UK sanctions Russia’s biggest bank
The UK has added Russian financial major Sber to its sanctions list in connection with Moscow’s ongoing military operation in Ukraine, blocking the bank’s access to the British pound.As stated in the document published by Britain's Treasury on Tuesday, sanctions were imposed against correspondent accounts of Sber, and the bank is also prohibited from clearing operations in sterling.“PJSC Sberbank participates in the acquisition of benefits from the Russian government or supports it,” the document states. It also emphasizes that Sber, being the largest Russian bank in terms of assets, is “an exceptionally significant player in the Russian financial services sector, which is of strategic importance to the Russian government.” … [READ MORE...]
Pandemic-battered movie theaters are feeling good after a strong June.
Moviegoing in May was down 26 percent from May 2019, for instance. April was down 44 percent.June benefited from a mix of movies. “Top Gun: Maverick” (Paramount) collected more than $535 million in North America since arriving on May 27, while “Jurassic World Dominion” (Universal) has sold about $315 million in tickets over the last three weeks. The animated “Lightyear” (Disney-Pixar) has chipped in about $100 million since its June 17 release, while “Elvis” (Warner Bros.) has taken in nearly $50 million since arriving a week ago, a very sturdy total for a musical biopic. “The Black Phone” (Universal), a low-budget horror movie, has generated about $35 million over the same time frame.And the zany indie “Everything Everywhere All at Once” (A24) continues to chug away at art houses, … [READ MORE...]
Yes, Crypto Is Crashing Again. Blockchain Will Survive.
As Terra Luna’s death spiral accelerated, its supporters, known as “Lunatics,” lurched between terror and hope as Mr. Kwon shoveled more than $1 billion in Bitcoin into the system in an attempt to restore stability. “Deploying more capital — steady lads,” he tweeted.But ultimately, there wasn’t enough cash coming in to make up for outflow, just as in an ordinary bank run, and this particular experiment in replacing trust with mathematics was at an end. Among the many thousands of failed crypto experiments, Terra Luna stands out as one of the largest, taking with it roughly $60 billion in total market value.The vociferous opponents of crypto have been quick to celebrate the death of the blockchain, insisting that all crypto is fraudulent. These critics are a mirror image of the equally … [READ MORE...]
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Post-Roe, Women Discover How Their Employer Influences Abortion Access
“In low-wage sectors, this is going to become one of those issues where people are leaving low-paying jobs for slightly better-paying jobs,” said Bianca Agustin, director of corporate accountability for United for Respect, a nonprofit labor advocacy group. “Given the spread of companies that have public commitments, I imagine there will be some movement on this.”Walmart, Darden Restaurants, McDonald’s, Home Depot, Hilton, Dollar General and FedEx, which together employ millions of people across … [Read More...]
GM Quarterly Sales Fall Amid Shortage in Computer Chips and Other Parts
“We will work with our suppliers and manufacturing and logistics teams to deliver all the units held at our plants as quickly as possible,” said Steve Carlisle, executive vice president and president, North America.In a filing with the Securities and Exchange Commission, G.M. said the backlog would affect second-quarter net income, which it projected to be $1.6 billion to $1.9 billion. A consensus of analysts’ forecasts compiled by Bloomberg had pointed to earnings of $2.4 billion.Because the … [Read More...]
Gas Prices Force Many to Rethink Driving, and Spending
“But what will change is if the gas prices stay high for an extended period of time, Americans will start changing the type of cars they drive,” he said.A report released this week by RBC Capital Markets found that over the last 30 years, retail gasoline prices in the United States increased more than 30 percent year over year during 39 individual months. Of those months, demand fell 2 percent or more from the previous year only 12 times. “In short, protracted demand destruction events have … [Read More...]
Highest Mortgage Rates Since 2008 Housing Crisis Cool Sales
Larisa Kiryukhin and her family were long ago priced out of the San Francisco Bay Area, where they had lived for decades. Ms. Kiryukhin, 44, is a medical assistant who was tied to her hospital, but the pandemic gave her husband, who works in information technology, the flexibility to move to a more affordable city. So Ms. Kiryukhin switched jobs, and this year the couple and their two children moved to Tampa, Fla., in hopes of buying a home.Inflation F.A.Q.Card 1 of 5What is inflation? Inflation … [Read More...]
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Small Business
Yes, Crypto Is Crashing Again. Blockchain Will Survive.
As Terra Luna’s death spiral accelerated, its supporters, known as “Lunatics,” lurched between terror and hope as Mr. Kwon shoveled more than $1 billion in Bitcoin into the system in an attempt to restore stability. “Deploying more capital — steady lads,” he tweeted.But ultimately, there wasn’t enough cash coming in to make up for outflow, just as in an ordinary bank run, and this particular … [Read More...]
New York’s Weed Rush Is Here. They Came to Cash In.
One evening, about a month later, I met C. in Midtown at a residential four-floor walk-up built in 1910. There was a free-standing A.T.M. out front and a banner for a members-only cannabis club. The building itself is home to two cannabis businesses — the club on the ground floor, run by a legacy operator who has been selling cannabis illegally for 15 years, and a “grow house” upstairs. The grow … [Read More...]
Your Money
The Federal Government Subsidizes Abortions. Will That Last?
Publication 502 governs here, too, at least in theory. Employers have the ability, if they wish, to exclude some expenses that they don’t want their flexible spending accounts to cover. Already, these exclusions sometimes include abortion.Could more employers exclude it? Here’s what may have them concerned: Your medical procedures have to be legal ones.So consider this possibility: An employee in … [Read More...]
Paying Down Credit Card Balances, Emergency Savings and Other Tips
Now is also a good time to renew career contacts and to sign up for training that may help expand marketable skills, should you find yourself out of work.“This is a great time to network and polish up that résumé,” said Jen Smith, a co-host, with Jill Sirianni, of the “Frugal Friends” budgeting podcast.Here are some questions and answers about coping with economic uncertainty:What is the best way … [Read More...]