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Oneok CEO Terry Spencer to retire on September 30, 2021

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallMay 25th, 2021

Boomers are only making the 2021 housing crisis worse

Boomers are staying put in their houses as they age. That could be a big problem for other generations who want to build wealth through real estate. Baby boomers are staying put. Matt Henry Gunther/Getty Images Boomers have more real-estate wealth than any other generation, according to a NYT analysis of Fed data. Unlike previous generations, many of them aren't listing their houses for sale as they get older. It's exacerbating a historic housing shortage that's made it difficult for millennials to buy homes. See more stories on Insider's business page. Baby boomers hold more real-estate wealth than any other generation.The Silent Generation held that distinction until 2001, according to Michael Kolomatsky's analysis of Federal Reserve Data for The New York Times. As was typical of older generations, many had begun selling their homes to move in with their families or into assisted-living facilities or nursing homes, leaving boomers to take over as the biggest wealth holders in real estate.But boomers are now breaking tradition. They've surpassed the Silent Generation, per the Times' data analysis, holding the most real estate wealth of any generation for the past 20 years. While this peaked in 2011 at about 49%, boomers still hold 44% of real estate wealth in 2021, compared to 31% of Gen Xers, the next richest generation. By this token, Gen Xers should have held the most real estate wealth as of 2017, but they're still far behind.It's a sign that boomers are "aging in place," Kolomatsky writes, a growing concept that the pandemic has exacerbated. It's partly because some boomers are cautious of nursing homes in a Covid era, he added.But it's also because people are wary of putting their houses up for sale. Gay Cororaton, the director of housing and commercial research for the National Association of Realtors (NAR), previously told Insider that some owners haven't been listing their homes as a pandemic safety precaution. Others are wary of putting them on the market for fear of being unable to find an affordable replacement to buy, she said.Rather than engaging with a scorching real-estate market, many boomers are investing in remodeling instead. With the value of homes going up nationwide, they've became more willing to spend on remodeling than past generations, fueling a home improvement boom.Their willingness to stay put is also worsening the housing crisis of 2021, fueled by a rush for homeownership in a remote work era. A sudden crunch in the supply of lumber, combined with chronic underbuilding since the Great Recession, has coalesced into a historic housing shortage. If boomers don't move out of their homes to retire in line with their predecessors, the supply will just worsen.Read more: Millennials are getting screwed again by their 2nd housing crisis in 12 yearsHousing prices have reached record highs, sparking cutthroat competition and heated bidding wars rife with all-cash offers and higher down payments. While this has pushed many aspiring homeowners away from the housing hunt, it's been especially bad for millennials, many of whom are looking to buy a home for the first time.Housing was largely an out-of-reach dream for millennials for years. Soaring living costs, student debt, and the fallout of the Great Recession made saving for a down payment difficult. While some were able to catch up on savings and snag a home during the pandemic, largely driving 2020's housing boom, as shown by the National Association of Realtors' recent Generational Trends Report. But that has curdled into a logjam in 2021. Millennials have found themselves facing their second housing crisis in a dozen years. "Now that they have economically recovered and are looking to buy a home for the first time, we're faced with this housing shortage," Daryl Fairweather, chief economist at Redfin, previously told Insider. "They're already boxed out of the housing market."Boomers aren't helping matters. The longer they hold onto their houses, the harder it will be for other generations to build wealth through real estate.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderSep 22nd, 2021

Air Force Secretary Says His Priorities Are "China, China, And China"

Air Force Secretary Says His Priorities Are "China, China, And China" Authored by Dave DeCamp via AntiWar.com, On Monday, President Biden’s new Air Force Secretary Frank Kendall made it crystal clear that China is his main focus during a speech at the Air Force Association’s Air, Space and Cyber conference. According to an Air Force press release, Kendall mentioned China 27 times in his remarks compared to a single mention of Russia. "So what are my intentions now that I have this job? At a breakfast on Capitol Hill shortly after I was sworn in, I was asked by Sen. Jon Tester what my priorities were. My answer was that I had three: China, China, and China," Kendall said. Frank Kendall III, US Air Force image Kendall, who assumed office on August 28th, said China is a threat to Washington’s global military dominance. "While America is still the dominant military power on the planet today, we are being more effectively challenged militarily than at any other time in our history," he said. To counter China, Kendall wants to focus on military modernization. He’s previously said he wants the US to develop weapons that would "scare" China. As part of his modernization plan, Kendall wants to retire older military aircraft and focus on developing new ones. "We will not succeed against a well-resourced and strategic competitor if we insist on keeping every legacy system we have," he said. "Our one team cannot win its one fight to deter China or Russia without the resources we need and a willingness to balance risk today to avoid much greater risk in the future." Kendall served in the Obama administration from 2011 to 2017 as the Under Secretary of Defense for Acquisition and Sustainment. Before that, he worked as the Vice President of Engineering for Raytheon, a company with a keen interest in hyping up the threat of China to justify more military spending. Kendall said since 2010, he’s been "pounding the drum about how serious a threat" China is to Washington’s ability to "project power" in Asia. Kendall’s view is not unique among military leaders in Washington. During Senate confirmation hearings in July, Navy Secretary Carlos Del Toro vowed to focus "exclusively" on the so-called "China threat." The Pentagon has also identified China as the top "pacing threat" facing the US military. Tyler Durden Wed, 09/22/2021 - 00:05.....»»

Category: blogSource: zerohedgeSep 22nd, 2021

Jim Rogers Warns The "Worst Bear Market Of Our Lifetime" Is Fast Approaching

Jim Rogers Warns The "Worst Bear Market Of Our Lifetime" Is Fast Approaching Via Wealthion.com, Legendary investor Jim Rogers has seen more market ups and downs than most people alive today. And he has successfully made money - a LOT of money - in the process. But given today’s macro-environment, he’s more concerned about the market’s future prospects than he’s ever been before. In fact, he confidently predicts we will experience a massive economic and financial correction that will result in the biggest bear market of our lifetime. Too much debt. Rising inflation. Currency debasement. Malinvestment. Central bank intervention. Geopolitical stress. The current macroeconomic environment has it all. Rogers predicts collapse will begin in the weaker countries/companies first, and then cascade it way towards the US, eventually plunging the entire system into deep recession, if not a downright Depression. Here in Part 1 of our interview with Jim, he explains how bad he thinks things will get and why. Using his international viewpoint, he also unpacks China’s future prospects given its current challenges (including Evergrande) and the potential for greater competition from an opening of commerce between South and North Korea. And in Part 2,  Jim offers his advice to prudent investors looking to survive the coming bear market he predicts, and provides his outlook on a number of different commodities, including oil, uranium, farmland and precious metals. “I caution all of you, it’s been 11 years since we’ve had a serious bear market... and I would suggest to you that maybe next time when we have a serious bear market it’s going to be the worst in my lifetime,” Rogers previously told an international forum hosted by Russia. Reflecting on the piling-on of more and more debt by policymakers to paper over every crack in any economy or market, Rogers previously noted that "eventually, the market is going to say: ‘We don't want this, we don’t want to play this game anymore, and we don’t want your garbage paper anymore’." And when that happens, Rogers warns that central banks will print even more and buy even more assets. “And that’s when we will have very serious problems... We all are going to pay a horrible price someday but in the meantime it’s a lot of fun for a lot of people.” *  *  * Global investor Jim Rogers co-founded the Quantum Fund, a global-investment partnership. During the next 10 years, the portfolio gained 4200%, while the S&P rose less than 50%. Rogers then decided to retire – at age 37 – and has been sharing his wisdom with investors ever since, as well as having some pretty amazing life adventures. Tyler Durden Tue, 09/21/2021 - 15:39.....»»

Category: blogSource: zerohedgeSep 21st, 2021

AutoNation CEO Mike Jackson to retire after 22 years in the role

AutoNation Inc. said Tuesday that long-time Chief Executive Mike Jackson will retire, effective Nov. 1. The stock was indicated up 0.7% in premarket trading. The auto retailer said Mike Manley will join the company and become CEO on Nov. 1. Manley was most recently CEO of Fiat Chrysler Automobiles from July 2018 to January 2021, and currently serves as Head of Americas at Holland-based automobile company Stellantis N.V. , which was formed by the merger between Fiat Chrysler and PSA Group. "It has been a remarkable honor to serve as CEO for the past 22 years," Jackson said. "I have every confidence Mike Manley will lead AutoNation to an even brighter future." AutoNation's stock has rallied 70.3% year to date, while the S&P 500 has gained 16.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news......»»

Category: topSource: marketwatchSep 21st, 2021

NASA plans to spend up to $400 million on commercial space stations. It"s evaluating about a dozen proposals from companies.

NASA expects to retire the International Space Station by the end of the decade. The agency is turning to private companies to build new alternatives. The International Space Station, photographed by Expedition 56 crew members from a Soyuz spacecraft after undocking, October 4, 2018. NASA/Roscosmos NASA plans to award up to $400 million to companies that want to build private space stations. From about a dozen proposals, NASA aims to pick two to four by the end of the year, CNBC reported. NASA hopes to be one of many customers on these private stations after the International Space Station retires. See more stories on Insider's business page. NASA is preparing to award up to $400 million to companies that want to build their own space stations.The agency has relied on the International Space Station (ISS) for 20 years, but it won't last forever. NASA expects to retire the ISS by the end of the decade, eventually emptying it and pushing it into Earth's atmosphere to burn up.NASA doesn't want to build a new space station itself. Instead, it's turning to private companies, offering them contracts to build their own stations through a program called Commercial Low-Earth Orbit Destinations.That program has "received roughly about a dozen proposals," Phil McAlister, NASA's commercial-spaceflight director, told CNBC reporter Michael Sheetz. NASA plans to pick two to four of those proposals by the end of the year and distribute up to $400 million in contracts between the winners, according to CNBC. An illustration shows an Axiom Space module orbiting Earth. Axiom Space "We got an incredibly strong response from industry to our announcement for proposals for commercial, free fliers that go directly to orbit," McAlister told CNBC. "I can't remember the last time we got that many proposals [in response] to a [human spaceflight] contract announcement."Operating the ISS currently costs NASA about $4 billion per year. Buying facilities on larger stations operated by private companies could save the agency more than $1 billion per year, McAlister said.NASA declined to name the companies that submitted proposals, citing a "blackout" period while it evaluates them. But more than 50 entities expressed interest when the program was announced, including SpaceX, Blue Origin, Boeing, and Airbus, according to Sheetz. McAlister said the current proposals come from a mix of legacy spaceflight companies and startups."We are making tangible progress on developing commercial space destinations where people can work, play, and live," he told CNBC.NASA used a similar contest to encourage commercial spaceships The Boeing CST-100 Starliner spacecraft is lowered onto an Atlas V rocket in Cape Canaveral, Florida, on November 21, 2019. Cory Huston/NASA NASA took a similar approach when it sought a replacement for the Space Shuttles: It offered funding to companies to develop and build new spaceships. The agency's Commercial Crew Program chose SpaceX and Boeing out of a group of proposals and funded each to develop new human-rated spaceships. Last year, NASA estimated that program would save it $20 billion to $30 billion.SpaceX's Crew Dragon ship is the product of that program, and it's now regularly flying astronauts to and from the ISS for NASA. It also just flew its first tourists on a mission that did not involve NASA beyond the use of its launchpad in Cape Canaveral, Florida. SpaceX has another private mission lined up in January, in which it's set to fly four people to the ISS for the company Axiom Space. The Crew Dragon spaceship Endeavour approaches the International Space Station with astronauts on board, April 24, 2021. NASA Private companies have also developed the vehicles that carry cargo to the ISS for NASA. As it does with all of these spaceships, NASA hopes to be one of many customers paying for space on future space stations. That's partially why its contracts won't fully fund their development."Going forward, we do not anticipate paying for the entire commercial destinations. We don't think that's appropriate, as the companies are going to own the intellectual property and they're going to be able to sell that capability to non-NASA customers," McAlister told CNBC.There are already new space stations in the making. China launched the first piece of its own space station earlier this year, and just completed its first three-month astronaut mission there last week. NASA, meanwhile, has already awarded Axiom Space $140 million to fly modules up to the ISS that will eventually detach from it to become their own space station. Axiom aims to launch its first module in 2024.Read the original article on Business Insider.....»»

Category: worldSource: nytSep 21st, 2021

Oneok CEO Terry Spencer to retire on September 30, 2021

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallMay 25th, 2021

Amazon to retire Prime Now app, website by end of 2021

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallMay 21st, 2021

Boeing CFO Greg Smith to retire in July 2021

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallApr 20th, 2021

Adobe CFO Murphy to retire in 2021

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallMar 23rd, 2021

Earnings Results: Adobe earnings, sales top estimates

The Silicon Valley company also offered second-quarter and full-year guidance that exceeded analyst estimates, and said Chief Financial Officer John Murphy intends to retire in 2021......»»

Category: topSource: marketwatchMar 23rd, 2021

Lenovo COO Lanci to retire

Gianfranco Lanci, COO and president for Lenovo, will retire from the PC vendor in September 2021. The company also disclosed organization and personnel changes that will become effective on April 1......»»

Category: topSource: digitimesFeb 5th, 2021

HanesBrands CEO Gerald Evans to retire in January 2021

HanesBrands Inc. announced Wednesday that Chief Executive Gerald Evans inte.....»»

Category: topSource: marketwatchMar 11th, 2020

Commerce Bank of Arizona CEO to retire, Phoenix market leader promoted

John Lewis, president and CEO of Commerce Bank of Arizona, will retire effective April 21, 2021, and will serve as the Tucson market president until his retirement. "It has been my privilege to serve as CEO of CBAZ," Lewis said in a statement. "I'm.....»»

Category: topSource: bizjournalsFeb 25th, 2020

GM to retire iconic Australian Holden brand

As General Motors restructures its global business, the Australian iconic Holden brand is to be retired by 2021. Libby Hogan reports......»»

Category: videoSource: reutersFeb 17th, 2020

General Motors to wind down Australia, NZ operations, sell Thai plant to Great Wall

General Motors Co is retreating from more markets outside of the United States and China, saying on Sunday that it will wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021......»»

Category: topSource: reutersFeb 17th, 2020

General Motors to wind down Australia, New Zealand operations, sell Thailand plant

General Motors Co is retreating from more markets outside of the United States and China, saying on Sunday that it will wind down sales, design and engineering operations in Australia and New Zealand and retire the Holden brand by 2021......»»

Category: topSource: reutersFeb 16th, 2020

Allete appoints Bethany Owen as CEO, Alan Hodnik to retire in May 2021

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Category: blogSource: theflyonthewallFeb 3rd, 2020

Bronx BP Díaz Jr. drops out of mayoral race—and politics, he says

Bronx borough president has called off his run for mayor and will retire from elected office at the end of his term in 2021, he told supporters Monday. Díaz said he decided to make his decision... To view the full story, click the title link......»»

Category: blogSource: crainsnewyorkJan 30th, 2020

Eaton Vance is looking for its next CFO

Eaton Vance Corp. Chief Financial Officer Laurie Hylton has told the asset manager that she plans to retire in early 2021, with the Boston-based firm saying it will kick off a search for her replacement in the first half of next year.  The company.....»»

Category: topSource: bizjournalsNov 18th, 2019

Fed Reverse Repo Soars To Record $1.35 Trillion After Fed Doubles Counteparty Limit

Fed Reverse Repo Soars To Record $1.35 Trillion After Fed Doubles Counteparty Limit Early this morning, one day after the Fed doubled the counterparty limit for reverse repo usage from $80 billion to $160 billion, Wrightson ICAP predicted that usage on the Fed's overnight Reverse Repo facility would surge. According to the interdealer broker, GSEs have been the only RRP countrparties constrained by the previous $80 billion limit, adding that the the low level of overnight GC repo rates which have frequently dipped below IOER in recent days (orange line below), reflects the fact that “some of the float associated with this month’s UMBS principal and interest payments had to be invested in the repo market As ICAP economist Lou Crandall wrote, “much, perhaps, all of that cash is likely to be moved to the Fed today,” adding that he was looking for volume to rise to the $1.325 trillion to $1.35 trillion range. In retrospect, he was on the low side, because at 1:15pm ET the Fed revealed that courtesy of the counterparty ceiling cap doubling, the total usage on the Fed facility soared by $69.2 billion to a new record high of $1.352 trillion, the highest on record. However, while today's spike is unlikely to see a substantial decline especially since the Fed will continue injecting inert liquidity via QE until at least such time as the taper ends some time in 2022 (assuming it ends), Crandall also noted that today's surge will be short-lived as GSE cash will have to be moved to its non-interest-bearing deposits on Friday in order to be available to meet UMBS payment obligations Monday morning. In terms of future fund flow dynamics, there are several cross-currents: the monthly influx of cash from GSEs adds to the glut related to the Fed’s ongoing asset purchases and Treasury’s drawdown of its cash balance. At the same time, the Treasury continues paying down its bill supply as it attempts to stay under the debt ceiling. And with the TGA account nearly depleted as a result of the debt ceiling fiasco and likely to be replenished dramatically in Q4 once the debt ceiling drama is over, the reverse repo usage will drop sharply in Q4 as the Treasury floods the market with a record amount of bills as it seeks to replenish its cash supply, as counterparties convert reserves to Bills. Tyler Durden Thu, 09/23/2021 - 14:05.....»»

Category: worldSource: nyt17 min. ago