Through most of the pandemic, Kent International Inc. couldn’t import enough Chinese-made bicycles to supply Walmart Inc. and its other big U.S. retail customers. But in recent months, the New Jersey-based wholesaler and manufacturer built a nice buffer—about a 10-week supply at its three warehouses in California, South Carolina, and New Jersey, compared to the…
US Companies Load Up on Costly Inventories as New Supply Snarls Loom in China
US Banks Build Reserves on Inflation Risk, Russia; Trading a Bright Spot
WASHINGTON—Some big U.S. banks have again started stockpiling cash to cushion potential loan losses due to growing worries over the war in Ukraine and the impact of inflation on the U.S. economy, although trading continues to be bright spot for Wall Street. JPMorgan Chase & Co., Goldman Sachs Group Inc., and Citigroup Inc. combined put…
China Keeps Medium-Term Policy Rate Unchanged
SHANGHAI—China’s central bank kept borrowing costs of its medium-term policy loan unchanged for the third straight month as expected on Friday. The People’s Bank of China (PBOC) said it was keeping the rate on 150 billion yuan ($23.52 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions unchanged at 2.85 percent…
Mortgage Refinance Applications Dip 62 Percent as Rates Rise at Faster-Than-Expected Pace
Mortgage refinance demand dropped for the week ending April 8 according to the Mortgage Bankers Association (MBA), while it also expects refinance originations to drop by double digits in 2022. MBA’s Refinance Index slipped 62 percent for the week when compared to the same week a year back. The index was lower by 5 percent…
Senator Warns of ‘Digital-Only’ Fintech Companies Posing as Banks, People’s Money ‘At Risk’
Fintech companies that offer online banking services can be dangerous and cause users to lose their money, Sen. Sherrod Brown (D-Ohio), chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, warned in an interview with Business Insider. Users should be wary about fraud, privacy breaches, and hidden fees while using fintech services,…
The Failure of Central Banking: Quantitative Tightening
Commentary For every action, there is an equal and opposite reaction. – Newton’s third law of motion When central banks enacted their asset purchase (QE) programs and started to create the most preposterous asset market bubble in history, it was obvious that there will be a point, when they need to start selling assets from their…
We Still Haven’t Reached the Inflation Finale
Commentary Inflations have an inbuilt mechanism that works to burn them out. Government (including the central bank) can thwart the mechanism if they resort to further monetary injections of sufficient power. Hence inflations can run for a long time and in virulent form. This occurs where the money issuers see a net benefit from making…
China’s Lockdown of Nearly 400 Million Set to Strike a Blow to Economy
April 16, 2022
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Business & EconomyBusinesses in COVID-19CCP VirusChinaChina Business & EconomychipGDPglobal supply chainSpecial Topicszero-COVID
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Factories have suspended production. Truckers are stuck on highways. Containers are piling up at ports. Shipping vessels have been waiting to unload. China’s economy is set to pay a price as the communist regime’s determination to stamp out the COVID-19 outbreak through harsh lockdowns have brought its manufacturing and commercial hubs, like Shanghai, to a…
McKinsey Accused of ‘Serious’ Conflict of Interest in Opioid Consulting
April 16, 2022
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Business & EconomyCompaniesconflict of interestHealth & SafetyLifestyleMcKinseyopioidPoliticsUSUS News
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A Congressional report alleges that consulting firm McKinsey engaged in a “serious conflict of interest” by working for the U.S. government on issues relating to the opioid epidemic while, at the same time, advising drugmakers, including on projects meant to persuade regulators about the safety of opioid products. The U.S. House Oversight Committee alleged in…
Instead of War, Russia, Ukraine and Their Allies Should Try the Free Market
Commentary The war in Ukraine has generated commentary from a wide variety of observers in many fields. But economic science is the only field that can provide lasting solutions. And economics delivers the same time-honored solution: the free-market economy is the only way to durable peace between Russia and Ukraine. The immediate goal is to…
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