DIRS.INFO The most relevant business & tech news

☆ U.S. cities are filling up with luxury apartments despite 'housing recession'
▼ + stars: | 2023-04-02 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

Scores of luxury homes are coming to major cities across the United States. "You often see new housing branded as 'luxury,' in part because it's new," said Ethan Handelman, deputy assistant secretary at the U.S. Department of Housing and Urban Development. "When you get to affordable housing, we need to be providing some additional capital and/or rental assistance to help make that housing affordable to the people who need it most." Builders say the high cost of housing in the U.S. is related to the large amount of regulation in the housing sector. In 2022, the Biden administration announced a housing action plan that aims to shore up housing supply within five years.

March 30 (Reuters) - Citigroup Inc (C.N) hired Andy Sieg to lead its global wealth arm, the lender said on Thursday, from Bank of America Corp (BAC.N), where he led the Merrill Wealth Management unit. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth management divisions. Fraser signaled the bank's intention to become a global leader in wealth management at its investor day last year. "This is a fantastic opportunity to build a leading wealth management business at the world's most global bank at a time of massive wealth creation," he said in a statement. Sieg's departure prompted the appointments of Lindsay Hans and Eric Schimpf as co-leads of Merrill Wealth Management, Bank of America said in a separate statement.

☆ EVgo shares are surging after fourth-quarter results trounce Wall Street estimates
▼ + stars: | 2023-03-30 | by ( John Rosevear | ) www.cnbc.com time to read: +3 min

U.S. Secretary of Transportation Pete Buttigieg looks at an EVgo charging station during an electric vehicles event outside of the Department of Transportation October 20, 2021 in Washington, DC. While EVgo's revenue guidance for 2023 fell slightly short of Wall Street's expectations, investors didn't seem to mind: Shares were up over 8% in premarket trading following the news. Here are the key numbers from EVgo's fourth-quarter earnings report, compared with Wall Street consensus estimates as reported by Refinitiv. Here's the guidance EVgo provided for the current year:Revenue: Between $105 million and $150 million. That revenue guidance is slightly short of Wall Street's expectations.

REUTERS/Murad Sezer/IllustrationORLANDO, Florida, March 27 (Reuters) - The most extraordinary outcome of the March banking shock would be if the problem dissipated quickly. Many people hope the crisis of confidence infecting global banking this month can be repelled almost as quickly as it appeared. SAVINGS AND LOANS DEBACLEThe easy comparison for any banking or market turmoil is the GFC of 2007-08. But crises don't have to be equal to or worse than the world's most calamitous financial disaster in a century to be extremely damaging. But other banking crises follow the same playbook, even if their outcomes are not as extreme.

☆ Japan ruling party group eyes ban on TikTok, other apps -lawmaker
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

TOKYO, March 27 (Reuters) - A group of Japan's ruling Liberal Democratic Party (LDP) lawmakers plans to compile a proposal next month urging the government to ban social networking services such as TikTok if they are used for disinformation campaigns, an LDP lawmaker said on Monday. Many U.S. lawmakers are calling on the Biden administration to ban the popular Chinese-owned social media app, alleging the app could be used for data collection, content censorship and harm to children's mental health. "If it's verified that an app has been intentionally used by a certain party of a certain country for their influence operations with malice ..., promptly halting the service should be considered," Norihiro Nakayama told Reuters in an interview. Nakayama, a senior member of a ruling party lawmakers' group looking into ways to enhance Japan's economic security, said the group plans to compile the recommendation next month, adding that the proposal will not be targeting at any particular platform. Reporting by Kiyoshi Takenaka, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, March 20 (Reuters) - U.S. President Joe Biden on Monday signed a bill that requires declassification of information related to the origins of the coronavirus that causes COVID-19, the White House said. Biden said he shared Congress' goal of releasing as much information as possible about the origin of COVID-19. The bill sailed through the Senate and House of Representatives without opposition before being sent to the White House. The FBI has also assessed that the pandemic likely originated from a lab leak. China said claims that a laboratory leak likely caused the pandemic have no credibility.

☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

☆ Mexican stocks are on fire this year. Here's what's driving the gains
▼ + stars: | 2023-03-12 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Closer supply chains to the U.S. are giving Mexican stocks a big boost to start the year. The iShares MSCI Mexico ETF (EWW) , which is made up of Mexican stocks, is performing even better — up 15.2%. EWW YTD mountain EWW in 2023 One key factor driving this early outperformance is "nearshoring," which refers to companies bringing supply chains closer to their home country. In this case, many U.S.-based companies are moving their supply chains to neighboring Mexico, which could lead to even more gains in Mexican stocks. Lippmann said the firm likes stocks directly helped by nearshoring trends, such as the real-estate firm Vesta and airport operator OMA .

☆ Life Insurers Boosted Premiums, Now They Are Paying Refunds
▼ + stars: | 2023-03-03 | by ( Leslie Scism | ) www.wsj.com time to read: 1 min

Approximately 43,000 refund checks totaling $69 million were issued in recent weeks to Voya Financial policyholders. When interest rates fell to near zero after the financial crisis, dozens of life insurers boosted costs for longtime policyholders, seeking to improve results as their investment income fell. Now they are giving partial refunds to tens of thousands of these customers to settle a wave of lawsuits spurred by the increases. Raising rates on people who bought their policies years in the past had historically been taboo. But facing potential losses, many U.S. insurers scoured the contractual language of their policies to identify ways to raise the amounts billed to customers.

☆ U.S. Importers Seize on New Shipping Rules to Fight Late Fees
▼ + stars: | 2023-03-03 | by ( Paul Berger | ) www.wsj.com time to read: +6 min

U.S. importers are fighting millions of dollars in fees imposed by the world’s largest ocean carriers with the help of a new federal law and a newly emboldened regulator. He said his company, Lion Energy LLC, which imports about 800 containers a year, felt it had little power to dispute the charges. Now, Mr. Frey and hundreds of shippers like him are turning to rules set out in the Ocean Shipping Reform Act, which passed Congress in June. The new shipping law endorsed an FMC rule published in 2020. But shippers are still able to challenge fees that predate the law under earlier FMC rules.

The state Supreme Court blocked the Republican map as unlawfully biased against Democratic voters. The U.S. Supreme Court heard oral arguments in the dispute in December but has not issued a ruling in the high-profile case. The justices' order on Thursday cited a federal law giving it jurisdiction over final judgments issued by state supreme courts. Members of the state Supreme Court are elected by voters in North Carolina. In their appeal to the U.S. Supreme Court, the North Carolina Republicans contended that the state court usurped the state General Assembly's authority under that provision to regulate federal elections.

Aluminium will be hardest hit with penal tariffs of 200% on imports of Russian metal, effective March 10, and imports of any third-country product containing Russian metal, effective April 10. This sort of "super contango" is the market's cry for financiers to pick up spare metal, particularly Russian metal. The Gwangyang deliveries are reported to be Russian aluminium being delivered by Glencore (GLEN.L), which has a long-term off-take deal with Rusal. The cash-to-threes time-spread will be a litmus test of financing appetite for Russian aluminium over the coming period. The only get-out for supplier nations is if they too impose minimum 200% tariffs on their own Russian aluminium imports.

☆ Op-ed: The calm before the storm – These 3 drivers will dictate the landing ahead for the U.S. economy
▼ + stars: | 2023-02-28 | by ( Rebecca Patterson | ) www.cnbc.com time to read: +5 min

The approach of those storms seems an appropriate analogy to the U.S. economic outlook today. Investors today are keenly focused on what kind of economic landing the U.S. will have and how best to position for different outcomes. That's critical for the broader growth outlook, given that consumption represents around two-thirds of the economy. While many U.S. firms are expressing their nervousness about the economic outlook, they are at the same time still seeking to hire. A negative feedback loop would likely ensue, with less income weighing on spending and less spending making companies more cautious.

Summary Egyptian FM says 'goal of visit primarily humanitarian'And to 'pass on our solidarity' from people of EgyptArab League suspended Syria in 2011DAMASCUS, Feb 27 (Reuters) - Egypt's foreign minister met Syrian President Bashar al-Assad and Turkish Foreign Minister Mevlut Cavusoglu on Monday in the first visits to Syria and Turkey by a top Egyptian diplomat in a decade. "The goal of the visit is primarily humanitarian, and to pass on our solidarity – from the leadership, the government and the people of Egypt to the people of Syria," Egyptian Foreign Minister Sameh Shoukry told reporters in Damascus. "When the foreign minister of Egypt comes to Damascus, he comes to his home, his people, and his country," Mekdad said. Shoukry also visited Turkey, pointing to another shift in Egypt's foreign ties. "Foreign minister offers condolences for the victims of earthquake, affirms solidarity of Egyptian leadership, government and people with Turkey, and asserting continuity of aid for supporting Turkey and its brotherly people," Ahmed Abu Zeid, spokesperson for Egypt's Foreign Ministry, said.

☆ Analysis: With record diversity on their boards, Fed bank chiefs see lower chances of policy error
▼ + stars: | 2023-02-24 | by ( Ann Saphir | ) www.reuters.com time to read: +8 min

Fed bank directors generally stay out of the limelight, but many U.S. central bankers view them as a critical resource. "I think the probabilities are far higher of achieving that gentle transition, that smoother transition," San Francisco Fed President Mary Daly told Reuters in an interview. This year, of the 108 spots on the 12 Fed bank boards, 44% are filled by women, and 41% by people of color, a review of the data shows. Still, a majority of the Fed's economists are white men, as are its top two monetary policymakers: Powell and New York Fed President John Williams. Hispanics and Latinos, Menendez notes, are a fast-growing segment of the population but are underrepresented at the Fed at all levels, including on Fed bank boards.

Warburg has approached a number of Chinese investors including local government-backed entities and state-backed financial institutions for the new yuan fund, the people with knowledge of the matter said. The U.S. private equity (PE) firm plans to primarily focus on the healthcare and industrial technology sectors in China with the yuan fund, one of the people said. "RMB (yuan) funds are relatively independent and self-sustainable," he said. Sensitive sectors will remain closed to global private equity groups even if they raise yuan funds, she added. Emerging markets-focused Affirma Capital is also targeting a 2 billion yuan raising in its debut fund and reached first close at 1.5 billion yuan by end-2022, a person close to the situation said.

☆ Minority directors reach milestone 20% of Russell 3000 board seats
▼ + stars: | 2023-02-21 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

Still, most minority groups hold a smaller share of board seats than their share of the total U.S. population. Often the investors have found receptive audiences, but slow turnover on corporate boards has limited the pace of change, recruiters say. The biggest gain over the four-year period was for Black or African-American directors, who nearly doubled their share of board seats to 8.3% from 4.4% in 2019. They were most represented in the utility sector, with 12% of board seats, and least represented among information technology, energy and healthcare companies, each at 6%. Compared to Hispanics' total share of the U.S. population, their 3.6% share of board seats "isn't anywhere near where it's supposed to be," she said.

☆ New York state bill seen aiding poor country debt relief
▼ + stars: | 2023-02-17 | by ( David Lawder | ) www.reuters.com time to read: +2 min

New York State Senator Brad Holyman-Sigal, a Democrat representing lower and parts of mid-town Manhattan, said he introduced companion legislation to the "New York Taxpayer and International Debt Crises Prevention Act" already under consideration in the state assembly. The legislation would compel private sector creditors to participate in debt restructurings of distressed low- and middle-income countries on the same terms as official government creditors. The New York legislation could have a significant influence on the debt restructuring process as some 52% of private-sector held sovereign debt is under contract in New York state, said Eric LeCompte, executive of Jubilee USA Network, a faith-based non-profit group pushing for debt relief. LeCompte said participation of the private sector creditors was critical, but they should not have "undue influence" in the process. New York-based BlackRock (BLK.N) and London-headquartered Standard Chartered (STAN.L) were among private sector creditors participating in the first meeting of a new sovereign debt roundtable aimed at eliminating sticking points to debt restructurings.

☆ Relief Efforts in Turkey, Syria Face Logistical Hurdles
▼ + stars: | 2023-02-07 | by ( Paul Berger | ) www.wsj.com time to read: +4 min

Aid groups and logistics operators worldwide are ramping up urgent relief efforts for victims of the earthquakes in Turkey and Syria but say moving supplies through the region’s devastated infrastructure will be a major challenge. Mr. Hovey said Direct Relief plans to fly supplies to airports at Istanbul in northwestern Turkey and at Adana in southeastern Turkey, close to the disaster zone. Many U.S. charities without aid operations in Syria and Turkey are now planning relief efforts, said Kathy Fulton, executive director of American Logistics Aid Network, which coordinates aid efforts among logistics operators following disasters. Aid groups are mostly focused on getting relief to Turkey and Syria by plane. He said the demand for air charters is also starting to make it harder and more expensive to secure space for aid and relief efforts in other parts of the world, such as Ukraine.

☆ Popular Tool to Cut Debt Costs Loses Luster as Global Central Banks Hike Rates
▼ + stars: | 2023-02-01 | by ( Kristin Broughton | ) www.wsj.com time to read: +7 min

Corporate finance executives looking to cut their debt costs this year are likely to find one popular tool isn’t as attractive as it was when the Federal Reserve was aggressively raising interest rates in 2022. Under a cross-currency swap, a company exchanges principal and interest payments on its debt into another currency. Swaps can lose their appeal to companies when the gap between interest rates in two countries, or central banks, narrows. Corporate advisers said they expect cross-currency swap volumes to decline in the months ahead, assuming market expectations for future rate increases hold steady. That rule made it easier for companies to use cross-currency swaps and recognize the interest savings on their financial statements.

At Salt Lake City International Airport (SLC), a set of tire chains and a taxidermy rat landed in lost-and-found. The aptly named Lost and Found Software serves many U.S. and international airports as well as public transportation systems. Despite their differences, each provider promises to help customer service workers not only connect more lost items with their owners but to speed up returns as well. Hartsfield-Jackson Atlanta International Airport (ATL), Southwest Airlines, JetBlue, Delta Air Lines and others use NetTracer, which has been operating since 2004. Boomerang recently landed two airport customers: Savannah/Hilton Head (SAV) and New York’s Syracuse Hancock International Airport (SYR).

☆ U.S. oil refining margins hit 3-month high as plant outages rise
▼ + stars: | 2023-01-25 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

Jan 24 (Reuters) - U.S. oil refining margins on Tuesday hit a three-month high and are likely headed higher, analysts said, as unplanned refinery outages weigh on already-tight fuel supplies. The outages have pushed up gasoline prices in Texas and Oklahoma this year ahead of what is expected to be a heavier than usual turnaround season for refineries. The rising prices and margins are unusual for this time of year, when travel falls. Average gasoline prices in Texas hit about $3.07 a gallon on Tuesday, up almost 44 cents from a month ago, according to the AAA motor group. A diesel producing unit at PBF Energy's (PBF.N) Chalmette, Louisiana, refinery was shut following a fire on Saturday.

Jan 23 - The U.S. Supreme Court on Monday asked President Joe Biden's administration to weigh in on whether it should review Republican-backed laws in Texas and Florida that would undercut efforts by major social media companies to curb content deemed objectionable on their platforms, actions the states call impermissible censorship. Supporters of the laws have argued that social media platforms have silenced conservative voices while advocates for the judicious use of curbing content have argued for the need to stop misinformation and advocacy for extremist causes. Florida is seeking to revive its law after a lower court ruled largely against it, while the industry groups are appealing a separate lower court decision upholding the Texas law, which the Supreme Court had blocked at an earlier stage of the case. The Texas law forbids social media companies with at least 50 million monthly active users from acting to "censor" users based on "viewpoint." Circuit Court of Appeals in 2022 upheld the Texas law, concluding that it "chills no speech whatsoever.

☆ Lack of financial literacy cost 15% of adults at least $10,000 in 2022. Here's how the rest fared
▼ + stars: | 2023-01-19 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

A report from the National Financial Educators Council shows that 38% of individuals in a recent survey said their lack of financial literacy cost them at least $500 in 2022, including 15% who said it set them back by $10,000 or more. The majority (68%) of respondents said poor financial literacy cost them somewhere from zero to $499. For instance, adults correctly answered, on average, 50% of the 28 basic money questions in the 2022 TIAA Institute-GFLEC Personal Finance index, the sixth annual barometer of financial literacy. Financial literacy is 'a key tool in the toolkit'Advocates of financial literacy say the teaching needs to start before teens reach their high school graduation. "There's good data showing people make better decisions when they have financial literacy," said Nan Morrison, CEE president and CEO.

☆ P&G CEO's upbeat take on the economy makes the consumer staples giant even more attractive in 2023
▼ + stars: | 2023-01-19 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Shares of Procter & Gamble were trading down 0.6% midday Thursday, at $144.63 apiece. Bottom line Moeller offered a welcomed upbeat take on the economy and P & G's potential for growth in 2023. P & G remains a stock we prefer amid economic uncertainty, as its consumer products are essential in any economic environment. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. In this photo illustration a Procter and Gamble logo seen displayed on a smartphone with stock market percentages in the background.

Search resuls for: "Many U.S"

25 mentions found