Anna's Daybreak News

_{Just facts, you think for yourself}

Wednesday, 5:29 AM

October 9, 2024

Good morning news friend! Stay updated with the latest developments, tracking the fast-paced changes in today's events. 📰🌟

Post Hurricane Insurance Crisis

Following Hurricane Helene, home insurers demand a 42% average rate increase statewide in North Carolina.

The North Carolina Rate Bureau, representing insurers, proposed rate hikes of up to 99% in coastal areas and 20.5% in heavily impacted counties like Buncombe.

In urban areas such as Charlotte and Raleigh, increases hover around 40%. The Rate Bureau argues that rising inflation and increasingly severe storms necessitate these hikes.

The final decision will be made within 45 days. Hurricane Helene caused an estimated $35 billion in economic losses across several states.

Source: Read More

Federal Budget Deficit Reaches $1.8 Trillion

The US federal budget deficit climbed to $1.8 trillion in the 2024 fiscal year. The highest deficit in three years. In 2023, the deficit was $1.7 trillion. The national debt is nearing $36 trillion.

In September, the US managed a $63 billion surplus, but this was not enough to offset long-term trends.

Vice President Kamala Harris and former President Donald Trump propose plans that could add trillions to this deficit.

For example, Harris's plans may cost up to $8 trillion. In contrast, Trump’s initiatives could reach $15 trillion. All depending on cuts to waste and economic boosts.

Source: Read More

Banking Earnings Blues

US banks see declining profits as interest income shrinks. JPMorgan and Wells Fargo expect nearly 8% and 14% drops in earnings per share (EPS), respectively. 

Analysts predict that loan demand remains weak. High loan loss provisions add to the burden.

Goldman Sachs anticipates a 35% jump in EPS, driven by improved investment banking, while trading may fall 10%.

Morgan Stanley expects a 14% increase in EPS due to rising activity in equity markets. Citigroup and Wells Fargo predict nearly 20% and 14% drops in EPS, respectively, amid regulatory scrutiny. 

Source: Read More

Roblox Gets Hindenburged

Hindenburg Research, a prominent short seller, accused Roblox of inflating user engagement metrics and failing to protect young gamers.

The firm claims Roblox manipulates data related to daily active users and time spent on the platform.

Also, Hindenburg described Roblox as allowing disturbing content, including requests related to child exploitation including inappropriate games.

Roblox countered these allegations, deeming them misleading. The company insists it prioritizes safety and maintains accurate financial reporting. Shares of Roblox fell 4%.

Source: Read More

The Antitrust Show: Google et al.

After 40 years without breaking up a company, the Justice Department challenges Google’s monopoly. 

A federal judge already found Google guilty of maintaining its dominance by paying billions to become the default search engine on web browsers and devices.

The Justice Department is also targeting Live Nation, seeking to separate Ticketmaster from its parent company. Additionally, the FTC's lawsuit against Meta Platforms aims to force the sale of Instagram and WhatsApp.

The Justice Department has until November 20 to propose its remedies for Google.

 Source: Read More

“For life to be really fun, what you fear should line up with what you desire”

Baked with love,

Anna Eisenberg ❤️