Washington Examiner (August 2)
“Yellow Freight, one of the oldest trucking companies in America…hit the end of the road Friday” when both union and nonunion workers were laid off. A bankruptcy filing appears imminent. “While the Teamsters-UPS agreement to avert a strike has lessened what could have been a disastrous economic event, Yellow’s potential insolvency marks one of the biggest collapses in jobs in the U.S. trucking industry” and could still lead to “economic uncertainty.”
Tags: Agreement, Avert, Bankruptcy, Collapses, Disastrous, Insolvency, Jobs, Laid-off, Nonunion, Strike, Teamsters, Trucking, U.S., Union, UPS, Workers, Yellow Freight
Investment Week (July 31)
“British American Tobacco is resisting shareholder pressure to move its primary listing from London to New York.” Others haven’t. “The London Stock Exchange has seen a string of departures this year, as companies flee from cheap valuations towards the deeper investor pool the US market offers.”
Tags: BAT, Cheap valuations, Companies, Departures, Flee, Investor pool, London, LSE, New York, Primary listing, Resisting, Shareholder pressure, U.S.
The Economist (July 22)
“Economists are not known for their optimism, but today their good cheer is palpable. Not long ago it seemed that an American recession was inevitable.” Now, expectations are heady that this can be averted, but “the surge of hope is… unusual because the world economy is slowing down.” While “falling inflation is good news,” it remains “too early to hail a ‘soft landing.’”
Tags: Averted, Economists, Expectations, Hope, Inevitable, Inflation, Optimism, Recession, Slowing, Surge, U.S., World economy
Wall Street Journal (July 20)
“With American homeowners “reluctant to sell because they can’t afford to give up the low mortgage rates they have now,” homebuyers are increasingly turning to new construction. Just over a million existing homes were on the market at May 31, a record low. In contrast, “newly built homes accounted for nearly one-third of single-family homes for sale nationwide in May, compared with a historical norm of 10% to 20%.” This marks “another example of how this housing market is behaving like no other.”
Tags: Construction, Existing, Homebuyers, Homeowners, Housing market, Mortgage rates, Newly built, Record, Reluctant, Sell, Single family, U.S.
Marketwatch (July 14)
“Only 9% of all existing mortgages in the U.S. were taken out with a rate of above 6%,” with a majority of mortgages at rates below 4%. As a result, “the supply of new homes has been severely constrained by this imbalance…. New listings — a measure of how many sellers were putting up their homes for sale — were down 27% in early July versus a year ago.”
Tags: 4%, 6%, 9%, Constrained, Existing mortgages, Homes, Imbalance, New listings, Sale, Sellers, Supply, U.S.
Investing.com (July 2)
“Oil prices settled down 1% on Monday as worries about a slowing global economy and possible U.S. interest-rate hikes outweighed supply cuts announced for August by top exporters Saudi Arabia and Russia.”
Tags: August, Down, Exporters, Global economy, Interest rate hikes, Oil prices, Russia, Saudi Arabia, Supply cuts, U.S., Worries. Slowing
Financial Times (June 25)
“A long-anticipated reckoning is under way in the US commercial property industry…. Sharply rising rates, a regional banking crisis that curtailed credit and a trend towards remote work are all wreaking havoc. Older office buildings have borne the brunt of the downturn, but other real estate categories have not been spared.” In New York City, the value of office buildings is “estimated to have dropped by $76bn from their most recent sales price.”
Tags: Anticipated, Commercial property, Credit, Downturn, Havoc, Office buildings, Reckoning, Regional banking crisis, Remote work, Rising rates, U.S.
American Banker (June 22)
“Companies and government agencies have been added in recent days to the list of institutions victimized by a supply chain cyberattack by a ransomware gang that exploited a weakness in file transfer software popular with enterprises.” Cl0p, a ransomware gang, “started exploiting a zero-day vulnerability in Progress Software’s product MoveIt to steal data from at least 91 organizations, including state and federal agencies and at least 10 U.S. banks and credit unions. Data compromised in the leaks included names, addresses, birthdates, Social Security numbers and more.”
Tags: Banks, Companies, Compromised, Credit unions, Cyberattack, FTP, Government, Institutions, MoveIt, Ransomware, Supply chain, U.S., Victimized, Weakness, Zero-day vulnerability
Washington Post (June 22)
“America’s Asian allies are quietly joining forces to confront China.” Beijing may want “to split off Asian allies from the United States and each other, but its actions are pushing them together.” Amid perceived threats from China, “mini-laterals” have been cropping up, including the very first meeting of JAROPUS, which brought together “national security advisers from Japan, the Republic of the Philippines and the United States.”
Tags: Actions, Asian allies, Beijing, China, Confront, Japan, JAROPUS, Joining forces, National security advisers, Philippines, U.S.
Wall Street Journal (June 16)
“In just 24 hours this past week the central banks of the world’s three biggest economic blocs came to starkly different conclusions, with the eurozone raising rates, the U.S. on hold and the Chinese cutting. It’s getting harder for investors to understand the global economy—and potentially getting harder for the Federal Reserve to put a lid on inflation.”
Tags: Biggest, Central banks, China, Conclusions, Cutting, Different, eurozone, Fed, Global economy, Hold, Inflation, Investors, Raising, Rates, U.S.
