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☆ Lumber prices fall toward multi-year lows as pending home sales slump and industry searches for supply balance
  + stars: | 2023-04-27 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +2 min
Lumber prices continued their downward trend on Thursday, falling 4% toward multi-year lows. The decline in lumber came amid an unexpected decline in March pending home sales, and as the industry seeks a balance in supply and demand. "The broad industry is still challenged with getting supply in check to meet the new demand curve," Sherwood Lumber told Insider. But according to Sherwood Lumber president Andy Goodman, the lumber industry is still searching for a balance in supply and demand. Since then, lumber prices have cratered 78%, in part driven by a surge in mortgage rates to above 6%.
☆ Opinion | Let’s Protect Children at Least as Well as We Protect Ducks
  + stars: | 2023-04-21 | by ( Dan Ashe | ) www.nytimes.com   time to read: +2 min
President Biden could borrow from the nation’s success in protecting ducks. The executive branch has plenty of discretionary authority to regulate federal lands, including the ability to restrict firearms possession in many areas (a power it now uses to restrict guns in courthouses, post offices and many national parks and on other federal lands). It can and should prohibit shooting assault weapons or any firearms capable of shooting more than five or 10 rounds, without reloading, on federal land, or at any public shooting range that receives federal funding or is under federal license. The challenge for the president will be to overcome a gun culture that permeates federal land-managing agencies and their state counterparts. He can also ask the major hunting, fishing and conservation organizations, like the Boone and Crockett Club, Ducks Unlimited and the National Wildlife Federation, to urge state wildlife agencies to ban assault weapons for any hunting.
☆ America’s Most Prolific Logger Recasts Itself as Environmental Do-Gooder
  + stars: | 2023-04-17 | by ( Ryan Dezember | Photographs Tristan Spinski For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
KIBBY TOWNSHIP, Maine— Weyerhaeuser Co. has cut down more trees than any other American company since its founder started logging before the Civil War. Environmentalists have long treated it as an enemy. Now, the new math of carbon emissions is enabling the lumber producer to cast itself as something quite different: a force for environmental good.
☆ Take a look back at 24 Sussex Drive, the iconic residency of the Canadian PM now abandoned and overrun with rodents
  + stars: | 2023-04-16 | by ( Bethany Dawson | ) www.businessinsider.com   time to read: +3 min
24 Sussex Drive, the official residence of the Canadian prime minister, is in total disrepair. Canadian Prime Minister Jean Chretien meets with Premiers and Territorial leaders Chretien's residence in Ottawa, February 4, 2003. Canadian Prime Minister Paul Martin (L) holds a First Ministers' meeting at his official residence in Ottawa, January 30, 2004. Conservative leader and Canada's Prime Minister Stephen Harper reacts in between songs while practicing with his band "Herringbone" at 24 Sussex Drive, Harper's official residence, in Ottawa April 22, 2011. Since taking his post as head of state, prime minister Trudeau has opted to live in Rideau Cottage, just less than a mile away from 24 Sussex Drive.
☆ Oregon police find stolen two-story tiny house while investigating man's property on unrelated charges
  + stars: | 2023-04-15 | by ( Jordan Hart | ) www.businessinsider.com   time to read: +2 min
An Oregon man is accused of stealing a two-story tiny house, according to officials. The tiny house is a converted 1979 Corsair Trailer Coach travel trailer, officials said. The tiny house is a 1979 Corsair Trailer Coach travel trailer that had been converted into a two-story living space, and its owners reported it was stolen in January. After confirming it was, in fact, the stolen tiny house with the Junction City Police Department, officials returned Thursday morning with a search warrant to recover the structure and arrest Monroe. It's unclear how Monroe came in possession of the tiny house, or if he was living in the house, but travel trailers are often used as tiny living spaces for those interested in more nomadic living.
☆ They dated as teenagers. 40 years later, she decided to go on vacation with him
  + stars: | 2023-04-14 | by ( Francesca Street | ) edition.cnn.com   time to read: +13 min
“Our hallways in this school, they were outside, and so there’s this beam of sunlight shining down on her,” recalls Bo. “I’d say, ‘Come to my window and I’ll talk to you through the window,’” recalls Beverly. The former flames, now both 60, received invites to their 40th high school reunion, taking place at the Clinton Presidential Library in Little Rock. A high school reunionBo and Beverly reunited at a high school reunion and got to know one another on a subsequent sailing vacation. It was “literally a shack of driftwood and washed up lumber slapped together haphazardly on a remote beach,” recalls Bo.
☆ Two shipwrecks found in Lake Superior help finish the 109-year-old story of the 'darkest day in lumber history'
  + stars: | 2023-04-12 | by ( Associated Press | ) www.businessinsider.com   time to read: +3 min
Michigan researchers found two shipwrecks in Lake Superior. The ships disappeared as storms swept through while they were hauling lumber across the lake in 1914. The organization operates a museum in Whitefish Point and regularly runs searches for shipwrecks, aiming to tell "the lost history of all the Great Lakes" with a focus on Lake Superior, said Corey Adkins, the society's content and communications director. There was also damage to the Marvin's bow and the Curtis' stern, making researchers wonder whether a collision contributed, he said. "We're the first human eyes to see it since 1914, since World War I," one team member mused.
☆ The creator of the Catan board game has died
  + stars: | 2023-04-04 | by ( Danielle Wiener-Bronner | ) edition.cnn.com   time to read: +3 min
New York CNN —Klaus Teuber, creator of the blockbuster board game Catan, has passed away. “It is with profound sadness that we at Catan Studio acknowledge the passing of Klaus Teuber, legendary game designer and creator of the beloved board game Catan,” the game publisher’s said in a statement posted to Facebook and other social media platforms Tuesday. Catan, originally called Settlers of Catan, came out in 1995. “With sales nearing 25 million copies worldwide, Settlers of Catan is becoming the most popular board game since Risk and Monopoly,” according to the Atlantic. “Thank you Klaus for the joy you have brought to my life through the brilliant game of Catan,” another wrote.
☆ Russian firm says it closes deal to buy IKEA factory
  + stars: | 2023-03-27 | by ( ) www.reuters.com   time to read: +2 min
IKEA halted all retail and production operations in Russia soon after Moscow sent troops into Ukraine on Feb. 24, along with scores of other Western companies. "The process of concluding the deal was not easy and quite lengthy," Invest Plus owner Vadim Osipov said in a statement, thanking all parties involved - IKEA, Russian and Swedish regulators, and Russia's Ministry of Industry and Trade. Sales by Western companies have been complicated as deals involving firms from so-called unfriendly countries - those that imposed sanctions against Russia - need approval from a government commission. Russia's industry ministry in February said that Slotex and lumber producer Luzales would buy the IKEA plants. "Our goal is to return the highly popular and quality production of the Novgorod factory to Russia's furniture market as quickly as possible," Osipov said.
☆ A scorched southwestern France braces itself for fires to come
  + stars: | 2023-03-25 | by ( Juliette Jabkhiro Stephane Mahe | Juliette Jabkhiro | Stephane Mahe | ) www.reuters.com   time to read: +6 min
[1/7] A view shows a forest parcel from which trees burned by the last summer's wildfires have been removed, in Landiras, in the Gironde region, France, March 20, 2023. Columns of white, acrid smoke rise from a forest floor outside the town of Hostens in the Gironde region, south of Bordeaux. The Gironde region was particularly badly hit with 20,000 hectares of forest destroyed, and the risk of renewed fires is a great concern. When it comes to wildfires risk, she said that prevention was crucial, as well as swift intervention when a fire first starts, which is easier to do from above. The interior ministry said measures for fighting forest fires across France will be presented in the coming weeks.
☆ Sherwood Lumber: Any time there's an indication of hope on the interest rate cycle, we see a surge in demand and uptick in lumber prices
  + stars: | 2023-03-22 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSherwood Lumber: Any time there's an indication of hope on the interest rate cycle, we see a surge in demand and uptick in lumber pricesKyle Little, COO of Sherwood Lumber, discusses the steep fall in lumber prices over the past year, and how that's playing through to the housing market and home improvement retailers.
☆ How an often overlooked World War II-era shipbuilder designed the boat that Eisenhower said 'won the war for us'
  + stars: | 2023-03-19 | by ( Katie Sanders | Mara Storey | ) www.businessinsider.com   time to read: +8 min
The Higgins boat is one of the iconic vessels of World War II. Andrew Higgins, center, developed several kinds of landing craft that were invaluable during World War II. His landing craft were used in every major amphibious assault of World War II, from the shores of Europe to the Pacific islands. National World War II MuseumBorn in Nebraska in 1886, Higgins ran newspaper routes and started a lawn-mowing company as a child. In one instance, Navy officials expressed interest in seeing a design for a new 56-foot tank landing craft three days before a scheduled visit to see another type of landing craft.
☆ Home construction unexpectedly surged in February as slump in lumber prices offset pain of rising mortgage rates
  + stars: | 2023-03-16 | by ( Carla Mozée | ) www.businessinsider.com   time to read: +3 min
US housing starts surged in February, with the upside surprise boosted by falling lumber prices in the month. Construction projects pushed through a period of rising mortgage rates. "New residential construction reflected improving builder optimism and declining lumber costs in February, even during a month of rising mortgage rates," George Ratiu, senior economist at Realtor.com, wrote Thursday. Rising mortgage rates and recession fears have dragged prices nearly 70% lower in the last year. "That said, we maintain that a sustained recovery in housing construction is out of the question, for now," Clancy said.
☆ Lumber prices are falling - and that means there's no need to fret about inflation, top economist David Rosenberg suggests
  + stars: | 2023-03-07 | by ( Zahra Tayeb | ) www.businessinsider.com   time to read: +3 min
Falling lumber and natural gas prices are reasons not to fret over inflation, according to David Rosenberg. the veteran economist asked in a Monday tweet, saying it's maybe a problem in the services sector of the US economy. Rosenberg has repeatedly shrugged off inflation concerns as price pressures decline from their mid-2022 highs. US natural gas prices plunged 13% on Monday as a streak of mild winter weather hurt demand. That has seen price pressures ease somewhat in recent months, with the latest reading coming in at 6.4% through January.
☆ US services sector grows steadily; prices stubbornly high
  + stars: | 2023-03-03 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +6 min
Thirteen services industries, including construction, retail trade, accommodation and food services as well as professional, scientific and technical services, reported growth last month. Overall, the services sector is benefiting from a switch in consumer spending from goods, which are typically bought on credit. ISM services PMISUPPLY SIGNIFICANTLY IMPROVEDThe services sector is now at the center of the fight against inflation as services prices tend to be stickier and less responsive to interest rate increases. A measure of prices paid by services industries for inputs fell to 65.6, the lowest in January 2021, from 67.8 in January. Some economists view the ISM services prices paid gauge as a good predictor of personal consumption expenditures (PCE) inflation.
☆ The soft landing is still alive for the economy, but so is inflation
  + stars: | 2023-02-21 | by ( Bob Pisani | ) www.cnbc.com   time to read: +4 min
The soft landing is still alive, but so is inflation Watching the stock market from Yucatan last week, it was pretty clear that firmer inflation numbers from the consumer price index and producer price index meant the glidepath to lower inflation will likely be bumpier than the bulls have been hoping for. The problem is clear: We have to figure out the glidepath of the inflation decline. We'll get more inflation data this week with the personal consumption expenditures price index on Friday. The good news is that other economic data indicates that the economy is very strong, particularly on the jobs front . The problem is a lack of bounce in growth stocks: Technology is expected to be flat in 2023, with only a modest 8.7% bounce in communication services earnings expected.
☆ Home Depot misses on revenue, issues muted outlook
  + stars: | 2023-02-21 | by ( Gabrielle Fonrouge | ) www.cnbc.com   time to read: +3 min
Home Depot's revenue fell short of Wall Street's estimates in its fiscal fourth-quarter earnings report Tuesday. The company also provided a muted outlook for the next year amid a tough consumer backdrop. In the quarter ended Jan. 29, Home Depot reported $35.83 billion in sales, up 0.3% from the year ago period, which saw $35.72 billion in revenue. Home Depot said it expects sales and comparable sales to be approximately flat for the new fiscal year. The retailer issued the muted outlook because it expects some pressure in the goods sector and flat consumer spending, McPhail said.
☆ Russian government approves sale of IKEA factories - deputy minister
  + stars: | 2023-02-16 | by ( ) www.reuters.com   time to read: +2 min
Brand owner Inter IKEA Group has previously said it was selling its four production units in Russia, in Tikhvin, Novgorod and Vyatka. The factories would continue to operate and the goods produced would be sold by Russian retail outlets. "The sales process is subject to a mandatory approval process," Inter IKEA said on Thursday. "We have agreed with potential buyers not to share any details with respect to them and the integrity of the sales process." IKEA, the world's biggest furniture brand, shut down its Russian stores last March and said it would sell factories, close offices and reduce its 15,000-strong workforce in Russia.
☆ Commercial real estate's biggest investors are spending hundreds of millions of dollars on the grittiest land in America. Here's why.
  + stars: | 2023-02-09 | by ( Daniel Geiger | ) www.businessinsider.com   time to read: +11 min
Big commercial-real-estate players from Brookfield to Fortress are snapping up industrial land. Brookfield is one of several big-name investors that are paying increasing attention to lowly industrial land. Industrial land also generally has lower operating costs and taxes compared to other real estate. It's hard to find big enough portfolios of industrial landThere are challenges, too, in breaking into the business of owning industrial land. Atkins said he has been impressed by the robustness of the IOS market, even with fears about the broader economy.
☆ White House unveils plan to boost use of U.S.-made goods in infrastructure
  + stars: | 2023-02-08 | by ( David Shepardson | ) www.reuters.com   time to read: +2 min
WASHINGTON, Feb 8 (Reuters) - The White House is releasing proposed guidance to boost the use of American-made goods in government-funded infrastructure projects, according to documents seen by Reuters. President Joe Biden in his State of the Union address Tuesday touted the effort to require construction materials used in federal infrastructure projects to be made in the United States. And on my watch, American roads, American bridges, and American highways are going to be made with American products." The infrastructure law significantly expanded standards to require government-funded infrastructure projects use more American-made iron, steel, construction materials, and manufactured products. The public will have 30 days to comment on the proposed guidance.
☆ The high cost of construction: Trading the lumber rally
  + stars: | 2023-02-07 | by ( Melissa Lee | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe high cost of construction: Trading the lumber rallyCNBC's Diana Olick on what's behind the rising cost of lumber. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Bonawyn Eison, Dan Nathan and Guy Adami.
☆ Ron Insana says even with the big jobs report, there are signs of disinflation
  + stars: | 2023-02-03 | by ( Ron Insana | ) www.cnbc.com   time to read: +4 min
Federal Reserve Board Chairman Jerome Powell speaks during a news conference following the announcement that the Federal Reserve raised interest rates by half a percentage point, at the Federal Reserve Building in Washington, U.S., December 14, 2022. Wage inflation, of course. Economists can complain about wage inflation all they want, but a 4.4% annual gain, now decelerating, is not the bogeyman they claim it to be. The Fed's reliance on the so-called "Phillips curve," which links low unemployment to rising inflation, is an archaic construct. Lower unemployment today is hardly leading to runaway wage inflation.
☆ J.P. Morgan Asset Management Adds $500 Million of Southern Timberland
  + stars: | 2023-02-01 | by ( Ryan Dezember | ) www.wsj.com   time to read: 1 min
Loblolly pine, grown across the South to make lumber and pulp for paper and boxboard, is the dominant species on the acquired properties, such as this one in Oklahoma. J.P. Morgan Asset Management’s timber-investing arm has acquired about 250,000 acres in the Southern pine belt for more than $500 million, Wall Street’s latest big woodlands purchase made with an eye toward carbon markets. The wealth manager said its Campbell Global unit, which invests on behalf of pension funds, foundations and other institutional investors, will manage the commercial forests in Mississippi, Oklahoma and Arkansas for wood production as well as carbon capture.
☆ Here's why the housing market could see more action this year - and what it means for affordability
  + stars: | 2023-01-30 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +5 min
Now — into the housing market we go. Nadia Evangelou, senior economist for the NAR, told me recently the housing market could turn around in 2023, but unaffordability would remain a prevailing theme. In other news:People sit outside the New York Stock Exchange (NYSE) in New York City, U.S., September 15, 2016. Elon Musk said he's worried about the Fed "crushing" the value of the entire stock market. The current uncertainty in the housing market can be paralyzing for investors, but there's still opportunities to make money, he explained.
☆ US consumers may have to live with high prices for longer — and a falling dollar could be to blame
  + stars: | 2023-01-28 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +5 min
However, a four-month drop in the dollar is threatening to derail that trend by raising the cost of imported goods. But the welcome relief on the prices front is now facing a new threat — in the form of a falling dollar. A weaker dollar raises the cost of imported goods, which would eventually feed into consumer prices in the US. The US is a net importer of materials such as lumber and semiconductors that are crucial in manufacturing supply chains, and these would become costlier due to dollar weakness. "If we continue to see the dollar trade at current levels or even increase in weakness, that would be a headwind in the fight against high global inflation," Lomholt told Insider.
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