionsBy Alun John, editing by Ed Osmond <a href="mailto:alun.john@thomsonreuters.com" target="_blank">alun.john@thomsonreuters.com</a>.

☆ In Turkey's quake-devasted city of Antakya, an antiques seller is determined to stay put
▼ + stars: | 2023-03-04 | by ( Timour Azhari | ) www.reuters.com time to read: +4 min

Close by was a mosaic portrait of Ataturk, the founder of modern Turkey, old magazines and several Turkish flags. "Even before the earthquake, these chairs were outside, I had items outside to show that we run an antique shop ... In one room, a wall collapsed on top of his collection of Turkish antique glassware. A man who has made a living from old things, Sincan said he took a historical view of the earthquake's devastation. Sincan said he was confident the city would rise again.

The government said the BBC had failed to respond to repeated requests to clarify its tax affairs related to the profits and remittances from its Indian operations. The documentary, which was only broadcast in Britain, accused Modi of fostering a climate of impunity that fuelled the violence. Reuters spoke to eight Indian journalists, industry executives and media analysts who said that some media which reported critically on the government have been targeted with inspections by government agencies, the suspension of state advertising, and the arrest of reporters. Modi's government has vigorously denied the BBC tax inspection - the first against an international news organisation in decades - was a response to the film. Gupta said there had been complaints after the government reduced its advertising spending but that was not an assault on media freedom.

Balance transfer fee: Many balance transfer cards charge a fee per transfer. Learn more: How 0% APR cards work and how to complete a balance transferWhat credit score is required for 0% APR credit cards? Most 0% APR credit cards are reserved for consumers with good (670-739) or excellent (740 and greater) credit. 8 things to know before applyingWhat's the best way to use a 0% APR credit card? When you apply for a credit card (including a 0% APR card), you'll have a hard credit pull on your credit report, which typically comes with a dip of a few points in your credit score.

☆ Dollar finds footing as focus turns to Europe inflation
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: +3 min

The dollar lost 0.9% on the euro on Wednesday, its sharpest drop in a month. It was about 0.2% firmer on the euro on Thursday, with the common currency at $1.0649 in Asia trade ahead of inflation data due at 1000 GMT. The New Zealand dollar which rose 1.2% on Wednesday, fell 0.4% on Thursday to $0.6230. China's yuan settled back to 6.8928 to the dollar after logging its biggest jump of 2023 on Wednesday. Besides European inflation, euro zone employment and central bank minutes are due later in the day, as is U.S. jobless claims data.

☆ Salesforce's strong results are impressive given activist pressure, Wall Street analysts say
▼ + stars: | 2023-03-02 | by ( Sarah Min | ) www.cnbc.com time to read: +4 min

Salesforce 's strong earnings were impressive, as it works toward improving profitability in the midst of ongoing activist pressure at the firm, according to Wall Street analysts. The results help Salesforce CEO Marc Benioff fend off pressure from activist investors such as Third Point and Elliott Management that have leaned on the firm. The new price target suggests shares can jump 43% from Wednesday's closing price of $167.35. JPMorgan's Mark Murphy also reiterated an overweight rating on the stock, and raised his price target to $230 from $200 — implying about 37% upside. Nevertheless, he maintained a neutral rating on the stock, with a $182 price target implying just 8% upside.

☆ Euro zone inflation eases in February but core prices surge
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +3 min

Indeed, underlying inflation, which filters out volatile food and fuel prices, an indicator closely watched by the ECB, jumped to 5.6% from 5.3%, coming well above expectations for a steady reading. Price growth in services, the biggest component in core inflation, accelerated to 4.8% from 4.4%, a big worry since the sector is especially sensitive to wage growth and the rise suggests an acceleration in labour costs. "High wage increases could imply that especially service price inflation could remain elevated in 2023-2024," Nordea analysts said in a note. "Given that the weight of services in the headline inflation is 44% and in core inflation 62%, elevated service price inflation will keep also the aggregate level inflation high." Industrial goods inflation meanwhile picked up to 6.8% from 6.7% while unprocessed food price growth surged to 13.6% from 11.3%.

☆ These 3 destinations in Europe and Asia will give you free hotel stays, flights, and cash to take your next vacation there
▼ + stars: | 2023-03-02 | by ( Hannah Towey | ) www.businessinsider.com time to read: +4 min

Taiwan said it will pay international visitors $165 and Hong Kong is giving away 500,000 free flights. The governments of Sicily, Hong Kong, and Taiwan are pumping billions into the programs, which range from free flights, hotel stays, and excursions — to straight cash. Gary Yeowell/Getty ImagesSicily, a historic island in the South of Italy, first launched its "See Sicily" travel promotion two years ago and recently announced its revival for 2023. Hong KongThe central district of Hong Kong. Starting March 1, the tickets will be distributed by airlines Hong Kong Express, Cathay Pacific, and Hong Kong Airlines, Time Out reported.

☆ Dunkin' is giving away free iced coffee this week—here’s how to order
▼ + stars: | 2023-03-01 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

If you've got a smartphone, you can get a free coffee from Dunkin'. The donut slinger announced on Twitter that it is giving away one free coffee of any size this week. Though Dunkin's tweet only mentions iced coffee, the fine print of the offer states that the chain's hot coffee is also eligible, though the coupon cannot be used on cold brew. Dunkin' made a splash late last year when it reworked the way that its customer loyalty program works. The change prompted customers to complain on social media, with some saying that they were uninstalling the coffee chain's app from their phones, CNBC Make It reported at the time.

☆ Bitcoin edges higher after dismal February for risk assets as investors assess rate outlook and new China data
▼ + stars: | 2023-03-01 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Bitcoin and other risk assets rose after strong Chinese manufacturing activity data. The coin on Wednesday was gaining ground on notably strong manufacturing data out of China. China's National Bureau of Statistics said its manufacturing activity index rose to 52.46 in February, the highest reading since April 2012, according to Bloomberg. Chinese stocks bounced higher, with the Hang Seng Index soaring more than 4%. Copper was another risk-on asset gaining ground, up 1.2% at $4.14 per pound on prospects of higher Chinese demand for the metal used for construction projects.

☆ The US military set off its largest nuclear explosion in testing 69 years ago, but scientists had no idea the blast would be that big
▼ + stars: | 2023-03-01 | by ( Jake Epstein | ) www.businessinsider.com time to read: +7 min

Dozens of nuclear tests were carried out by the US in the Pacific between 1946 and 1958. The largest of these was the detonation of the Castle Bravo device on March 1, 1954. It was 1,000 times more powerful than the atomic bomb that leveled Hiroshima during World War II. Castle Bravo was a real 'eyeopener'Despite the devastation caused by Castle Bravo, the US military continued to conducting nuclear weapons testing in the Pacific. The US, UK, and Soviet Union signed the Limited Test Ban Treaty in 1963, which barred nuclear weapons testing in the atmosphere, in outer space, and underwater.

☆ The owner of Insider and Politico says AI is coming for journalists' jobs
▼ + stars: | 2023-03-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —One of Europe’s biggest media groups has warned journalists that artificial intelligence (AI) could steal their jobs, and has provided tips for how reporters can avoid the chop. “Only those who create the best original content will survive.”AI raceDöpfner’s warnings come three months after Open AI opened up access to ChatGPT, an AI-powered chatbot. The bot is capable of providing lengthy, thoughtful responses to questions, and can write full essays, responses in job applications and journalistic articles. Its instant popularity has turbocharged a race among tech companies to bring their own AI products to market. Staff in journalistic roles, such as reporters and specialist editors, are not currently the target of cuts, Döpfner said.

☆ China's factory activity bounces further into expansion in February
▼ + stars: | 2023-03-01 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

China's factory activity for February bounced further into expansion territory, according to data from the National Bureau of Statistics. The official manufacturing purchasing managers' index rose to 52.6 in February – above the 50-point mark that separates growth from contraction. That marks the highest reading since April 2012, when it hit 53.5. February's PMI reading is also higher than the 50.1 reported for January and above expectations of 50.5, according to economists surveyed by Reuters. Non-manufacturing PMI also grew further to 56.3 from January's print of 54.4, when it saw a sharp improvement backed by a recovery in services and construction activity.

☆ Axel Springer to Restructure German Business in Shift to U.S. Focus
▼ + stars: | 2023-02-28 | by ( Bojan Pancevski | ) www.wsj.com time to read: 1 min

German-based Axel Springer is one of Europe’s biggest media houses. BERLIN—The German owner of Politico and other U.S. outlets announced Tuesday an important restructuring of its domestic operation as part of a strategy to shift its focus to the U.S. and become a globally leading digital-only publisher. Axel Springer SE, one of Europe’s biggest media houses and the only one with a major U.S. presence, will slim down its corporate structure. It aims to boost earnings in its German media business by around 100 million euros, equivalent to $106.1 million, over the next three years, with a mid-term aim to shut down its print editions, the company said.

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