Like in school, investors should get rapped on the knuckles for not keeping their eyes on their own portfolios. But investors are sensitive to the "other" guy. Investors hate missing the boat. Nothing irks them more. They're fine hearing that someone else is doing worse. But when someone else is smiling carefree and yappin' away about their good fortune, that makes investors' blood boil. Nothing makes the phone ring more than a down quarter. In my conversations with you, we spend time talking about how you, not anyone else, got to where you are. We talk about why you're looking for an … [Read more...]
Archives for July 2023
Bank of America Penalized for Bad Practices
Bank of America has been penalized by the CFPB with a fine of $250 million for infractions such as denying customers promised cash rewards, double-charging them, and damaging their credit scores. Joseph Mackinnon reports for The Blaze: Federal regulators are penalizing Bank of America to the tune of $250 million for allegedly taking advantage of customers. The Consumer Financial Protection Bureau announced Tuesday that the bank will pay over $100 million to the consumers who were adversely impacted and another $150 million in penalties to the CFPB and the Office of the Comptroller of the … [Read more...]
When Should You Take Social Security?
When should you take Social Security? It depends. That’s a question Your Survival Guy is asked frequently. The answer is personal. It’s been my experience that talking with a local Social Security Administration representative is helpful (you can find your local SSA office here). You are the best advocate for what your income needs are and will be. But, yes, it’s nice to defer it for as long as possible. Action Line: When you need help with your private retirement savings, let’s talk. Originally posted on Your Survival Guy. … [Read more...]
Major Shift in Chinese Investment Climate amid Xi Jinping Crackdown
A crackdown on foreign businesses by Chinese President Xi Jinping is causing companies to pull investment from the country. Lingling Wei reports for The Wall Street Journal: Desperate for capital and with their economies struggling, China’s cities are wooing Western businesses with previously unavailable goodies. Beijing has labeled 2023 the “Year of Investing in China” and local officials have embarked on promotional tours overseas to drum up interest from investors. That effort is running headlong into President Xi Jinping’s national-security agenda, with its focus on fending off … [Read more...]
Price Cuts Lift Deliveries for Tesla
Rebecca Elliott of The Wall Street Journal tells us price cuts didn't hurt Telsa's second Quarter profit growth as bad as some feared. She writes (abridged): Tesla TSLA -3.96%decrease; red down pointing triangle price cuts didn’t hurt the electric-carmaker’s second-quarter profit growth as badly as some on Wall Street had feared. Still, Chief Executive Elon Musk cautioned investors Wednesday that even more reductions might be required and that the company would scale back production this quarter as it updates its factories. He has already cut starting prices in the U.S. between 14% … [Read more...]
UPS to Resume Negotiations With Teamsters to Avoid Strike
Esther Fung of The Wall Street Journal reports that the two sides are add odds about part-time workers pay. She writes (abridged): United Parcel Service and the International Brotherhood of Teamsters said they would resume negotiations on a new labor contract next week, the final week before roughly 330,000 workers could go on strike. If the two sides cannot reach an agreement by midnight July 31, UPS UPS 0.88%increase; green up pointing triangle drivers and package sorters will be able to go on strike starting Tuesday, Aug. 1. UPS pilots, who have a different contract, have also … [Read more...]
July in Newport Is for Rosé
There’s something quite inviting overlooking the water with a cool glass of rosé on a warm July night in Newport. Cheers! In The Wall Street Journal, Lettie Teague discusses the declining sales of rosé but the sustained popularity of certain bottles. She writes: ARE WE in the middle of rosé malaise? According to the retailers I talked with, the answer is yes…with an asterisk. Thanks to the rise of competing drinks (hard seltzer, canned cocktails), continuing Covid fallout and a boom in production all over the world that helped fuel a rosé glut, rosé sales are definitely less robust than … [Read more...]
Russian Oil Production to Overtake Saudis’
Russia could become the largest oil producer among the OPEC+ cartel of oil exporters, overtaking the Saudis as they cut production to boost the price. Will Horner reports for The Wall Street Journal: Saudi Arabia is set to fall below Russia and lose its spot as the largest oil producer in the OPEC+ alliance as its production cuts begin to bite, tightening the oil market just as prices appear to be turning higher, the International Energy Agency said. The Gulf kingdom, the de facto leader of the Organization of the Petroleum Exporting Countries, has in recent months slashed its oil output, … [Read more...]
Union Threatens Strike at Debt-Laden Carrier
P aul Page of The Wall Street Journal reports that Yellow is facing a new risk to its business as the trucker's labor concerns and financial troubles converge. He writes (abridged): The Teamsters union is threatening a walkout after the debt-laden operator missed a payment due this month to the Central States pension fund and said it is looking to defer anoth er payment in August. The WSJ Logistics Report’s Paul Berger writes the union says drivers will walk out as soon as July 24 over the payments, raising new fears over the viability of the third-largest operator in the U.S. … [Read more...]
HP Moving Production to Thailand and Mexico
CHENG TING-FANG and LAULY LI of Nikkei Asia is reporting HP plans to move production of millions of PC's to Thailand and Mexico. They write (abridged): HP is working with suppliers to shift production of millions of consumer and commercial laptops to Thailand and Mexico this year, in the top U.S. computer maker's first substantial move to diversify its personal computer supply chain beyond China. The world's No. 2 PC maker by shipments after China's Lenovo, HP is plann ing to shift some commercial notebook computer production to Mexico, while a portion of its consumer laptop production … [Read more...]
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