Warren Buffett’s Berkshire Hathaway Inc. reduced its investment in Goldman Sachs Group Inc. by 13 percent during the third quarter.
WASHINGTON (AP) — Apartment construction plunged sharply in October, as the pace of homebuilding slipped amid a broader cooling of the real estate market.
Housing starts — both houses and apartments— fell last month 11 percent to a seasonally adjusted annual rate of 1.06 million homes, the Commerce Department said Wednesday.
Single-family house construction declined, but last month's drop mostly stemmed from a 25.5 percent slide in the volatile multi-family category that includes apartments.
Nearly 33 percent of buildings completed so far this year were apartment complexes and condo towers, compared to just 27 percent before the start of the recession in late 2007. The recovery from that economic downturn over the past six years has reshaped the housing market as those who lost their homes to foreclosures and recent college graduates have moved into rental properties.
The percentage of Americans who own homes has fallen to nearly a 48-year low of 63.7 percent.
From the WSJ.
Main U.S. terminals post decline in imports during peak shipping season for first time in a decade.
America’s busiest ports are sending a warning about the U.S. economy.
For the first time in at least a decade, imports fell in both September and October at each of the three busiest U.S. seaports, according to data from trade researcher Zepol Corp. analyzed by The Wall Street Journal. Combined, imports at the container terminals at the ports of Los Angeles, Long Beach, Calif. and around New York harbor, which handle just over half of the goods entering the country by sea, fell by just over 10% between August and October.
The declines came during a stretch from late summer to early fall known in the transportation world as peak shipping season, when cargo volumes typically surge through U.S. ports. It is a crucial few months for the U.S. economy as well: High import volumes can signal a confident view on the economy among retailers and manufacturers, while fears of a slowdown grow when ports are quiet.
Does this explain the recent slowdown in housing?
Exit the "all cash" Chinese home buyer.
China's slowdown is already playing out across the world, dragging down commodity prices and weighing on trade partners.
And that's while the economy is still growing at about 7 percent. So imagine what happens in a hard-landing scenario.
The crew at Oxford Economics have done just that in a new report that makes stark reading for anyone with a stake in the global economy.
China's economic boom of the past 30 years means it now accounts for 11 percent of world GDP and around 10 percent of world trade. For resources, it's an even bigger player, accounting for 11 percent of world oil demand and 40 to 70 percent of demand for other key commodities, according to the Oxford Economics research. Its financial system is massive, with its broad money supply now larger than the U.S.'s and amounting to over 20 percent of the world's.
So were China to sneeze, the world may well catch a cold.
Fifth Third Bancorp has identified another batch of locations where it will close branches, the latest round in its plans to close 105 branches by June 30.
Fifth Third (Nasdaq: FITB), Cincinnati’s largest locally based bank and the 16th-biggest in the country, closed 17 branches in four markets in late October, according to filings with the Ohio Division of Financial Institutions.
The latest round includes nine branches in the Chicago area, four in the Orlando, Fla., market and three more in the Naples, Fla., area. The other closure was in Daytona Beach, Fla.
I love me a good old economic recovery.
PHOENIX - There's devastating news just before one of the most expensive times of the year for many families as Honeywell Aerospace warns employees layoffs will follow holiday furloughs.
According to an internal email, workers can volunteer to leave by early December and then a portion of the workforce will be let go by January and will be offered severance packages.
A whistleblower tells ABC15 about a thousand employees in the Valley will be impacted and the first to go will be those who've been written up by a manager in the past for varying reasons and part of a performance improvement plan.
The employee, who has asked to remain anonymous for fear of retaliation, says some who are believed likely to lose their jobs are just a couple years away from qualifying for their pension.
"What could save them is if someone in the group who's close to retirement would take the golden parachute and leave," said the whistleblower.
The email comes on the heels of mandatory five-day furloughs for about 10,000 Arizona employees that will starting after thanksgiving.
Because this is what happens when the economy is doing swell.
Low oil prices are leaving many oil and gas companies with difficult debt loads, causing them to default at an extraordinary rate.
On top of that, rating firm Moody's forecasts the default rate will increase.
Marc Lasry, the chief executive of distressed investing specialist Avenue Capital Group, said these energy companies boosted their borrowings to between $250 billion and $300 billion, compared with the $100 billion
at the start of this year.
Of the 31 companies that have disclosed information on loan resets so far, banks have cut credit lines of 10 firms by just over $1.1 billion, Reuters reported.
NEWPORT NEWS, Va. (WVEC) -- Newport News Shipbuilding, the world's only maker of nuclear-powered aircraft carriers, is laying off more than 700 workers.
The workers are being released across four to five departments and the cuts will be effective on February 3, 2016.
Steelworkers Union President Arnold Outlaw said he doesn't have much hope that the employees will be rehired. He says the union will be working the Virginia Employment Commission to help the workers find alternate employment.
Earlier this year, the shipyard said work force adjustments were necessary because of expected completions of three different contracts on three ships: the USS Abraham Lincoln, the USS Enterprise and the USS Gerald R. Ford.
At the time, Newport News Shipbuilding President Matt Mulherin said the shipyard would lay off more than 1,500 workers by the end of 2016. In September, 480 salaried employees were let go.
Chain Store same-store-sales crashed 6.3% week-over-week.
China’s economy continues to decelerate.
Anglo American - the world’s fifth largest miner - just kitchen sink-ed it, announcing a sweeping restructuring, a massive round of layoffs, and a dividend cut. The company will reduce its assets by some 60% while headcount will be cut by a whopping 85,000 or, nearly two thirds.
Toll Brothers misses 4Q profit forecasts.
S&P 500 in the red for the year.
Have a Merry Christmas.
Tis the season...
Morgan Stanley will take a severance charge of about $150 million in the fourth quarter as the company pares back its fixed-income trading business to improve profitability.
The charge will cover the cost of cutting 1,200 workers worldwide, including about 470 traders and salespeople in its fixed-income and commodities business, according to a person briefed on the matter. That amounts to 25 percent of Morgan Stanley’s fixed-income trading staff, with other reductions coming in infrastructure and support roles, said the person, who asked not to be identified because the figures aren’t public.
Hmmm....wonder why this is?
The last time raw materials like copper and oil were this cheap, an economic depression loomed just around the corner.
It's no secret that commodities in general have had a horrendous 2015. A nasty combination of overflowing supply and soft demand has wreaked havoc on the industry.
But prices for everything from crude oil to industrial metals like aluminum, steel, copper, platinum, and palladium have collapsed even further in recent days. Crude oil crumbled below $37 a barrel on Tuesday for the first time since February 2009.
The situation is so bad that this week the Bloomberg Commodity Index, which tracks a wide swath of raw materials, plummeted to its weakest level since June 1999.
"Sentiment is horrendous. It's the worst since the financial crisis -- and it's getting worse every day," said Garrett Nelson, a BB&T analyst who covers the metals and mining industry.
Well...its not a settlement in the way you suggest, but rather additional infrastructure upgrades.
Frontier today agreed to a settlement with state officials to spend an extra $150 million to boost DSL speeds for rural customers around the state and offer deep discounts for affected customers until they can receive at least 6Mbps service.
It may account for some of the recent share price slide.
Pure conjecture on your part, given the fact that FTR, WIN, and CTL are all near 52 week lows.