June 2024
***NOTICE***
Please be advised, Trade Platforms and Trade Desks will be shutting down at end of June mid July for their summer vacations/holidays. New files can still be submitted to boomfii.com for PPP but the files will take a little longer to allocate and process.
The European Union (EU) is ready to impose new tariffs on imported Chinese electric vehicles (EVs) in early July.
As a result of what the EU alleges are Beijing’s unfair subsidies to the EV industry, enabling them to undercut car makers’ prices in other countries.
Europe’s car makers have urged against the new tariffs, fearing retaliation and a loss of the Chinese market.
Jun 21
John Deere, the US maker of iconic green lawn tractors & other outdoor machinery, is in the midst of transferring several production lines to Mexico.
The move has cost 1,400 workers their jobs so far, with hundreds more to come.
It was Bill Clinton who introduced the US to NAFTA
Jun 19
18% of central banks expect to increase their supply of U.S. dollars over the next one to two years as the U.S. Federal Reserve is likely to keep its interest rate higher longer than other nations, according to the Official Monetary and Financial Institutions Forum (OMFIF).
Jun 17
U.S. investors have yanked a net $40 billion out of so-called ESG funds this year, including a record $14 billion in April. In Europe, the funds lost a net $1.9 billion in the same month.
ESG funds invest in companies with progressive environmental, social, & governance policies.
Jun 13
The “Fiesta de Moros y Cristianos” start today in our area of Spain.
It commemorates the Reconquista, or reconquest when the Christians fought to take back the Iberian peninsula from the Moors which today is Spain and Portugal - one of its proponents was the legendary El Cid.
Jun 11
The core inflation rate across the 20 countries sharing the euro currency rose to 2.9 percent last month, compared to 2.7 percent in the first four months of this year.
Core inflation measures ignore energy and food prices due to their volatility. Real inflation is much higher.
Jun 7
High rents, a major reason many households find it difficult to save the tens of thousands of $/€ needed for a down payment on a home.
This & other factors are conspiring to make home ownership a privilege of the wealthy or of those who inherit a house from an older generation.
Jun 5
On 22 May, Chanel Ltd. reported double-digit gains in sales & profits in its most recent quarter.
However, the Euro Stoxx Luxury 10 Index of high-fashion house stocks dropped almost 2% after Chanel CFO said “we are now entering a more challenging environment.”
Jun 3
Routing ships away from the Red Sea and Suez Canal has added almost 30% to cargo container freight rates in May.
The typical cost to send a loaded container from China to Europe has jumped from $2,750 at the end of April to $3,800 in mid-May, an increase of about 22%. WSJ
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Jun 28
For the first time in nearly two years, Russia exported more natural gas to Europe than the U.S. did, according to the Financial Times, despite Europe’s vow to end all Russian gas imports by the end of 2023 after Russia attacked Ukraine.
Major asset management firms routinely structure their profits in a way that has helped their executives skirt more than $1 trillion in taxes since 2000, a study from Oxford University has found. The firms characterize the profits shared by partners as capital gains.
Jun 26
More U.S. regional banks are due to fail because of their “very high” concentration of teetering commercial real estate loans, John Murry, chief of real estate investing at Pacific Investment Management Co. (PIMCO), warned last week in a Bloomberg interview.
Jun 24
On 13 June, the U.S. announced additional major punitive sanctions on Russia, targeting its energy, metals, and mining industries as well as two more banks and the country’s main stock and currency exchanges.
The sanctions are designed to shrink Russia’s foreign trade income.
Jan 20
Europe’s share of the world’s economic output is dwindling, sparking new fears on the continent that the region’s economy is no match for China and the U.S.
Unqualified and Mediocre leadership is the cause of Europe’s continued economic decline according to some experts.
Jun 18
Worldwide, governments at all levels now owe a record $97 trillion, the UN Trade and Development Organization reported last week. The total has grown by $5.6 trillion since 2022.
Jun 12
Hundreds of thousands of American homeowners find they owe far more on their homes than the homes are worth. More than a million others face a hu
ge leap in interest rates on their adjustable-rate mortgages.About one in every 37 U.S. home loans qualifies as “seriously underwater,”
June 10
Seven of the Ten U.S.-listed stocks that traded the most shares in May are worth less than $1 per share & none of the seven have turned a profit, Cboe Global Markets reported.
The most heavily traded shares were in GTS, a scrap metal dealer claiming “scrap is the new precious metal.”
Jun 6
Earlier this month, China’s government revealed a plan for state-owned companies to buy some of the millions of unfinished apartments littering the nation and convert them to affordable housing for low- and middle-income households.
Jun 4
CYBERARK BUYS VENAFI FOR $1.5 BILLION Identity management firm CyberArk Software is acquiring Venafi, whose technology identifies bots & machines on a network, for $1 billion in cash and about $540 million in stock.
Venafi currently is owned by Thoma Bravo, a private equity firm.
