Shortages of truckers and factory workers have slowed Kellogg's ability to feed the voracious demand for its products produced as a response to COVID-19 lockdowns and dislocations. In Supply Chain Dive, Christopher Casey reports: In Kellogg's second quarter 2021 earnings call in early August, CFO Amit Banati said that the shortage of truck drivers is "widespread" and was draining money from the company at "much higher rates than what we had expected." With the overall shortage of labor, it's clear that Kellogg is trying to be strategic in how it focuses its existing workforce. While the … [Read more...]
Your Retirement Life: Snowbirds Can’t Wait to Get Back to Florida, Texas
After spending a winter in their northern homes, retirees who normally head south for the winter, known as Snow Birds, can't wait to get back into the sunshine. Clare Ansberry reports for The Wall Street Journal: A growing number of people, many now vaccinated, expect to head south for the winter despite the Delta variant spread. About 90% of the estimated 1 million snowbirds who travel annually from Canada, say they will head for warmer areas compared with 30% last year, assuming the land border reopens to nonessential travel later this month. Land border restrictions remain in place through … [Read more...]
LEAK: Insider Study Finds Instagram Feeds Toxic Girl Culture
A study performed by Instagram has been leaked, and its findings are frightening. The evidence shows that Instagram insiders know that the platform feeds a toxic environment for teenaged girls, who obsess over the content they find there. The Wall Street Journal reports: About a year ago, teenager Anastasia Vlasova started seeing a therapist. She had developed an eating disorder, and had a clear idea of what led to it: her time on Instagram. She joined the platform at 13, and eventually was spending three hours a day entranced by the seemingly perfect lives and bodies of the fitness … [Read more...]
OPEC Ready to Feed Growing Oil Demand After Biden Slowed US Production
OPEC expects oil demand to grow beyond pre-pandemic levels by 2022. And while Joe Biden has acted to restrict the number of drilling permits on public lands, reducing oil production, OPEC is more than happy to fill increased demand. The Wall Street Journal's David Hodari writes: The world’s thirst for oil will exceed pre-pandemic levels next year, with improving vaccination rates and increasing public confidence in governments’ management of Covid-19 spurring a recovery in travel, the Organization of the Petroleum Exporting Countries said Monday. In its closely watched monthly market … [Read more...]
Work Hard in NY and CA? Prepare to PAY Under Democrats’ New Tax Plan
Are you one of your state's most productive citizens? Do you already pay hundreds of thousands, or even millions in taxes to state and federal governments each year? Your hard work is appreciated by House Democrats, who are happy to relieve you of even more of your money. Democrats have released a tax plan aimed at paying for their planned $3.5 trillion spending bonanza, and it takes direct aim at high-income Americans. Here's a brief of the plan from Robert Frank of CNBC: The proposals include a 3% surtax on taxpayers earning more than $5 million a year. They would also raise the top … [Read more...]
Chinese to End Ant Group’s Data Powered ‘Monopoly’
The Chinese Communist government is stripping Alipay, owned by Jack Ma's Ant Group, of its lending platforms Huabei and Jiebei. The government will also force the company to turn over user data. Sun Yu and Ryan McMorrow report in the Financial Times: Beijing wants to break up Alipay, the superapp owned by Jack Ma’s Ant Group that has more than 1bn users, and create a separate app for the company’s highly profitable loans business, in the most visible restructuring yet of the fintech giant. Chinese regulators have already ordered Ant to separate from its main business the company’s two … [Read more...]
I Can’t Believe I’m Agreeing with George Soros, Here’s Why
I can’t believe I’m agreeing with George Soros of all people, but what he writes here is correct (except for the part about ESG investing). What’s incredible to me is George Soros has spent the last years of his life fighting tooth and nail against America. Why the change of heart? Perhaps he’s got some money stuck in China? BlackRock, the world’s largest asset manager, has begun a major initiative in China. On Aug. 30 it launched a set of mutual funds and other investment products for Chinese consumers. The New York-based firm is the first foreign-owned company allowed to do so. The launch … [Read more...]
Here Comes the Regulatory Onslaught and the Nanny State
In the proposed $3.5 trillion bill Democrats want to pass is a provision to force companies to automatically enroll workers into IRAs. The Wall Street Journal reports: Democrats have included a provision in their $3.5 trillion healthcare, education and climate bill that would require companies without retirement plans to automatically enroll workers in individual retirement accounts. The House Ways and Means Committee on Thursday voted 22-20 to approve the measure, which committee chairman Richard Neal, (D., Mass.) has supported for years. Should the package pass, the move could … [Read more...]
AMERICA DOESN’T RUN ON TOFU: Unhinged Biden Advisor Deflects Inflation Failure
It's hard to imagine how the Biden administration, with a straight face, can blame the meatpacking industry for inflation, while at the same time handing out checks like candy, and supporting the Federal Reserve's policy of nearly unlimited liquidity. But it's happening. Rather than take responsibility for driving up the prices on Americans' favored forms of protein, Biden & Co. are instead choosing to blame businesses. In what may have been one of the most tone-deaf speeches ever, Biden's Director of the National Economic Council Brian Deese told Americans that if you remove beef, … [Read more...]
September 2021 Update: Fidelity Still Number One
In my conversations with you, you ask me why we use Fidelity Investments as our custodian for client accounts. As you know, we have a long history with Fidelity going back to when Dick Young called on the firm during his Boston days, well before he started Richard C. Young’s Intelligence Report. As Dick tells the story, Fidelity was always the high-water mark, along with Wellington Management, especially for the institutional business, and clearly was moving strongly into retail. Fidelity simply never looked back and continues its dominance today. So, if you’re going to trust your lifetime … [Read more...]
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