SubDRSive

joined 1 year ago

I'm out of the loop on these drawings...are they a take on game maps or floor plans?

I think they should impound that unfinished Chinese tower with the graffiti and hire homeless people to make it into homeless housing.

 

The county of Los Angeles has tentatively agreed to buy the Gas Company Tower, a prominent office skyscraper in downtown Los Angeles, for $215 million in a foreclosure sale.

The price is a deep discount from its appraised value of $632 million in 2020, underscoring how much downtown office values have fallen in recent years.

 

LONDON (AP) — The Bank of England has cut interest rates for the first time since the onset of the COVID-19 pandemic in early 2020 as inflationary pressures in the economy have eased.

In a statement Thursday, the bank said that by a 5-4 margin, its policymaking panel backed a quarter-point reduction in its main interest rate to 5%, from the 16-year high of 5.25%.

It's the latest central bank to cut interest rates following a long stretch of increases. The U.S. Federal Reserve has yet to take the step but many think it will be ready to next month.

Many economists thought that the Bank of England, which is independent of government, would join the Fed in keeping rates on hold once again given persistent price pressures in the services sector, which accounts for around 80% of the British economy.

... Though those concerns remain, certainly among the four opting to keep borrowing rates on hold, the majority on the panel think the hard medicine of higher borrowing costs has worked, with inflation in the U.K overall down at the bank’s target of 2%.

“Inflationary pressures have eased enough that we’ve been able to cut interest rates today,” said Bank Gov. Andrew Bailey, who voted for a cut. “But we need to make sure inflation stays low, and be careful not to cut interest rates too quickly or by too much. Ensuring low and stable inflation is the best thing we can do to support economic growth and the prosperity of the country.”

Bailey’s comment suggests that interest rates will not be falling dramatically over coming months, certainly nowhere near the pace that the bank had hiked them in recent years.

Central banks around the world dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up during the pandemic and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs.

Though no one is anticipating rates to fall to those previous lows, there are widespread expectations that the bank will cut again in coming months, especially as its forecasts suggest inflation will be below target in the next couple of years, despite a modest increase in the second half of the year.

“But ultimately it is the data that will determine how interest rates evolve from here, with the bank hoping its conviction that underlying inflation pressures are fading will be vindicated,” said Luke Bartholomew, deputy chief economist at abrdn, formerly known as Aberdeen Asset Management.

The cut — and the potential of future cuts — are welcome news to millions of mortgage holders, certainly those whose borrowing costs track the bank’s headline rate, though it will likely mean that the savings rates offered by banks will be reduced.

David Hollingworth, associate director at L&C Mortgages, said the prospect of further rate cuts will help boost consumer confidence and that could help the housing market.

“That will be important reassurance to many that have been scarred by the turbulent and volatile periods in the mortgage market over the last couple of years," he said.

Higher interest rates — which cool the economy by making it more expensive to borrow — have helped ease inflation, but they’ve weighed on the British economy, which has barely grown since the pandemic rebound.

Critics of the Bank of England say it has being overly cautious about inflation in recent months and that it had maintained high interest rates for too long, unnecessarily harming the economy. Borrowing costs had been held at 5.25% since August last year, even though inflation was clearly on a downtrend while the economy stagnated.

It is a charge that’s also been leveled against the U.S. Federal Reserve, which kept rates unchanged on Wednesday. It is widely anticipated that the Fed will

Other central banks, including the European Central Bank, have opted to cut rates but are doing so cautiously. July 31, 2024|Updated August 1, 2024 8:00 a.m. PAN PYLAS

 

Two of the largest banks in the US are declaring a loss on a whopping $3.5 billion in debts that customers can’t pay back.

JPMorgan Chase says its net charge-offs, which are delinquent debts that banks do not expect to receive, hit $2.2 billion in the second quarter of the year.

That’s a $200 million increase from the previous quarter and an $800 million increase from Q2 of 2023.

Meanwhile, Wells Fargo says its net charge-offs surged from $764 million in Q2 of 2023 to $1.3 billion last quarter – a 70% increase.

Although the pace of inflation has reduced, Wells Fargo’s chief financial officer Michael Santomassimo says many customers are clearly struggling as their credit card balances rise and savings dwindle, reports the New York Times.

“[Inflation is] still cumulatively having a bit impact. The folks on the lower end of the wealth or income spectrum are struggling more than folks that are on the higher end.”

In addition to its charge-offs, JPMorgan declared an additional $500 million in losses from failing mortgage investments.

US banks have been sounding the alarm on their customers’ growing credit card balances and issues in the commercial real estate industry since last year.

In its new report, Wells Fargo says it earned a Q2 profit of $4.9 billion, although the bank’s shares tumbled 6% on Friday after net interest income fell short of estimates.

JPMorgan Chase reported a quarterly profit of $13.1 billion as its stock hovers near its all-time high.

[–] SubDRSive@lemmy.whynotdrs.org 3 points 3 months ago

Citadel CEO Kenneth Griffin in recent photo wearing a generic fast food worker uniform standing at order counter of fast food restaurant...

 

Citadel CEO Kenneth Griffin at current age wearing a generic fast food worker uniform standing at order counter of fast food restaurant...

1
submitted 4 months ago* (last edited 4 months ago) by SubDRSive@lemmy.whynotdrs.org to c/drs_your_gme@lemmy.whynotdrs.org
 

So a sub-penny stock in a dead company suddenly changes registrars.

And none of the search engines I use seem to work this morning. The revolution will not be searchable.

EDIT; turns out it's just Bing and Copilot failing... https://www.theregister.com/2024/05/23/bing_and_copilot_fall_from/

 

Nice to know they're on top of their tech when my DRS depends on it...

"And Computershare is big: the Australian company had revenue of $3.3 billion last year, its 14,000-plus staff work across more than 20 countries, serving 40,000 clients and 75 million end-customers. All of which requires 24,000 VMs – a fleet few orgs will match."

1
Another CRE 90% discount (lemmy.whynotdrs.org)
submitted 4 months ago* (last edited 4 months ago) by SubDRSive@lemmy.whynotdrs.org to c/drs_your_gme@lemmy.whynotdrs.org
 

This one's been around in other media, tallest building in Ft Worth just sold for 10% at a foreclosure auction.

This on top of the pressure from work from home and GME investors not budging.

1
Take care of yourselves (lemmy.whynotdrs.org)
submitted 4 months ago* (last edited 4 months ago) by SubDRSive@lemmy.whynotdrs.org to c/drs_your_gme@lemmy.whynotdrs.org
 

Looks like an interesting day ahead.

I'm drinking lots of water.

Edit: I ffnd myself in agreement with speculation that this might be a dangerous and expensive (desperate?) rug pull to buck more investors off their back. Likely will just demonstrate how disconnected they are and might run away from them.

 

I get an error and need to reload nearly every time.

https://sitereport.netcraft.com/?url=http://lemmy.whynotdrs.org

I wonder if cloudflare has any connections with shf's.

1
Big DIX is good (lemmy.whynotdrs.org)
submitted 6 months ago* (last edited 6 months ago) by SubDRSive@lemmy.whynotdrs.org to c/drs_your_gme@lemmy.whynotdrs.org
 

From a superstonk thread explains short volume, seems credible...

"to clarify: the dark pools did not collapse. DIX printed a 41.8% because retail got rug pulled.A high/big DIX value is usually consistent with future price appreciation, and a low/small DIX value is typically a bearish indication, though repeated data prints to indicate trend are going to be more reliable than a single print, just from a data perspective.

The low print from Friday is just a confirmation that the selloff was mostly absorbed by retail. A large reason for why Friday dumped at all was because of the unstable options activity on NVDA: lots of call options got sold-to-close, a bunch of put options got purchased-to-open, and a bunch of OTM call options got sold-to-open. In aggregate, this created more selling pressure than there was demand to purchase shares of the underlying (NVDA, SPY, etc.) and so the market dumped in dramatic fashion.

GME has a DIX too, it's usually very large (heh. nice.), and you can see it for yourselves by looking up the short volume off exchange (a public source of this data is at https://chartexchange.com/symbol/nyse-gme/short-volume/ )

But there's a few problems with these data:

most of the posts about GME short volume that I see on this and other subs are written in a rage-baity way that completely misunderstands what these numbers even mean. High short volume off-exchange is a signal that institutions are buying shares of the underlying, so if you're a GME bull, you actually want to see big DIX / high short volume off exchange. Most people I've seen get mad at this because they don't know wtf they're talking about. CBOE put their short volume data behind a hefty paywall many months ago, and instead of reporting every day, they report at the end of the month. This makes it more difficult to use DIX on individual equities to try to determine market behavior. Fractional shares, for some reason, get reported as whole shares when it comes to reporting volume. All of these things dramatically muddies up the waters for trying to get a clear signal for what the market is doing"

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