Wharton professor Jeremy Siegel. REUTERS/Steve Marcus The housing market crash will push the Federal Reserve to pivot, according to Jeremy Siegel. The Wharton professor told CNBC on Monday that Fed chief Jerome Powell relies on backward-looking housing data. “I think the market says he’s gotta flip sometime,” Siegel said. “He will see the light, it’s…
Monthly Archives: November 2022
Suriyapong Thongsawang A price cap on Russian crude likely won’t stop China and India from quietly buying oil from Russia, sources told S&P Global. Some insurers may be willing to back shipments of Russian crude outside the price cap. Most sources said the price cap was unlikely to crimp Russian oil shipments to China and…
Former President Donald Trump. Kyle Mazza/Anadolu Agency via Getty Images Digital World Acquisition soared 31% on Monday after former President Donald Trump teased a 2024 election run.Speculation has been building that Trump will announce a formal bid for the presidency later this month.The Digital World SPAC is still struggling to get enough shareholder votes to…
Russian President Vladimir Putin (L) shows mushrooms to Defense Minister Sergei Shoigu during his vacation in the remote Tuva region in southern Siberia, in August 2017. Alexey Nikolsky/Sputnik/AFP via Getty Images Russia’s Minister of Defense, Sergei Shoigu, is a close ally and friend of Vladimir Putin. He had a steady ascent through Russia’s elite, and…
A rescuer ties a winch to pull out the crashed Precision Air flight that attempted to land in the lakeside town of Bukoba, Tanzania, on November 6, 2022. Sitide Protase/AFP via Getty Images A Tanzanian passenger plane crashed into Lake Victoria on Sunday, killing 19 people on board. A fisherman, who arrived at the scene…
European natural gas prices have soared since Russia’s invasion of Ukraine. (Photo by Frank Rumpenhorst/picture alliance via Getty Images) Europeans’ gas bills have more than doubled since last year thanks to Russia’s war with Ukraine. Gas bills have surged by 111%, while electricity bills have risen by 69%, according to VaasaETT. The steepest hikes include…
PayPal’s Q3 earnings: Total payment volume (TPV) grew 14% year over year (YoY) to hit $337 billion on a constant currency basis, per its. TPV growth was roughly flat compared with 13% in Q2 but slowed from the 24% increase reported in the same period last year.Net revenues jumped 12% YoY to $6.85 billion. The headlines: Here are the…
National Advanced Surface-to-Air Missile System (NASAMS) Courtesy of Raytheon Technologies Ukraine’s defense minister said Monday that National Advanced Surface-to-Air Missile Systems have arrived. The NASAMS provided by the US offer short- to medium-range protection against drones and missiles. The US itself has used this system to protect Washington, DC for nearly two decades. Long-awaited air…
Barry Diller and Mark Zuckerberg Joe Kohen/WireImage and Aurelien Morissard/IP3/Getty Images IAC founder Barry Diller said “something is quite odd” in Mark Zuckerberg’s metaverse pivot. The billionaire questioned Zuckerberg’s decision to focus on tech that “doesn’t yet exist.” Meta has shed over 70% of its value since the Facebook founder changed its name. Media mogul…
Goldman Sachs’ chief economist, Jan Hatzius. Goldman Sachs There’s a 35% chance the US slips into a recession within a year, Goldman Sachs’ Jan Hatzius said. The Federal Reserve looks to be successfully balancing the labor market and taming inflation, he said. The economist is optimistic despite investor pessimism about the Fed’s big interest rate…