Anna's Daybreak News

_{Just facts, you think for yourself}

Wednesday, 5:19 AM

December 25, 2024

Good morning and Merry Christmas news friend! Stay informed as the stories that shape our world continue to unfold. 📰🌟

Homeownership Crisis

Homeowners are facing a financial squeeze as insurance and property tax costs soar. Home insurers raised rates due to losses from natural disasters, leading to increased monthly expenses.

In September, 32% of the average mortgage payment went to property taxes and home insurance, the highest since 2014. New Orleans and Miami see over 25% of borrowers spending more than 50% of their monthly payments on these costs.

Nationwide, this affects 9% of single-family mortgages, up from 4% in 2014. In Miami, 21.2% of owners went uninsured in 2023.

Increased home-insurance costs led to 149,000 more delinquencies from mid-2022 to mid-2023. For some homeowners, taxes and insurance exceed their mortgage's principal and interest.

Source: Read More

Starbucks Workers Strike

Baristas at more than 300 Starbucks stores began a strike on Friday, spreading to Los Angeles, Seattle, and Chicago.

Starting with 10 to 15 stores, over 5,000 workers joined in, impacting operations across 45 states. The union, Workers United, protested against over 150 unfair labor practices, including retaliatory firings and insufficient wage increases.

By Tuesday, the union, representing employees at 525 stores, reported 290 stores fully shut down. Starbucks, which operates over 10,000 locations in the US, claimed 98% remained open, with about 170 stores closed.

Starbucks' last wage proposal offered a 1.5% increase annually, which workers rejected. A Starbucks store generates $4,000 to $8,000 daily, with sales peaking in December.

Source: Read More

Junk Loan Defaults Soar

US companies are defaulting on leveraged loans at the highest rate since 2020. Moody’s reports a 7.2% default rate in the 12 months to October. Defaults in the loan market are rising faster than in the high-yield bond market.

These loans, with floating interest rates, became popular during the pandemic when borrowing costs were low. Now, as rates rise, companies are struggling to pay.

Over half of this year’s defaults involved distressed loan exchanges. In these deals, loan terms are extended to avoid bankruptcy. Analysts worry this trend will continue into 2025.

The leveraged loan market grew rapidly in the last decade, often lending to companies with few assets. Healthcare and software sectors are particularly affected.

Source: Read More

American Airlines Glitch

On Christmas Eve, American Airlines experienced a brief groundstop due to a technical glitch from vendor DXC Technology. The issue lasted about one hour, affecting all flights in the US.

American Airlines had 3,901 flights scheduled that day, with only 19 cancellations reported by early afternoon. However, only 37% of flights departed on time, below the typical 80% target.

The glitch impacted the airline’s ability to calculate weight and balance data critical for dispatching flights. Most delays were under two hours.

The FAA noted approximately 30,000 flights were planned for the day across all carriers, while the TSA expected to screen 40 million passengers during the holiday season.

Source: Read More

FDA Targets Decongestants

The FDA is phasing out phenylephrine, a widely used decongestant in over-the-counter medicines. Phenylephrine is common in products like Sudafed and Dayquil.

This follows a conclusion that phenylephrine does not relieve nasal congestion. A federal advisory panel found that oral phenylephrine is no more effective than a placebo.

The decision affects about $1.8 billion in annual sales of these oral medications. Studies dating back to the 1960s showed flaws in earlier research supporting phenylephrine's efficacy.

The FDA's proposed rule could take up to 18 months to finalize. Consumers may need to switch to pseudoephedrine or nasal sprays like saline or corticosteroids. Experts also warn that higher doses of phenylephrine can elevate blood pressure.

Source: Read More

Hope for Psychosis Patients

California OnTrack is a center for patients with psychosis. It focuses on coordinated specialty care. The method promotes independence by addressing hallucinations without eliminating them entirely.

19 out of 29 patients returned to work or school after completing treatment. For those with first-time psychosis, early intervention can reduce long-term disabilities.

California OnTrack’s treatment costs around $1,000 a month, compared to $15,000 to $60,000 for inpatient care.

More than 100,000 Americans are diagnosed with psychosis each year. Psychiatric emergencies have risen; men aged 18-44 saw a 16% increase in emergency visits since 2018.

Source: Read More

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“For company, people often prefer those who find them interesting over those who they find interesting.”

Baked with love,

Anna Eisenberg ❤️