Anna's Daybreak News

Thursday, 5:23 AM

September 12, 2024

Good morning news friend! Keep up with the latest updates, staying informed as the world continues to shift and evolve. 📰🌟

Inflation Hits a 3-Year Low

In August, US consumer inflation fell to 2.5%, the lowest level in three years. A decline from July's 2.9%.

Month-over-month, prices increased by just 0.2%. Core inflation, which excludes food and energy, rose by 0.3% to 3.2% compared to the previous year.

Gas prices decreased by 10.6% from last year and 0.6% from July. Used car prices also fell by 10.4% over the past year. Grocery costs rose 0.9% over the last twelve months.

Wage growth is slowing, averaging 3.5% annually. The Federal Reserve plans to cut interest rates by 25 bps next week.

Source: Read More

Bostic's Trading Violations Raise Ethical Concerns

The Fed's Office of Inspector General (IG) found that Bostic (Federal Reserve Bank of Atlanta President) allowed trades during prohibited blackout periods.

From March 2018 to March 2023, 154 trades occurred without his approval. Bostic failed to review monthly statements and did not ensure compliance with the Fed's ethics rules.

Additionally, he inaccurately filed disclosure forms and exceeded limits on Treasury securities.

Although the IG found no proof of insider trading, Bostic's actions created the appearance of a conflict of interest. 

 Source: Read More

China's Crackdown on Investment Bankers 

Chinese authorities detained three senior bankers since August. These actions fall under a broader “corruption sweep” against investment bankers. 

China employs around 8,700 investment bankers, who are facing increased scrutiny. State-owned brokers are taking travel documents from their employees.

Regulators are focusing on initial public offerings (IPOs) and capital raising activities more closely.

This aligns with President Xi Jinping’s “common prosperity” campaign that forced dealmakers to accept pay cuts.

Source: Read More

Maldives About to Default?

The Maldives is on the verge of becoming the first country to default on sukuk debt, a type of Islamic bond.

A $500 million sukuk bond, due in 2026, has fallen to 70 cents on the dollar. The country’s foreign reserves are below $50 million, making the $25 million October payment uncertain.

Fitch Ratings downgraded the Maldives’ debt. The sukuk is backed by assets like the country's largest hospital.

Gulf countries may step in to maintain sukuk’s reputation, as they have in the past. Total debt service could exceed $1 billion by 2026.

Source: Read More

“A verbal threat is the most authentic certificate of impotence”

Baked with love,

Anna Eisenberg ❤️