Mortgage rates across the United States have been steadily increasing over the past several weeks and are now approaching record high levels. Fixed-rate 30-year mortgage loan rates rose for the sixth consecutive week, rising by 28 basis points from 4.72 to 5 percent for the week ending April 14, Freddie Mac reported. This is the…
Mortgage Rates Climb to Highest Point in Over a Decade as Home Sales Tumble
April 15, 2022
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Business & Economyeconomyfalling home salesMarketsmortgage applicationmortgage ratesreal estateUSUS NewsUS Real Estate
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Twitter’s Hostile Makeover
When you storm out of a store in disgust at exorbitant prices or shabby service, and vow not to give the establishment your patronage ever again, does that mean you hate capitalism? Far from it—any more than when you storm out of the DMV for the same reasons; the difference, of course, being that in…
Twitter Board Approves ‘Poison Pill’ After Musk’s $43 Billion Offer to Buy Company
Twitter’s board of directors has approved a provision aimed at preventing a hostile takeover that’s known in the financial world as a “poison pill,” the company announced on April 15. The board unanimously chose to adopt the “limited duration shareholder rights plan” after an “unsolicited, non-binding proposal to acquire Twitter,” the company said. Elon Musk,…
Russian Deputy PM Says Several Buyers Agree to Pay in Rubles for Russian Gas
April 15, 2022
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Alexander NovakBusiness & Economycommoditieseconomic policieseconomyenergyEuropeGasMarketsRublesRussiaRussia-Ukraine WarWorld
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Several buyers of Russian gas have agreed to switch to payments in rubles, Russian Deputy Prime Minister Alexander Novak said on Friday. “We expect the decision (to switch to roubles) from other importers,” he added, in comments published in the ministry’s in-house magazine. He did not disclose the identities of customers who had already switched….
Elon Musk Says Censorship on Twitter Poses ‘Civilizational Risk’
April 15, 2022
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Big Tech, Censorship, and SocialismBusiness & EconomycensorshipCompaniesElon MuskFeatured TopicsMedia & Big TechSocial MediaTechTech NewsTwitterUSUS News
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Billionaire tech mogul Elon Musk said Thursday the reason he’s trying to buy Twitter is not to make money but to turn it into a bastion of free speech and reduce the “civilizational risk” to freedom and democracy from excessive and opaque restrictions on expression. Speaking at a TED event in Vancouver, Canada, on April 14,…
New York Approves $4.5 Billion Transmission Line Delivering Hydropower From Canada
April 15, 2022
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Business & EconomyEnvironmenthydropowerLocal NewsNew YorkNY NewsNY PoliticsRegional-Local NewsRenewable EnergyScienceUS
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The New York State Public Service Commission (PSC) has approved plans for a $4.5 billion transmission line by Montreal-based public utility Hydro-Québec that will deliver Canadian hydropower to the Big Apple. According to officials, the 339-mile Champlain Hudson Power Express (CHPE) will begin delivering 1,250 megawatts of hydropower, created by dams in Canada, to New York City by 2025. Officials…
US Oil Drilling, Output Moving Higher With Energy Prices
U.S. oil production forecasts are being revised upwards despite labor and supply chain constraints as higher prices spur more drilling and well completion activity, according to industry experts. Calls for new oil supplies are being answered by more producers as U.S. prices stay above $100 per barrel, propelled by Russia’s invasion of Ukraine. Prices are…
China Cuts Reserve Requirements for Banks as Economy Slows
BEIJING—China said on Friday it would cut the amount of cash that banks must hold as reserves for the first time this year, releasing about 530 billion yuan ($83.25 billion) in long-term liquidity to cushion a sharp slowdown in economic growth. The People’s Bank of China (PBOC) said on its website it would cut the…
Hawkish Fedspeak Keeps Dollar King, Yen Slumps to 20-year Low
TOKYO—The dollar rose to a two-decade peak against the yen and kept close to a two-year high to the euro on Friday, as more hawkish comments from Federal Reserve officials reinforced expectations for faster U.S. policy tightening. The greenback was 0.43 percent higher at 126.40 yen after earlier reaching 126.56 for the first time since…
Asian Shares Fall, Trading Muted With Good Friday, Holidays
TOKYO—Asian shares fell in muted trading as most world markets were closed for Good Friday and other holidays. Benchmarks declined in Tokyo, Seoul, and Shanghai. Sydney, Manila, Bangkok, and Hong Kong were among Asian markets observing holidays on Friday. U.S. and European markets also were closed. After markets closed, China’s central bank freed up extra…
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