Financial / business news

Pornfan99

Pornfan99

Bronze Member
Thought I'd start new thread, on financial / business news. Mainly because of THIS beauty:

Trouble and turmoil continue at rental car company Hertz.

The company, which announced in January it was selling 20,000 of the electric vehicles in its fleet, or about a third of the EVs it owned, is now replacing the CEO who helped build up that fleet, giving it the company’s fifth boss in just four years.

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Do you remember when OJ Simpson did commercials for them? Late 1970s early 1980s.
 
"Why" colleges will soon cost $100K: “The critical factors are that higher education is a personal service, that it has not experienced much labor-saving productivity growth, and that the wages of the highly educated workers so important at colleges and universities have soared,” they said. “These are economywide factors. They have little to do with any pathology in higher education.”

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Whoa.. US real estate market in 2023 dropped by one-third!

"It’s just hard when the number of homes sold in the United States drops from 6 million to 4 million."

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Another one - not sure where to post it. Suppose here is good, as it relates to the mark-up on pharmaceutical products. $297,000 (!) bill for a young boy who was bitten by a rattle-snake:

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Whoa ..; LA Fitness sure makes it difficult to quit!

The process of cancelling an LA Fitness membership is cumbersome, alleges the FTC complaint, as it requires customers to appear in person or send a notice via mail. Customers are directed to their LA Fitness accounts to print a cancellation form, according to the complaint, an act that can be complicated in and of itself because it entails remembering the credentials. For a password reset, consumers must provide the email address used to sign up, the key tag numbers assigned at sign-up and the first five digits of the credit card or bank account used to open the account.

When people appear in person to cancel their memberships, the suit alleges that LA Fitness complicates the process by enacting a policy that states only one employee is allowed to process cancellations. If that employee is not available, they can not cancel, despite multiple employees being authorized to sign people up for memberships. These employees typically work the same hours as the average American during the day, making it difficult for customers to arrive at the gym when the necessary employee is present, the complaint says.

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Yikes. Regarding the US' $38 trillion debt.

rankel went down the list of possible debt solutions: faster economic growth, lower interest rates, default, inflation, financial repression, and fiscal austerity.

“There is one possibility left: severe fiscal austerity,” Frankel added.

How severe? A sustainable U.S. debt trajectory would entail elimination of nearly all defense spending or almost all nondefense discretionary outlays, he estimated.

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Yegods. Ford's $19.5 billion writedown tied to a reset of its electric-vehicle business highlights the mounting challenges for legacy automakers as they navigate waning demand and a changed regulatory backdrop, analysts said on Tuesday. GM took ⁠a $1.6 billion charge in October as it adjusted its EV factory plans, and warned that it would likely take more charges in the future.

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Ah, ha! I knew Porsche had to have a comparable write-down! "When Volkswagen ( Premium Link Upgrade ) AG — Europe’s carmaker that was once most motivated to chase Tesla — ends output of electric ID.3 hatchbacks this month in Dresden, it will be the first time in 88 years the carmaker will have ceased production at a German assembly plant. VW too has taken substantial financial blows, booking €4.7 billion ($5.5 billion) in charges tied to its subsidiary Porsche AG reversing from EVs."

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Whoa.. Be wary of those recent CPI (inflation) and GDP reports..

"A major problem concerns housing costs, which account for about one-third of the data inputs for the CPI. Because the BLS was unable to collect rental data for October, it implied that the monthly change in rents was 0% in October — further skewing the reported CPI lower. Experts say it will take at least six months to use newly collected data to provide a reliable estimate of housing inflation.

Inflation data also are incorporated into GDP estimates — the lower the inflation rate, Swonk notes, the better the GDP looks. An artificially reduced inflation rate will translate into higher reported GDP growth."

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Yikes.. Accenture, KPMG, Meta .. all these companies are demanding and documenting their employees' use of AI tools. And, use of it will be required for promotions. In some cases, non-use will be cause for termination. So glad I retired in 2025!

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Wowie! That is the biggest write down, yet - by Stellantis:

The results came after the company Premium Link Upgrade earlier this month. Cash payments of 6.5 billion euros ($7.7 billion) will be paid out over the next four years, and charges totaling 14.7 billion euros ($17.34 billion) will be taken against the company's 2025 second-half results, Premium Link Upgrade . The charges won't impact the company's adjusted operating income, however.
 
Ugh.. I am eligible for benefits in .. 2029. Everything I've seen "recently" says to take it at age 62, when you have vitality / health, and can enjoy the funds. So .. unless something changes, I'll have 3.5 years of "full "benefits..

"Social Security’s trust fund supporting seniors is expected to run short of money in a few short years, resulting in benefit cuts of 22.5% in 2033, according to the Trustees report released in June."

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