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Tight Labor Market, Supply Constraints Point to Persistent Inflation

The Wall Street Journal Business - Jue, 10/14/2021 - 20:54
Companies are holding on tightly to employees at the same time few other workers are available and prices are rising in wholesale markets facing supply constraints, both factors contributing to higher inflation.

The energy market is a huge mess right now and threatens to turn the high inflation of 2021 into a terrible new economic era

businessinsider - Jue, 10/14/2021 - 20:52
Smoke streams from the chimneys of the E.ON coal-fired power station in Gelsenkirchen, Germany in 2014.
  • The world is stuck in a dire energy crunch. It's affecting everything from gas prices to shipping times.
  • Countries are struggling to source coal, natural gas, oil, and renewable energy as supply-chain problems linger.
  • The crunch is already driving energy costs higher and threatens to keep inflation at concerning highs.

You're paying $3.29 per gallon to fill your car when it cost $2.29 at the start of the year. Your online orders are arriving way later than usual. And as winter nears, it's costing more to heat your home.

The complex web that powers the world is badly tangled. A combination of supply-chain bottlenecks, government policies, and ill-preparedness has left countries struggling to keep their economies running at full steam.

That energy shortage could erase a key recovery driver. The holiday season tends to bring a wave of consumer spending as people shop for holiday gifts. Consumer spending counts for roughly 70% of economic activity, but only when there are goods for people to spend money on.

Almost every major economy has contributed to the mess. China lacks an adequate supply of coal due to slowed mining and a refusal to import coal from Australia. That's led to energy rationing and factory blackouts.

The crunch doesn't stop there. Frackers in the US haven't returned to pre-crisis output, leaving oil supply well below the world's massive demand. Russia has worsened the problem by deciding not to send its natural gas to the European Union.

The insufficient amount of natural gas has dragged the world's power plants back in time. Oil, which is traditionally used much less often in electricity generation than coal or gas, is back in vogue as countries look for other ways to fuel their economies, the International Energy Agency said Thursday.

But that's also in short supply. OPEC is sticking with the production increases it scheduled before the crunch, essentially telling the rest of the world that they aren't coming to the rescue. That's already sent prices soaring. Oil now costs more than $81.25 per barrel, the most since 2014.

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The world's energy sources are all coming up dry. There's no quick fix, and the pressures "are not going to relent in the coming decades," the IEA said in its latest World Energy Outlook report.

The energy crunch is adding to an everything crunch

The energy crunch is having knock-on effects elsewhere. Commodities that China exports are in low supply, leading production prices to skyrocket. Coal prices have more than doubled since July. A silicon shortage has hampered semiconductor manufacturing. And companies that rely on Chinese factories to assemble their products face even larger backlogs than before.

The risks go beyond gas prices and heating costs. Advanced economies are already mired in supply-chain struggles. Blackouts at factories in China, India, and other manufacturing giants have delayed shipments. When products finally do reach the US on cargo containers, huge backlogs at ports have left vessels idling off the coast. Once goods are finally offloaded, a shortage of truck drivers has held up deliveries even more.

Solving the bottlenecks is no easy task. The disruptions "will get worse before they get better," Moody's Analytics said Monday.

"As the global economic recovery continues to gather steam, what is increasingly apparent is how it will be stymied by supply-chain disruptions that are now showing up at every corner," the firm added.

New efforts aim to alleviate the pressure. The White House announced Wednesday that the Port of Los Angeles will start processing ships 24/7. Corporations including Walmart, UPS, and FedEx will also shift to all-day-every-day models to ease the holdup.

Yet fighting the supply-chain nightmare doesn't address the core problem. The world's energy supply remains under immense pressure. That's already keeping inflation persistently high.

It all comes back to inflation

While Americans are still able to turn their lights on and fuel their cars, they're feeling the heat in their wallets.

Up until September, inflation looked to be cooling off just as the Biden administration and the Federal Reserve expected. Price growth slowed in July and again in August, yet the energy crunch seems to be thwarting the return to normal.

Prices rose 0.4% in September, the Bureau of Labor Statistics said Wednesday, accelerating from the pace seen in August. Of the sectors powering the jump, energy reigned supreme. The segment saw prices rise 1.3% in September, exceeding the inflation seen in food, used cars, and accommodation costs like hotels and rent.

That's directly affected what Americans are paying at the pump. The average price-per-gallon of gasoline in the US rose to $3.29 on Wednesday, according to GasBuddy, marking the highest level in seven years.

If governments can't untangle their supply chains fast enough, you can expect price growth to stay worryingly strong. The post-pandemic normal might just include shipping delays, expensive refueling, and pricier goods across the board.

Read the original article on Business Insider

Coding platform GitLab leaps 23% in trading debut after pricing IPO at $77 a share

businessinsider - Jue, 10/14/2021 - 20:51
GitLab cofounders Dmitriy Zaporozhets and Sid Sijbrandij
  • Shares of GitLab leaped 23% in their Nasdaq trading debut, a market cap of $13.48 billion.
  • GitLab initially priced its IPO at $77 a share, putting its valuation at roughly $11 billion.
  • The company on Thursday opened at $94.25, exceeding the target range of $66 to $69 per share it set late Wednesday.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Shares of GitLab leaped 23% in their trading debut on Thursday, giving the coding platform a market capitalization of $13.48 billion.

GitLab priced its initial public offering at $77 a share, putting its valuation at roughly $11 billion based on the outstanding shares listed in its regulatory filing. The company on Thursday, trading under the ticker GTLB, opened at $94.25.

The company's largest shareholder is its co-founder and CEO Sid Sijbrandij, whose stake stands at 19%, according to the prospectus. He is followed by Khosla Ventures, which owns 14%, and then by ICONIQ, which owns 12%.

There were some doubters among Wall Street analysts following the strong debut, however.

"We believe GitLab is worth as little as $770 million or $5/share, which is 91% below the midpoint of the expected price range," David Trainer, CEO at New Constructs, said in a note. "What is most worrisome about GitLab is that it competes with some of the largest technology companies in the world."

The all-remote company - founded in 2011 by Sijbrandij and Dmitriy Zaporozhets - is best known for offering organizations a single platform to create a streamlined software workflow. Its product, called the DevOps platform, competes with Microsoft's Github.

GitLab was incorporated in Delaware in 2014 but does not have a main office, according to its filings. It has 1,350 employees across 65 countries.

Goldman Sachs, JPMorgan, and Bank of America Securities were the lead underwriters for the offering.

Read the original article on Business Insider

Jana Partners Takes Stake in Macy's, Urges E-Commerce Spinoff

The Wall Street Journal Markets - Jue, 10/14/2021 - 20:50
The activist investors said that a stand-alone e-commerce business would be worth a multiple of Macy’s current market value, which stood at about $7 billion Thursday after a recent rally.

Jana Partners Takes Stake in Macy's, Urges E-Commerce Spinoff

The Wall Street Journal Business - Jue, 10/14/2021 - 20:50
The activist investors said that a stand-alone e-commerce business would be worth a multiple of Macy’s current market value, which stood at about $7 billion Thursday after a recent rally.

Judge orders Trump to sit for a videotaped deposition in case involving protesters who say they were assaulted at a MAGA rally

businessinsider - Jue, 10/14/2021 - 20:40
Former President Donald Trump.
  • A New York judge ordered Trump to sit for a videotape deposition in a civil case.
  • The case was filed by a group of protesters who said they were assaulted at a 2015 Trump rally.
  • State Supreme Court Justice Doris Gonzalez ordered Trump to sit for the deposition next week.

A judge in New York ordered former President Donald Trump to sit for a videotaped deposition on Monday as part of a civil case filed by protesters who say Trump's security guards assaulted them at a September 2015 rally.

On October 4, State Supreme Court Justice Doris Gonzalez ordered Trump to sit for a deposition, which is scheduled for October 18 at 10 a.m. at Manhattan's Trump Tower. Trump's attorneys agreed to the date in a stipulation, court records show.

The lawsuit was filed in 2015 by a group of Mexican protesters who say they were attacked outside Trump Tower at the rally, three months after Trump announced his bid for the presidency. It was gummed up in courts during Trump's presidency, as Trump argued he should receive immunity from testifying, but is now headed to a trial, according to Benjamin Dictor, an attorney representing the protestors.

"After defendants spent years unsuccessfully fighting to keep Donald Trump from testifying under oath, we will be taking his testimony in this case on Monday," Dictor, an attorney at Eisner, Dictor & Lamadrid, told Insider. "We look forward to presenting this case, including Mr. Trump's video testimony, to a jury."

The suit named Trump, the Trump Organization, the Trump campaign, Trump's former head of security Keith Schiller, security guards Gary Uher and Edward Jon Deck Jr., and two others who were identified as John Doe 3 and 4 as defendants.

Attorneys for the protestors subpoenaed Trump in the case, arguing in court filings that the guards attacked the protestors as part of their official duties, citing Trump's comments at election rallies where he has encouraged violence against hecklers. The deposition could be shown to jurors at a trial, according to Dictor, who is also an attorney for the NewsGuild of New York, which represents Insider Union members.

Trump's attorneys asked judges to quash the subpoena, and the case moved slowly through the appeals process. But after Trump left office earlier this year, a New York state judge dismissed the arguments as moot and moved the case forward.

Trump faces numerous civil lawsuits, many of which are progressing now that he is no longer president. Earlier in October, another New York state judge ordered Trump to sit for a deposition before the end of the year in a lawsuit Summer Zervos brought against him over sexual misconduct claims.

Read the original article on Business Insider

Coinbase Pitches Blueprint for Special Crypto Regulator

The Wall Street Journal Markets - Jue, 10/14/2021 - 20:39
Trading platform Coinbase, which has feuded with U.S. regulators in recent months, plans to publicly release a document with proposals for crypto regulation.

Millennials are creating housing communes with friends because it's too expensive to buy a home as a single person

businessinsider - Jue, 10/14/2021 - 20:37
Housing has become so expensive that millennials are buying homes with friends.
  • Millennials are buying houses with their friends to become homeowners, the WSJ reports.
  • The housing crisis has pushed home prices to record highs, boxing some millennials out of the market.
  • Also - it's just really expensive to be single.

First-time homebuying millennials are finding a loophole in today's housing crisis: buying a home with their friends.

Some members of the generation are turning to co-buying as a way to overcome economic and cultural hurdles that stand in the way of homeownership, The Wall Street Journal's Alex Janin reported. It's a pre-pandemic trend, she wrote, largely accelerated by the desire for remote work and an expensive real estate market.

The number of buyers purchasing as an unmarried couple during April to June 2020 increased to 11% from 9% during the same time frame in 2019, per data from the National Association of Realtors (NAR).

"During the pandemic, people have been renting and they may have wanted more space, and so they looked at, perhaps, their roommate and decided, 'Let's go buy a home together,'" Jessica Lautz, vice president of demographics and behavioral insights for the National Association of Realtors (NAR), told Janin.

Pre-pandemic, it was already a tough world for aspiring millennial homebuyers, who struggled to save for a down payment as they dealt with the financial fallout of the Great Recession, staggering student-loan debt, and soaring living costs. As they aged into their peak homebuying years in 2020, they led a housing boom that soon morphed into a historic inventory crisis that was already forming over the past dozen years as contractors underbuilt homes.

Home prices shot up, reaching a record high of $386,888 in June. The biggest victim of this housing shortfall was the starter home, which was already nearing its demise even before the pandemic. While the housing market has since begun to cool and contractors have begun to build more homes, these homes are in the higher end of the market, NAR's director of housing and commercial research, Gay Cororaton, told Insider.

These affordability issues have boxed many millennials out of the housing market, forcing them to get resourceful in finding ways to fast-track their path to homeownership. For some, that's moving out to the exurbs or buying fixer-uppers. For others, it's inventing their own commune.

The single life is an expensive one

Millennials' lifestyle choices are also shaping their co-buying decisions.

The generation has established a new normal, in which getting married and having kids comes later in life, after going to college and becoming financially settled. It's contributing to a decline in marriage rates and birth rates.

Millennials "have a lot more options and they don't have to settle down quite as early as people in previous generations were expected to do," Clare Mehta, an associate professor of psychology at Emmanuel College, previously told Insider.

Homeownership is the one milestone that remains important to the generation. To nearly three-fourths of millennials surveyed in a Bank of America Research study, it's more significant than getting married and having children. It partly explains why more millennial couples are buying houses together before tying the knot.

But buying a house when you don't have a partner isn't quite as feasible. As Insider's Juliana Kaplan recently reported on recent Pew data, nearly 40% of young adults who aren't in couples make less money than their peers.

It's especially troublesome for women, who typically make less than men regardless of relationship status thanks to the wage gap. Recent research from Freddie Mac found that the majority of single women head of household renters (60%) think they won't ever be able to afford the home. Most said they don't have enough savings for a down payment or think a mortgage would be too expensive.

Teaming up with a friend or roommate cuts the individual price of a home in half, enabling millennials to buy a home with less money saved. While there are complicated factors involved, such as deciding how to share equity and what to do in the case of a fallout, millennials are ultimately seeing the move as a win-win situation: they get a stake in an appreciating real estate market and get to fulfill their desire for communal living.

Read the original article on Business Insider

Sunak warned pension fee cap plan more help to financiers than savers

Financial Times World - Jue, 10/14/2021 - 20:33
UK chancellor eyeing shake-up in bid to channel more money into aiding ‘levelling up’ agenda

Sunak warned pension fee cap plan more help to financiers than savers

Financial Times Markets - Jue, 10/14/2021 - 20:33
UK chancellor eyeing shake-up in bid to channel more money into aiding ‘levelling up’ agenda

Sunak warned pension fee cap plan more help to financiers than savers

Financial Times Companies - Jue, 10/14/2021 - 20:33
UK chancellor eyeing shake-up in bid to channel more money into aiding ‘levelling up’ agenda

UK to grant visas for 800 foreign butchers to prevent mass pig cull

Financial Times World - Jue, 10/14/2021 - 20:23
Farmers feared 120,000 animals might have to be killed because of a shortage of workers in slaughterhouses

Email@50 still up with the times

Financial Times World - Jue, 10/14/2021 - 20:17
LinkedIn China shutdown, TSMC chip boom, Nokia 6310 returns

Email@50 still up with the times

Financial Times Technology - Jue, 10/14/2021 - 20:17
LinkedIn China shutdown, TSMC chip boom, Nokia 6310 returns

Email@50 still up with the times

Financial Times Companies - Jue, 10/14/2021 - 20:17
LinkedIn China shutdown, TSMC chip boom, Nokia 6310 returns

Microsoft Folds LinkedIn Social Network in China

The Wall Street Journal Business - Jue, 10/14/2021 - 20:17
LinkedIn’s plans to shut down the version of its professional-networking site used in the country mark the end of the last major American social-media service operating openly there.

Scottish rail and refuse workers vote to strike during COP26

Financial Times World - Jue, 10/14/2021 - 20:12
Halt to services could throw forthcoming global climate talks in Glasgow into chaos

Scottish rail and refuse workers vote to strike during COP26

Financial Times Companies - Jue, 10/14/2021 - 20:12
Halt to services could throw forthcoming global climate talks in Glasgow into chaos

Signa Sports Attracts Investment From Saudi Wealth Fund

The Wall Street Journal Markets - Jue, 10/14/2021 - 20:10
The online sports equipment retailer has also brought in money from SoftBank and Mubadala in preparation for a U.S. listing through a Ron Burkle-led SPAC.

Kyrsten Sinema is threatening to hold Biden's agenda hostage, report says. She wants to pass the bipartisan roads-and-bridges bill now.

businessinsider - Jue, 10/14/2021 - 20:07
Sen. Kyrsten Sinema of Arizona.
  • Sinema won't back larger spending bill until the House passes infrastructure bill, Reuters reported.
  • The Arizona Democrat's opposition would effectively stall the party-line bill.
  • Progressives are assailing Sinema for refusing to lay out what she seeks in the safety-net bill.

Democratic Sen. Kyrsten Sinema of Arizona is threatening to torpedo Biden's agenda, telling a group of fellow moderate Democrats in the House of Representatives that she won't support a multitrillion-dollar reconciliation package until Congress passes the $1 trillion infrastructure spending bill first, Reuters reported on Thursday.

Reuters cited a source briefed on the meeting in its report about the request by Sinema, a key moderate whose resistance to the reconciliation deal has stalled Biden's signature legislation.

In the split 50-50 Senate, Sinema wields power to prevent legislation from moving forward given that Democrats are using a process known as reconciliation to muscle the bill through, relying on their thin majorities. It allows the bill to be approved with only a simple-majority vote, bypassing united Republican opposition and the usual 60-vote threshold in the Senate. But Senate Democrats must stick together for the plan to clear the upper chamber.

The $3.5 trillion budget-reconciliation package is a staple of President Joe Biden's agenda, packed with priorities such as affordable childcare, an expansion of Medicaid and Medicare, and expanded child tax credits. But Sinema and fellow moderate Sen. Joe Manchin of West Virginia are holding out on the bill as a separate bipartisan infrastructure package is discussed in the House.

House progressives, meanwhile, refused to pass the infrastructure deal unless the reconciliation package was approved at the same time. A progressive rebellion late last month forced House Speaker Nancy Pelosi to pull the bill from the floor since it was on the verge of failing.

This week, progressives criticized Sinema for refusing to lay out what she seeks in the safety-net bill. Sen. Bernie Sanders of Vermont said on Tuesday that "the time is long overdue" for Sinema and Manchin to describe their priorities. Now, Sinema seems determined for the infrastructure bill to pass first.

Representatives for Sinema did not immediately respond to a request for comment by Insider.

Read the original article on Business Insider

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