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A rural Wyoming ranch accused of subjecting troubled girls to forced labor and humiliating punishments has notified state regulators it halted operations. Trinity Teen Solutions informed the Wyoming Department of Family Services, which licenses the ranch, that it stopped providing services and enrolling new teens on Sept. 28, officials said. Trinity Teen Solutions’ website remains active, but its Facebook and Twitter accounts were deleted in the past several weeks. Sophia Boutrous, left, and Kelsie VanMeveren lift lumber at Trinity Teen Solutions in 2011. “Not only as a survivor of Trinity Teen Solutions myself, but for others that have suffered abuse” in these types of facilities.

☆ Costco Not Ready to Cut Prices as Shipping, Commodities Costs Fall
▼ + stars: | 2022-10-06 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

Richard Galanti, Costco Wholesale CFO Photo: Costco Wholesale Corp.“It takes time for changes to come through,” Mr. Galanti said. A company’s freight costs vary depending on whether they are fixed by contract for a period of time or based on spot-market rates that can change more quickly. The length of contracts as well as the company’s ability to renegotiate the terms of its agreements also affect the retailer’s freight costs, he said. These cost pressures will persist, as wages don’t tend to come down once they have gone up, Mr. Galanti said. Price increases have also hit food court items such as individual sodas and whole pizzas because of rising costs, Mr. Galanti said earlier this year.

☆ Jefferies beats quarterly profit estimates on lift from merchant banking
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - Jefferies Financial Group Inc (JEF.N) on Wednesday beat analysts' estimates for third-quarter profit as robust performance in its merchant banking unit helped cushion the blow from sluggish dealmaking. The merchant banking division was boosted by the sale of its wood and lumber products business, Idaho Timber, the bank said. The bank said in July it would reduce the size of its merchant banking portfolio that includes investments in real estate, oil and gas, and other public companies as part of a restructuring. After a stellar run in 2021, U.S. investment banking giants have struggled for most of this year as a market sell-off crushes corporate appetite for dealmaking. Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ Home improvement companies could see increased sales following Hurricane Ian, Wells Fargo says
▼ + stars: | 2022-09-28 | by ( Pippa Stevens | ) www.cnbc.com time to read: +3 min

Wells Fargo said Wednesday that retail names exposed to the housing theme could see a "possible uptick in 2H Home Improvement demand." Fadem added that even beyond the possible uptick in sales from the storm, defensive positioning is warranted across hardline retailers. Wells Fargo said that the storm could contribute between 30 and 80 basis points of incremental quarterly comparisons across its home improvement coverage in Florida alone. Wells Fargo noted that the benefits to Floor & Decor Holdings, for example, depends on the extent of water damages. Wells Fargo said that while comparisons can be attractive quarter over quarter or year over year, it doesn't necessarily mean higher margins.

☆ A new wave of UK port labor strikes begins, with 'massive impact' for Christmas supply chain
▼ + stars: | 2022-09-28 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

A striking dockworker on a picket line outside the Port of Liverpool during a strike in Liverpool, UK, on Tuesday, Sept. 20, 2022. The shop stewards who represent union workers accepted Peel Ports request for a meeting at the union office on Tuesday. Supply chain impact from second round of U.K. strikesThe latest development comes amid mounting labor issues linked to inflation at U.K. ports, with workers at the nation's largest port, Felixstowe, beginning another strike this week after one in August. "Unite made it clear that until they have reached their goals these waves of strikes will continue which will have a massive impact on the Christmas business and supply." The CNBC Supply Chain Heat Map shows the present situation at the ports.

☆ Reverse Currency War: Why central banks are trying to play catch-up with a record dollar and a hawkish Fed
▼ + stars: | 2022-09-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

A reverse currency war is underway, with central banks around the world struggling to keep pace with an aggressive Fed and a soaring dollar that's climbing like it's got somewhere better to be. Rather than trying to devalue currencies like in traditional "currency wars," policymakers are doing the reverse in trying to engineer gains. The thinking behind a reverse currency war goes something like this: Central banks want to make their currencies stronger — via monetary policy tightening — so that the US dollar doesn't leave them in the dust. And with central banks focused on monetary tightening, these reverse currency wars raise the odds of a widespread economic downturn. Last week's rate-hike blitz showed that central banks will trigger a downturn, the asset manager said.

☆ Lumber Prices Fall Back to Around Their Pre-Covid Levels
▼ + stars: | 2022-09-27 | by ( Ryan Dezember | Photographs Landon Speers For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Lumber prices have fallen to their lowest level in more than two years, bringing two-by-fours back to what they cost before the pandemic building boom and pointing to a sharp slowdown in construction. Lumber futures ended Monday at $410.80 per thousand board feet, down about one-third from a year ago and more than 70% from their peak in March, when the Federal Reserve began raising interest rates to fight inflation.

☆ Lumber prices fall to a new 2022 low as housing market cools and mortgage rates approach 7%
▼ + stars: | 2022-09-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The essential building commodity has been rocked by soaring mortgage rates and a slowing housing market. The average 30-year fixed mortgage rate inched closer to 7%, according to Mortgage News Daily. "Although U.S. housing prices remain substantially above their year-ago levels, July's report reflects a forceful deceleration," S&P DJI managing director Craig Lazzara said. "The lumber market continues to be in a state of overall malaise as buyers anticipate lower overall demand going forward. But until that happens, it's not difficult to see lumber prices trading in the pre-pandemic range of $200-$600.

☆ What Cramer is watching Tuesday — market extremely oversold, new signs of housing slowdown
▼ + stars: | 2022-09-27 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Counterintuitive: Raymond James says buy homebuilder Lennar (LEN), raises price target to $90 per share from $75, despite surging mortgage rates. Morgan Stanley slashes price target on FedEx (FDX) in half to $125 per share. Citi put Dow stock McDonald's (MCD) on a "negative catalyst watch" and lowers price target to $246 per share from $275. Deutsche Bank raises PepsiCo (PEP) price target to $181 per from $179; keeps hold rating ahead of third-quarter results next month. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ The Fed's rate hike was just the beginning as banks around the world adjust policy - but the uncertainty doesn't mean the market can't rally.
▼ + stars: | 2022-09-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

The Federal Reserve's Wednesday rate hike was just the beginning of the world's fight against inflation. A smattering of other central banks have followed suit, while some others took a different course. For now, pain fueled by central banks is likely to continue. The Fed's 75 basis-point rate hike on Wednesday was the first of many such moves this week as the policymakers globally confront surging prices. Three investing experts explained how to adjust your portfolio to benefit from the Fed's rate hike and rising inflation.

☆ Lumber falls after mortgage rates solidify their move above 6% amid hawkish Fed rate hikes
▼ + stars: | 2022-09-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Lumber prices extended their 2-day decline to 10% after the Fed hiked interest rates by 75 basis points on Wednesday. The aggressive interest rate hike from the Fed helped solidify the recent surge in mortgage rates to above 6%. "The lumber market continues to be in a state of overall malaise as buyers anticipate lower overall demand going forward," Sherwood Lumber told Insider. The surge in mortgage rates have taken a significant bite out of home sales, which has in-turn led to price cuts and has dented homebuilder sentiment. "The lumber market continues to be in a state of overall malaise as buyers anticipate lower overall demand going forward.

☆ Uniper’s new bailout mixes scars and consolations
▼ + stars: | 2022-09-21 | by ( George Hay | ) www.reuters.com time to read: +4 min

Berlin on Wednesday effectively nationalised the stricken energy company by injecting 8 billion euros in fresh equity, and paying 78% Finnish state-held shareholder Fortum (FORTUM.HE) token compensation in return. Fortum boss Markus Rauramo has good cause to concede that his company should feel “humble” about the current deal. Deconsolidating Uniper’s losses from its accounts means Fortum’s balance sheet equity will therefore be 5 billion euros higher than it would have been. Follow @gfhay on TwitterCONTEXT NEWSGermany confirmed the nationalisation of struggling gas importer Uniper at a cost of 8 billion euros ($7.9 billion) on Sept. 21. In the second quarter alone, Fortum made a loss of 9.1 billion euros due to Uniper’s losses in gas trading.

BusinessThe Russian steel magnate, who was sanctioned by the U.S., the European Union and the U.K. following the invasion of Ukraine, is exploring options to restructure ownership of his businesses to ease the burden of Western sanctions, according to people familiar with the matter.

☆ Elon Musk says we should start worrying about deflation, even though prices are still growing at a four-decade high
▼ + stars: | 2022-09-14 | by ( Jason Lalljee | Ben Winck | ) www.businessinsider.com time to read: +4 min

Elon Musk called on the Fed to cut interest rates on Wednesday, citing fears of deflation. Musk's tweet comes one week before the Fed is expected to raise rates aggressively to fight inflation. Elon Musk suggested in a Wednesday tweet that the Federal Reserve should give up its fight against inflation and instead pivot to worry about deflation, otherwise known as declining prices. Markets and economists largely expect policymakers to raise interest rates by three-quarters of a percentage point when they meet on September 21, marking the third consecutive hike of that size. Rising interest rates combat inflation by encouraging companies to cut expenses, but it's often at the cost of jobs.

☆ The flat-pack electric OX Truck is making deliveries on Rwanda's dirt roads
▼ + stars: | 2022-07-20 | by ( Tommy O'Callaghan | ) edition.cnn.com time to read: +6 min

But British-Rwandan delivery startup OX Delivers is looking to change that through its electric OX Trucks, which are designed to negotiate dirt roads while carrying up to two tons of goods – roughly 20 times a cyclist’s capacity. “They were taking bikes from their farm … and they would be gone for a long time – around two days.”The OX Truck boasts large tires and high ground clearance. “Bananas cost 10 times in Kigali (Rwanda’s capital) what they cost in a village,” says OX Delivers managing director Simon Davis. OX Delivers says its truck is an effective solution for areas that lack paved roads. But OX Delivers is aimed squarely at undeserved rural traders looking to get their goods to market.

☆ A lumber manufacturer faces a near-$54,000 fine after a worker was struck by a forklift and died
▼ + stars: | 2022-05-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

A worker died after a forklift struck her at a shipping yard in Alabama in November, the DOL said. Sunbelt Forest Products failed to follow safety standards and faces a $54,000 fine, the DOL said. Sunbelt Forest Products is owned by UFP Industries. Sunbelt Forest Products and UFP didn't immediately respond to Insider's requests for comment made outside of regular working hours. At the time of the incident, Sunbelt Forest Products President Ken Dell Donne told News 19 that the company was investigating.

☆ Canada's housing bubble is a cautionary tale for the US real-estate market
▼ + stars: | 2022-04-13 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Canada's housing market is in overdrive as prices soar to record highs. The US housing market is starting to resemble Canada's — that should be a cautionary tale for all. As housing affordability plummets in Canada, it's hard to ignore the similarities to the US real-estate market. As affordability plunges in Canada, it stands as a reminder of how inventory can offset a real-estate market. The solution for both countries, Dietz said, is simple in theory but difficult in practice: "The key to improving housing affordability is increasing inventory."

Termite damage is classified as neglect or maintenance and is not covered by homeowners insurance. Homeowners insurance may cover termite damage if associated with a covered peril. Why doesn't homeowners insurance include termite insurance? Your homeowners insurance company might cover termite damage if a covered peril caused the infestation. Conlin caveats neither scenario guarantees your homeowners insurance company will cover termite damages.

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