Get Latest Business News from All Over the World 24/7 throughout the Year: July 2018

Tuesday, 31 July 2018

What millennial homes will look like in the future

Pioneering projects in Denmark point the way for new styles of co-living — but at a price

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Abraaj woes puts spotlight on Gulf corporate governance

Many experts have for years warned about weak standards of governance in the region

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Staff accuse Legal & General arm of compliance failures

Whistleblower complaints of ‘crisis level’ culture at UK asset manager sent to FCA

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StanChart expects minimal impact from trade war

Chief of EM bank says it could benefit from higher Chinese trade with other regions

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Barnier eases opposition to May’s Brexit plan for City

UK concedes Brussels’ ultimate control over financial services access to Europe

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Chinese investors take route one out of European football

Costly flirtation with the sport highlights role of politics in overseas investment

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Samsung upbeat despite Q2 profit drop

South Korean electronics group hurt by lacklustre smartphone sales

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Tuesday: Personal Income and Outlays, Case-Shiller House Prices

From Matthew Graham at Mortgage News Daily: Mortgage Rates Edge to 2-Month Highs

Mortgage rates edged higher today, keeping alive a trend toward higher rates that began just over a week ago. While the overall amount of ground covered as a part of this move isn't necessarily alarming, it's significant because it brings us back to the highest levels since the end of May. [30YR FIXED - 4.625% - 4.75%]
emphasis added

Tuesday:
• At 8:30 AM ET, Personal Income and Outlays for June. The consensus is for a 0.4% increase in personal income, and for a 0.4% increase in personal spending. And for the Core PCE price index to increase 0.2%.

• At 9:00 AM, S&P/Case-Shiller House Price Index for May. The consensus is for a 6.6% year-over-year increase in the Comp 20 index for May.

• At 9:45 AM, Chicago Purchasing Managers Index for July. The consensus is for a reading of 62.0, down from 64.1 in June.

from Calculated Risk https://ift.tt/2LQtrEL

Q2 2018 GDP Details on Residential and Commercial Real Estate

The BEA has released the underlying details for the Q2 advance GDP report.

The BEA reported that investment in non-residential structures increased at a 13.3% annual pace in Q2. Investment in petroleum and natural gas exploration increased substantially recently, from a $63 billion annual rate in Q4 2016 to a $140 billion annual rate in Q2 2018 - but is still down from a recent peak of $192 billion in Q4 2014.

Without the increase in petroleum and natural gas exploration, non-residential investment would only be up about 3% year-over-year.

Click on graph for larger image.

The first graph shows investment in offices, malls and lodging as a percent of GDP.

Investment in offices increased in Q2, and is up 8% year-over-year.

Investment in multimerchandise shopping structures (malls) peaked in 2007 and was down about 2% year-over-year in Q2. The vacancy rate for malls is still very high, so investment will probably stay low for some time.

Lodging investment increased in Q2, and lodging investment is up 11% year-over-year.

The second graph is for Residential investment components as a percent of GDP. According to the Bureau of Economic Analysis, RI includes new single family structures, multifamily structures, home improvement, Brokers’ commissions and other ownership transfer costs, and a few minor categories (dormitories, manufactured homes).

Home improvement was the top category for five consecutive years following the housing bust ... but now investment in single family structures has been back on top for the last four years and will probably stay there for a long time.

However - even though investment in single family structures has increased from the bottom - single family investment is still very low, and still below the bottom for previous recessions as a percent of GDP. I expect further increases over the next few years.

Investment in single family structures was $289 billion (SAAR) (about 1.4% of GDP), and was up in Q2 compared to Q1.

Investment in multi-family structures increased in Q2.

Investment in home improvement was at a $256 billion Seasonally Adjusted Annual Rate (SAAR) in Q2 (about 1.25% of GDP). Home improvement spending has been solid.

from Calculated Risk https://ift.tt/2AoEz7r

Oil Rigs: " A local peak in rig counts"

A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 27, 2018:

• A clear local peak in oil rig counts

• Total oil rigs rose, +3 to 861

• Horizontal oil rigs were flat at 762
...
• Horizontal oil rigs are showing a clear local peak, similar to last July. By the time the count bottomed in November, horizontal oil rigs had fallen by 32. The difference is that oil prices were $20 / barrel lower then.

• Our model sees falling horizontal oil rig counts through Labor Day.

Click on graph for larger image.

CR note: This graph shows the US horizontal rig count by basin.

Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.

from Calculated Risk https://ift.tt/2OqEdjk

Dallas Fed: "Robust Expansion in Texas Manufacturing Continues; Uncertainty Picks Up"

From the Dallas Fed: Robust Expansion in Texas Manufacturing Continues; Uncertainty Picks Up

The robust expansion in Texas factory activity continued in July, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose six points to 29.4, signaling an acceleration in output growth.

Other indexes of manufacturing activity also indicated continued solid expansion in July. The survey’s demand measures—the new orders and growth rate of orders indexes—moved down but remained well above average at 23.3 and 17.0, respectively. The shipments index climbed five points to 30.8, and the capacity utilization index edged up to 25.0.

Perceptions of broader business conditions were a bit less positive this month versus June, and uncertainty increased. The general business activity index slipped four points to 32.3. The company outlook index dropped 13 points to 20.4, which is the second-lowest reading this year but still elevated relative to the average. A new question introduced to the survey in January 2018 asks, “How has uncertainty regarding your company’s outlook changed in the current month vs. prior month?” In July, a quarter of firms said uncertainty increased, while only 8 percent said it decreased—bringing the outlook uncertainty index* to 17.0, well above its June reading and the highest level to date.

Labor market measures suggested a pickup in net hiring and longer work hours in July. The employment index pushed up five points to 28.9, a 13-year high. Thirty-six percent of firms noted net hiring, compared with 7 percent noting net layoffs. The hours worked index ticked up to 22.2.

Price and wage pressures remained highly elevated this month. While still well above average, the raw materials prices index moved down five points to 48.6, and the finished goods prices index ticked down to 22.9. Compensation costs continued to rise at a faster clip than normal, with the wages and benefits index holding fairly steady at 32.4.
emphasis added

This was the last of the regional Fed surveys for July.

Here is a graph comparing the regional Fed surveys and the ISM manufacturing index:

Click on graph for larger image.

The New York and Philly Fed surveys are averaged together (yellow, through July), and five Fed surveys are averaged (blue, through July) including New York, Philly, Richmond, Dallas and Kansas City. The Institute for Supply Management (ISM) PMI (red) is through June (right axis).

Based on these regional surveys, it is possible the ISM manufacturing index will be close to 60 in July (to be released on Wednesday, August 1st). The consensus is for the ISM to be at 59.4, down from 60.2 in June.

from Calculated Risk https://ift.tt/2AoBkNf

NAR: Pending Home Sales Index Increased 0.9% in June

From the NAR: Pending Home Sales Reverse Course, Rise 0.9 Percent in June

Pending home sales increased in all four major regions in June, but overall activity lagged year ago levels for the sixth straight month, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 0.9 percent to 106.9 in June from 105.9 in May. Despite last month’s increase, contract signings are still down 2.5 percent on an annual basis.
...
The PHSI in the Northeast increased 1.4 percent to 93.7 in June, but is still 4.1 percent below a year ago. In the Midwest the index rose 0.5 percent to 101.9 in June, but is still 2.1 percent lower than June 2017.

Pending home sales in the South climbed 1.1 percent to an index of 124.2 in June, but are 0.3 percent below a year ago. The index in the West inched forward 0.7 percent in June to 95.4, but is 5.6 percent below a year ago.
emphasis added

This was close to expectations of a 0.8% increase for this index. Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in July and August.

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Fired Haitian Dishwashers Receive $2.5 Million From Posh Miami Hotel

Federal officials alleged that workers who lost their jobs at the SLS South Beach were victims of racial discrimination.

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The Drive For Workplace Diversity Demands Long-Term Commitment

By Tom Mihaljevic, president and CEO of Cleveland Clinic Most corporate vision statements include the word commitment. But

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Twitter's Lock On Users With Elon Musk's Name Means A Nazi Ban Is Possible

The social media platform has been locking accounts with “Elon Musk” in their display names but allows hate speech to run rampant.

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Trump schedules his meetings around 'Fox and Friends' segments, according to former White House official

Donald Trump NATO Yves Herman/ Reuters

President Donald Trump sometimes schedules meetings according to what he sees on his favorite cable programs like "Fox and Friends," according to a former White House official.
"If he's seen something on TV or [was] talking to [Sean] Hannity the night before, he's got lots of flexibility to do whatever he wants to do," the former official said in a Politico report.
Trump's battle against the news media is evidenced by his public criticism against networks he believes have covered him unfairly. In turn, he has shown deference toward outlets that cover him favorably.

President Donald Trump's propensity to tune into Fox News has been noted in multiple news reports, but according to one former White House official, he also schedules his meetings related to what he sees on cable programs like "Fox and Friends."

"He comes down for the day, and whatever he saw on 'Fox and Friends,' he schedules meetings based on that," the former White House officials said in a Politico report published on Monday. "If it's Iran, it's 'Get John Bolton down here!'"

See the rest of the story at Business Insider

NOW WATCH: North Korean defector: Kim Jong Un 'is a terrorist'

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Lebron James has some thoughts about Trump's attempts to 'divide' people through sports

Lebron James Jason Miller/Getty Images

LeBron James says he believes President Donald Trump tries to use sports to "divide" people and said "I would never sit across from him," if asked.
James sat with CNN's Don Lemon for an interview that aired Monday night, during which he talked about his philanthropy, social issues, and politics — including the racial climate in the US under Trump.
Asked what he would say to Trump if he had an audience with the president, James said "I would never sit across from him."

LeBron James has some thoughts about the racial climate in the US under President Donald Trump. The NBA all-star and four-time MVP gave a wide-ranging interview to CNN's Don Lemon that aired Monday night, during which he talked about Trump's rhetoric toward professional athletes of color.

"What I've noticed over the last few months, he's kinda used sports to divide us, and that's something I can't relate to," James said, referring to Trump's tendency to lash out at athletes who communicate their views on politics through word and action.

See the rest of the story at Business Insider

NOW WATCH: Here's why the US Men's team sucks at soccer

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15 actors you never knew turned down roles in 'Harry Potter'

harry potter surprised Warner Brothers

"Harry Potter" is one of the most influential film franchises, but not everyone wanted to be a part of it.
Actors have refused roles in everything from "Harry Potter and the Sorcerer’s Stone" to the latest "Fantastic Beasts and Where to Find Them."
From Kate Winslet to Tilda Swinton, here are actors you never knew turned down roles in "Harry Potter."

Harry Potter" has become one of the most influential film franchises ever produced for more reasons than one. The movies successfully captured J.K. Rowling’s beloved series of novels on screen and provided an essential part of the childhoods of many in the process.

However, in addition to all of this, the movie franchise also made the careers of many British stars. Children and adult actors alike were showered with public attention due to their roles in these films and raised to A-list status.

Not everyone who was offered a role in the "Harry Potter" universe wanted to be a part of the esteemed franchise, though. Given how popular and loved the "Harry Potter" movies are, a surprising amount of actors turned down opportunities to be a member of Rowling’s world.

This list covers actors who were offered roles in the movie of the "Harry Potter" universe, from "Harry Potter and the Sorcerer’s Stone" to the latest "Fantastic Beasts and Where to Find Them." From A-list stars to lesser-known actors, chances are these performers who refused their roles might now be regretting their choice to pass on being part of one of the most cherished movie franchises ever.

Imagine what could have been with this list of actors who nearly became members of the wizarding world.

Here are the 15 actors you never knew turned down roles in "Harry Potter."

15. Naomi Watts

Jason Merritt/Getty Images

The character Narcissa Malfoy, wife to Lucius Malfoy and mother to Draco, is a complex one. Chilling, reserved, yet still emotional, the role of Narcissa called for a talented actress.

Filmmakers for the final installments of the "Harry Potter" franchise recognized this fact, and started browsing through the best of the best English actresses to fill the part. Naturally, Naomi Watts quickly came up as one route the producers could take with the character.

However, Watts never caught wind of the offer. Instead, her agent rejected the role on the actress’ behalf. The role of Narcissa ended up going to Helen McRory, who brought her own entertaining flair to the character.

Still, seeing Watts’ own interpretation of Draco’s mother would’ve been an interesting addition to the films.

14. Christopher Lee

Pier Marco Tacca/Getty Images

Christopher Lee’s filmography is chock full of impressive roles. Besides his roles in films such as "The Curse of Frankenstein" and "The Hound of the Baskervilles," Lee also had major roles in some of the largest franchises ever made.

Some of his most popular roles were Saruman in Peter Jackson’s "Lord of the Rings" films and Count Dooku in George Lucas’ "Star Wars" prequels. At one point, "Harry Potter" was almost added to this long list of memorable films.

Following Richard Harris’ death after "The Chamber of Secrets," producers began to scramble to fill the role of Dumbledore for the franchise’s next installment. Christopher Lee’s name quickly rose to the top of the list of possibilities.

However, Lee refused to even consider the part, claiming that the gossip surrounding the part after Harris’ death was distasteful. The drama surrounding Dumbledore’s casting would put him off from ever acting in the franchise.

13. Tilda Swinton

Jordan Strauss/Invision/AP

With her bold and unusual style, exceptional screen presence, and impressive acting skills, Tilda Swinton seems like the perfect choice for casting a "Harry Potter" role. Unfortunately, the actress didn’t feel the same way.

When Swinton was approached to play the quirky Divination professor Sybill Trelawney, she passed on the role due to a busy schedule. After some time, however, the truth came out in an interview with a Scottish magazine.

In the interview, Swinton revealed her resentment towards boarding schools and the isolation that they force on children, going on to say that she “[disliked] films like "Harry Potter" which tend to romanticize such places. I think they are a very cruel setting in which to grow up and I don’t feel children benefit from that type of education.”

One thing’s for certain: Swinton’s reasons for passing on "Harry Potter" are certainly one of the most unique.

See the rest of the story at Business Insider

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North Korea's missile program reportedly continues after Trump and Kim Jong Un's pledge to promote 'peace and prosperity'

trump kim summit Evan Vucci/AP

North Korea is reportedly continuing to build missiles at a research facility despite its leader's pledge to work toward "peace and prosperity" on the Korean Peninsula, The Washington Post reported on Monday night.
US intelligence officials familiar Pyongyang's operations say that new evidence, including recent satellite photos, suggest the regime is producing at least one liquid-fueled ICBM at a research facility.
The factory reportedly produced two ICBMs, including the Hwasong-15 — a missile capable of reaching the US East Coast.

North Korea's missile program continues at a research facility outside the country's capital of Pyongyang, despite a pledge towards "peace and prosperity" made by North Korean leader Kim Jong Un and President Donald Trump in June, The Washington Post reported on Monday night.

US intelligence officials familiar with Pyongyang's operations say that new evidence, including recent satellite photos, suggests that the regime is producing at least one liquid-fueled ICBM at the Sanumdong research facility, near Pyongyang.

See the rest of the story at Business Insider

NOW WATCH: North Korean defector: Kim Jong Un 'is a terrorist'

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LeBron James' new public school for at-risk kids — what he's called the 'most important' project of his career — could set a new standard for athletes

lebron james Maddie Meyer/Getty

LeBron James' new public school in Akron, Ohio, I Promise School, opens on Monday.
The school was created for children at risk of falling behind and offers an infrastructure to improve education and home support.
James called the project "the most important" thing he's done as a professional, and it could lead a way for other athletes to follow his example.

On Monday, LeBron James is set to unveil what he's called "the most important" project of his professional career: a school.

The LeBron James Family Foundation I Promise School is based in Akron, Ohio, James' hometown, and will house 240 students — 120 third-graders and 120 fourth-graders. It was built in partnership with Akron Public Schools and is for children at risk of falling behind.

See the rest of the story at Business Insider

NOW WATCH: What it takes to be a World Cup referee

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UK foreign secretary accidentally referred to his Chinese wife as Japanese on his first trip to China

jeremy hunt Jonathan Brady - WPA Pool/Getty Images

British Foreign Secretary Jeremy Hunt made an awkward faux pas during his first trip to China when he accidentally referred to his wife Lucia Guo, who is Chinese, as Japanese.
During his first official visit to China since taking over from Boris Johnson, he told a room full of officials that his wife was Japanese, before quickly acknowledging the mistake.
Hunt is currently in China seeking stronger ties between Britain and China ahead of Britain's impending exit from the EU next year.

British Foreign Secretary Jeremy Hunt made an awkward faux pas during his first trip to China when he accidentally referred to his wife Lucia Guo, who is Chinese, as Japanese.

During his first official visit to China since taking over after Boris Johnson resigned from government earlier this month, Hunt sought to earn the favor of his Chinese counterparts by talking about his Chinese-born wife.

See the rest of the story at Business Insider

NOW WATCH: North Korean defector: Kim Jong Un 'is a terrorist'

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Get Latest Business News from All Over the World 24/7 throughout the Year

Tuesday, 31 July 2018

What millennial homes will look like in the future

Abraaj woes puts spotlight on Gulf corporate governance

Staff accuse Legal & General arm of compliance failures

StanChart expects minimal impact from trade war

Barnier eases opposition to May’s Brexit plan for City

Chinese investors take route one out of European football

Samsung upbeat despite Q2 profit drop

Tuesday: Personal Income and Outlays, Case-Shiller House Prices

Q2 2018 GDP Details on Residential and Commercial Real Estate

Oil Rigs: " A local peak in rig counts"

Dallas Fed: "Robust Expansion in Texas Manufacturing Continues; Uncertainty Picks Up"

NAR: Pending Home Sales Index Increased 0.9% in June

Fired Haitian Dishwashers Receive $2.5 Million From Posh Miami Hotel

The Drive For Workplace Diversity Demands Long-Term Commitment

Twitter's Lock On Users With Elon Musk's Name Means A Nazi Ban Is Possible

Trump schedules his meetings around 'Fox and Friends' segments, according to former White House official

Lebron James has some thoughts about Trump's attempts to 'divide' people through sports

15 actors you never knew turned down roles in 'Harry Potter'

15. Naomi Watts

14. Christopher Lee

13. Tilda Swinton

North Korea's missile program reportedly continues after Trump and Kim Jong Un's pledge to promote 'peace and prosperity'

LeBron James' new public school for at-risk kids — what he's called the 'most important' project of his career — could set a new standard for athletes

UK foreign secretary accidentally referred to his Chinese wife as Japanese on his first trip to China

A risky corner of the ETF market has boomed this year as YOLO traders chase the rally

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