Madagascar grows an estimated 80% of the world's supply of vanilla. But vanilla farmers live in poverty as they face fluctuating prices and thieves. Read the original article on Business Insider.....»»

Mortgage rates slipped after the Fed's softer rate hike this week, a sign that conditions in the housing market are easing slightly. Justin Sullivan/Getty Images Mortgage rates have eased closer to 6%, a sign the housing market is cooling off. Lower rates open the market to 3 million borrowers who'd been priced out, according to Freddie Mac. Markets expect the Fed to stop hiking rates, which could help mortgages become more affordable.  Mortgage rates are falling back near 6%, and that could help reopen the housing market to about 3 million buyers who were priced, according to Freddie Mac.The government-sponsored enterprise said that the average 30-year fixed-rate mortgage inched lower to 6.09% on Thursday, notching its fourth-straight week of declines. That's the lowest rates have been since peaking at over 7% in November of last year, Freddie Mac chief economist Sam Khater said in a statement."This one percentage point reduction in rates can allow as many as three million more mortgage-ready consumers to qualify and afford a $400,000 loan, which is the median home price," Khater added.Mortgage rates skyrocketed over the course of 2022, influenced by the Federal Reserve's rate hikes aimed at taking some heat out of the economy.The Fed hiked rates another 25 basis-points on Wednesday, dialing back from the previous 50 basis-point hike in December. Investors are beginning to price in the end of the Fed's rate hike cycle in the coming months, which could lower interest rate volatility and cause mortgage rates to ease. Other areas of the housing market are also showing signs of picking back up. Home builder sentiment is rising, and lumber prices have jumped 33% since the start of the year as buyers dip back into the housing market. Meanwhile, markets are pricing in another mild 25-basis-point hike from the central bank in March, which would bring the Fed funds rate target to 5%-5.25%. But despite the steady easing of conditions in the housing market, some experts are still warning of a 2008-style housing crash, which could entail home prices plunging as the housing market undergoes a correction. Wharton professor Jeremy Siegel expects home prices to fall 10%-15%, and Goldman Sachs recently warned four major cities in the US could see a housing implosion on par with the last financial crisis. Read the original article on Business Insider.....»»

Workers from over 41,000 businesses across 10 major metropolitan areas were in offices over half the time for the first time since March 2020. Offices are now at least half full for the first time since the pandemic.10'000 Hours/Getty Images A new study found offices were over half full for the week of January 19-25. The 50.4% average occupancy rate recorded by Kastle is the highest since before the pandemic. Recent surveys have illustrated demographic differences in attitudes toward working in offices. Offices have reached a milestone of employees returning to offices, with a recent report finding workplaces are now at least half full for the first time since the onset of the pandemic. Three years after the pandemic drove workers across America to home offices and Zoom meetings, employees are increasingly returning to in-person work settings. According to security card swipe data from Kastle Systems, occupancy rates at over 2,600 buildings monitored by the company across 10 major metropolitan areas averaged 50.4% for one week in late January — the highest rate since before the onset of COVID-19.Unsurprisingly, the data found offices have varying rates of occupancy throughout the week, as many workers still come into offices less than five days a week.Tuesday was the biggest day for working in offices between January 19 and 25, with the 10 cities averaging 58.6% occupancy. Friday was the least common day for working in offices, with an average of just 34.9%, per Kastle's findings. Prior to the onset of the pandemic, Kastle Systems data showed office occupancy averaging near 100% Monday through Thursday, and only dipping below 90% on Friday.Texas is the most popular state for working in offices, as the three metro areas in the sample located in Texas — Houston, Austin, and Dallas — had the highest average occupancy rates at 60.3%, 67.7%, and 53.5%, respectively, the data showed. While Kastle's data is anonymous and provides no insights about the average age of workers, Insider has previously reported on recent studies that paint a conflicting picture about whether younger workers prefer working remotely or in an office.Last summer, Insider's Aki Ito spoke to several Gen Z employees who prefer to work in an office, and one who had taken a job specifically because it required employees to attend weekly in-office meetings.Some of the largest companies in the US, and some of the most powerful CEOs are divided on the topic of allowing remote work or requiring employees work at least a few days a week in an office.The CEOs of Morgan Stanley and JPMorgan have said remote work is a solution for some, but not all, and larger companies like Disney and Starbucks have recently updated their requirements for employees to work in offices at least a few days per week.Read the original article on Business Insider.....»»

ChatGPT and interest in artificial intelligence stocks have helped more than double the value of C3.ai shares this year. Guillaume/Getty Images C3.ai shares soared Friday and were headed higher for the week alongside other AI-tied stocks and ETFs The frenzy surrounding ChatGPT has contributed to C3.ai shares more than doubling in 2023. Nvidia and Ambarella are also among this week's advancers.  C3.ai stock rallied to its highest in a year Friday, highlighting a jump in some AI stocks and funds this week as the popularity of the ChatGPT tool spurs investors to run toward exposure to artificial intelligence. C3.ai climbed as much as 30% to $28.48 during Friday's session, notching a 52-week high for shares of the business AI software maker."The hype surrounding Artificial Intelligence has spilled over into retail investments," said Vanda Research in a note Thursday. Investors have been pushing into AI-related assets as the buzz surrounding the ChatGPT language bot from OpenAI has been accelerating for weeks. The chatbot displays a human-like ability to perform work like addressing investment questions to writing layoff emails. C3.ai's share price over the past five days has bulked up about 50%. The stock's value has more than doubled in 2023, with this week's push coming after C3.ai said it would integrate ChatGPT into its lineup of AI tools.Also headed toward gains this week was Nvidia, up nearly 5%. It was also looking at a year-to-date advance of 46%. Technology from the company, known for its graphics-processing chips, is used for AI integrations including self-driving cars and robots.Ambarella, a chip designer that serves the AI market, has also picked up about 5% this week and its 2023 gain was hovering around 15%. Among exchange-traded funds, the Global X Robotics & Artificial Intelligence ETF  and the iShares Robotics and Artificial Intelligence ETF were up roughly 3% and 4% this week. The AI Powered Equity ETF was tracking a more modest rise of 1% but it's bulked up by 15% so far this year. Vanda Research, which tracks activity among retail investors, said the surge of net inflows into C3.ai stock this week made it among the top 10 most bought securities in US markets. But it also sounded a note of caution. "Although the strong momentum in Google search trend suggests that there could be appetite for additional buying, we expect to see a slowdown in purchases in the weeks ahead, as interest in the [AI] topic will likely begin to fade." Read the original article on Business Insider.....»»

Eyewitnesses in Montana caught footage of a suspected Chinese spy balloon. US Secretary of State Antony Blinken postponed a Beijing trip in response. A suspected Chinese spy balloon hovered over Montana. In response, US Secretary of State Antony Blinken postponed a Beijing trip. China said the balloon is for weather research and strayed off course. Eyewitnesses in Montana caught cellphone footage of a suspected Chinese spy balloon. US Secretary of State Antony Blinken postponed a Beijing trip in response.Read the original article on Business Insider.....»»

Hoka is seeing significant growth in the 18-34 consumer demographic. The group drove the largest year-over-year increase in the most recent quarter. Hoka is seeing significant growth in the 18-34 consumer demographic.Hoka One One Hoka One One grew sales 90% to $352 million in its fiscal third quarter, ending December 31.  The brand is seeing significant growth in the 18-34 consumer demographic, especially among women. "It just expands the breadth of our brand from ages 18 to 80," Deckers CEO David Powers said. More young consumers are opting for performance sneakers for daily use, and that's driving sales of Hoka One One to record highs.Hoka's chunky look has its fans and its detractors, but parent company Deckers reported on Thursday that the running brand grew sales 90% to $352 million in its fiscal third quarter. Wholesale revenue for Hoka increased 83%, while direct-to-consumer sales more than doubled. Deckers also raised full-year revenue guidance to $3.53 billion due to the brand's meteoric growth, the company said. Deckers also owns Teva, Sanuk, and Ugg — the latter is Deckers' largest portfolio brand. According to Deckers CEO David Powers, Hoka is seeing significant growth in the 18-34 consumer demographic. The age group drove the largest year-over-year increase in sales in the third quarter, ending December 31."I think in the early days of Hoka, we were selling obviously to core runners and beyond, and then some people were using it for comfort and longevity reasons. And the younger consumers weren't really adopting it as part of their own yet," he said to investors on an earnings call. "But we've seen that shift change dramatically in the last year or so."Gen Z and millennial women have especially driven sales growth for Hoka by regularly visiting the brand's website to view what's new and purchasing shoes, Powers said. The new Solimar cross trainer released in the fall is an example of this trend, he said. The Solimar launched without much brand marketing behind it, but is still in the top five of styles purchased by women aged 18-34.Powers said Hoka is also resonating well with males, "but we see a great deal more opportunity to further expose the brand's product depth by testing access points to specialize in serving this target consumer."Hoka released a collection with Bodega in March 2022.Deckers BrandsHoka is admittedly penetrating the all-important 18-34 demographic more quickly than it expected. But Powers credits the collaborations Hoka has done over the past year for helping increase brand awareness. Hoka partnered with popular boutique Bodega as well Moncler and activewear brand Free People Movement on releases in 2022. Within its own DTC channels, Hoka consumer acquisition and retention increased 95% and 109%, respectively, Deckers said."It's working as we planned, probably a little better than we planned," Powers said. "But you're seeing teenage girls and boys trading from traditional athletic brands into Hoka and raving about it.""It just expands the breadth of our brand from ages 18 to 80," he added.Deckers company sales grew to $1.3 billion in the third quarter, increasing 13% compared to the same period last year.Read the original article on Business Insider.....»»

Labor Secretary Marty Walsh said he's not sure if the tech layoffs will be an issue for just a couple of months, or a longer-term situation. President Joe Biden shakes hands with Labor Secretary Marty Walsh during an event in the Rose Garden of the White House September 15, 2022 in Washington, DC.Anna Moneymaker/Getty Images Labor Secretary Marty Walsh told Insider he's watching tech layoffs closely. Even with thousands of layoffs, data shows that the job market and hiring is still booming. Walsh said there's a lot of opportunities out there, and that employers should focus on retention. The job market is booming, even if it doesn't feel like it. The country added over half a million jobs in January, well above economists' expectations, and the unemployment rate fell to its lowest since 1969.It might feel contradictory, with thousands of layoffs sweeping across the tech and media sectors. But the data shows that layoffs are not spreading to the broader economy, indicating that some sectors are just dealing with their own adjustments.Even so, Secretary of Labor Marty Walsh is keeping an eye on the situation."We're watching that closely to see what that means for the tech sector," Walsh told Insider. "I'm not sure if this is a couple of months issue or is this a longer term situation, but we're watching that closely." Walsh said that "we're seeing a lot of those folks who are being laid off are going back to work in the private sector." Walsh is not sold that apocalyptic predictions about economic conditions are going to come true. While the economy probably won't add over half a million jobs every month, he said, gains have been consistently strong over the last 12 months."I'm not in the camp that we're heading towards a recession or downturn in the economy. There might be certain sectors that might be hit a little harder than others," he said. "We have to continue to watch this and, and hopefully we continue to see good, strong growth throughout the year."And for those who are laid off or job hunting, Walsh wants them to know that "there's work out there." Just look at today's report: Hospitality and business services are hiring an "incredible amount," he said, and there's "options out there for people."Other sectors Walsh sees opportunity in: Construction, especially with the bipartisan infrastructure bill doling out billions; healthcare, especially in eldercare and assisted living facilities; nursing; and cybersecurity.That doesn't mean that you should necessarily quit for a better deal. Even with over 4 million Americans quitting their jobs, Walsh doesn't want the emphasis to be on the Great Resignation — he said he doesn't believe in terms like that — but instead on companies shifting more towards retaining the workers that they do have."Ultimately, what we'd like to see is sustainability in the job place. I think a lot of employers are seeing that," Walsh said. That might be part of the reason that the jobs report is so robust, according to Walsh. Employers are keeping around people, rather than laying them off as they would have in the past."When companies had to lay people off at the beginning of the pandemic, they had a really hard time getting people back," Walsh said. "I think that the lesson is learned from that experience."Read the original article on Business Insider.....»»

"Knock at the Cabin," an apocalyptic horror from M. Night Shyamalan, opens on February 3. Here's what we know about its upcoming streaming release. When you buy through our links, Insider may earn an affiliate commission. Learn more.'Knock at the Cabin' is now showing in theaters.Universal Pictures "Knock at the Cabin" is an apocalyptic psychological horror film by M. Night Shyamalan.  It follows a young family that is taken hostage in their rental cabin by four armed strangers. The film hit theaters on February 3 — you can buy tickets now from Atom, Fandango, and MovieTickets.com. "Knock at the Cabin" debuted in theaters on February 3. Tickets are now available for purchase for the M. Night Shyamalan horror film both online and in theaters. A small family is vacationing at a remote cabin when four armed strangers arrive to, in their words, save the world. The girl and her dads are taken hostage, then forced to make an impossible decision set before them with the apocalypse at stake. Their access to the outside world is limited, and time is running out for the victims, their captors, and the world.Check out the trailer for "Knock at the Cabin""Knock at the Cabin" is directed by M. Night Shyamalan with a screenplay by Shyamalan, Steve Desmond, and Michael Sherman. The cast stars Dave Bautista, Jonathan Groff, Ben Aldridge, Nikki Amuka-Bird, Kristen Cui, Abby Quinn, and Rupert Grint.How to watch "Knock at the Cabin"You can watch "Knock at the Cabin" exclusively in theaters starting February 3. Tickets are available for purchase from online retailers like Atom, Fandango, and MovieTickets.com. Aggregation sites like these make browsing showtimes easy, since they gather every movie screening from all the theaters in your area. Tickets are also available from specific theater chains websites, which is the superior option for moviegoers with gift cards or loyalty memberships. Popular chains include AMC, Alamo Drafthouse, Regal, Cinemark, and Showcase. When will "Knock at the Cabin" be available to stream?"Knock at the Cabin" is expected to hit Peacock after its run in theaters, as is the case for all Universal Studios releases. No formal date has been announced yet, but a streaming debut can happen as soon as 45 days after the film's premiere on February 3.Recent Universal films have also been hitting digital retailers for rental and purchase online even sooner than that. "Violent Night" starring David Harbour, for example, became available to rent from Amazon, Vudu, and Apple TV just 20 days after it hit theaters.What is "Knock at the Cabin" based on?"Knock at the Cabin" is based on "The Cabin at the End of the World," a 2018 novel by Paul G. Tremblay. This film is the first time one of Tremblay's works has been adapted for the big screen.  Is "Knock at the Cabin" worth watching?As of writing, "Knock at the Cabin" currently holds a "71% Fresh" rating on Rotten Tomatoes. Critics agree that the film isn't that scary and has its weak points story-wise, but offers viewers a suspenseful and thought-provoking plotline. It's viewed as one of Shyamalan's better films, making it worth watching if you're a follower of his work. Fans of the book the movie is based on, "The Cabin at the End of the World," might also enjoy this movie to see the chilling plot brought to life. The trailer alone already shows some clear differences between the novel and the film adaptation, so it could be an exciting and surprising watch those who read the book.Read the original article on Business Insider.....»»

Mills, an ex-Memphis officer now charged in Tyre Nichols' beating death, was reprimanded for failing to report his use of physical force. Former Memphis Police officer Desmond Mills, Jr., shown here on January 26, 2023, was one of five former offices arrested in the death of Tyre Nichols.Shelby County Sheriff's Office via Associated Press A Memphis ex-cop involved in Tyre Nichols' beating was previously disciplined. Records show that Desmond Mills Jr. received a reprimand for failing to report his use of force. A woman Mills helped arrest alleged that officers beat her and slammed her head into a squad car. One of the former Memphis police officers charged in the beating death of Tyre Nichols was previously disciplined for failing to report his role in a different beating incident, according to disciplinary records released by the Memphis Police Department.Desmond Mills Jr., one of the five ex-officers charged with second-degree murder in 29-year-old Nichols' death, received a written reprimand in 2021 for failing to report his use of physical force during an arrest two years earlier.Mills assisted three other officers in the arrest of a woman on March 21, 2019. He said the woman was resisting arrest, so he grabbed her by the arms and took her to the ground while another officer handcuffed her, according to the disciplinary records.The woman later filed a complaint against the Memphis police officers involved, alleging that one officer grabbed her after she refused to get into his squad car, and that a second officer began beating her with a black object, grabbing her hair, and slamming her head into the squad car. She denied resisting arrest, and reported injuries including a black eye, abrasions, and swelling on her hands and face.Mills had been required to fill out a document known as a "response to resistance form" after using physical force to restrain the woman.Mills himself was not accused of using excessive force in the incident and was only disciplined for his failure to report the incident."Officer Mills stated he was familiar with completing the response to resistance document in Blue Team, but he did not realize it applied to his actions in this case," a document summarizing Mills' disciplinary hearing said. "It was explained to him if the individual refuses to comply with verbal commands and he is required to use any type of physical force to gain compliance, he should complete the response to resistance form."Two of the officers involved in the arrest were later disciplined for "excessive and unnecessary force," and a third was disciplined for failure to report the use of force, as Mills was.Mills' defense attorney did not immediately respond to Insider's request for comment.In a separate disciplinary incident in March 2019, Mills received another written reprimand for dropping a department-issued device on a roadway, where it was run over by a car.The disciplinary records said Mills reported responding to an accident call on the interstate and placing his "personal digital assistant" in his pocket, where it fell out while he got into his squad car. "The PDA came out and went into the street and an unknown vehicle ran over your PDA," the records said, adding that Mills had violated the department's policy on "Rough or Careless Handling of Equipment."Mills is not the only officer who was disciplined for failing to report a use of force. Ex-officer Demetrius Haley, who is also charged in Nichols' beating death, received a similar written reprimand for a 2021 incident in which he saw a fellow officer rip a woman from her car and dislocate her shoulder.In total, four out of the five officers charged in Nichols' death had previously been disciplined for various matters.Read the original article on Business Insider.....»»

"I think January was one of the most extraordinary months I've seen in my career," Rick Rieder, BlackRock's global fixed income CIO, told Bloomberg TV. Stock tradersDrew Angerer/Getty Images BlackRock's bond chief Rick Rieder says the stock market rally has been "extraordinary," but he isn't overly bullish on equities just yet. Stocks have been on a tear since the start of the year, with the Nasdaq ahead 17% in the past month.  Rieder explains what looks attractive amid an uncertain economic environment in an interview with Bloomberg TV. BlackRock's bond chief Rick Rieder said the stock market rally has been "extraordinary," but he isn't overly bullish on equities just yet.The tech-heavy Nasdaq Composite and S&P 500 are up 16% and 9% in the past month, respectively. This follows a year where the two benchmark indices ended with losses of 33% and 19%."I think January was one of the most extraordinary months I've seen in my career," Rick Rieder, BlackRock's' global fixed income CIO, told Bloomberg TV on Friday. "The short covering rally in places that had been beaten down a month prior was pretty extraordinary." The bond chief, who manages roughly $2.4 trillion in assets, said last month's rally was especially unusual because shares of companies that missed Wall Street's quarterly earnings estimates outperformed shares of companies that beat views."This was a crazy, crazy month in terms of what performed versus what didn't," he said, describing the stat as the "most incredible I've ever seen."Despite the stock market outperformance of the companies that fell short on earnings, he said he would still buy companies with "quality income."But overall, equities are "just OK" right now due in part to profit margins being compressed, Rieder added.To be sure, the earnings landscape will not be "cataclysmic," and revenue will "meander around.""But I think you get margin compression, and so part of why I'd rather buy income — both debt and equity — I'd rather buy stable income much more so," he added.Read the original article on Business Insider.....»»

There is a disconnect: Hard data is relatively strong, but consumer sentiment is weaker. "The vibes feel off," said one economist. What does the future hold?Hidesy/Shutterstock The US labor market looks strong, and yet news about mass layoffs dominates the headlines. Nearly 40% of US workers said they "are nervous about being laid off," per a LinkedIn survey. Insider spoke with experts about the potential for layoffs to spread. Spoiler: They probably won't. The US labor market looks stunningly strong, and yet it's hard to scan the headlines without feeling a tinge of worry about your job security.Big Tech companies including Amazon, Google, Microsoft, and Meta have collectively shed tens of thousands of workers amid a slowing economy. And the cuts keep coming — even in industries outside of tech. The chemical company Dow, for instance, laid off 2,000 employees; 3M, the maker of Post-it notes and Scotch tape, slashed 2,500 jobs; and Impossible Foods, which produces plant-based meat, trimmed 700. To be clear: Labor Department data shows that layoffs overall remain historically low and the latest jobs report shows growth is rock solid.But if the fear of losing your job hovers over you like a dark cloud, you're not alone. Nearly 40% of US workers said they "are nervous about being laid off," a LinkedIn survey of more than 2,000 US employees conducted in December found.What are the real chances of that happening? To find out, Insider spoke with three experts: Nick Bunker, the head of economic research at Indeed Hiring Lab; Wayne Cascio, an industrial-organizational psychologist at the University of Colorado; and Andrew Flowers, a labor economist at Appcast, the recruitment-advertising technology company. Highlights of what they had to say might help you sleep a little more soundly.How worried should we be about layoff contagion?Flowers: Recessions are psychological phenomena. They're about a loss of confidence in the future. In the tech sector, there was a collective awareness that companies were operating with a different outlook than they had been previously. Before, growth was the priority and there was lots of optimism — let's take advantage of low interest rates and hire a bunch of people. That sentiment flipped as the unit economics came under more pressure, along with higher interest rates and more consumer spending on services. Andrew Flowers is a labor economist at Appcast.Andrew FlowersAs for whether these layoffs spread into other sectors, the risk is not that business leaders will see what's happening in tech, get spooked, and say, "We need to batten down the hatches and lay off our people, too!" That's not the channel through which layoff contagion happens.The risk is if consumers get spooked. You're scaring me a little. What happens when consumers get jittery?Flowers: Over the last year, we've seen a disconnect between hard and soft data. The hard data, including GDP, has been relatively strong. But the soft data, including consumer sentiment, which is based on surveys, has been weaker. The fundamentals are good, but the vibes feel off.That's why some talk about a "vibe-session?" Flowers: There's potential for a recession to become a self-fulfilling prophecy. That could happen if consumers get nervous about the layoffs news. They'll think, "Maybe I won't go out to eat. Maybe I won't buy a new refrigerator." If their spending falls, the effect on the economy could cause contagion.Despite strong fundamentals, some people say they're stressed about the economy.AmazonWhy is there such a disconnect between what the data says about the economy and how we feel about it?Bunker: I get why people are voicing discontent — inflation is a lot higher than it's been in the recent past. But there's what people say and what they do. They say it's not great and they complain about it. But they're still quitting their jobs and going out to dinner. What people are doing is indicative of a strong economy.And by "people," do you mean CEOs, too? Are they operating in a way that's indicative of a strong economy?Bunker: Unfortunately, I can't read the mind of the CEOs. Economic growth is slowing down, but there's still growth. We could see a rise in layoffs if that takes a hit moving forward. But that would be based on economic growth, not based on what other CEOs are doing.That's encouraging. As long as fundamentals stay solid, we're not all in danger of getting pink slips, right?Cascio: You don't need to hit the panic button. In this tight labor market, the demand for talent is high and supply is limited. The last thing enlightened CEOs want to do is cut people when things look like they're turning south.So I guess we all should hope we work for an enlightened CEO then?Cascio: One of the things you want to look at is what your employer did in past downturns. Did they turn to layoffs during the financial crisis? What about in the tech wreck of 2001? Research shows that's the best predictor of future behavior. If they've done it once, they're going to do it again.I've been doing research on downsizing since the '90s and one thing is clear: Companies that move quickly to lay off their workers never outperform their competitors in the same field. If companies are doing layoffs to cut costs, there are better ways than cutting people.Read the original article on Business Insider.....»»

Lauriel Mathis spends about $5,000 a month on an accountant and virtual assistant to save her time and money. Lauriel Mathis, the founder of Lauriel Arkeah Co.Courtesy Mathis Welcome to "Founder Finances," an Insider series discussing founders' monthly budgets.  In this story, a virtual assistant and mentor shares her $5,000 monthly budget. She prioritizes outsourcing tasks like taxes and admin to save herself time and money.  Lauriel Mathis didn't learn about finances growing up: She was never taught how to budget, file taxes, or grow a business. But less than two years since launching her virtual-assistant business, she's ready to teach others what she's learned.Prior to starting her business, Lauriel Arkeah Co., Mathis studied at the University of San Francisco. To pay for tuition, Mathis worked for a leasing agent at a nearby apartment complex and made $20 per hour. When she learned there was a pay disparity between herself and a coworker, she sought a new career with more upward mobility and a higher salary. That's when she found a TikTok about virtual assistants.She looked into the industry's success rate, signed up for a master class, and quit her job at the complex. "It probably was impulsive," she said.Since launching her business in November 2020, she's turned typical virtual-assistant responsibilities — like administration and managing Instagram and Pinterest accounts — into a mentorship program geared toward aspiring virtual assistants called "Goal-Getter Academy."Now, as a full-time mentor, Mathis spends nearly $5,000 per month on her business — $2,000 more than she would as solely a virtual assistant. In January 2023, she booked $17,000 in sales, continually growing her business month over month, she said.Mathis shared her budgets, both as a virtual assistant and as a mentor, with Insider to show the importance of founders investing in themselves and budgeting for growth. Here's the budget breakdown:!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r.....»»

A member of the Tennessee medical board said the first responders were Tyre's "best shot, and they failed to help." The program for Tyre Nichols funeral service.Meka Wilson/Insider A Tennesse medical board suspended two EMTs for failing to provide life-saving medical care to Tyre Nichols. The Memphis Fire Department had already fired the first responders earlier this week. Tyre Nichols died in the hospital three days after being beaten by five Memphis police officers now charged with murder. Two EMTs working for the Memphis Fire Department had their licenses suspended for failing to provide critical care to Tyre Nichols after he was beaten by police, according to multiple reports. The AP reported that a medical board in Tennessee voted to suspend the two first responders, Robert Long and JaMichael Sandridge, on Friday after they were fired earlier this week.One board member, Sullivan Smith, said it was obvious that Nichols "was in terrible distress and needed help...And they failed to provide that help. They were his best shot, and they failed to help," according to the AP. The Tennessean reported that the board watched a 19-minute video showing the EMTs pacing and standing around as Nichols collapses and writhes on the ground.Tyre Nichols died in the hospital three days after being beaten by five Memphis police officers. The five cops were later fired and are now charged with murder.Read the original article on Business Insider.....»»

New York NatGas Prices Erupt To 20-Year High Ahead Of Polar Vortex New Yorkers will feel the wrath of Old Man Winter today as temperatures will plummet into the teens and single digits by this weekend. Heating demand will soar as millions turn up their thermostats to stay warm. The result so far has been the largest spike in New York natural gas prices in two decades.  Bloomberg data shows next-day NatGas deliveries via the Iroquois Gas pipeline that transports Canadian NatGas into New York jumped to $164.80 per million British thermal units (MMBtu), a 14x increase from Wednesday prices. This is the highest print for NatGas at the New York hub dating back to 2003.  Earlier, we quoted Upstate New York meteorologist Ben Frechette who warned, "the coldest airmass on the entire planet will be over New England by Friday night – the only comparable air currently exists over central Siberia." Heating demand is also expected to surge in Boston. Prices at the Algonquin City Gate NatGas hub traded around $58/MMBtu, up from $12/MMBtu on the previous day.  Despite the increasing heating demand in the Northeast, US NatGas prices slid another 2% to $2.40/MMBtu on Friday as traders overlooked the cold shot in the Northeast as mild winter across the Lower 48 has allowed for increases in NatGas production and storage.  Tyler Durden Fri, 02/03/2023 - 12:01.....»»

Warning Shot Fired! Authored by James Rickards via DailyReckoning.com, Another warning shot across the bow just happened… I warned my readers a few weeks ago about how the Federal Reserve, in cooperation with giant global banks, has launched a 12-week pilot project to test the message systems and payment processes on the new CBDC dollar. A pilot project is not research and development. That’s already done. The pilot means that what I call “Biden Bucks” are here, and the backers just want to test the plumbing before they roll the system out on the entire population. That project is due to be completed next month. In other words, Biden Bucks are getting closer to becoming a reality for us all. Now there is another big development to keep you up to speed… This month, the Digital Dollar Project (DDP) released an updated version of its white paper called “Exploring a U.S. CBDC.” The project expanded the paper in order to examine central bank digital currency projects internationally, though its focus is still on the United States. Since its original white paper release in 2020, CBDC projects worldwide have increased from 35 to 114. Here is one statement in the updated paper: It [is] imperative that the U.S. government consider ways to maintain the use of the dollar in digital global payment systems and develop a strategy related to the use of alternative payment systems. Pigs in the Digital Slaughterhouse “Alternative payment systems” is simply a technical term for Biden Bucks, which means replacing the cash (“fiat”) dollar we have now. What’s this mean for you? Let’s first consider the kind of freedom that physical cash offers you. Above all, cash is untraceable and anonymous. When you buy something with cash, there’s no way to trace the purchase to you individually. In that sense, cash is like gold or silver. It doesn’t leave a digital fingerprint. And that’s why the government wants to eliminate cash — with cash out of the way, it can trace anything and everything. At that point, the pigs (all of us) will be in the slaughterhouse ready for the digital slaughter of negative interest rates. All of your money will be locked in the banking system. If you don’t want to spend your money, the government can punish you by imposing negative rates. It doesn’t want you saving your money. And in a completely digital world, what would stop the government from having individualized interest rates for every citizen? Biden Bucks would also allow for account freezes, tax withholding and outright confiscation in some cases. After all, this is a government-approved digital wallet without any access to physical cash as you know it now. You’re Just a Pawn When the government is in full control of your money, it opens up the door for manipulating the economy by using you as a pawn and your assets as chess moves. If they need to slow down the economy (as they are attempting to do now with increasing interest rates), they could freeze a certain percentage of your cash so you can’t spend it. If they feel the economy is too slow and needs a jolt of spending, they could punish people who are saving too much with a “spend it or lose it” policy. That’s the reality behind negative interest rates. It would make your money less truly your own and under government control. We are already seeing how many retailers are not accepting cash across America. Another thing about physical cash: It’s not hackable. Under Biden Bucks, all the data that the government will have on every aspect of your life would be a dream come true for hackers. Identity theft would become commonplace. And forget privacy. That would be a thing of the past. “Sorry, We Really Don’t Want to Do This to You, But We Have No Choice” What happens when physical cash is eliminated from any payment transactions? Imagine this alarming possibility… To further advance the climate change agenda, what if Joe Biden or his successor decided that gasoline needed to be rationed? Your Biden Bucks could be made to stop working at the gas pump once you’ve purchased a certain amount of gasoline in a week! They could justify it based on “national security concerns” or whatever, and that it’s something they just have to do. They’ll say, “We really don’t have a choice. We have to do it!” In other words, Biden Bucks would create new ways for the government to control how much you could buy of an item, or even ban certain purchases altogether. Government would keep score of every financial transaction you made. In a world of Biden Bucks, the government will even know your physical whereabouts at the point of purchase. It’s a short step from putting you under FBI investigation if you vote for the wrong candidate, buy the “wrong” reading material or give donations to the wrong political party. The Slippery Slope They may deny that this is part of some grand plan to control the population, that it’s just a way to make the financial system more efficient. The rest of it is just a conspiracy theory that only kooks believe. And they may mean it. They may not have bad intentions. But history clearly shows that once the government acquires a specific power, it will eventually use it to the fullest extent it can. And when corrupt people are running the government, they’ll use that power for political purposes, even if they might not set out to originally. The temptation is just too strong. If any of this sounds extreme, fantastical or otherwise far-fetched, well, it’s not. I simply invite you to look at what’s happening around the world. China is already using its CBDC to deny travel, employment and educational opportunities to political dissidents. Canada seized the bank accounts and crypto accounts of nonviolent trucker protesters last year. Nigeria put a cap on ATM cash withdrawals at $45 to promote digital payments. Don’t think that other governments, including the U.S. government, haven’t noticed. They have. The simple fact is “social credit scores” and political suppression will be even easier to conduct when Biden Bucks are completely rolled out in the U.S. With Biden Bucks, the government will be able to force you to comply with its agenda, like with the climate change example I mentioned above. Because if you don’t, they could turn off your money. But you can fight back. How? Get Physical One, I recommend keeping some physical cash at home or in a safe place. I wouldn’t recommend too much cash because the time may come when cash is declared illegal and you have 60 days to hand in your cash for digital credit. Handing in too much cash may cause you to be put on a watchlist from a tax or money laundering perspective, even though the money is yours and you obtained it legally. Second, buy some gold. Gold is a non-digital, non-hackable, non-traceable form of money you can still use. Also, one-ounce silver American Eagles are the best form of money for day-to-day transactions. These are ways to protect your freedom and your savings. The time to prepare is now, before it all hits. Tyler Durden Fri, 02/03/2023 - 12:20.....»»

Germany Open To Idea West Behind Nord Stream Sabotage With "Aim Of Blaming It On Russia" In surprising bit of candid investigative reporting out of mainstream media, The Times asked the question this week: who attacked the Nord Stream pipelines? In an honest and objective fashion, the premier British paper writes, "In this global whodunnit, the US, Russia and even Britain have all been suspects." Naturally, the collective West rushed to blame Russia for sabotaging its own natural gas delivery infrastructure in the immediate aftermath of the Sept. 26 blasts underneath the Baltic Sea.  The most important twist to the West's narrative that is featured in the Times report concerns Germany. Its officials say they are now "open to theories" that the sabotage attack was conducted by a Western country "with the aim of blaming it on Russia." Image: Danish Defense Command/Handout The key passage comments on the ongoing German investigation, deemed to have made little progress for lack of evidence as to who was behind the three blasts that disabled the pipelines. Germany, writes The Times, has "yet to uncover any compelling evidence" pointing to Russia, and it remains that the German investigation is "open to theories that a Western state carried out the bombing with the aim of blaming it on Russia." Additionally, European officials were cited in the report as lamenting that failure to provide transparency in the probes could encourage "dangerous conspiracy theories" and "wild speculations." One Western analyst was quoted as saying the utter lack of anything definitive is itself suspicious: "This was a major infrastructure attack. It’s strange that we’ve heard very little," the person said. Russia this week seized on recent comments of the Biden administration's Under Secretary of State for Political Affairs Victoria Nuland to formally charge Washington with being behind the pipeline sabotage. The US 'directly participated,' he alleged, though without providing new evidence. He referenced Nuland's Senate testimony from last week: "The other day, speaking in Congress, Ms. Victoria Nuland, the under secretary of state, said openly that like many senators, and she personally, the State Department as an organization is happy that the Nord Stream pipelines have turned into metal junk on the Baltic Sea floor. It's an amusing admission," Lavrov said. Below is a clip of the Senate testimony in question... At a Senate hearing, top US diplomat Victoria Nuland celebrated the Nord Stream 2 pipeline bombing: "Senator Cruz, like you, I am, and I think the administration is, very gratified to know that Nord Stream 2 is now, as you like to say, a hunk of metal at the bottom of the sea." pic.twitter.com/KS5OM4N165 — Aaron Maté (@aaronjmate) January 27, 2023 The new UK Times report also makes note of a December report in the Washington Post, which also surprisingly and bluntly admitted that numerous officials in the West now say the evidence is not pointing to Russia. The Post had issued the rare about-face of accusations (of Russia being the culprit) after interviewing a total of 23 diplomatic and intelligence officials in nine countries who have been privy to the international investigation into the sabotage incident which has threatened European energy supplies going into winter. "There is no evidence at this point that Russia was behind the sabotage," one European official is quoted as saying. ⚡️Nuland made a confession, rejoicing at the explosions at Nord Stream, her words speak of the direct participation of the United States in the terrorist attack - Lavrov pic.twitter.com/cCzWGSpXOG — War Monitor (@WarMonitors) February 2, 2023 Further, the report indicated, "Some went so far as to say they didn’t think Russia was responsible. Others who still consider Russia a prime suspect said positively attributing the attack — to any country — may be impossible." Likely, that prior WaPo report, as well as Nuland's bizarre 'confession' of sorts, has allowed the German investigators to be more open in expressing their view that it could have been a Western power behind the sabotage, with the aim of a 'false flag' operation. Tyler Durden Fri, 02/03/2023 - 12:42.....»»

Stockman: What Inflation Would Look Like In A True Free-Market Economy Authored by David Stockman via InternationalMan.com, There is nothing more substantive than Bernanke’s original finger-in-the-air proposition that the Fed needed a 200 basis point cushion in the inflation rate in order to steer the economy clear of the dreaded 0.0% inflation line, the other side of which allegedly amounted to a black hole of deflationary demise. But here’s the thing. There is not a shred of historical evidence that the US economy needs a 2.00% inflation guardrail to thrive, or any fixed rate of inflation at all. For instance, even during the most difficult period of the 20th century—from 1921 to 1946 when the US economy experienced the Roaring Twenties boom, the Great Depression bust and the WWII rebound—there was abundant net economic growth over the period as a whole, accompanied by zero inflation. In fact, the US economy nearly tripled in size during that quarter-century period. Real GDP expanded at a robust 3.64% per annum rate, and real GDP per capita rose by 2.55% per annum. By contrast, between the 2007 pre-crisis peak and 2021, real GDP grew at only half that rate (1.72% per annum), while per capita real GDP increased by just 1.04% per year. That was just two-fifths of the rate of annual gain during 1921-1946. Needless to say, it didn’t take any 2.00% inflationary guard rails to generate the salutary outcomes cited above for 1921-1946. The CPI index shown below posted at 542 in February 2021 and 541 a quarter century later in May 1946. Purchasing Power of the Dollar, 1921 to 1946 As it had unfolded, there was zero CPI inflation during the Roaring Twenties; a severe deflation during the Great Depression, which merely reversed the war inflation of 1915-1920; and then a return to the 1921 price level during the booming but regimented economy of WWII. Still, by the spring of 1946 the dollar’s purchasing power was 100% of what it had been in early 1921. It had not taken any net inflation at all to generate a near tripling of the nation’s economic output. The implication is straightforward. To wit, the Fed doesn’t need a pro-inflation target of 2.00% per annum. Nor does it need any of its other macroeconomic targets for unemployment, jobs growth, actual versus potential GDP or the rest of the Keynesian policy apparatus. All of those variables are the job of the people interacting on the free market, producing whatever outcomes their collective actions happened to generate. Indeed, macro-economic outcomes are not properly the business of the state at all. The Fed’s job is far more narrow. As originally conceived by its great architect, then Congressman Carter Glass, its mission was to keep the purchasing power of the dollar as good as the gold to which it was to be linked, and the banking system liquid and stable, as driven by the free market of borrowers and lenders. As we have explained on other occasions, Congressman Glass called this a “bankers’ bank” and the term could not be more diametrically opposed to the central planners’ bank of Greenspan, Bernanke, Yellen, Powell and Brainard. As Carter Glass saw it, no academician needed to stick his finger in the air and divine an inflation target. Nor did any modeler need to goal-seek his/her equations until they suggested the optimum U-3 unemployment rate relative to an arbitrary inflation target. The fact is, the free market operating with sound gold-backed money was never inflationary. In that context, interest rates were also not a policy “tool” of the central bank, but the result of a market-clearing balancing of supply and demand. As Carter Glass had arranged it, the Fed was not allowed to own government debt, nor did it have an activist arm now known as the FOMC empowered to intervene in the money and capital markets by buying and selling debt securities. To the contrary, its avenue of operation was the discount window at the 12 regional Federal Reserve banks. The latter were authorized to advance funds to member banks, but only at a penalty spread above the free market interest rate, and also only on the basis of sound, self-liquidating collateral in the form of commercial paper that matured within a matter of months. Given this mechanism, the dynamics of Fed policy were the opposite of today. Under the Glassian arrangement, the Fed’s balance sheet was the passive consequence of free market activity by commercial bankers and main street borrowers, not a mechanism to proactively steer the level of aggregate commerce and business activity. Accordingly, the Fed’s value added stemmed not from wild-ass guesses about the inflation rate by PhDs like Lael Brainard, but from the grunt work of green-eyeshade accountants. Their job was to verify that bank loan collateral presented for funding at the discount window represented the obligations of sound borrowers, not speculators and high flyers, who would reliably repay under the terms of the underlying bank loan, thereby ensuring that the Fed’s discount loans would be repaid at term, too. What this meant was that the Fed’s balance sheet was intended to reflect the ebb-and-flow of decentralized commerce and production on main street, not a centralized judgment by 12 people gathered on the banks of the Potomac about whether inflation and unemployment were too high, too low or just right. That is to say, under the bankers’ bank arrangement the free market put an automatic check on CPI inflation. That’s because unsound speculative loans could not be easily made in the first place, since they were not eligible for discount at the Fed window. And if demand for even sound loans got too frisky, interest rates would rise sharply, thereby rationing available savings until more of the latter could be generated or demand for the former was curtailed. *  *  * The truth is, we’re on the cusp of an economic crisis that could eclipse anything we’ve seen before. And most people won’t be prepared for what’s coming. That’s exactly why bestselling author Doug Casey and his team just released a free report with all the details on how to survive an economic collapse. Click here to download the PDF now. Tyler Durden Fri, 02/03/2023 - 13:00.....»»

Demand for Beyoncé's upcoming Renaissance World Tour is already 800% higher than the tickets available, the embattled ticket platform said. Beyoncé performs on stage headlining the Grand Reveal of Dubai's newest luxury hotel, Atlantis The Royal on January 21, 2023.Kevin Mazur/Getty Images The Senate Judiciary Committee is "watching" Ticketmaster as tickets are about to go on sale for Beyoncé's upcoming tour.  Ticketmaster has said demand for her Renaissance World Tour already exceeds supply by 800%.  The ticket-selling giant has been the center of attention since ticket sales for Taylor Swift's tour descended into chaos.  The US Senate has its eyes on Ticketmaster.The ticket-selling giant is gearing up for tickets to go on sale next week for Beyoncé's upcoming Renaissance world tour. But the Senate Judiciary Committee has warned the embattled platform against having a repeat of the Taylor Swift ticket fiasco."We're watching, @Ticketmaster," the Senate Judiciary Committee tweeted Thursday. Ticketmaster has already warned the Bey Hive that fan demand "already exceeds the number of tickets available by more than 800%," adding that "many interested fans may not be able to get tickets because demand drastically exceeds supply." Ticketmaster has been in the committee's sights since the sale for Taylor Swift's upcoming Eras Tour descended into chaos in November, with its site crashing, fans locked out of the presale, and Ticketmaster ultimately canceling all ticket sales for the general public after it ran out."It's really difficult for me to trust an outside entity with these relationships and loyalties, and excruciating for me to just watch mistakes happen with no recourse," Swift wrote on Instagram after the ticket sale.Joe Berchtold, Live Nation Entertainment's president and chief financial officer, apologized to Swift and fans in testimony in front of the Senate Judiciary Committee. He said that the company faced bot attacks during the Eras sale."We apologize to the fans. We apologize to Ms. Swift," Berchtold said. "We need to do better and we will do better."But, in that Senate Judiciary Committee meeting last month, some senators argued Ticketmaster — which merged with Live Nation in 2010 — holds a monopoly over the ticket-buying business. Lawmakers and witnesses repeatedly hammered Live Nation Entertainment over the impact of its 2010 merger, which combined Live Nation and Ticketmaster into the larger firm. In the wake of the Eras tour, fans and legislators alike pointed the finger at what they said was a monopoly.The Justice Department was reportedly investigating the merger even prior to the Eras sale, although Live Nation has stressed that it "takes its responsibilities under the antitrust laws seriously and does not engage in behaviors that could justify antitrust litigation, let alone orders that would require it to alter fundamental business practices."In the Senate Judiciary Committee hearing, Democratic Sen. Amy Klobuchar said that Live Nation Entertainment's practice of owning major venues, locking in contracts with other major venues, and controlling promotion for artists are "all a definition of monopoly."Representatives for Live Nation did not immediately respond to Insider's request for comment. While ticketing strifes impact artists as big as Beyoncé and Swift, smaller artists say an increasingly shrinking industry has also led to stagnant wages and unsustainable tour costs.This story is developing. Please check back for updates.Read the original article on Business Insider.....»»

The 2023 Grammys will air live on February 5 and celebrate the year's best in music. The show will stream on CBS and Paramount Plus. When you buy through our links, Insider may earn an affiliate commission. Learn more.Beyonce is the most nominated artist at the 2023 Grammys.Kevin Winter/Getty Images for The Recording Academy The 65th Annual Grammy Awards will recognize the year's best artists, songs, albums, and more. The ceremony airs on February 5 at 8 p.m. ET with a slew of live performances. You can livestream the Grammys on Paramount Plus or any platform that includes CBS. The 65th Grammy Awards will broadcast live on February 5 at 8 p.m. ET on CBS and Paramount Plus. The annual ceremony brings together music's superstars and honors the best songs and albums of the year. The 2023 Grammys recognizes music released during the eligibility period, between October 1, 2021, and September 30, 2022. Top nominees include artists like Beyoncé, Doja Cat, Adele, Bad Bunny, Lizzo, Harry Styles, Steve Lacy, and Mary J. Blige. Check out a complete list of 2023 nominees here. Trevor Noah returns to host the show for the third year. The event — which returns to the Crypto.com Arena in Los Angeles — will feature several performances throughout the night. Artists set to take the stage include Bad Bunny, Mary J. Blige, Brandi Carlile, Sam Smith, and Lizzo. If you want to tune in to the live event, here's how you can stream the Grammy Awards on February 5. How to watch the 2023 GrammysYou can watch the 2023 Grammy Awards live on February 5 at 8 p.m. ET on CBS and Paramount Plus. Before the ceremony, you can stream the pre-show with interviews and red carpet footage via the live.grammy.com website starting at 3:30 p.m. ET.  If you already have cable or a satellite pay-TV provider with CBS, you can stream the Grammys using your account information via the CBS website or the CBS App. If you don't have cable, Paramount Plus is the cheapest way to stream the 2023 Grammys. Paramount Plus starts at $5 a month, but the entry-level plan doesn't include livestreaming access to CBS. To livestream the Grammys on Paramount Plus, you'll need the Premium plan for $10 a month. CBS is also available through several live TV streaming services, including YouTube TV, FuboTV, and Hulu + Live TV. Full channel lineups vary and starting prices range between $65 and $70 a month. Though more expensive than Paramount Plus, these services offer a complete lineup of live channels in addition to CBS, so they can serve as a full substitute for cable.Can I watch the Grammys for free?You can stream the 2023 Grammy Awards for free if you sign up for a Paramount Plus Premium free trial. Paramount Plus currently offers new subscribers one week of free streaming access. After your first seven days, your plan will renew for the regular rate unless you cancel.CBS is also available as a free channel through over-the-air TV with a digital TV antenna. Who is performing at the 2023 Grammys?Bad Bunny is slated to perform at the 2023 Grammys.Rob Grabowski/Invision/APThis year's ceremony features performances from the music industry's biggest stars, including several of the show's nominees. The lineup of 2023 Grammy performers currently includes Bad Bunny, Brandi Carlile, Mary J. Blige, Luke Combs, Steve Lacy, Lizzo, Kim Petras, and Sam Smith.Who are the top nominees at the 2023 Grammys?Beyonce has 28 Grammy wins to date.Kevin Mazur/Getty Images for NARASBeyoncé is the most nominated artist at the 2023 Grammys with nine nominations. Over the year, she received 88 nominations, tying with Jay-Z as the most nominated artist of all time. If she wins at least four nominations, she will become the artist with the most Grammys in history.Other leading nominees include Kendrick Lamar with eight, and Adele and Brandi Carlile with seven each. If you're unfamiliar with any of the artists or interested in checking out the nominated songs and albums, take a look at our list of all the music that's up for Grammy awards this year. How to watch the 2023 Grammys securely outside the USIf you're outside the US, you might be in a region that doesn't have streaming access to the Grammys. An easy way to watch the awards show when traveling outside the US is through a virtual private network (VPN). A VPN will ensure you can access your account and stream the Grammys no matter where you are, while creating a more secure connection at the same time. If you're looking for the best VPN, we recommend using NordVPN or ExpressVPN. Both services allow you to access Paramount Plus by connecting to servers within the US. NordVPN starts at $12 per month, while ExpressVPN starts at $13 per month. Both offer discounts when you sign up for annual plans, and both provide a 30-day money-back guarantee.Note: The use of VPNs is illegal in certain countries and using VPNs to access region-locked streaming content might constitute a breach of the terms of use for certain services. Insider does not endorse or condone the illegal use of VPNs.Read the original article on Business Insider.....»»

Russia will sell 160.2 billion rubles ($2.3 billion) worth of foreign currency from February 7 to March 6, roughly triple from the prior month. Russian President Vladimir Putin and Chinese President Xi Jinping.Mikhail Svetlov/Getty Images Russia is stepping up sales of Chinese yuan as energy revenues have fallen.  The Kremlin is further drawing down its $45 billion stockpile of renminbi.  Moscow saw a decline of 54% in energy revenue in January from December.  Russia is increasing sales of its foreign exchange reserves to plug a hole in its budget as energy revenues crash.The finance ministry said Friday that it will sell 160.2 billion rubles ($2.3 billion) worth of foreign currency from February 7 to March 6. That's nearly triple the 54.5 billion rubles worth of forex sold last month.Since Russia's reserves of Western currencies were frozen after its invasion of Ukraine last year, Moscow has primarily relied on its $45 billion stockpile of Chinese yuan sitting in its wealth fund to cover budget deficits.And those gaps widened sharply after January energy revenue came in at $6 billion, which was down 54% from the prior month and 46% from a year ago.The steep fall in revenue comes amid tighter sanctions on its oil exports as well as tougher comparison from a windfall tax paid by state-run energy giant Gazprom in 2022. Meanwhile, Russia's wealth fund is on pace to lose 6.5% of its yuan holdings from January to February of this year, the report said, which is equivalent to a 310 billion yuan. Selling its yuan reserves will help Russia cover its losses for the next three years, according to a recent analysis from Bloomberg Economics. Citigroup estimates that it will cover losses for a slightly shorter period of about two and a half years.How long the reserves will last will depend on the fluctuations of the price of Russian oil, which is one of Russia's largest commodity exports. Its flagship Urals crude blend is trading around a third of what it was last year. Read the original article on Business Insider.....»»