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Randy Meisner, founding member of the Eagles known for high harmonies, dies at 77 2023-07-28 - Called “the sweetest man in the music business” by former bandmate Don Felder, the baby-faced Meisner joined Don Henley, Glenn Frey and Bernie Leadon in the early 1970s to form a quintessential Los Angeles band and one of the most popular acts in history. “Randy was an integral part of the Eagles and instrumental in the early success of the band,” the Eagles’ statement said. “His vocal range was astonishing, as is evident on his signature ballad, ‘Take It to the Limit.’” The band said funeral plans were pending. A string of hits Evolving from country rock to hard rock, the Eagles turned out a run of hit singles and albums over the next decade, starting with “Take It Easy” and continuing with “Desperado,” “Hotel California” and “Life In the Fast Lane” among others. Although chastised by many critics as slick and superficial, the Eagles released two of the most popular albums of all time, “Hotel California” and “Their Greatest Hits (1971-1975),” which with sales at 38 million the Recording Industry Association of America ranked with Michael Jackson’s “Thriller” as the No. 1 seller. Led by singer-songwriters Henley and Frey, the Eagles were initially branded as “mellow” and “easy listening.” But by their third album, the 1974 release “On the Border,” they had added a rock guitarist, Felder, and were turning away from country and bluegrass. Leadon, an old-fashioned bluegrass picker, was unhappy with the new sound and left after the 1975 album “One of These Nights.” (He was replaced by another rock guitarist, Joe Walsh.) Meisner stayed on through the 1976 release of “Hotel California,” the band’s most acclaimed record, but was gone soon after. His departure, ironically, was touched off by the song he cowrote and was best known for, “Take It to the Limit.” Leaving the band A shy Nebraskan torn between fame and family life, Meisner had been ill and homesick during the “Hotel California” tour (his first marriage was breaking up) and was reluctant to have the spotlight for “Take It to the Limit,” a showcase for his nasally tenor. His objections during a Knoxville, Tennessee, concert in the summer of 1977 so angered Frey that the two argued backstage and Meisner left soon after. His replacement, Timothy B. Schmit, remained with the group over the following decades, along with Henley, Walsh and Frey, who died in 2016. As a solo artist, Meisner never approached the success of the Eagles, but did have hits with “Hearts On Fire” and “Deep Inside My Heart” and played on records by Walsh, James Taylor and Dan Fogelberg among others. Meanwhile, the Eagles ended a 14-year hiatus in 1994 and toured with Schmit even though Meisner had played on all but one of their earlier studio albums. He did join group members past and present in 1998 when they were inducted into the Rock and Roll Hall of Fame and performed “Take It Easy” and “Hotel California.” For a decade, he was part of World Classic Rockers, a touring act that at various times included Donovan, Spencer Davis and Denny Laine. Meisner was married twice, the first time when he was still in his teens, and had three kids. The son of sharecroppers and grandson of a classical violinist, Meisner was playing in local bands as a teenager and by the end of the 1960s had moved to California and joined a country rock group, Poco, along with Richie Furay and Jimmy Messina. But he would remember being angered that Furay wouldn’t let him listen to the studio mix of their first album and left the group before it came out: His successor was Timothy B. Schmit. Getting started Meisner backed Ricky Nelson, played on Taylor’s “Sweet Baby James” album and befriended Henley and Frey when all were performing in Linda Ronstadt’s band. With Ronstadt’s blessing, they formed the Eagles, were signed up by David Geffen for his Asylum Records label and released their self-titled debut album in 1972. Frey and Henley sang lead most of the time, but Meisner was the key behind “Take It the Limit.” It appeared on the “One of These Nights” album from 1975 and became a top 5 single, a weary, plaintive song later covered by Etta James and as a duet by Willie Nelson and Waylon Jennings. Meisner’s falsetto voice was so distinctive it became a defining part not only of the Eagles but the entire California sound. In a pair of 2015 episodes of the parody series “Documentary Now!” about a faux-Eagles band, Bill Hader’s mustachioed, high-voiced character is clearly inspired by Meisner. “The purpose of the whole Eagles thing to me was that combination and the chemistry that made all the harmonies just sound perfect,” Meisner told the music web site www.lobstergottalent.com in 2015. “The funny thing is after we made those albums I never listened to them and it is only when someone comes over or I am at somebody’s house and it gets played in the background that is when I’ll tell myself, ‘Damn, these records are good.’”
Young Chinese opt out of the rat race and pressures at home to pursue global nomad lifestyle 2023-07-28 - Chinese Wanxiong Huang, a free diving instructor, practices his skills in the sea around Bohol Island in the Philippines, April 16, 2023. A growing number of young Chinese are moving overseas, frequently to Southeast Asia, to escape their homeland's ultra-competitive work culture, limited opportunities and family pressures. There is no exact data on the number of the moves, the popular Chinese social media platform Xiaohongshu, hundreds of people have discussed relocating to Thailand. (AP Photo/Shaoxu Wang) Chinese Wanxiong Huang, a free diving instructor, practices his skills in the sea around Bohol Island in the Philippines, April 16, 2023. A growing number of young Chinese are moving overseas, frequently to Southeast Asia, to escape their homeland's ultra-competitive work culture, limited opportunities and family pressures. There is no exact data on the number of the moves, the popular Chinese social media platform Xiaohongshu, hundreds of people have discussed relocating to Thailand. (AP Photo/Shaoxu Wang) Chinese Wanxiong Huang, a free diving instructor, practices his skills in the sea around Bohol Island in the Philippines, April 16, 2023. A growing number of young Chinese are moving overseas, frequently to Southeast Asia, to escape their homeland's ultra-competitive work culture, limited opportunities and family pressures. There is no exact data on the number of the moves, the popular Chinese social media platform Xiaohongshu, hundreds of people have discussed relocating to Thailand. (AP Photo/Shaoxu Wang) Chinese Wanxiong Huang, a free diving instructor, practices his skills in the sea around Bohol Island in the Philippines, April 16, 2023. A growing number of young Chinese are moving overseas, frequently to Southeast Asia, to escape their homeland's ultra-competitive work culture, limited opportunities and family pressures. There is no exact data on the number of the moves, the popular Chinese social media platform Xiaohongshu, hundreds of people have discussed relocating to Thailand. (AP Photo/Shaoxu Wang) A growing number of young Chinese are moving overseas to escape their homeland's ultra-competitive work culture, limited opportunities and family pressures BANGKOK -- Shortly after China opened its borders with the end of zero-COVID, Zhang Chuannan lost her job as an accountant at a cosmetic firm in Shanghai and decided to explore the world. “The cosmetics business was bleak,” said Zhang, 34, who explained everyone wore face masks during the pandemic. After being laid off, she paid $1,400 for an online Thai course, got an education visa and moved to the scenic northern Thai city of Chiang Mai. Zhang is among a growing number of young Chinese moving overseas to escape the country’s ultra-competitive work culture, family pressures and limited opportunities after living in the country under the strict pandemic policies for three years. Southeast Asia has become a popular destination given its proximity, relatively inexpensive cost of living and tropical scenery. There is no exact data on the number of young Chinese moving overseas since the country ended pandemic restrictions and reopened its borders. But on the popular Chinese social media platform Xiaohongshu, hundreds of people have discussed their decisions to relocate to Thailand. Many get a visa to study Thai while figuring out their next steps. At Payap University in Chiang Mai, around 500 Chinese began an online Thai course early this year. Royce Heng, owner of Duke Language School, a private language institute in Bangkok, said around 180 Chinese inquire each month about visa information and courses. The hunt for opportunities far from home is partly motivated by China's unemployment rate for people aged 16 to 24, which rose to a record high of 21.3% in June. The scarcity of good jobs increases pressure to work long hours. Opting out is an increasingly popular way for younger workers to cope with a time of downward mobility, said Beverly Yuen Thompson, a sociology professor at Siena College in Albany, New York. “In their 20s and early30s, they can go to Thailand, take selfies and work on the beach for a few years and feel like they have a great quality of life,” Thomson said. “If those nomads had the same opportunities they hoped for in their home countries, they could just travel on vacation.” During the pandemic in China, Zhang was cooped up in her Shanghai apartment for weeks at a time. Even when lockdowns were lifted, she feared another COVID-19 outbreak would prevent her from moving around within the country. “I now value freedom more,” Zhang said. A generous severance package helped finance her time in Thailand and she is seeking ways to stay abroad long-term, perhaps by teaching Chinese language online. Moving to Chiang Mai means waking up in the mornings to bird songs and a more relaxed pace of life. Unlike in China, she has time to practice yoga and meditation, shop for vintage clothes and attend dance classes. Armonio Liang left the western Chinese city of Chengdu in landlocked Sichuan province for the Indonesian island of Bali, a popular digital nomad destination. His Web3 social media startup was limited by Chinese government restrictions while his use of cryptocurrency exchange apps drew police harassment. Moving to Bali gave the 38-year-old greater freedom and a middle-class lifestyle with what might be barely enough money to live on back home. “This is what I cannot get in China,” said Liang, referring to working on his laptop on the beach and brainstorming with expatriates from around the world. “Thousands of ideas just sprouted up in my mind. I had never been so creative before.” He also has enjoyed being greeted with smiles. “In Chengdu, everyone is so stressed. If I smiled at a stranger, they would think I am an idiot,” he said. Life overseas is not all beach chats and friendly neighbors, though. For most young workers, such stays will be interludes in their lives, Thompson said. “They can’t have kids, because kids have to go to school,” Thompson said. “They cannot fulfill their responsibilities to their parents. What if their aging parents need help? They eventually will get a full-time job back home and get called back home because of one of those things.” Zhang said she faces pressure to get married. Liang wants his parents to move to Bali with him. “It’s a big problem,” Liang said. “They worry they will be lonely after moving out of China and worry about medical resources here.” Huang Wanxiong, 32, was stranded on Bohol Island in the Philippines for seven months in 2020 when air travel halted during the pandemic, and he spent his time learning free diving, which involves diving to great depths without oxygen tanks. He eventually flew home to the southern Chinese city of Guangzhou, but lost his job at a private tutoring company after the government cracked down on the industry in 2021. His next gig was driving more than 16 hours a day for a ride-hailing business. “I felt like a machine during those days,” Huang said. “I can accept a stable and unchanging life but I cannot accept not having any hope, not trying to improve the situation and surrendering to fate.” Huang returned to the Philippines in February, escaping family pressures to get a better job and find a girlfriend in China. He renewed his Bohol Island friendships and qualified as a dive instructor. But without Chinese tourists to teach and no income, he flew home again in June. He still hopes to make a living as a diver, possibly back in Southeast Asia, though he also may agree to his parents' proposal to emigrate to Peru to work in a family-run supermarket. Huang recalled he once surfaced too quickly from a 40-meter (131-foot) dive and his hands trembled from a dangerous lack of oxygen, known as hypoxia. The lesson he took was to avoid rushing and maintain a steady climb. Until his next move, he plans to use that free diver discipline to counter the anxieties of living in China. “I will apply the calm I learned from the sea surrounding that island to my real life,” Huang said. “I will maintain my own pace.”
How the coup in Niger could expand the reach of Islamic extremism, and Wagner, in West Africa 2023-07-28 - FILE- US Secretary of State Antony Blinken, left, poses for a photo with Nigerien President Mohamed Bazoum during their meeting at the presidential palace in Niamey, Niger, March 16, 2023. Bazoum said Wednesday July 26 2023 that elements of the presidential guard tried to move against him and that the army will attack if they don't back down. Streets surrounding the presidential palace in the capital Niamey were blocked off as were some of the ministries. (Boureima Hama/Pool Photo via AP/File) FILE- US Secretary of State Antony Blinken, left, poses for a photo with Nigerien President Mohamed Bazoum during their meeting at the presidential palace in Niamey, Niger, March 16, 2023. Bazoum said Wednesday July 26 2023 that elements of the presidential guard tried to move against him and that the army will attack if they don't back down. Streets surrounding the presidential palace in the capital Niamey were blocked off as were some of the ministries. (Boureima Hama/Pool Photo via AP/File) FILE- US Secretary of State Antony Blinken, left, poses for a photo with Nigerien President Mohamed Bazoum during their meeting at the presidential palace in Niamey, Niger, March 16, 2023. Bazoum said Wednesday July 26 2023 that elements of the presidential guard tried to move against him and that the army will attack if they don't back down. Streets surrounding the presidential palace in the capital Niamey were blocked off as were some of the ministries. (Boureima Hama/Pool Photo via AP/File) FILE- US Secretary of State Antony Blinken, left, poses for a photo with Nigerien President Mohamed Bazoum during their meeting at the presidential palace in Niamey, Niger, March 16, 2023. Bazoum said Wednesday July 26 2023 that elements of the presidential guard tried to move against him and that the army will attack if they don't back down. Streets surrounding the presidential palace in the capital Niamey were blocked off as were some of the ministries. (Boureima Hama/Pool Photo via AP/File) More than 1,000 U.S. service personnel are in Niger to combat the growing threat from various groups of Islamic extremists More than 1,000 U.S. service personnel are in Niger, which until Wednesday's coup by mutinous soldiers had avoided the military takeovers that destabilized West African neighbors in recent years. The country had been seen as the last major partner standing against extremism in a Francophone region where anti-French sentiment had opened the way for the Russian private military group Wagner. Various Islamic extremist groups are active around Niger, which isn't to be confused with Nigeria, Africa’s most populous country. Niger lies just to the north, part of the sprawling region directly below the Sahara Desert that for years has faced a growing threat from various groups of Islamic extremists. Here's what to know: What does this mean for regional security? Signaling Niger’s importance in the region where Wagner also operates, U.S. Secretary of State Antony Blinken visited in March to strengthen ties and announce $150 million in direct assistance, calling the country “a model of democracy.” Now a critical question is whether Niger might pivot and engage Wagner as a counterterrorism partner like its neighbors Mali and Burkina Faso, which have kicked out French forces. France shifted more than 1,000 personnel to Niger after pulling out of Mali last year. Wagner chief Yevgeny Prigozhin said in a statement Thursday that “what happened in Niger is the fight of its people against the colonizers. ... It effectively means winning independence. The rest will depend on the people of Niger.” Hundreds of people gathered on Thursday in Niger's capital, Niamey, and chanted support for Wagner while waving Russian flags. Niger's government had been "pretty open in terms of dialogue and engaging both domestically and with international partners,” said Paul Melly, a consulting fellow with the Africa program at the Chatham House think tank in London. “So quite a lot is at stake here.” Niger has been a base of international military operations for years as Islamic extremists have greatly expanded their reach in the Sahel. Those include Boko Haram in neighboring Nigeria and Chad, but the more immediate threat comes from growing activity in Niger’s border areas with Mali and Burkina Faso from the Islamic State in the Greater Sahara and the al-Qaida affiliate Jama’at Nusrat al-Islam wal-Muslimin, known as JNIM. Meanwhile, Niger's military expenditures reached $202 million in 2021. What about counterterrorism efforts? U.S. partners battling extremists in the Sahel are dwindling. Notably, Mali’s military junta last month ordered the 15,000-strong United Nations peacekeeping mission to leave, claiming they had failed in their mission. However, Wagner forces remain there, accused by watchdogs of human rights atrocities. The United States in early 2021 said it had provided Niger with more than $500 million in military assistance and training programs since 2012, one of the largest such support programs in sub-Saharan Africa. The European Union earlier this year launched a 27 million-euro ($30 million) military training mission in Niger. The U.S. has operated drones out of a base it constructed in Niger's remote north as part of counterterrorism efforts in the vast Sahel. The fate of that base and other U.S. operational sites in the country after this week’s coup isn't immediately known. “It is too soon to speculate on any potential future actions or activities,” a spokesman with the U.S. Africa Command, John Manley, said in an email. He said approximately 1,100 U.S. personnel are in Niger. Niger was the site of one of the deadliest encounters for U.S. forces in Africa in recent years, an ambush by extremists in 2017 that left four soldiers dead. The attack again raised questions by some critics in Washington about why the U.S. would be involved on the continent. How deadly is extremism in the region? Observers say West Africa’s Sahel region has become one of the world’s deadliest regions for extremism. West Africa recorded over 1,800 extremist attacks in the first six months of this year, resulting in nearly 4,600 deaths, a top regional official told the United Nations Security Council this week. Most of those deaths occurred in Burkina Faso and Mali, while just 77 occurred in Niger, said the official, Omar Touray, the president of the ECOWAS Commission, the executive arm of the West African economic bloc. Observers have warned that the extremist threat is also expanding south toward states like Ghana and Ivory Coast. The coup in Niger brings yet more insecurity. “We are witnessing that the whole belt south of the Sahara is becoming an extremely problematic area,” U.N. Secretary-General António Guterres said. Niger is one of the world’s poorest countries, struggling with climate change along with migrants from across West Africa trying to make their way across the Sahara en route toward Europe. It has received millions of euros of investment from the EU in its efforts to curb migration via smugglers. ___ Danica Kirka in London and Edith M. Lederer at the United Nations contributed to this report.
Bolivia is the latest South American nation to use China's yuan for trade in challenge to the dollar 2023-07-28 - A money exchange shop worker counts Chinese yuan banknotes in La Paz, Bolivia, Wednesday, July 26, 2023. Bolivia’s state-run bank, Banco Union, has started to carry out transactions using China’s currency, the yuan. (AP Photo/Juan Karita) A money exchange shop worker counts Chinese yuan banknotes in La Paz, Bolivia, Wednesday, July 26, 2023. Bolivia’s state-run bank, Banco Union, has started to carry out transactions using China’s currency, the yuan. (AP Photo/Juan Karita) A money exchange shop worker counts Chinese yuan banknotes in La Paz, Bolivia, Wednesday, July 26, 2023. Bolivia’s state-run bank, Banco Union, has started to carry out transactions using China’s currency, the yuan. (AP Photo/Juan Karita) A money exchange shop worker counts Chinese yuan banknotes in La Paz, Bolivia, Wednesday, July 26, 2023. Bolivia’s state-run bank, Banco Union, has started to carry out transactions using China’s currency, the yuan. (AP Photo/Juan Karita) Bolivia is using the yuan to pay for imports and exports, becoming the latest country in South America to regularly use the Chinese currency in a small but growing challenge to the hegemony of the U.S. dollar LA PAZ, Bolivia -- Bolivia is now using the yuan to pay for imports and exports, becoming the latest country in South America to regularly use the Chinese currency in a small but growing challenge to the hegemony of the U.S. dollar for international financial transactions in the region. Between May and July of this year, Bolivia conducted financial operations amounting to 278 million Chinese yuan ($38.7 million), which accounts for 10% of its foreign trade during that period, Economy Minister Marcelo Montenegro said on Thursday. “We’re already using the yuan. It’s a reality and a good start,” Montenegro said during a news conference. “Banana, zinc, and wood manufacturing exporters are conducting transactions in yuan, as well as importers of vehicles and capital goods.” These electronic transactions are carried out through the state-owned Banco Unión. “The amount being used in yuan is still relatively small, but it will increase over time,” Montenegro said. With these transactions, Bolivia joins other countries in South America, most notably Brazil and Argentina, which are using the yuan. The three countries are ruled by leftist or left-leaning governments. In Latin America and the Caribbean, the use of the yuan is growing especially “in those countries that are looking to establish stronger ties with China, that view themselves as in some way politically aligned on this particular objective on decreasing their overall reliance on the dollar and on the U.S. in general,” said Margaret Myers, director of the Asia & Latin America Program at the Washington-based Inter-American Dialogue. The use of the yuan comes at a time when China’s footprint in the region is increasing with rising trade and investment. “There is a lot of anxiety in Washington about threats to the special role of the dollar in regions like Latin America,” Benjamin Gedan, director of the Latin America Program at the Washington-based Wilson Center, said. “China’s new role as a lender of last resort in Argentina, and the use of the yuan for international trade by Bolivia, are a sign of the times.” Earlier this year, Argentina’s government unveiled a plan to use the yuan to pay for imports from China as a way to preserve its dwindling foreign reserves and it has raised the possibility of paying off debts with the International Monetary Fund using the Chinese currency. In Brazil, the yuan surpassed the euro as the second most important currency in its foreign reserves at the end of 2022, when 5.37% of the central bank’s holdings were in the Chinese currency, compared to 4.74% for the euro. In Bolivia, the yuan started to be used after months of severe dollar shortages that have been impacting the country’s economy since February. Some analysts and members of the opposition have questioned the move to use the yuan. “It is not a long-term solution, and it seems more like an attempt to cover up economic problems,” said José Gabriel Espinoza, an economics professor at Bolivia’s Catholic University. The manager of the Chamber of Exporters of Bolivia, Marcelo Olguín, dismissed the criticism, characterizing the use of the yuan as merely “an alternative to operate.” Beyond political considerations, looking for alternatives to the U.S. dollar that has become more expensive amid rising interest rates also makes economic sense, said Rebecca Ray, senior academic researcher at the Boston University Global Development Policy Center. “They’re all facing the same global macroeconomic conditions, and the most important part of that is the US dollar is really expensive and hard to get a hold of. So there’s basically a global dollar shortage among current central banks,” Ray said. “Central banks everywhere are looking for alternatives.” Bolivia’s President Luis Arce said earlier this month the Andean country was looking for alternatives amid a “dollar liquidity crisis.” During a visit to China in April, Brazilian President Luis Inácio Lula da Silva questioned the omnipresence of the U.S. dollar in foreign trade. “Who was it that decided that the dollar was the currency after the disappearance of the gold standard?” he said. Beijing is welcoming this new dynamic after years of a concerted effort to push for the yuan to be used more widely on the international stage. “China clearly wants to challenge the global dominance of the dollar, both for practical and symbolic purposes,” Gedan said. Now that is starting to be more appealing to more countries. “China has been wanting to internationalize (its currency) for many years. What is new is that other countries are receptive to the idea because the current situation isn’t sustainable,” Ray said. Experts agree though that any large-scale shift to the yuan is unlikely in the near future. “I think there’s a sort of natural limit that most countries will hit,” Myers said. “So many transactions still need to be done using the dollar.” The “primary limitation here is the fact that the Chinese financial system is still relatively closed,” Myers added. Gedan added that at least “for now, there is generally more faith in the Fed than in China’s central bankers.” ___ Politi reported from Buenos Aires, Argentina. Associated Press writer Mauricio Savarese contributed to this report from Sao Paulo, Brazil.
Japan's central bank retains key interest rate while fine-tuning bond purchases for more flexibility 2023-07-28 - FILE - A security guard stands guard at an entrance of Tokyo Sock Exchange building, Tuesday, July 18, 2023, in Tokyo. On Friday, July 28, Japan’s central bank opted to keep its benchmark interest rate at minus 0.1% but said it will fine-tune its bond purchases to allow greater flexibility given high uncertainties for the economy and for prices. (AP Photo/Eugene Hoshiko, File) FILE - A security guard stands guard at an entrance of Tokyo Sock Exchange building, Tuesday, July 18, 2023, in Tokyo. On Friday, July 28, Japan’s central bank opted to keep its benchmark interest rate at minus 0.1% but said it will fine-tune its bond purchases to allow greater flexibility given high uncertainties for the economy and for prices. (AP Photo/Eugene Hoshiko, File) FILE - A security guard stands guard at an entrance of Tokyo Sock Exchange building, Tuesday, July 18, 2023, in Tokyo. On Friday, July 28, Japan’s central bank opted to keep its benchmark interest rate at minus 0.1% but said it will fine-tune its bond purchases to allow greater flexibility given high uncertainties for the economy and for prices. (AP Photo/Eugene Hoshiko, File) FILE - A security guard stands guard at an entrance of Tokyo Sock Exchange building, Tuesday, July 18, 2023, in Tokyo. On Friday, July 28, Japan’s central bank opted to keep its benchmark interest rate at minus 0.1% but said it will fine-tune its bond purchases to allow greater flexibility given high uncertainties for the economy and for prices. (AP Photo/Eugene Hoshiko, File) Japan's central bank has opted to keep its benchmark interest rate at minus 0.1% but will fine-tune its bond purchases to allow greater flexibility TOKYO -- Japan’s central bank opted Friday to keep its benchmark interest rate at minus 0.1% but said it will fine-tune its bond purchases to allow greater flexibility given “high uncertainties” for the economy and for prices. The Bank of Japan said it needed a more nimble approach to keep financial markets stable as it works toward a goal of keeping inflation near 2%. It said it would offer to buy 10-year Japanese government bonds at 1% each business day, instead of the upper limit of 0.5% that was imposed under its “yield curve control program.” After the BOJ's announcement, the yield on the 10-year government bond surged to 0.57%. The aim of the ultra-lax monetary policy is still to keep long-term interest rates near zero percent, it said in a statement. The BOJ's yield curve controls are part of a suite of central bank policies, including massive asset purchases, meant to keep credit cheap to try to spur investment and spending and prop up economic growth. The central bank has faced pressure to adjust its policies as the Federal Reserve and other major central banks raised interest rates to slow lending and curb inflation. Japan's inflation rate has lagged behind those in the U.S. and Europe but is now over 3%. The BOJ has resisted raising its minus 0.1% benchmark rate out of concern that growth in Japan, the world's third-largest economy, may slow given risks of recession in the U.S. and other major economies. A slump in China has added to those uncertainties. Friday's decision followed a flurry of speculation over potential changes to policies the bank has kept in place for years. “We still think that a slowdown in inflation will convince the bank to keep its short-term policy rate unchanged over the coming months,” Capital Economics said in a research note. But it said given signs that prices are rising along with wages, “the risks of the Bank tightening policy in earnest are rising.” Friday's statement revised the central bank's estimate for economic growth in the current fiscal year, ending in March, to 1.3% from 1.4%. It raised the forecast for core inflation excluding food to 2.5% from an earlier 1.8%. “With extremely high uncertainties surrounding economies and financial markets at home and abroad, the Bank will patiently continue with monetary easing while nimbly responding to developments in economic activity and prices as well as financial conditions,” said the statement issued after the BOJ’s policy meeting. The gap between Japan's negative benchmark rate and rates in the U.S. has caused the Japanese yen to weaken against the U.S. dollar. That has amplified price pressures in Japan, raising costs for consumers and manufacturers given the country's heavy reliance on imports, for which prices have risen sharply since the pandemic. Markets wobbled ahead of Friday’s announcement. Afterward, shares fell in Tokyo and the Japanese yen weakened against the U.S. dollar.
Anheuser-Busch to lay off hundreds of workers after Bud Light boycott hammers sales 2023-07-28 - Modelo overtook Bud Light last month as the top-selling beer in the U.S. Anheuser-Busch plans to lay off hundreds of corporate employees, a company spokesperson told ABC News on Thursday. The layoffs come months after a product endorsement from Dylan Mulvaney, a transgender influencer, in April set off a consumer boycott among conservatives that hammered sales. The layoffs will affect "less than 2%" of the company's U.S. employees, the company said. That figure amounts to roughly 380 workers, since the company's website says it employs a total of about 19,000 U.S.-based workers. The layoffs will affect workers "across every corporate function" but will not impact frontline workers, such as warehouse staff, drivers and salespeople, the company spokesperson said. "Today we took the very difficult but necessary decision to eliminate a number of positions across our corporate organization," Anheuser-Busch CEO Brendan Whitworth said in a statement to ABC News. "While we never take these decisions lightly, we want to ensure that our organization continues to be set for future long-term success." The layoffs were originally reported by CNN and the Wall Street Journal. Sales of Bud Light across the U.S. fell for at least six weeks after the start of the boycott, according to data from Bump Williams Consulting and Nielsen NIQ reviewed by ABC News. For instance, sales dropped nearly 26% over the week ending on May 20, the data showed. Bottles of Bud Light beer are seen at a grocery store in Glenview, Ill., April 25, 2023. Nam Y. Huh/AP Last month, Modelo overtook Bud Light as the top-selling beer in the U.S. The stock price of Anheuser-Busch InBev has fallen nearly 12% since the start of the boycott in early April. Over that period, the S &P 500 has risen by nearly 12%. In response to declining sales, the company provided financial support for tens of thousands of frontline workers at independent distributors, Anheuser-Busch InBev CEO Michel Doukeris said on an earnings call in May. After the initial boycott, Anheuser-Busch InBev posted a statement in April from CEO Brendan Whitworth on its website. "We never intended to be part of a discussion that divides people," Whitworth said. "We are in the business of bringing people together over a beer." The company placed two executives who oversaw the endorsement of Mulvaney's Instagram post on leave, the Wall Street Journal reported in April. The response drew sharp criticism from some LGBTQ advocates who considered it a capitulation to the backlash. The Human Rights Campaign, the nation's largest LGBTQ advocacy organization, suspended the company's Corporate Equality Index score, USA Today reported. Previously, the company scored 100, the top rating.
His campaign forced Sinead O'Connor to scrap a 1997 Jerusalem concert. Now he is a Cabinet minister 2023-07-28 - Floral tributes laid outside Sinead O'Connor's former home in Bray, Co Wicklow, Ireland, Thursday, July 27, 2023 after her death at the age of 56. The Met Police said O’Connor was found unresponsive in a home in southeast London. They did not say how she died but said her death was not considered suspicious. (Brian Lawless/PA via AP) Floral tributes laid outside Sinead O'Connor's former home in Bray, Co Wicklow, Ireland, Thursday, July 27, 2023 after her death at the age of 56. The Met Police said O’Connor was found unresponsive in a home in southeast London. They did not say how she died but said her death was not considered suspicious. (Brian Lawless/PA via AP) Floral tributes laid outside Sinead O'Connor's former home in Bray, Co Wicklow, Ireland, Thursday, July 27, 2023 after her death at the age of 56. The Met Police said O’Connor was found unresponsive in a home in southeast London. They did not say how she died but said her death was not considered suspicious. (Brian Lawless/PA via AP) Floral tributes laid outside Sinead O'Connor's former home in Bray, Co Wicklow, Ireland, Thursday, July 27, 2023 after her death at the age of 56. The Met Police said O’Connor was found unresponsive in a home in southeast London. They did not say how she died but said her death was not considered suspicious. (Brian Lawless/PA via AP) When death threats forced Irish pop singer Sinead O’Connor to call off a peace concert in Jerusalem in the summer of 1997, a young man named Itamar Ben-Gvir took credit for the campaign against her JERUSALEM -- Death threats forced Irish pop singer Sinead O'Connor to call off a peace concert in Jerusalem in the summer of 1997. At the time, a young man named Itamar Ben-Gvir took credit for the campaign against her. Today, he is Israel's national security minister. The transformation of Ben-Gvir from a fringe Israeli extremist trying to take down O'Connor's coexistence-themed concert to a powerful minster overseeing the Israeli police force reflects the dramatic rise of Israel's far-right. O'Connor, a spirited singer and frequent source of controversy who rocketed to fame in 1990, died on Wednesday in London. While most people remember the star for her hit cover of Prince’s ballad “Nothing Compares 2 U" or the uproar that followed her ripping up a photo of Pope John Paul II on live TV, many Israelis on Thursday recounted an open letter she wrote castigating Ben-Gvir. Incensed after hearing Ben-Gvir, who was then 21, boast in a radio interview that he had succeeded in scaring her away from Jerusalem, she sent the letter to The Associated Press and other news organizations. "God does not reward those who bring terror to children of the world," O’Connor wrote in a message addressing Ben-Gvir. “So you have succeeded in nothing but your soul’s failure.” On June 16, 1997, O’Connor — worried for her safety and her children — backed out of the concert organized by Israeli and Palestinian women's groups that had sought to promote Jerusalem as a capital for both people. Named "Sharing Jerusalem: Two Capitals for Two States," the event was set to take place just a few years after the signing of the Oslo Accords, which created the foundation for the Mideast peace process. Peace in the Holy Land was as controversial then as it is now, and hard-liners like Ben-Gvir oppose any division of Jerusalem. The Palestinians claim east Jerusalem, captured by Israel in 1967, as their capital. Ahead of her summer concert, British and Irish embassies in Tel Aviv reported receiving death threats against O'Connor. After her cancellation, fans and fellow peace activists expressed anger, surprise and dismay — some sealing their lips with black tape and protesting in the streets against Ben-Gvir and his allies. Back in 1997, Ben-Gvir was an activist in the Ideological Front, an offshoot of the racist Kahanist movement. Rabbi Meir Kahane’s violent anti-Arab ideology was considered so repugnant in the 1980s that Israel banned him from parliament and the United States listed his party as a terrorist group. While Ben-Gvir did not take responsibility for threatening O'Connor, he told Israeli radio that his efforts had compelled her to drop out. "Due to us she is not arriving,″ he said at the time. ″We are calling the pressure we put on her not to arrive a success." On Thursday, as Israeli media remembered Ben-Gvir's campaign against O'Connor, his office denied that he had ever threatened her. “Indeed, Minister Ben-Gvir said he would protest against the show,” his office acknowledged. “The show was canceled due to the work of thousands of demonstrators." His office also noted that despite his criticism of O’Connor’s conversion to Islam and support for Palestinians, he would try to remember her “favorably because of the difficult life she lived.” Prime Minister Benjamin Netanyahu's government — in which Ben-Gvir is a leading member — is the most right-wing and religiously conservative in Israeli history. This week, the coalition passed the first part of its deeply contentious program to weaken the Supreme Court, a plan that has prompted mass street protests and plunged the country into its worst domestic crisis in years. On Thursday, Ben-Gvir visited Jerusalem's most sensitive holy site — a contested hilltop compound revered by both Jews and Muslims. The visit, while permitted under longstanding arrangements, was seen by Palestinians and Muslim countries as a provocation given Ben-Gvir's history. Ben-Gvir, now 47, was convicted in his youth of inciting racism against Arabs and barred from serving in the Israeli army because he was considered too extremist. Until recently, he hung a portrait in his home of an Israeli gunman who killed 29 Palestinians in a West Bank mosque in 1994. As national security minister, Ben-Gvir has repeatedly sparked backlash over his anti-Arab rhetoric and stunts. He has pushed for the creation of a national guard that critics fear could endanger Israel's Palestinian minority, toughened measures against Palestinian prisoners and ramped up home demolitions in the contested capital. O'Connor's relationship to Israel only become more fraught following the botched concert. She became a supporter of the Palestinian-led campaign that calls for boycotts, divestment and sanctions against Israeli businesses, cultural institutions and universities. After the 2014 Gaza war, O'Connor heeded the campaign's calls to pull out of a concert near Tel Aviv. But the cancellation of her 1997 Jerusalem concert was remembered the most in Israel — a country in turmoil as Netanyahu and Ben-Gvir press ahead with their divisive, far-right agenda. In her open letter to Ben-Gvir, O'Connor described being haunted by televised images of Israelis and Palestinians beating each other in the streets of the holy city of Jerusalem. “I felt saddened and frightened," she wrote. "I asked God then ‘How can there be peace anywhere on earth if there is not peace in Jerusalem?’" She then added: "I ask you that question now Mr. Ben Gvir.”
Weekly US applications for jobless benefits slide to lowest level in 5 months 2023-07-28 - A hiring sign is displayed at a retail store in Vernon Hills, Ill., Monday, June 12, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week.(AP Photo/Nam Y. Huh) A hiring sign is displayed at a retail store in Vernon Hills, Ill., Monday, June 12, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week.(AP Photo/Nam Y. Huh) A hiring sign is displayed at a retail store in Vernon Hills, Ill., Monday, June 12, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week.(AP Photo/Nam Y. Huh) A hiring sign is displayed at a retail store in Vernon Hills, Ill., Monday, June 12, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week.(AP Photo/Nam Y. Huh) The number of Americans applying for jobless benefits slid last week to its lowest level in five months, further evidence that the U.S. labor market continues to defy the Federal Reserve’s attempts to cool it off The number of Americans applying for jobless benefits slid last week to its lowest level in five months, further evidence that the U.S. labor market continues to defy the Federal Reserve's attempts to cool it off. U.S. applications for unemployment benefits fell by 7,000 to 221,000 for the week ending July 22, from 228,000 the week before, the Labor Department reported Thursday. That's the fewest since February. The four-week moving average of claims, which smooths out some of the week-to-week volatility, fell by 3,750 to 233,750. Jobless claim applications are broadly seen as a proxy for the number of layoffs in a given week. For a few weeks this spring, jobless claims had appeared to reach a sustained, higher level, above 260,000. But for more than a month now, claims have settled lower as the labor market remains one of the healthiest parts of the U.S. economy. Since more than 20 million jobs vanished when the COVID-19 pandemic hit in the spring of 2020, U.S. employers have added jobs at a blistering pace, more often than not beating forecasts. Despite the fastest interest rate hikes since 1989, the unemployment rate has hardly budged, remaining at a historically low 3.6%. Fed officials have said that the unemployment rate needs to rise well past 4% to bring inflation down, but recent government data showed that consumer prices fell in June to their lowest level since early 2021 — 3% compared with a year earlier — and much closer to the Fed’s target of 2%. Despite that, on Wednesday, the Fed announced that is was raising its benchmark borrowing rate by another quarter-point after pausing in June for the first time in more than a year. Fed Chair Jerome Powell gave no hint as to what officials might do at future meetings. The U.S. economy has broadly been resilient in the face of the Federal Reserve’s aggressive rate-hiking campaign in its effort to stifle persistent inflation not seen since the early 1980s. The U.S. economy grew at a 2.4% annual pace from April though June, the government reported Thursday, even better than the 2% annual pace in the first quarter of 2023. While there have been a number of high-profile layoffs recently, mostly in the technology sector, the overall labor market remains healthy. IBM, Microsoft, Salesforce, , Lyft, LinkedIn, Spotify and DoorDash have all announced layoffs this year. Amazon and parent Meta have each announced multiple job cuts since November. Outside the tech sector, McDonald’s, Morgan Stanley and 3M have also recently cut jobs. Overall, 1.69 million people were collecting unemployment benefits the week that ended July 15, about 59,000 fewer than the previous week and the fewest since January.
Is AI On The Verge Of A Monster Short Squeeze Breakout? 2023-07-28 - C3.ai NYSE: AI has been one of the standout artificial intelligence performers of the year. Year-to-date shares of AI are up 269%, significantly outperforming the overall market and competitors. As the stock shrugs off negative catalysts, continuing to trade higher and form attractive technical setups on the chart, the possibility of an outsized short squeeze event is likely. Key Points C3.ai (NYSE: AI) has surged 269% year-to-date, outperforming the market and competitors, raising the possibility of an imminent outsized short squeeze event. Despite a bearish outlook by many, the bullish case for C3.ai remains strong due to its significant position in the enterprise AI space and its potential for growth in a multi-billion-dollar AI market. From a technical analysis perspective, C3.ai's chart signals a promising opportunity for bullish momentum traders and investors, with a potential breakout looming above the $44 level and new 52-week highs in sight. 5 stocks we like better than C3.ai C3.ai is a prominent enterprise software company founded by Thomas Siebel in 2009, based in Redwood City, California. They specialize in AI solutions catering to various industries. Led by Thomas Siebel as CEO, the company went public in December 2020, raising $651 million. While experiencing flat revenue growth in recent years, C3.ai maintains a healthy profit margin and low debt-to-equity ratio, indicating positive market expectations. The Bears Versus The Bulls As the short interest implies, there has been an ongoing battle between the bulls and bears of C3.ai, with the bear case widely spoken about on popular media platforms. But what about the bulls' case? The bulls have a firm case for the stock. After all, C3.ai is in the hottest market. C3.ai, according to D.A. Davidson senior software analyst Gil Luria, is a significant player in the enterprise AI space with an estimated revenue of $300 million this year. The AI market's potential size is crucial to C3's growth, with CEO Thomas Siebel noting a multi-billion-dollar opportunity. While C3's customer count may be limited due to long sales cycles and contracts, they excel with large complex industrial customers, positioning them well for significant opportunities. Their growth has been successful in both the public and private sectors, gaining market share from competitors like Palantir and attracting forward-looking companies. Despite its evolving customer mix, C3.ai aims to provide accurate representations of its customer base. The Short Interest The substantial short interest in the stock has been a crucial driving force behind its remarkable surge. Since April, the short interest has flirted with 40% short of the float. As of July 15, the short interest was 34.95%, down from June 30, which was 38.55%. According to the latest short data, 32.8 million shares are short in AI. C3.ai Nears A Breakout Level From a technical analysis standpoint, the current setup in AI presents an ideal opportunity for bullish momentum traders and investors. Here's why: The stock exhibits a textbook-perfect pattern as it consolidates above prior resistance, with both the 50-day and 200-day SMAs showing an upward trend. The decreasing range and volume also suggest a rubber band effect is imminent. With such a significant contraction in range and volume, a substantial expansion will likely happen in the short term, propelling the stock higher. The bulls are eagerly anticipating a breakthrough above the $44 mark, coupled with an increase in trading volume, which could pave the way for new 52-week highs, surpassing the $49 level. Before you consider C3.ai, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and C3.ai wasn't on the list. While C3.ai currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Chipotle Mexican Grill Serves Up Another Entry Point 2023-07-28 - Key Points Chipotle Mexican Grill had a tepid quarter relative to consensus but still strong. Analysts are lowering their targets but to a level above the current price action. Repurchases and plans for international expansion will help support the market. 5 stocks we like better than Chipotle Mexican Grill Shares of Chipotle Mexican Grill NYS: CMG are down about 10% following the Q2 earnings report, but this is not the time to head for the exit. The company’s report was mixed but not worth 10% given the growth outlook, which includes an international expansion. Some takeaways from the report include double-digit top-line growth, wider margins, and better-than-expected earnings, which will all support the market over time. Chipotle Results Are Hot, But The Sizzle Is Gone Chipotle Mexican Grill had a great quarter with revenue of $2.51 billion, growing 13.6% compared to last year. The problems for the market begin with the comp to the Marketbeat.com consensus, which is negative. The mitigating factors are that the miss is marginal at best, about 80 basis points, offset by margin improvement. The data within the revenue figure is also on the tepid side but reveals the company continues to resonate with consumers, which means pricing power. On a comp basis, comp store sales are up 7.4% to miss consensus by 30 bps, with in-store sales up 15.8% across the chain and digital accounting for 38% of revenue. Notably, the new menu item Chicken Pastor drives this quarter’s success and accounts for 1-in-5 transactions. The margin news is equally mixed with restaurant-level operating margin improving by 230 bps and operating margin by 190 bps. Both are less than expected but prove the company has leverage and pricing power. The margin improvement is attributed primarily to pricing action last year and lower avocado prices to a lesser extent. The takeaways are that the $12.65 in adjusted EPS is up 36% from last year; it outpaced top-line strength by nearly 3:1 and outpaced the consensus by 300 bps despite the margin “weakness.” No reason for shares to fall 10%, and certainly no reason for them to stay down. Guidance is another mixed bag, with Q3 expected to experience additional slowing but for the full year to be solid. The Q3 revenue target is growth in the range of low-to-mid-single-digits, with the full year at mid-to-high-single-digits. The salient point in the CEO commentary is the reference to investments laying the groundwork for International growth. An international growth agenda could easily double Chipotle’s footprint. As it is, CMG expects to open about 270 stores this year, including the 47 opened in Q2. Those included 40 new Chipotlanes, which will enhance the digital revenue mix. The Analysts Lower Their Targets: Double-Digit Upside Ahead The analysts have begun to lower their targets for CMG stock but take that with a grain of salt. The 5 revisions to show immediately after the release are all downward but consistent with the Marketbeat.com consensus estimate of $2137. That figure is about 12.5% above the current action, trending higher than last month, last quarter, and last year. The new revisions may hinder market action in the near term, but this trend suggests upward momentum could remain strong. Share repurchases will help with the momentum. The board authorized another $100 million in repurchases, bringing the remaining authorization up to $294.7 million or about a half percent of the market cap. That’s not a large figure, but investors can expect repurchases to continue indefinitely. The Technical Outlook: Chipotle Corrects To The EMA Chipotle Mexican Grill shares fell about 10% following the Q2 release but have halted the plunge above the long-term EMA. This is a sign of potential support at a critical level that could lead to a rebound if confirmed. If not, this stock could fall to the $1800 level or lower, where it would present a better value and opportunity for investors. Before you consider Chipotle Mexican Grill, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Chipotle Mexican Grill wasn't on the list. While Chipotle Mexican Grill currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
7 Best Hotel REITs to Buy Now 2023-07-28 - Key Points Hotel REITs provide exposure to the hospitality industry without having to purchase multiple physical properties. Hotel REITs offer high dividend yields, liquidity and tax benefits but also come with market risk, leverage risk and concentration risks, as well as rising interest rates. Host Hotels & Resorts Inc. is the largest publicly-traded lodging REIT in the U.S. and creates long-term value creation for shareholders. 5 stocks we like better than DiamondRock Hospitality Are you looking to invest in hotel real estate investment trusts (REITs) in 2023? Hotel REITs offer you the chance to diversify your portfolio with exciting and luxurious properties located in exotic locations around the world, from New York to Bali. By investing in a REIT, you can potentially increase your income and gain capital appreciation and the opportunity to invest in a more resilient asset class. If you're considering investing in hotel REITs, you'll want to ensure you're investing in the best ones. This article will overview some of the top hotel REITs to consider in 2023. We'll look at their fundamentals, dividend yields and more and help you pick the best hotel REITs for you and your investing goals. So let's get started! What is a Hotel REIT? A REIT is a type of security (such as those on the MarketBeat REITs list, below) where you can purchase shares in a publicly-traded real estate company that owns and operates hotels. Hotel REITs typically specialize in acquiring, operating, operating and managing full-service, luxury or extended-stay hotels. The companies on our hotel REITs list provide you with the potential to boost your income and gain capital appreciation through their vast portfolios of hotel properties. REIT hotels offer stability through diversification and the ability to invest in properties worldwide, from Canada to Brazil and beyond. Hospitality REITs are a great way to invest in a more resilient asset class while gaining exposure to global markets. Understanding Hotel REITs This article will examine some of the top hotel REITs to consider in 2023. First, our lodging REITS list will start with a brief overview of the three major types of hotel REITs. Lodging REITs invest in full-service hotels, such as Marriott REIT, Hilton and Hyatt; select-service REITs focus on mid-priced hotels like Hampton Inn and Comfort Inn, and extended-stay REITs specialize in extended stay properties, such as Residence Inn and Extended Stay America. 7 Hotel REITs to Consider in 2023 Now, let's look at some of the top largest hotel REITs you should consider investing in this year. Host Hotels & Resorts Host Hotels & Resorts NYSE: HST is one of the largest publicly traded lodging companies in the world. It owns almost 80 luxury properties from around the globe with locations that include the US, Canada and Brazil. The company also has strong fundamentals, including a Host dividend yield of 4.3% and revenue growth of 5% over the past year. Apple Hospitality REIT Apple Hospitality REIT NYSE: APLE is one of the largest owners and operators of high-end hotels in the U.S., with over 200 upscale properties ranging from resorts to extended stays across 37 states. The company currently offers a generous dividend yield of 6.3%, making it an appealing option if you're looking for income generation. Park Hotels & Resorts Park Hotels & Resorts NYSE: PK is another leading hospitality company with a portfolio consisting of over 60 premium hotels across North America. The company has seen solid growth over recent years, reporting revenue growth of 35.3% compared to last year's quarter and a dividend yield of 5.59%. Pebblebrook Hotel Trust Pebblebrook Hotel Trust NYSE: PEB is a luxury hotel REIT with a portfolio of nearly 50 properties in top urban and resort destinations across the United States. It also offers investors a Pebblebrook dividend yield of 4.2%. Ryman Hospitality Properties Ryman Hospitality Properties NYSE: RHP owns and operates four of the most iconic entertainment destinations in the U.S. — Gaylord Hotels and the famous Ryman Auditorium in Nashville, home of the Grand Ole Opry — providing guests with an immersive experience in music and entertainment. The Ryman financial outlook is strong, with a dividend yield of 4% and revenue growth of 9% over the past year. RLJ Lodging Trust RLJ Lodging Trust NYSE: RLJ is a select-service hotel REIT with a portfolio of nearly 100 mid-priced properties across the U.S. The company's properties are primarily located in urban markets and have consistently delivered strong financial results, with an RLJ dividend yield of 6.2% and revenue growth of 12% over the past year. Sunstone Hotel Investors Sunstone Hotel Investors NYSE: SHO is a luxury hotel REIT with 15 high-end properties in prime locations around the U.S. The company's iconic properties include Hilton, Marriott and Four Seasons. Sunstone Hotel Investors also offers investors a dividend yield of 2.04%, and the REIT earned $243.44 million during the quarter, compared to Sunstone analyst ratings expectations of $223.93 million. DiamondRock Hospitality Company DiamondRock Hospitality Company NYSE: DRH is a lodging REIT that owns and operates 35 upscale hotels across the U.S. The company's properties include brands such as Marriott, Hilton and Westin. DiamondRock financials are strong, with a dividend yield of 1.48%. How to Invest in Hotel REITs Investing in hotel REIT stocks requires just a few basic steps. Step 1: Research hotel REITs. Thoroughly research your hotel ETF list before investing. Consider factors such as the company's dividend yield, revenue growth, occupancy rate and where its properties are located. Pay attention to analyst ratings and read through the REIT's 10-K reports to better understand the company's financials. Step 2: Set investment goals. Clearly define your investment goals to decide which hotel REIT stocks are right for you. Factors to consider include risk tolerance, expected return on investment and timeframe for realizing gains. Step 3: Invest in hotel REITs. Once you've identified a hotel REIT on our hospitality REITS list that meets your criteria, you can invest in it by purchasing shares directly from the company or through a broker. Some brokers offer commission-free REIT purchases, which can help you save money on transaction fees. Be aware of any changes in market conditions or potential risks before making a purchase decision. Step 4: Monitor performance and reevaluate investment goals. Regularly monitor the performance of your hotel REIT investments and adjust your strategies accordingly. Reevaluate your investment goals periodically to ensure that they're still in line with your original objectives. Pros and Cons of Hotel REITs Hotel REITs are a popular way to gain exposure to the hospitality industry without buying physical properties. However, there are pros and cons to investing in one of the REITs on our hospitality REIT list. Pros The following are some pros of investing in hotel REITS: Diversified portfolio: Hotel REITs allow you to gain exposure to hospitality businesses without having to purchase multiple physical properties. High-yield investing: Hotel REITs typically offer higher dividend yields than other real estate investments. Liquidity: Hotel REITs are usually publicly traded on major stock exchanges, making them easy to buy and sell. Tax benefits: You may be eligible for certain tax benefits when investing in hotel REITs, such as deductions on depreciation and amortization expenses. Professional management: Most hotel REITs employ experienced management teams to run hospitality operations. Cons Of course, there are also cons of choosing to invest in a hotel REIT: Market risk: The stock prices of hotel REITs can fluctuate due to market conditions or other external factors, which could lead to losses if you don't manage them properly. Leverage risk: Many hotel REITs use leverage, which means that if creditors call their debt they may not have enough cash on hand to pay back their loans, resulting in a default. Concentration risk: Many hotel REITs invest heavily in a limited number of markets or property types, which can expose them if those markets or sectors experience downturns. Rising interest rates: Rising interest rates can increase the cost of borrowing money and reduce available capital for investments, potentially resulting in lower returns for you. Checking into Hotel REITs Hotel REITs can be a lucrative investment and allow you to buy into the exciting world of travel and hospitality. They offer high dividend yields, access to professional management, and liquidity and diversification benefits. However, they also come with market risk, leverage risk, concentration risk and rising interest rates. Always research the specific risks associated with hotel REIT investments before making any decisions. FAQs Now that you better understand hotel REITs, you may still have lingering questions. Don't worry. We provide detailed answers and explanations to ensure your confidence before investing. What is the largest hotel REIT in the U.S.? Apple Hospitality owns and operates a vast portfolio of properties, including over 200 hotels with around 29,000 guest rooms spread across 37 states. Most hotels are branded by industry-leading names: 96 under the Marriott banner, 119 as Hilton locations, four Hyatt hotels and one independent hotel. What is the most successful hotel real estate investment trust? Host Hotels & Resorts, Inc. is the world's largest publicly-traded lodging REIT, with a geographically diverse portfolio of luxury and upscale hotels across the United States. They're one of the largest owners of luxury and upper-upscale hotels. The company was incorporated as a Maryland corporation in 1998 and operated as a self-managed and self-administered REIT while being traded on the NASDAQ under the symbol "HST." The company's management team has decades of experience in the hospitality industry. How does a hotel REIT work? A hotel REIT is an investment vehicle that holds and operates income-producing real estate assets, particularly hotels and resorts. When you purchase shares of a hotel REIT, you become part owners of the company and, in turn, receive a portion of the earnings generated. Hotel REITs are typically managed by experienced professionals with expertise in hotel operations, management and finance who use their expertise to manage the day-to-day operations of their properties and source new investments. Before you consider DiamondRock Hospitality, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and DiamondRock Hospitality wasn't on the list. While DiamondRock Hospitality currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Four Reasons Tractor Supply Company Can Plow New Highs In 2023 2023-07-28 - Key Points Tractor Supply had a tepid quarter, but the stock could still plow to new highs this year. 1000 basis points increased the growth outlook and will drive long-term value. Capital returns are also in play and will help support the market in 2023. 5 stocks we like better than Tractor Supply The price action in Tractor Supply Company NASDAQ: TSCO experienced a mild correction earlier this year, and they may move lower within a trading range. That said, there are reasons to believe the stock has solid support and will be able to hit new highs this year and next. While the Q2 results were tepid, the company’s Life Out Here strategy works, and now it has been amplified. There are new long-term plans for growth that promise to drive value for shareholders. #1 - Tractor Supply Company Delivers Results The #1 reason Tractor Supply Company can plow new highs this year is results. The company, under the guidance of Hal Lawton, had game-changing development and growth over the last 3 years that firmly entrenched the company in its target market. That market is in rural areas not served by competitors such as Walmart NYSE: WMT, Target NYSE: TGT, Lowe’s NYSE: LOW, and Home Depot NYSE: HD, and it is a large market. The Q2 revenue fell short of the consensus, but the $4.18 billion is up 7.2% compared to last year, and last year's revenue grew slightly faster. This year’s softness is due to weakness in seasonal which is not surprising given the economic conditions facing Americans today and a decline in big-ticket items in the absence of stimulus dollars. Margins widened compared to last year and led to a solid gain on the bottom line. The GAAP $3.83 in EPS is about a dime short of the Marketbeat.com consensus estimate but up 8.5% compared to the 7.2% top-line growth. Savings were made at the gross level and offset by higher SG&A. As for guidance, the guidance is also below consensus and not a stimulus for higher share prices but includes growth that supports the market. #2 - Tractor Supply Company Raises Its Growth Target Tractor Supply Company increased its growth outlook. The company had targeted 2,800 Tractor Supply Company locations but raised the target by 200 or about 7%. With about 2,181 stores open now, a growth outlook of 40% from current levels and 1000 basis points better than the previous forecast. That’s a significant increase to the long-term revenue and earnings outlook and will show up in the analyst's chatter and price multiples. Additionally, the company is accelerating its growth outlook, with 2024 planned as a transition year. The company targets 90 new store openings per year beginning in 2025 and will use a sale-leaseback arrangement to leverage its existing real estate portfolio. The plan is to maintain a steady number of company-owned locations while using sale-leaseback proceeds to unlock value and fund growth organically. #3 - Tractor Supply Investors Harvest Capital Returns Tractor Supply Company investors can harvest ample capital returns via dividends and share repurchases. The company pays a dividend worth about 1.95% in yield with a healthy growth outlook. The company pays about 40% of its earnings and has a solid balance sheet and ample cash flow to support this outlook. The company has already increased the distribution for 14 consecutive years and can easily reach the Dividend Aristocrat level. As for repurchases, the company repurchased 0.7 million shares for $153.9 million during the quarter, which doubles the dividend payout. #4 - The Analysts Like Tractor Supply Company The analysts still like Tractor Supply Company and see it trading higher. Some recent price target revisions and a post-release downgrade may impact the near-term price action, but the consensus remains near the all-time high. In this light, the stock may be capped at an all-time high until later in the year, but upward bias is expected. The post-release price action is consistent with that outlook and shows support at a critical level. Support is evident at $217, and the short-term moving average, which may propel it higher. Before you consider Tractor Supply, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tractor Supply wasn't on the list. While Tractor Supply currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
McDonald’s Earnings Growth Shows Value to Consumers and Investors 2023-07-28 - McDonald’s Corporation NYSE: MCD continues to deliver value to consumers even as the company faces margin pressure at the franchisee level. That’s the key takeaway from a solid earnings report that highlights the fast-food giant’s continued leadership in the sector. Key Points MCD stock may be giving investors an opportunity after the company delivered a double beat in second quarter earnings on July 27. The company continues to prioritize value to consumers even as its franchisees deal with higher producer prices. McDonald’s continues to benefit from its embrace of digital solutions. At over 30x earnings, MCD stock is not cheap, but analysts still believe there may be more upside. 5 stocks we like better than McDonald's On the earnings call, chief executive officer Chris Kempczinski stated that the company’s goal was to market a brand. The company’s earnings report shows that the McDonald’s brand remains strong. On the top line, the company delivered revenue of $6.5 billion which was 3.2% better than the $6.3 billion that analysts’ expected. The story on the bottom line was even stronger. The company posted earnings per share of $3.17 which beat the consensus estimate of $2.75 by over 13%. And in a year when many people felt the company was going to face tough comparisons to 2022, the revenue and earnings numbers were 13% and 25% higher on a year-over-year basis. Now investors will watch to see if the positive results will translate to share price growth. In the week prior to earnings, MCD stock is down 2% and initial reaction to the earnings report is muted. Prioritizing Value for Its Customers One reason for lackluster stock price movement could be the continued effect of inflation on the company’s margins. The company reported adjusted operating margin of 47% in the first half and is forecasting full year adjusted operating margin of 46%. However, McDonald’s is primarily driven by its franchisees. And on the call, it was clear that many of those franchisees continue to deal with the effect of higher producer prices. This illustrates one of the truths of this market. Companies with the size and financial resources to weather the storm can afford to eat more of the producer prices. That appears to be the case with McDonald’s which continues to be an option for consumers who are looking to trade down. But that may be an oversimplification. The company continues to tweak its menu to appeal to changing tastes, especially with the coveted Gen-Z demographic. To that end, the company introduced six new menu items this summer including many new chicken products. The Company Continues to Invest in Digital and Technological Platforms Anyone that’s visited a McDonald’s restaurant either in-store or through the drive-through can see that this isn’t the company of just five years ago. The company’s investment in digital platforms is streamlining the way customers place orders and is creating an opportunity for McDonald’s to “remove the friction” for consumers. In fact, the McDonald’s app is not only maintaining its lead on smartphone adoption, it continues to extend that lead. This is another way that McDonald’s is staying relevant to a generation that expects the ability to order and pick up their food with minimal human interaction. And it’s clear that McDonald’s will continue to lean into digital platforms in the coming years. Is MCD Stock a Buy? That's the question that investors have to consider. At 30x earnings and 26x forward earnings, you can’t say that McDonald’s is a cheap stock. Nevertheless, MCD stock is up 12% in the last 12 months and is trading near its 52-week high. That could lead many investors to conclude that there’s too much downside risk for the stock. And a dividend with a yield of around 2% may not be enough to excite investors who don’t currently have a position. However, analyst sentiment remains strong the McDonald’s analyst ratings on MarketBeat give MCD stock a Moderate Buy rating with a $315 price target. And several analysts have price targets that take the stock far higher. Before you consider McDonald's, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and McDonald's wasn't on the list. While McDonald's currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Falling In Love With Honeywell Stock After Earnings 2023-07-28 - Shares of Honeywell International NASDAQ: HON are trading lower during the pre-market hours of Thursday morning, which is a completely uncalled-for reaction considering what is happening to the company. Honeywell released its second quarter 2023 earnings results earlier this morning, beating expectations across the board. Key Points Honeywell stock is experiencing a delayed reaction to the company's second-quarter 2023 earnings results. A slight dip in pre-market trading may enable investors to gain exposure at more favorable prices. Understanding that markets favor the stock, as these technical patterns and stock performance will show, can lay the foundation for improved decision-making around a purchase. Valuation metrics will reiterate why markets love and reward this stock over competitors. This one line item in the earnings results makes sense; investors should now have all the proper tools to assess the upside. 5 stocks we like better than 3M The initial direction may be an act of institutional investors looking to discount the price, with the sole objective of enabling purchases at a more favorable price given the deal flow. Whatever the case may be, there is an obvious disconnect between the stock price action and what the fundamental developments are saying. Comparing Honeywell to another household name competitor in the space can begin to dismiss the doubters in the stock, backed by previous technical patterns pointing to momentum and a strong uptrend. Markets are seemingly voting for Honeywell stock to win this year's popularity contest, as the stock performed near lockstep with the S&P 500 while simultaneously beating its closest competitor. Strength lies in the Name Honeywell stock has risen by as much as 13.4% during the past twelve months, nothing too exciting compared to other blockbuster performances in different names and sectors. However, this move becomes critical for investors to note once they compare Honeywell to this one stock. As Honeywell's size places it in a different basket of 'apples' completely, comparing apples to apples leaves only one other prospect, 3M NYSE: MMM. 3M stock has underperformed Honeywell by as much as 32.3% during the past twelve months, the beginning evidence pointing toward market favoritism rewarding this stock. Another sign of strength can be evidenced in the image below, as the stock has formed - and maintained - a strong uptrend channel that has lasted almost a solid six years. Not only is this uptrend channel being respected today, but the closely followed 200-day moving average has also made its influence felt in the stock recently. Shown as the purple line across the price candles, Honeywell stock last tested - and rejected - the 200-day moving average during the first quarter of 2023. A quarter later, markets are driving the stock farther away from this critical technical level, a sign of bullishness that investors can check off their list. Understanding that markets are not allowing Honeywell stock to cross below the 200-day moving average (taken as a sign of a coming bear market in a stock) can lead investors into a more confident train of thought when considering a potential purchase. But wait, there's more; these fundamental valuation metrics will also explain why Honeywell is the favorite child in the sector. Taking the forward price-to-earnings ratio, investors can begin to gauge where markets are valuing future growth the most. Honeywell trades at a superior forward P/E of 20.6x, whereas 3M is heavily compressed under a minute of 11.8x. While most investors will only see this as Honeywell being the more 'expensive' stock, just like anything else, there must be a reason why it is expensive. Underpay for a roofing service, and you will likely feel some cold drops when the rain comes, overpay for good service and even if drops come, service will be right there to fix it in seconds. The same thought process applies to stocks that are 'expensive' as markets are willing to pay a higher price for each dollar of future earnings, pointing to higher perceived quality. Making it All Make Sense: An Earnings Story Despite a pre-market decline of 1.2%, investors should not have any reason to panic or sweat the red tape today. Honeywell's earnings release can be the final pillar to act as a foundation when considering a purchase of this stock, as has been reiterated by the previous dynamics. Following the expected performance nature of such a sizable company (nearly $140 billion in market capitalization), net sales only grew by 3% organically. Investors can gain a sense of excitement through the one line item in financials that typically act as a proxy for future shareholder benefits. Free cash flow grew by as much as 34% during the past twelve months, which could have been enough to push the stock higher for a channel breakout. This metric is so important because, along with other activities, management can allocate said funds toward debt repayments, share buybacks, and dividend increases. So, more free cash flow, more shareholder bullishness, or so the story goes. Management has provided full-year 2023 guidance as well, suggesting another 4% to 6% growth in organic sales and a subsequent 3% to 6% growth in earnings per share. These expectations are brought to markets by the margin expansion seen in the business throughout the year, trends that are expected to continue. Before you consider 3M, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and 3M wasn't on the list. While 3M currently has a "Reduce" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Meta Platform Shares Rocket Higher! Are More Highs To Come? 2023-07-28 - Key Points Meta Platforms outpaced the consensus, and the stock surged to new highs. The analysts praise solid execution and think the rally is only half over. Significant resistance lies ahead for this market, but higher highs are likely. 5 stocks we like better than Meta Platforms Meta Platforms NASDAQ: META delivered a genuinely exceptional Q2 report. The expectation was for signs the year of efficiency was paying off, but that story reverted to the original: Meta Platforms is a wicked hot growth company on track to post double-digit gains this year and next. There are too many takeaways for 1 article; the bottom line is that the company outperformed expectations on all levels. This means that revenue growth is back, earnings are robust, and the stock is set to extend its rally, and it could be another double to triple-digit gains given the newly acquired leverage. The year of efficiency is paying off, and it’s getting juiced by AI. Meta Grows Revenue 11%: Shares Surge Meta reported $32 billion in net revenue for a gain of 11% compared to last year, beating the consensus by nearly a billion or roughly 300 basis points. The gains were driven by a high-single-digit increase in daily active users and a mid-single-digit increase in monthly active users underpinned by AI. CEO Mark Zuckerburg says AI-filtered picks have become the hottest growth avenue on Facebook and increased engagement by 7%. Threads, the latest growth effort, has gotten off to a good start as possible and will be improved upon over the next year. The increase in engagement was seen in other metrics as well. Ad impressions increased by 34% to help leverage growth on the bottom line. The only bad news is that revenue per ad fell by 16% but not enough to offset the growth. As for efficiency, the company’s margin was effectively flat for the year, but there are signs of strength within the data. The company’s cost of sales increased only 10% to lag the revenue gain and was offset by increased R&D spending. Income from operations increased by 12% and was aided by a lower tax to leave net income at +16%. On the bottom line, the GAAP EPS of $2.98 outpaced consensus by only 240 bps compared to the 300 of top-line strength, but earnings are up 21% YOY compared to only 11% for revenue. The company expects to see Q3 revenue range from $32 to $34.5 billion, a range whose mid-point is above the consensus estimate. Analysts Think Meta’s Rally Is Only Halfway Over The analysts, 49 in total, are driving Meta Platforms higher. The takeaway from the post-release chatter is that the results are impressive; Zuckerburg has the company dialed in; the results are driven by strong execution, and Meta should continue to impress. Marketbeat.com has only picked up 2 official revisions in the 1st 12 hours after the release, but they are both upward. Mizuho and New Street Research see the stock trading at $350 compared to the $295 consensus, now below the price action. The range of most recent targets is from $350 to $425, which assumes 16% to 40% more upside to come. Meta Stocks Is Rocketing Higher: Don’t Chase Prices Shares of Meta stock are rocketing higher on the Q2 news and may continue higher over the long term. A share repurchase program worth $40.91 billion, or 5.5% of the market, is still in place, and the market has solid support from the analyst. The caveat today is that the 10% surge in share prices could result in a round of profit-taking and consolidation for the market. The share price may return to more solid support levels in that scenario before moving higher. The $325 to $350 range could provide significant resistance to higher prices. That range is consistent with a consolidation zone in 2021 that led to a massive correction and today’s rally. Investors should expect the price to be volatile within the zone, if nothing else, and for it to potentially contain the action through the end of the year. Before you consider Meta Platforms, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Meta Platforms wasn't on the list. While Meta Platforms currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
‘Vampire kangaroo’: Macquarie boss defends management of debt-ridden Thames Water 2023-07-28 - The Macquarie chief executive, Shemara Wikramanayake, has delivered a fervent defence of the company’s former stewardship of ailing utility Thames Water, labelling its management of debt levels as prudent and bemoaning the investment bank’s UK nickname, the “vampire kangaroo”. Wikramanayake told shareholders Britain’s ageing infrastructure required significant investment that would best be delivered by the private sector. “We have a Victorian-era pipe system that is unable to cope with the levels of storm water falling now in the UK, especially with urbanisation and paving over grasslands,” Wikramanayake told shareholders in Sydney on Thursday. “Government balance sheets are stretched; private capital is where the solution can come from.” A Macquarie-led consortium owned Thames Water from 2006 to 2017 in what turned out to be a profitable investment in a former public utility. But the water company is now struggling under £14bn (A$26bn) of debt, a large portion of which was accumulated during Macquarie’s ownership, leaving UK officials to draw up contingency plans in case it needs to be temporarily renationalised. Britain’s largest water utility, which serves 15 million people and has regularly leaked large quantities of untreated sewage, secured £750m (A$1.4bn) of funding from existing investors on top of £500m (A$960m) received earlier this year. But it still needs significant further capital to improve its infrastructure and cut debt. Thames Water is now the most indebted water company rated by Standard & Poor’s, with leverage exceeding 80%. A Thames Water sewage lorry is called out to Henley on Thames after a blocked sewer caused a spill out of a manhole. Photograph: Geoffrey Swaine/Shutterstock Macquarie has consistently defended the debt it accumulated, noting that the asset retained an investment grade rating during its ownership. It has said criticism of the debt size needs to take into account the overall value of the water asset. Wikramanayake told shareholders it was disappointing that parts of the UK media now referred to Macquarie as a “vampire kangaroo”, which is a term that draws on the company’s Australian origins along with allegations of aggressive asset stripping. The moniker also references the infamous “vampire squid” nickname given to Goldman Sachs. “All of our teams are really looking to drive better community outcomes, create greater value in areas where we have deep expertise and through that, generate asset value that can be shared with all stakeholders,” Wikramanayake said. “We’re committed to doing that in the UK and other areas.” The Sydney-headquartered Macquarie has significant interests in the UK, which includes a majority stake in another utility, Southern Water. The defence of Macquarie’s management of its former UK asset represented a rare and lengthy intervention into the politically sensitive issue by the chief executive. The comments were made in response to a question from activist shareholder Stephen Mayne, citing past coverage from the Guardian. Macquarie has had enormous success buying public infrastructure and placing it in its funds, where it can charge fees, and receive dividends, as well as enjoy any increase in the asset price. It has also enjoyed recent success in its commodities business, earning the head of that division, Nick O’Kane, A$57.6m over a 12-month period, which is more than the chief executive’s salary. Shareholders recorded a near 20% protest vote against Macquarie’s remuneration report at the general meeting in a notable sign of opposition to its large pay packets.
NatWest beats profit forecasts as Farage account row grips bank – business live 2023-07-28 - From 1h ago 07.08 BST NatWest beats profit forecasts NatWest’s results for the first half of 2023 are hitting the wires now. And it has grown its profits year-on-year, and by more than forecast. Operating profits, before tax, have risen to £3.589bn, up from £2.62bn in the same period a year ago. That’s better than the £3.3bn which City analysts had expected. NatWest's H1 2023 results Photograph: NatWest 10m ago 07.58 BST Conservative MP Harriett Baldwin, who chairs parliament’s Treasury Committee, says this week’s banking results suggest there is “still some room to go on” until banks have passed on higher rates to their savers, as well as their borrowers. She tells the Today programme that her committee is concerned that savers aren’t receiving a fair rate. 29m ago 07.38 BST NatWest's NIM shrinks NatWest’s net interest margin – the gap between low savings rates and the high interest charged to mortgage and loan borrowers – has narrowed. Its NIM has dropped to 3.13% in April-June, down from 3.27% in January-March. NatWest says this is due to “asset margin pressure and changes in deposit mix from non-interest bearing to interest bearing balances.” That suggests savers have been taking action, moving cash from low-yielding accounts into other accounts which are more lucrative, and also running down savings to pay debts. 2nd, after Barx, in as many days to revise NIM f’cast lower…sign that clients are removing deposits to chase yield elsewhere, and that savings balances increasingly being used to pay mortgages as rates rise *NATWEST SEES FY NET INTEREST MARGIN ABOUT 3.15%, SAW ABOUT 3.2% — Michael Brown (@MrMBrown) July 28, 2023 NatWest has now lowered its forecast for full-year NIM to be less than 3.20%, with “a current view of around 3.15%”. It adds: This remains subject to market conditions including the assumption of a Bank of England base rate of 5.50% from Q3 2023 through to the end of the year. Banks have been accused of ‘blatant profiteering’ by passing on Bank of England interest rate hikes quickly to borrowers - but slower to savers. MPs accuse banks of ‘blatant profiteering’ as savings rates remain low Read more Britain’s biggest banks under pressure to pass on higher interest rates to savers Read more Updated at 07.49 BST 39m ago 07.28 BST NatWest has set aside more money to cover loan defaults. It has taken a £153m charge against impairments for the second quarter of 2023, on top of the £70m set asides in Q1, meaning a net impairment charge of £223m for the first half of the year. NatWest says this increase is driven by increased economic uncertainty, but adds that “defaults remain stable and at low levels across the portfolio”. 44m ago 07.23 BST NatWest announces £500m share buyback Having grown its profits this year, NatWest has announced it will buy back up to £500m of its shares from the market. This is a way of returning cash to shareholders, on top of dividends. The bank says: We have announced distributions of £2.3bn to shareholders in the first half of the year and accrued a further £0.3bn towards the final dividend payment in Q2 2023, bringing total distributions deducted from capital to £2.5bn for H1 2023. 47m ago 07.20 BST UK government to get £190m from NatWest UK taxpayers will benefit from NatWest’s performance this year, under the leadership of the now-ousted Alison Rose. NatWest has announced an interim dividend of 5.5p per share this morning, which will return around £492m to shareholders. As the UK government owns 38.53% of NatWest, this means £190m will go to the government on 15th September. 1h ago 07.11 BST NatWest: We know some people are really struggling Katie Murray, NatWest’s chief financial officer commented, says the bank has registered a “strong performance” in the first half of 2023. Murray says NatWest’s loan arrears (customers falling behind in repaying their debts) remain low, but many people, families and businesses are “really struggling”. Murray says: “NatWest Group’s strong performance for the first half of the year is underpinned by our robust balance sheet, with a well-diversified loan book, robust liquidity and stable deposit base. “As a result, we are able to continue lending to our customers and delivering sustainable returns and distributions to our shareholders, even in the current uncertain environment. “Although arrears remain low, we know that people, families and businesses are anxious about their finances and many are really struggling. We are being proactive in our support for those who are hardest hit, helping to build the financial resilience of the customers and communities we serve.” 1h ago 07.08 BST NatWest beats profit forecasts NatWest’s results for the first half of 2023 are hitting the wires now. And it has grown its profits year-on-year, and by more than forecast. Operating profits, before tax, have risen to £3.589bn, up from £2.62bn in the same period a year ago. That’s better than the £3.3bn which City analysts had expected. NatWest's H1 2023 results Photograph: NatWest
Victorian homes for sale – in pictures 2023-07-28 - Perth, Scotland Sitting in a third of an acre is Windyridge, a grand villa on a desirable residential road. Close to the River Tay, with its riverside walks and Kinnoull Hill woodland, it is also a short walk to the shops and restaurants of the city centre – also known as the “gateway to the Highlands”. Built in about 1890, the four-bedroom house has voluminous rooms, high ceilings and a grand central staircase. The drawing room at the front has a large bay window. The arched stained-glass window halfway up the stairs shows a ship with billowing sails. £595,000. Savills , 01738 477 525
Air we breathe in UK depends on race and income, studies show 2023-07-28 - We are all affected by air pollution but some of us suffer a greater burden than others. An analysis published by the mayor of London has laid out the systematic air pollution differences between communities. Overall, people of black or mixed ethnicities are more likely to live in the most polluted places. There is ample evidence that air pollution exposure can lead to preterm and low birth-weight babies. Air pollution then hampers children’s lung growth, increases the chance of childhood asthma and worsens asthma symptoms. Despite this, a new survey by the NGO Global Black Maternal Health has shown a lack of awareness of air pollution risks among expectant black mothers, and those with young children. It also found a need for increased knowledge among the health professionals who care for them. The survey findings were announced at the Royal College of Obstetricians and Gynaecologists. It found many black mothers were aware of air pollution but less aware of risks that it posed. Some mothers would like to make lifestyle changes to reduce their air pollution exposure but felt they had few options. Agnes Agyepong, the founder of Global Black Maternal Health and Black Child Clean Air, said: “In the UK, black women are nearly four times more likely to die during pregnancy and experience twice the rate of stillbirth compared with white women. The report aimed to elevate the voices of black women, who are disproportionately exposed to illegal levels of air pollution but largely missing from conversations around clean air.” There are also important differences in air pollution between the richest and least well-off areas. These differences are not confined to London. Across England, the greatest air pollution is found in the poorest and also in the least white communities. During the first decade of this century, the gap between air pollution in the most and least deprived places got worse, not better. But looking at the quality of air that we breathe only shows us part of the problem. There is evidence that the least well-off are more vulnerable to air pollution. This includes studies from Italy and the UK. In 2019, a study on more than 300,000 people in the UK found that lung problems from air pollution were especially pronounced in people with lower income. This included chronic obstructive pulmonary disease (COPD). Prof Anna Hansell of the University of Leicester, who led the UK lung health study, said: “Worryingly, we found that air pollution had much larger effects on people from lower-income households. Air pollution had approximately twice the impact on lung function decline and three times the increased COPD risk on lower-income participants compared to higher-income participants who had the same air pollution exposure.” Possible reasons for greater susceptibility to harmful effects of air pollution include more childhood respiratory infections, poorer housing, worse indoor air quality, poor nutrition, and air pollution exposures at work for those with lower incomes. skip past newsletter promotion Sign up to Down to Earth Free weekly newsletter The planet's most important stories. Get all the week's environment news - the good, the bad and the essential Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion A new report from Asthma & Lung UK also highlights worse lung health among the poorest people in the UK. The poorest people emit least air pollution, but the multiplicative effect of worst concentrations and greater vulnerability means the least well-off bear an unfair proportion of health burden from air pollution. Attacking health and environmental injustice and inequalities is an urgent priority that will take a generation to address. Tackling the multiplying effect from air pollution could be far faster. In London, the air pollution gap between the most and least deprived showed some decreases between 2013 and 2019, as did the differences between ethnic groups.
Why Nigel Farage’s bank account matters so much – podcast 2023-07-28 - Since the politician’s account with Coutts was closed, the story has dominated the news agenda. Does it show that something has gone very wrong in our banking system? On the surface it may not sound like a story that would generate national interest. A controversial politician finds his bank account with a bank catering to the ultra-wealthy has been closed. So why has it dominated news headlines? Last month Nigel Farage posted a six-minute video on social media explaining that his bank account had been shut, that he was struggling to find another one and that the “establishment” was trying to force him out of the UK. He thought it was his political views that were behind the decision. But a later BBC story claimed it was a lack of funds, not his beliefs, behind the closure. But the BBC and Coutts were later forced to admit that Farage’s political views had been taken into consideration, leading other politicians and critics to insist that the rules around “de-banking” needed to change. And Farage himself has said he is now on a mission against what he calls “woke capitalism”. So does the story highlight critical problems in the way accounts are controlled – and are banks mixing politics with business?