Posts by Lauren Lyster
- Daily Ticker21 hrs ago
When it comes to jobs, the big picture in the U.S. is one of lackluster growth and an elevated unemployment rate of 7.3%. But within the U.S., there are some cities that are booming - pockets of economic opportunity where good jobs with solid wages are being created. There are also the laggards, where your chances of economic prosperity are handicapped by location.
The Milken Institute tracks all of these factors in its annual best-performing cities index, which was just released for 2013.
"We're looking at factors that can be measured with a series of metrics that aren't subject to preference," explains Ross DeVol, chief research officer at the Milken Institute. These metrics include "job growth and quality of jobs measured by wages," and they "look over five years [along with the] most recent year to get a sense of momentum - where jobs are being created and sustained."
'Banking Cartel' Slapped with Record LIBOR Fine; Why Wall Street Has a Hard Time Following the RulesDaily Ticker1 day ago
The European Union Wednesday fined six major financial institutions $2.3 billion for colluding to manipulate key benchmark interest rates LIBOR and EURIBOR. It's the EU's largest penalty everin a cartel case. The banks facing the penalties include Deutsche Bank (DB), Societe Generale (GLE.PA), Royal Bank of Scotland (RBS) and JPMorgan Chase (JPM).
Before you think of this matter as crisis-era stuff, consider this: 53% of financial industry executives say strictly adhering to ethical codes would make career progression difficult according to arecent report from the Economist Intelligence Unit.
- Daily Ticker1 day ago
Global markets in Europe and Asia fell for a third day Wednesdayas investors turned their attention again to whether or not the Federal Reserve will start winding down its bond-buying this month. Better-than-expected U.S. ADP private payroll numbers (215,000 versus 173,000 expected) added an incremental datapoint to the narrative that the domestic economy is improving, which perhaps furthers the case that the Fed should taper. But stepping back and looking at the bigger picture,economists like Larry Summers and Paul Krugman have argued the U.S. economy is really, in fact, in a permanent slump,with high unemployment and slow growth the norm.
So are we heading up, or heading nowhere fast? Is the U.S. economy really in a permanent slump?
- Lauren Lyster at Daily Ticker3 days ago
It’s Cyber Monday, and the stakes feel higher after reports of disappointing Thanksgiving weekend sales.
The National Retail Federation estimates retail spending over the weekend dropped for the first time in at least seven years, with spending down 2.7% from a year ago at $57.4 billion.
Keep in mind, these estimates have been wrong in the past. So to get some real-time response from a retailer in the trenches, The Daily Ticker caught up with CEO of online jeweler Blue Nile (NILE), Harvey Kanter.
- Lauren Lyster at Daily Ticker6 days ago
The holiday season represents about 20% of total retail industry sales, according to the National Retail Federation. For that reason, Black Friday, considered the busiest shopping day of the year, is a major deal. How the day goes will be the subject of much discussion, debate, and media attention.
In fact, maybe you’ve already heard about how retailers and those watching the economy are concerned that this holiday season may be the worst since 2009.
- Lauren Lyster at Daily Ticker8 days ago
The Food and Drug Administration recently warnedthe Google-backed (GOOG) genetic testing company 23andMe to stop selling and marketing its home saliva test kits. The FDA says the company has not received regulatory clearance for these “medical devices,” which cost $99 and claim to provide users with information about their health, lineage and genetic makeup.
Some critics argue that this is an example of the type of regulatory overreach that impedes innovation, entrepreneurship, and ultimately the economy.
One of those critics is CNBC Senior Editor John Carney.
- Lauren Lyster at Daily Ticker9 days ago
’Tis the season for holiday cheer, which may involve dining out, drinking out, and travel – activities that can involve tipping. But before you open your wallet, consider what business editor at The Atlantic Derek Thompson argues in the accompanying video: Tipping is a disgrace!
“The problem with tipping is that a lot of states only pay people who are servers $2 an hour, expecting the rest of their minimum wage essentially to be made up with our generosity,” contends Thompson.
So while the idea is that tips makes people who receive them richer, Thompson argues that it actually makes them poorer.
- Lauren Lyster at Daily Ticker10 days ago
If you thought the botched rollout of Obamacare, the government shutdown, or the sequester represented Washington dysfunction at its worst, wait until you hear about the taxpayer waste at the Defense Department.
Related: Obamacare's Unintended Losers
Special Enterprise Reporter Scot Paltrow unearthed the “high cost of the Pentagon’s bad bookkeeping” in a Reuters investigation. It amounts to $8.5 trillion in taxpayer money doled out by Congress to the Pentagon since 1996 that has never been accounted for. (The year 1996 was the first that the Pentagon should have been audited under a law requiring audits of all government departments. Oh, and by the way, the Pentagon is the only federal agency that has not complied with this law.)
We talk to Paltrow in the accompanying video about his findings.
- Lauren Lyster at Daily Ticker14 days ago
What’s going on in the art world?
Earlier this month Francis Bacon’s “Three Studies of Lucian Freud” set the record for most expensive artwork ever sold at auction, going for $142.2 million at Christie’s. The same auction saw a record set for a living artist, with Jeff Koons' “Balloon Dog (Orange)” sculpture selling for $58.4 million.
Meanwhile, S, with one of his gruesome car-crash silkscreens selling for $105.4 million at auction in New York.
Is there a bubble in the art market?
- Lauren Lyster at Daily Ticker16 days ago
Black Friday has turned into "Gray Thursday" with retailers like Macy’s (M), JCPenney (JCP), Walmart (WMT), Kmart, and Target (TGT) not only opening on Thanksgiving, but in many cases, opening earlier than last year (and in some cases, opening for the first time on the holiday).