Anna's Daybreak News

_{Just facts, you think for yourself}

Wednesday, 5:39 AM

October 16, 2024

Good morning news friend! Stay updated with the latest developments, following the rapidly shifting events around you. 📰🌟

Delinquency Risk on the Horizon

A NY Fed report revealed that the average expected delinquency rate climbed to 14.2% in September, up from 13.6% in August. This is the highest since April 2020.

This concern particularly affects those aged 40 to 60 and those earning over $100,000 annually.

Over 10% of credit card accounts are over 90 days delinquent, the highest level since 2012. Additionally, almost 5% of auto loan borrowers are behind on their payments.

Despite these worries, retailers expect holiday sales to grow by 2.5% to 3.5% this year.

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Solar Storms Ahead

The sun is at the peak of its 11-year cycle. Solar activity will be high and auroras will appear more frequently. Experts predict this active period will last for at least another year. 

Recent solar storms have pushed the auroras farther south, reaching states like Idaho. NASA predicts more colorful light displays are likely in the coming months.

The recent storms produced vibrant shades of pink, purple, green, and blue across the skies.  

These solar storms may disrupt power and communication systems. Last May, NOAA issued a warning for the strongest storm in over twenty years.

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Walgreens to Close 1,200 Stores

Walgreens plans to close 1,200 stores over the next three years to cut costs. This includes 500 closures in the current fiscal year, ending September 2025. 

Tim Wentworth, CEO, mentioned that there are over 8,000 Walgreens locations in the US. Of those, about 6,000 are profitable. 

The company suffered an operating loss of nearly $1 billion in the last quarter, which is double last year's loss.

Walgreens intends to redeploy most workers affected by the closures.

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The Risks of Payment Apps

The Consumer Finance Protection Bureau (CFPB) emphasized that funds in apps like Venmo or Cash App are not protected by the same FDIC insurance as banks.

In 2022, users conducted transactions worth an estimated $893 billion through these apps. By 2027, that number could reach $1.6 trillion.

However, more than 75% of U.S. adults have used these payment apps, with 85% of users aged 18 to 29 doing so.

Experts suggest transferring money to high-yield savings accounts instead.

Source: Read More

Lufthansa Fined for Discriminating Against Jewish Passengers

Lufthansa faces a $4 million fine from US regulators for discriminating against over 120 Jewish passengers.

The incident occurred in May 2022 when 128 travelers heading from New York City to Budapest were barred from a connecting flight in Frankfurt.

According to the U.S. Transportation Department, these passengers, many dressed in traditional Orthodox attire, were left at the gate while others boarded.

The airline cited "inaccurate communications" as the reason for the denial, insisting that no discrimination took place.

Source: Read More

“To understand how something works, figure out how to break it.”

Baked with love,

Anna Eisenberg ❤️