Leaders of EU countries are already attempting to limit the effects of fresh US sanctions on European businesses. After President Donald Trump announced America's withdrawal from the JCPOA (a.k.a. the Iran nuclear deal), EU leaders immediately began attempting to salvage the agreement. Anne-Sylvaine Chassany, Michael Peel and Tobias Buck report: EU leaders said they would press Washington to exempt European companies from fresh US sanctions as transatlantic tensions spiked over President Donald Trump’s decision to pull out of the Iran nuclear deal. French officials said on Wednesday they … [Read more...]
The Profound Power of Patience & Compound Interest
Patience and the awesome power of compound interest are the heart and soul of investing. The NY Times reports that Sylvia Bloom, a legal secretary from Brooklyn amassed a fortune of over $9 million dollars on a modest salary. What was the key to Mrs. Bloom’s success? Mrs. Bloom saved and invested and allowed the power of compounding to work for over six decades. Since Ms. Bloom never talked about this, even to those closest to her, the fact that she had carefully cultivated more than $9 million among three brokerage houses and 11 banks, emerged only at the end of her life — “an oh my God … [Read more...]
Forbes: Powell’s Fed Still Believes in Funny Money
In an editorial appearing in his eponymous magazine, Steve Forbes writes that the Federal Reserve's new chairman, Jerome Powell will continue the same bad policies that have done so much harm to the American economy. Forbes lists a number of these misguided approaches, but the first is the belief in what he calls "funny money." He writes: THE FEDERAL RESERVE'S new chairman, Jerome Powell, recently presided over his first meeting of the Federal Open Market Committee, which sets central bank policy, most particularly the level of interest rates. Powell looks to continue the same destructive … [Read more...]
What Does Walmart and Uber Breakup Mean for Grocery Delivery?
A partnership between Walmart and Uber (and Lyft in Denver, CO), has been broken according to Reuters reporting. Nandita Bose and Heather Somerville write: The end of the Walmart partnerships, which has not been previously reported and was confirmed by Walmart and Uber, undercuts a vision the ride-hailing companies laid out: a service that can efficiently deliver anything on-demand, including people and cargo, at the touch of a smartphone app. “It is incredibly hard to deliver people and packages together,” said a source with a delivery company that works with Walmart and has direct … [Read more...]
“E.J., What’s Going on with Vanguard GNMA?”
“E.J., what’s going on with Vanguard GNMA?” my mother asked me the other day. “Hi mom” I said. “Hang in there.” Hard to believe but Vanguard GNMA is yielding just over three percent today. Yes, its price is down but you only lose when you sell. And I’m not selling. I’m buying more at lower prices and taking the three percent. Because it’s a three percent world. I’m just living in it. “How about bank CDs?” you might ask. I see the teaser rates out there. But you can feel like a mouse on a wheel chasing rates and locking in FDIC protection. You can put a lot of money in Vanguard GNMA and … [Read more...]
Emerging Markets Currencies have Worst Week Since 2016
The FT reports that last week emerging market currencies had their worst week since 2016 and they are down again this morning. The Turkish lira faced the heaviest fall on Monday, sliding 0.85 per cent on the buck, with a dollar buying 4.2624 lira. South Africa’s rand was the second biggest faller, down 0.44 per cent on the greenback, while the Philippine peso, Russian rouble and Indian rupee were each off roughly 0.4 per cent. Trading in the Argentine peso, which tumbled 6.2 per cent last week and sparked a series of three rate rises from the central bank, opens at roughly 2pm London … [Read more...]
Nestle and Starbucks Brew Up Coffee Mega-Deal
The world's largest food company, Nestle, and the world's largest coffee retailer, Starbucks, have made a $7.15 billion deal that will allow Nestle to sell Starbucks branded coffees around the world. Starbucks announced: As part of the alliance, Nestlé will obtain the rights to market, sell, and distribute Starbucks®, Seattle’s Best Coffee®, Starbucks Reserve®, Teavana™ , Starbucks VIA® and Torrefazione Italia® packaged coffee and tea in all global at-home and away-from-home channels. Nestlé will pay Starbucks $7.15 billion in closing consideration, and Starbucks - with a focus on … [Read more...]
America Takes a Hard Line with China at Summit
A U.S. delegation to China, led by Treasury Secretary Steve Mnuchin has demanded China take steps to narrow the trade deficit with America to $200 billion by 2020. Also targeted by the team were China's state subsidies for strategic industries. Gabriel Wildau reports: The target represents a doubling of a previous White House demand that China cut the bilateral deficit by $100bn. The negotiators also asked that Beijing cut import tariffs to levels at or below those imposed by the US on the same goods from China. The proposal further calls on Beijing to eliminate all subsidies linked to … [Read more...]
Storied Gibson Guitar Company Falls to Debt Overload
For nearly a decade it has gone without question that companies would take on debt to finance acquisitions. With interests rates so low, investor groups were practically forcing companies to buy competitors and other businesses to expand revenue streams. Managers were only to happy to oblige. Gibson, maker of guitars and audio equipment, is the latest storied business to fall victim to low rate debt offered by private equity groups looking to cash in on a strong brand. Now, the private equity crowd will take control of Gibson after its bets have gone bad. Becky Yerak reports: Under a … [Read more...]
Lowest Unemployment in 18 Years
Today's employment report from the BLS recorded the lowest unemployment since 2000. CNBC reports: The unemployment rate fell to 3.9 percent in April, an 18-year low, even as nonfarm payrolls rose by just 164,000, according to a report Friday from the Bureau of Labor Statistics. Economists surveyed by Reuters had expected payroll growth of 192,000 and the jobless rate to drop by one-tenth of a percent to 4.0 percent. The official jobs tally showed an increase from an upwardly revised 135,000 in March. Read more here. … [Read more...]
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