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U.S. Sanctions Shipowners for Moving Russian Oil

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Eric Wieser of MarketWatch writes that the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned three more shipowners for moving Russian oil above the agreed price cap. He continues: The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) on Thursday leveled sanctions against three entities and their associated vessels for transporting Russian oil sold above the agreed upon price cap set by an international coalition of countries after the Russian invasion of Ukraine. The OFAC press release listed the companies and vessels as: United Arab … [Read more...]

Investing Habits of the Fairly Wealthy: #3 “Promiseland”

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Are you committed? Committed to being a fairly wealthy, highly successful investor? Then this habit is for you. Because I believe you can reach your “promiseland.” I believe you can live your dreams. But can you keep them? Because investing is a lifelong, multi-generational endeavor. Imagine how you’ll feel when you have enough to retire and no longer worry about where your income will come from. I wish I could say it happens the minute you retire. But when the paychecks stop, a new anxiety begins. Having guided hundreds of investors through their retirement lives, my happiest clients … [Read more...]

Biden’s Debt-Fueled Spending Binge and America’s Credit Rating

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Since the “temporary” stimulus package of 2009 was enacted by Barack Obama and greased through the system by Ben Bernanke’s Federal Reserve, Americans have faced ever more burdensome budget deficits. After Joe Biden moved into the White House, the dangerous spending reached a new level. Uncontrolled money printing has set America up for some hard lessons as the interest on the federal debt rapidly closes in on $1 trillion a year. This time around, the Federal Reserve isn’t running a bond-buying program while pegging interest rates at zero. Instead, the Obama/Biden-style spending will be … [Read more...]

Iconic Parisian Café Will Try to Conquer the Retail World

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Mark Faithfull of The Robin Report tells his readers how an Iconic Parisian Café is planning to conquer the retail world. He writes: Perhaps if you started business in 1885 and have a formidable literary and artist legacy going back nearly two centuries with the same family running the show — and have created an institution over all those years in an achingly desirable and historic corner in Paris — then taking things slowly comes naturally. But now the restaurant and grande dame café, Les Deux Magots, has worldwide ambitions and has begun to spread its international wings. The plan is to … [Read more...]

Neither Snow, Nor Rain, Nor Heat, Nor….Inflation Costs?

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The U.S. Postal Service on Tuesday reported a $6.5 billion net loss for the twelve months ending Sept. 30 and said it will not break even next year as first-class mail fell to the lowest volume since 1968. David Shepherd reports at Reuters: The Postal Service said revenue fell 0.4% to $78.2 billion results. U.S. Postmaster General Louis DeJoy said the loss includes $2.6 billion in inflation costs "above what we projected and what we were able to recover... We are not happy with this result." The agency has been aggressively hiking stamp prices and is in the middle of a 10-year … [Read more...]

Inflation? Stocks? Breathe In, Breathe Out, Move On

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With everyone talking about inflation, here’s a good question: What if they’re wrong? What if the Federal Reserve’s intention to keep rates higher for longer turns out to be a hope, and not a reality? What if the dollar runs into trouble? With the record debt, America’s current standing as the nicest house in a bad neighborhood may get overrun by a zombie apocalypse. What about deflation? With all this talk about rising prices, let’s not forget to stop and smell the roses in your neck of the woods. You can’t go into most cities after dark without being on high alert. As one friend … [Read more...]

Container Liners Seeking Substantially Higher Rates

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Mike Wackett of The Loadstar writes that several container liners are expecting to record a fourth-quarter loss and there's confidence that the new Asia-North Europe contract rates would close above current spot levels. He continues: MSC has joined rivals CMA CGM and Hapag-Lloyd in announcing a substantial FAK (freight all kinds) general rate increase (GRI) from Asia to North Europe for 1 December. It remains to be seen whether MSC’s 2M Alliance partner, Maersk, will throw its weight behind the FAK hikes with its own increase. The Geneva-headquartered carrier advised customers it would … [Read more...]

Migration

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You may have noticed Amazon founder Jeff Bezos is leaving Washington state for Florida. Pay no attention to the change in Washington State's tax on capital gains. He just wants to be closer to family. Sure. Washington’s legislature passed a new cap gains tax (Engrossed Substitute S.B. 5096), which was signed by Gov. Inslee on May 4, 2021, and took effect in Jan of this year. Capital gains that exceed $250,000 will be taxed at 7%. It used to be a tax-free transaction. Welcome to Miami! Action Line: Money travels to where it’s respected. If you're looking for respect for your … [Read more...]

“Hey, Survival Guy, What about a Beach House?”

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“Hey, Survival Guy,” he said. “I see you spend some time in Newport, RI and North Conway, NH. My wife and I are thinking about buying a beach house here in Cali. What’s your take?” “Have you looked at Your Survival Guy’s Super States?” I thought to myself. “You know how I feel about California,” I said. “If you can live with the politics, taxes, cities on fire, etc., it’s a beautiful place. It’s hard to leave the water, I appreciate that, but make sure it’s right to be a buyer as opposed to renting, especially today.” The problem with second homes—and there are many—is they make sense … [Read more...]

U.S. Probing 100 Vessels in Suspected Russian Oil Sanction Violations

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Timothy Gardner of Reuters writes that a source with knowledge of the new notices said some of the vessels now under investigation were involved in lifting Russian oil from the Pacific port of Kozmino, while others had loaded at the port of Primorsk on the Gulf of Finland. He continues: The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, according to a source who has seen the documents. The notices, sent by the Office of Foreign Assets Control to ship management … [Read more...]