Economy

“Consumer spending fell in October, according to new CNBC/NRF Retail Monitor tracking card transactions”

“… …” https://www.cnbc.com/2023/11/13/consumer-spending-fell-in-october-according-to-new-cnbc/nrf-retail-monitor-tracking-card-transactions.html This article is badly written. Anyway this is not good. Usually retail goes up during this time of the year.

Economy

“Burp tax causes pre-poll [anger] with New Zealand farmers”

“New Zealand has a plan to tax farmers for their livestock’s burps and farts — and it’s causing a stink ahead of Saturday’s general elections. The economy is driven by agriculture with around 10 million cattle and 25 million sheep… Continue Reading…

Banking

“Some banks see new cracks forming in a resilient US consumer”

“…Executives from Wells Fargo (WFC), Fifth Third Bancorp (FITB) and Capital One (COF) all said this past week that they are noticing a divergence between the two ends of their customer base, with lower income consumers feeling more pain on… Continue Reading…

Banking, Economy

“6 new nations are set to join BRICS. As the G7’s political counterweight grows, is the dollar at risk to a new rival?”

“On the final day of the annual BRICS summit in Johannesburg on Thursday, leaders of the group announced Saudi Arabia, Iran, Egypt, Argentina, Ethiopia, and the United Arab Emirates (UAE) will join their ranks starting Jan. 1… But Gregory Daco,… Continue Reading…

Business

“Alphabet’s $118 Billion Cash Pile Poses a New Problem”

“…The Google owner generated nearly $29 billion in cash in the second quarter after cutting thousands of jobs and efforts to stanch losses in its various moonshot projects. That left Alphabet with cash and short-term marketable securities of about $118… Continue Reading…

Banking

“2 California banks are merging into a new $36 billion bank. It’s the latest in a string of consolidations after a crisis rocked the US banking world in March.”

“Shares of Banc of California and PacWest Bancorp got a major boost from news Tuesday that the two lenders will merge in an all-stock deal to create a new bank. PacWest shares surged 31.3% to $10.10 apiece in after-hours trade after news… Continue Reading…

Banking, Economy

“Yellen’s latest trip helps set a new normal for the U.S.-China relationship”

“…“My purpose is to make sure we don’t engage in a series of unintended escalatory actions that will be harmful to our economic relationship with one another,” Yellen said in an interview that aired Saturday on CBS News’ “Face the Nation.”…” https://www.cnbc.com/2023/07/10/yellens-latest-trip-helps-set-a-new-normal-for-us-china-ties.html… Continue Reading…

Business

“GM to invest more than $1 billion to produce new heavy-duty pickups”

“DETROIT – General Motors plans to invest more than $1 billion in two Michigan plants for production of next-generation heavy-duty trucks, the company said Monday. The investment includes $788 million to prepare its Flint Assembly plant to assemble next-generation heavy-duty gas and… Continue Reading…

Economy

“Yuan Slides Past Seven in New Warning Sign for China’s Economy”

“The yuan slid past the key level of 7 per dollar for the first time this year in a further sign the recovery of the world’s second-largest economy from its Covid restrictions is grinding to a halt. The currency weakened… Continue Reading…

Economy, Energy

“California bans the sale of new diesel trucks by 2036”

“California regulators on Friday voted to ban the sale of new diesel big rigs by 2036 and require all trucks to be zero-emissions by 2042, a decision that puts the state at the forefront of mitigating national tailpipe pollution. The… Continue Reading…