economy

A collection of 132 posts

economy

70% of parents are helping their adult children (18 and up) by sacrificing savings

Per Bloomberg There has been an increase in parents using their savings to help their adult children (people aged 18 and up). This data came from Bankrate, which shared how parents sacrificed their emergency, debt payoff, and retirement savings to help their children aged 18 and up. The report noted

samsung

Samsung's operating profit dropped over 95% for the three months ending in March, resulting in the lowest profit output since 2009

Bloomberg Samsung's operating profit dropped by over 95% for the three months ending in March. This comes as the company has announced that it experienced its lowest profit output since 2009. Due to this, the company said it would scale back on chip production. The company said it

small business

Small businesses bankruptcy rate beats peak pandemic levels

Per BI While the peak of the pandemic saw multiple small businesses file for bankruptcy, that rate of them filing for bankruptcy was taken over by current numbers. At the pandemic's peak, the four-week moving average was just 4.5% in June 2020, but in late February, the

tech layoffs

2023 tech layoffs surpassed 2022 numbers

Per LayoffFYI Data on Layoffs.fyi showed that tech layoffs in 2023 have surpassed 2022 numbers. As of press time, 2022 had a total of 164,441 layoffs, but now, 2023 saw 167,004 layoffs in the first four months of the year. Another interesting comparison was that the 2022

home prices

Median first-time buyer age reached 36 in 2022 from 29 in 1981, per NAR

Per Bloomberg The median age for first-time homebuyers has increased in the span of almost four decades. In 1981, the median age for first-time buyers was 29 but last year, the median homebuyer age reached 36. The National Association of Realtors released records that showed first-time buyers making up only

kevin o'leary

Kevin O'Leary warns of 'oligopoly' of large institutions with Fed backing, saying the demise of regional banks has started

Per Business Insider Shark Tank investor Kevin O'Leary has spoken up about the recent situation regarding the collapse of regional banks. He said that their demise has begun while warning of a potential "oligopoly" of Fed-backed large institutions. O'Leary: "I say this is

Michael Burry

Michael Burry changes opinion: 'I was wrong to say sell.'

"The Big Short" investor Michael Burry was famous for profiting from the subprime mortgage crisis by shorting them. After this big incident, the investor remained fairly silent with his moves until Jan 31, when he simply said: "sell," but now, he said that he was wrong

China

China completes the first LNG trade (worth 65,000 tonnes) settled in Yuan

Per Global Times China's state tabloid, the Global Times, has recently published a piece announcing the success of the first-ever LNG trade that was settled in Chinese yuan. The cross-border trade involved 65,000 tonnes of LNG sourced from the United Arab Emirates. For the transaction to take

real estate

Cash buyers for homes rose closer to 2013 heights

Per Bloomberg The number of buyers in the US that prefer to pay in cash has increased to higher levels, closer to its 2013 numbers. Per Attom, a real estate data analytics firm, there was a retreat in institutional buyers and more regular buyers trying to avoid mortgage rates by

millennials

Millennial debt reached $4 trillion after increasing by 27% from 2019

CBS News Millennials are now the age group that is responsible for around $4 trillion of the total $16.9 trillion in American debt. The number was a 27% increase compared to millennials' debt in 2019, per Akiko Fujita, a Yahoo Finance reporter, in statements made to CBS News.

real estate

30-year mortgage rates drop from 6.6% to 6.42% after the second straight week of decline

Per ABC News The 30-year mortgage rates dropped from 6.6% to 6.42% after its second consecutive week of decline. These changes could positively affect homebuyers as the spring buying season is scheduled to start. A year ago, the average rate for 30-year mortgages was at 4.42%, exactly

doubleline

DoubleLine founder Jeffrey Gundlach says Feds would cut rates soon

Per Jeffrey Gundlach on Twitter Founder of DoubleLine, Jeffrey Gundlach, believes that the Feds would soon cut its rates. He specified on Twitter that they would do so "substantially." Gundlach also mentioned that he was wrong 30% of the time, and because of this, people should factor in

white house

Former White House advisor Gary Cohn: 'The Fed has lost control'

Per Business Insider The former White House advisor, Gary Cohn, has shared his thoughts on the Federal Reserve, saying it has "lost control." This was within a statement where Cohn, the now director of the National Economic Council, said that Cohn actually outsourced monetary policy. This came as

ftx

FTX lawyers cost the disgraced crypto firm $38 million for Jan alone, with new CEO John Ray III billing $305,565 for Feb

Per BI After the collapse of FTX, the disgraced crypto firm had to employ hundreds of lawyers, consultants, and accountants, among others, to investigate what happened. In January alone, the crypto firm was billed $38 million for the services of the hundreds hired. CoinDesk cited court records showing how law

bank of england

Bank of England tries to fight against inflation by raising interest rates by a quarter percentage to 4.25%, its highest since 2008

Per CNN The Bank of England has raised interest rates for the 11th consecutive time, reaching its highest point since 2008 at 4.25%. This came after the bank unexpectedly rose rates by a quarter of a percentage point on Thursday. The Bank of England is taking measures to fight

elizabeth warren

Elizabeth Warren explains skepticism of a system that keeps student loan borrowers struggling while bailing out billion-dollar crypto firms

Per NYT Senator Elizabeth Warren explains the reason why many people are skeptical of the system. She pointed out that the system would prioritize billion-dollar crypto firms instead of helping the remaining millions of Americans that still struggled with student loans. Warren: "It’s no wonder the American people

bernie sanders

Senator Bernie Sanders plans to push a bill to block bank executives from serving on overseeing boards

Per NYT Senator Bernie Sanders was among those that shared their sentiment regarding how Greg Becker, the CEO of Silicon Valley Bank, actually sat on the board of directors for the Federal Reserve Bank of San Francisco until March 10. The senator is pushing a bill that would prevent this

jeremy siegel

Jeremy Siegel: 'Fed shrapnel killed this bank and may send the economy into recession in the process'

Per Fortune In an opinion piece on Fortune by Jeffry Sonnenfeld, Jeremy Siegel, and Steven tan, statements were made saying that the "Fed shrapnel" was the reason why Silicon Valley Bank imploded. The piece said that the economy could be sent into recession. "Make no mistake about

survey

Survey finds that 84% of Americans don't think taxpayers should resolve the current bank problems

Per Reuters A recent poll by Reuters/Ipsos, interviewing 1,004 people nationwide and conducted online, found that 84% of Americans don't think taxpayers should have to pay for settling banking problems, specifically when caused by management failure. The majority of participants, both Republicans, and Democrats, voted that

dallas

Former Dallas Fed President Richard Fisher: 'I don't think the Fed should pause the 25 basis point hike'

Per CNBC The former President of the Dallas Federal Reserve, Richard Fisher, has shared his thoughts on the recent crisis that started with the collapse of Silicon Valley Bank. He said that the Feds shouldn't raise rates and that the banks failed when it came to managing risk.

jpmorgan

JPMorgan says Feds are past the point of no return: 'a soft landing now looks unlikely'

Per Fortune JPMorgan has given new forecasts regarding the recession, and in a recent statement, they said that the Feds were past the point of no return. This came as the firm was among the multiple banks that had to rewrite their recession forecasts. While the economy experienced small victories

warren buffett

Warren Buffett's Berkshire Hathaway spent $68 billion in 2022, slashing its share repurchases to $8 billion

Per Business Insider An annual report for Warren Buffett's Berkshire Hathaway revealed that it spent $68 billion in 2022, slashing its share repurchases to $8 billion. During this period, it only sold a net $34 billion worth of stocks. In 2022, two of Buffett's largest bets

credit suisse

Credit Suisse's emergency rescue could cost all of Switzerland's citizens $13,500 each

Per Bloomberg The UBS Group AG is poised to take over Credit Suisse Group AG, and the Swiss government has promised 109 billion francs, around $118 billion USD, to backstop the emergency sale. This would cost every Swiss citizen 12,500 Swiss francs, or $13,500 USD. Switzerland is a

vanguard

Vanguard to exit China by severing its joint venture with Ant Group: Shanghai offices to shut down

Per CNBC Vanguard will exit China's $3.92 trillion funds market by severing its joint venture with Ant Group. Familiar sources said that the group would close its main office in Shanghai. The decision will come after having six years of presence in China, considered the world'

credit suisse

Credit Suisse bankers flood recruiters with job inquiries ahead of UBS Group AG takeover

Per Bloomberg Credit Suisse bankers are now flooding recruiters with job inquiries ahead of the bank takeover. This comes as UBS Group AG is set to acquire the Swiss lender. According to sources from over a dozen firms, headhunters and other rival lender companies have experienced an influx of calls