Pet care is a lucrative business. Historically much of the spending on pets has come from developed world economies like the U.S. and U.K., but as the FT reports here, pet ownership has risen dramatically in developing countries. A growing middle class in emerging markets is driving worldwide pet ownership higher. Since 2003, the number of pet dogs in emerging market countries has jumped 51% compared to a 5% rise in the developed world. “In poor countries people are more focused on a chicken that will lay eggs or a pig that might eat their waste. It’s only as they get a little bit richer … [Read more...]
Are the Euro’s Days Numbered?
In less than a year, Italy could have a government that is committed to either dropping out of the euro altogether, or to some other scheme such as creating a so-called 'parallel currency.' Either of these are obviously bad for the euro-zone as a whole. Italy is one of Europe's largest economies, and unhinging it from the euro would be a catastrophe for the currency bloc. But political momentum points toward a more euro-skeptic party winning in Italy's coming elections. The FT's Tony Barber explains how that could happen: Neither the left, nor the right nor Five Star has much hope of outright … [Read more...]
America Can Fix This Lousy Deal for Workers
Writing at International Liberty, Dan Mitchell a senior fellow at the Cato Institute, says that Social Security isn't only basically bankrupt, it's also a "lousy deal for workers." He writes: The part of the crisis that generally is overlooked is that the program is a lousy deal for workers. They pay record amounts of tax into the system in exchange for a shaky promise of a modest monthly check. For all intents and purposes, they are being charged for a steak, but they’re getting a hamburger (with Medicare, by contrast, people are charged for a hamburger and they receive a hamburger … [Read more...]
Wal-Mart Closes in on Amazon Behind the Scenes
Back in April I wrote about Amazon's efforts to secure forklift technology that would require less downtime than battery powered machines. To that end, Amazon purchased fuel cell technology from Plug Power. Fuel cell driven forklifts are perfect for warehouse environments because they have none of the emissions of gasoline powered machines, but no long charging times either. To refuel, they simply fill up with hydrogen, and drive back out on the floor for more work. At the same time Amazon was negotiating its supply deal with Plug Power, Wal-Mart was making its own. Sarah Nassauer reports … [Read more...]
Can the Trump Administration Keep its Tax Cut Promises After All?
After getting embroiled in scandals that involve Russians and white supremacists, and after the failure of the GOP's Obamacare reform package, Americans are asking if the President can keep his promise to pass tax reform this year. Despite the distractions Gary Cohn, the head of the White House national economic council, has told the Financial Times that a speech by President Trump coming on Wednesday will outline the case for tax cuts. The speech will be the first in a series to present the plan to the American people. The FT reports: “Starting next week, the president’s agenda and calendar … [Read more...]
The Quiet Gold Rally
For all the talk of the FAANG-led stock market rally, one asset class that isn’t getting enough respect is gold. The S&P 500 may be up 20% since year-end 2015, but gold prices are up 21%. If inflation is subdued as many proclaim, and the outlook for stocks remains bullish, why are gold prices so strong? … [Read more...]
They’re Baaaack: CDOs Rise Again
Despite the role they played in spreading risk during the financial crisis, CDOs (collateralized debt obligations) are making a comeback. Christopher Whittall and Mike Bird report in the Wall Street Journal that investors are coming back to CDOs. In the U.S., the CDO market sunk steadily in the years after the financial crisis but has been fairly flat since 2014. In Europe, the total size of market is now rising again—up 5.6% annually in the first quarter of the year and 14.4% in the last quarter of 2016, according to the Securities Industry and Financial Markets … [Read more...]
Janet Yellen & the Origin of the Populist Backlash
No surprise here. The FT points out what most of the American public already knew. Years of low rates and trillions of dollars blown on quantitative easing did little for ordinary Americans. The biggest beneficiaries were the wealthiest 20% of the public. And among those it was the traders and speculators who benefited the most. Ultra-low interest rates have made a rough go of it for conservative investors and income investors. Sadly, the populist backlash that Yellen & Co.’s regressive stimulus helped engineer may be more harmful for long-term economic growth than the recession the Fed … [Read more...]
As if On Cue, Amazon Cuts Prices at Whole Foods
For months I've been outlining my Bezos Law (see here, here, here, and here), which states that any industry Amazon (and more specifically Jeff Bezos) enters, will see prices reduced. Now, as if on cue, Amazon has announced it is lowering prices at Whole Foods. Amazon will formally take control of the grocery chain on Monday. Once again, my Bezos Law persists. David Shepardson and Lisa Baertlein report for Reuters: The planned price cuts would have been a tough sell to Whole Foods’ investors, who had grown used to fat profits from the upscale chain, but are more in line with Amazon’s … [Read more...]
Where is Your Plumber Buying Parts? Increasingly Online
As with most retail, online sales of parts for plumbers, mechanics and other tradesmen is rapidly sucking up market share. Rather than heading to the local hardware store for parts, tradesmen are now turning to online retailers like Amazon and others. Brian Baskin and Laura Stevens report in The Wall Street Journal: Online sellers’ push into the market has nabbed much of the industry’s sales growth, analysts say, and sparked concern about the future of traditional suppliers. Ms. Lichtfeld said Madison’s local suppliers have stopped carrying many items easily found online. She also started … [Read more...]
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