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Cameron Norrie Makes Fast Start In Seoul ATP TourCameron Norrie Makes Fast Start In Seoul - ATP Tour
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Thursday, September 29, 2022
Cameron Norrie Makes Fast Start In Seoul - ATP Tour
Cameron Norrie Makes Fast Start In Seoul - ATP Tour
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Daily Crunch: Fast Company hacker sends 2 ‘obscene and racist’ notifications to Apple News users - TechCrunch
To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here.
With almost a hundred new stories on the site since the last Daily Crunch, we’re having a hard time picking the cream of the crop, but that’s what we dooooo. It’s been an Amazon and Google extravaganza over the past 24 hours, in addition to all the regular news stories our crack team of tech news sleuths have been ferreting out from the underbrush. There shall be no further ado — let’s do this! — Christine and Haje
The TechCrunch Top 3
- News you don’t want to use: Apple News users got some interesting — read “offensive” — notifications thanks to a hacker that breached Fast Company’s systems. Carly has more.
- Well, that went downhill fast: We feel like we were just hyping all things Apple iPhone 14, but now Ivan reports that the tech giant is “readjusting its production targets” after not seeing as much rah-rah from customers.
- Fewer fees please: Ingrid covers payment network Satispay’s €320 million funding round that values the company at over €1 billion and also puts it in the hearts and minds of customers in Europe seeking better budget control.
Startups and VC
First up is Romain, who invites you to meet Roundtable. It’s a new startup backed by eFounders that wants to bring community-driven, AngelList-style angel investments to European startups. The company has built a platform that simplifies the administrative, legal and financial challenges that come with angel investments.
Money continues to flow into new venture capital funds. In the past month, Runa Capital, Lerer Hippeau, Razor’s Edge Ventures, First Star, OurCrowd, Northzone, Janngo Capital and Kapor Capital all announced new funds. Now it’s Scale Venture Partners’ turn, announcing it secured $900 million in committed capital for its eighth fund, also its largest since forming in 2000, Christine reports. The fund was raised in 120 days over the summer, partner Rory O’Driscoll said.
More more more, always more:
The unbearable lightness of being asset-light
Image Credits: Westend61 (opens in a new window) / Getty Images
Investors have embraced “asset-light” companies like Rent the Runway, Uber and Airbnb that don’t own the hardware that generates their revenue.
Companies that generate billions from assets they don’t own “typically require less capital — and therefore less dilution for their investors,” writes Daniel Hoffer, managing director of Autotech Ventures.
“But some asset-light marketplaces struggle to satisfy their customers because not all the assets they can make available are equally appreciated by their demand-side customers.”
Three more from the TC+ team:
TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for a 15% discount on an annual subscription!
Big Tech Inc.
Boy, do we have a treat for you today: Our team was busy covering both Google’s Search On event and Amazon’s fall event, which means we have all the Amazon and Google news that’s fit to print, er, post. There’s a lot to choose from, but here are some of our favorites:
- Amazon’s latest Halo device is a bedside sleep tracker; Kindle Scribe brings writing to Amazon’s popular e-reader; and Amazon’s Astro robot gets pet detection, home security updates and an SDK, by Brian.
- Google revamps shopping with 3D images, shoppable looks, buying guides, and more personalization and Google unveils a more visual search experience for the TikTok generation, by Sarah.
- Google’s upcoming Maps feature will let you check out the ‘vibe’ of a neighborhood, by Aisha.
- The new Echo Dot is also an Eero, by Devin.
- Amazon debuts new Echo devices, including Echo Studio with spatial audio, by Kyle.
And we have four more for you:
Daily Crunch: Fast Company hacker sends 2 ‘obscene and racist’ notifications to Apple News users - TechCrunch
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Wednesday, September 28, 2022
B.C. crime: Thefts at fast food restaurants | CTV News - CTV News Vancouver
Mounties say a man has been charged with robbery after their investigation into thefts at fast food restaurants.
Coquitlam RCMP gave the update on their investigation Tuesday, saying they were called about robberies at restaurants in Port Coquitlam on June 13 and 16.
They later linked the incidents to an investigation in Pitt Meadows and Maple Ridge and identified 36-year-old Carols Almeida as a suspect.
On Friday, Almedia was charged with two counts of robbery.
"With the help of inter-agency information sharing, Coquitlam RCMP was able to identify and pursue charges against a prolific offender," said Cpl. Alexa Hodgins in a news release.
"We appreciate the assistance and cooperation of our policing partners in Ridge Meadows and Real Time Intelligence Centre - British Columbia, for helping advance these robbery investigations for charge approval."
B.C. crime: Thefts at fast food restaurants | CTV News - CTV News Vancouver
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Tuesday, September 27, 2022
How this 'fast beauty' company found growth beyond soap and supercharged global sales - The Globe and Mail
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Stephen Flatt purchased Upper Canada Soap in 2003 with his brother after the company, established in 1969, went bankrupt.Peter Power/The Globe and Mail
The “fast beauty” industry is known for innovative skin and hair products that can be developed quickly and affordably with mass-market appeal. For Upper Canada Soap, exporting such items to countries around the world is the key to volume sales.
“We’re bringing them to market in a bigger way,” says Stephen Flatt, president of the Toronto-based bath, beauty and wellness company, which creates these so-called “beauty hacks” and sells them to retailers as “affordable luxuries” for mid-range consumers.
The company started in 1969 as Upper Canada Soap and Candle Makers Corp., its official name, wholesaling premium personal-care products to gift retailers in Canada and the United States. It grew into a $20-million business but faltered when it expanded into vases and other tchotchkes.
The company went into bankruptcy and was bought in 2003 by Mr. Flatt and his brother Joel, a silent partner. The two had entrepreneurial roots, with a grandfather who started The Oshawa Group, a food wholesaler and grocer that was sold in 1998.
“We love retail; we love product, and we love figuring out what makes consumers tick,” Mr. Flatt says.
He rebuilt Upper Canada by focusing on soaps, lotions and bath accessories, which were mostly made in China and exported, especially to the U.S. In 2008, with the recession and the arrival of Bath & Body Works in Canada, “the business really got punched in the gut,” recalls Mr. Flatt.
Around that time, he learned from a buyer at The Bay that cosmetic mirrors were extremely popular. Upper Canada bought Danielle Mirrors and expanded into a beauty-products company.
Today 60 per cent of revenues come from beauty and skincare accessories, 20 per cent from wellness and 20 per cent from bath-and-body items, he says. “Pivoting along your journey is probably the most important thing you can ever do.”
With headquarters in Mississauga, Ont., and an office in London, England, the company has 110 staff, about two-thirds in Canada, representing just 10 per cent of its market. It exports to as many as 20 countries, with 60 per cent of sales in the U.S. and the rest in the United Kingdom, Europe, Australia, New Zealand and the Middle East.
Revenues from exports overall have grown about 60 per cent in the last four years, Mr. Flatt says. The company sells about 2,000 products under 20 brands, from reusable makeup-removing cloths to jade facial rollers and hot-cold therapy products.
“We look for mass appeal, but then we’ll dress it up or dress it down,” depending on the market, he says.
For instance, he says an item sold in plastic packaging in drugstores in North America might be found in a gift box with a magnetic closure in upscale shops in Sweden.
“Every country has its own retail complexion, and you have to cater to that,” he says.
Online sales are the weakest part of Upper Canada, he notes, representing just 3 per cent of revenues. Mr. Flatt feels “stores are here to stay,” but he’s looking for the right strategy to “solve the e-commerce riddle, not only on a domestic basis but on a global basis.”
David Soberman, a professor of marketing in the Rotman School of Management at the University of Toronto, says not being heavily dependent on e-commerce can be a blessing because sales on platforms like Amazon cost money and favour large companies with cut-rate pricing. It makes sense for smaller firms to open online storefronts country-by-country, which means “you don’t face competition and people develop a real loyalty.”
Dr. Soberman says it’s smart for exporters to sell a range of products within a category like beauty. It’s efficient and “means that the relationships that you have are valorized.”
Canadian companies “have started to develop their own intellectual property and market to the rest of the world,” Dr. Soberman says. “Upper Canada has been very innovative and come up with products that work well.”
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The Upper Canada Soap Company sells about 2,000 products under 20 brands, from reusable makeup-removing cloths to jade facial rollers and hot-cold therapy products.Peter Power
Mr. Flatt says exports are critical because “Canada is too small” and “very slow to adopt new ideas.” He also notes the country has been “quite far behind” in its recovery from the COVID-19 crisis.
The pandemic led to booming sales of soaps, sanitizers and wipes in 2020 for Upper Canada, which then dried up by early 2021. One large U.S. retailer rejected an order of six truckloads of handwash after they passed over the Canadian border, which meant the company not only lost revenue but paid duty twice. Another stuck Upper Canada with 1.5 million canisters of anti-bacterial wipes. Mr. Flatt gave away 500,000 to shelters and charities but the rest went to landfills.
The supply-chain crisis raised the cost of a container coming to Toronto from China to $28,000 from $3,500, while one going from North America to the U.K. rose to $25,000 from $2,000. Meanwhile, the disconnect between orders and lengthening shipping times led to “bubbles” of stock.
Having customers worldwide “gives you the ability to shift your inventory to where it is needed,” Mr. Flatt says. For example, while hair turban towels are not selling well in North America, they’re in demand in the U.K.
Upper Canada’s newest product category is sexual wellness for women “because sexual health is all part of a woman’s beauty routine,” Mr. Flatt says. It includes a collection of vibrators under the Natural Glow brand developed by his daughter Laura, a product manager.
Mr. Flatt’s objective is to double the company’s revenues in five years. His big growth effort will be in Europe, a lucrative market that brings challenges given different regulations in each country.
His main tip for firms like his is to be well-capitalized “so that you can withstand the ups and downs of business.” Another is to “know what makes your company unique and resist the temptation to go too far out of your boundaries.”
With inflation and a possible recession ahead, consumers are looking for necessities rather than “nice-to-haves,” he says, although “people will always want to try new things.”
How this 'fast beauty' company found growth beyond soap and supercharged global sales - The Globe and Mail
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Fed’s Evans says he’s getting a little nervous about going too far, too fast with rate hikes - CNBC
Charles Evans, president of the Federal Reserve Bank of Chicago, speaks during the National Association of Business Economics (NABE) annual meeting in Arlington, Virginia, U.S., on Monday, Sept. 27, 2021.
Al Drago | Bloomberg | Getty Images
Chicago Federal Reserve President Charles Evans says he's feeling apprehensive about the U.S. central bank raising interest rates too quickly in its quest to tackle runaway inflation.
Speaking to CNBC's "Squawk Box Europe" on Tuesday, Evans said he remains "cautiously optimistic" that the U.S. economy can avoid a recession — provided there are no further external shocks.
related investing news
His comments come shortly after a slew of top Fed officials said they would continue to prioritize the fight against inflation, which is currently running near its highest levels since the early 1980s.
The central bank raised benchmark interest rates by three-quarters of a percentage point earlier this month, the third consecutive three-quarter point increase.
Fed officials also indicated they would continue raising rates well above the current range of 3% to 3.25%.
Asked about investor fears that the Fed didn't seem to be waiting long enough to adequately assess the impact of its interest rate hikes, Evans replied, "Well, I am a little nervous about exactly that."
"There are lags in monetary policy and we have moved expeditiously. We have done three 75 basis point increases in a row and there is a talk of more to get to that 4.25% to 4.5% by the end of the year, you're not leaving much time to sort of look at each monthly release," Evans said.
'Peak funds rate'
Traders have been concerned that the Fed is remaining more hawkish for longer than some had anticipated.
The Fed's Evans, 64, has consistently been one of the Fed's policy doves in favor of lower rates and more accommodation. He will retire from his position early next year.
"Again, I still believe that our consensus, the median forecasts, are to get to the peak funds rate by March — assuming there are no further adverse shocks. And if things get better, we could perhaps do less, but I think we are headed for that peak funds rate," Evans said.
"That offers a path for employment, you know, stabilizing at something that still is not a recession, but there could be shocks, there could be other difficulties," he continued.
"Goodness knows every time I thought the supply chains were going to improve, that we were going to get auto production up and used car prices down and housing and all of that something has happened. So, cautiously optimistic."
— CNBC's Jeff Cox contributed to this report.
Fed’s Evans says he’s getting a little nervous about going too far, too fast with rate hikes - CNBC
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Monday, September 26, 2022
Sunday, September 25, 2022
Victoria EV chargers: New fast chargers debut in Vic West | CTV News - CTV News VI
The City of Victoria has opened its first neighbourhood electric vehicle fast charging station as part of a program to expand green infrastructure across the city.
The two 50-kilowatt Direct Current Fast Chargers have opened in the Bay Street parking lot at Vic West Park, and officials celebrated the opening Saturday with a community event showcasing EV charging and providing information on switching to an electric vehicle.
Direct Current Fast Chargers provide "a significantly faster charge" than Level 2 EV chargers, the city says in a statement, noting that they can provide an 80 per cent charge in about an hour, depending on the make, model and battery of the vehicle being charged.
The city says its Electric Vehicle and Electric Mobility Strategy will see 30 EV fast chargers installed near apartments and other multi-family housing units over the next five years.
"The city’s Climate Leadership Plan sets a target for 30 per cent of passenger vehicles in Victoria to be renewably powered by the end of this decade, reaching 100 per cent by 2050," the city says in its release.
"As of Oct. 1, 2020, all residential properties must be EV charging ready and all new commercial developments must include at least 5 per cent of parking stalls that are energized and ready for EV chargers."
Across B.C., approximately 17 per cent of new car sales are electric. That's double the Canada-wide average of 8.5 per cent.
Victoria's 2022 municipal budget invests $1.5 million in electric vehicle infrastructure, with additional funding provided by the province and the federal government.
With files from The Canadian Press
Victoria EV chargers: New fast chargers debut in Vic West | CTV News - CTV News VI
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Text to Win Scarehouse Fast passes! - AM800 (iHeartRadio)
Listen to the Morning Drive for your chance to text in to win a pair of Fast Passes to Scarehouse Windsor. Plus one lucky listener will win tickets to one of their Immersive Dinners
*Standard Text Message Rates May Apply*
For those without SMS Cell Service you may enter by emailing the keyword within the specified 8 minute timeframe by clicking here.
Text to Win Scarehouse Fast passes! - AM800 (iHeartRadio)
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Wylde Flowers: How To Make Money Fast - GameRant
Farming sims are nothing new, and to stand out in a genre dominated by a handful of massive favorites, a game has to do something new. Tara Wylde, the protagonist of Wylde Flowers, is a witch, letting the game explore potions, broomsticks, and magical cat transformations as well as the usual activities of planting, harvesting, and raising animals.
Wylde Flowers may twist the traditional farming sim formula by throwing a pinch of spellcraft into its witch's brew, but that doesn't mean money is irrelevant. Figuring out the best ways to quickly and reliably make money is a huge part of the game since doing so will allow the player to expand their farm into the agricultural empire it was always meant to be. Here are some things that every player should know about how to make money fast.
Making Money With Fish Fingers
There are a variety of ways to make money in Wylde Flowers, including cooking, mining, looting items in the forest, and spending an afternoon fishing. Not all of these options are created equal, however, and some options that are great for the late game don't reward the player as well in the beginning. When trying to make money fast in the early game, cooking Fish Fingers is one of the best options.
The Fish Fingers recipe is simple: 1 Fish of any type and 1 Flour. Fish Fingers is a starter recipe, so it's available right away, letting the player get their money-making operation started fast in this farming sim. The meal sells for 100 Coins, and since Flour can be purchased for just 15 Coins (or made using 1 Wheat), the player will see a substantial 70 Coin return on their investment. Making a ton of Fish Fingers and selling them is easily one of the best money-making methods in the game for players who just want to increase their funds fast.
Making Money With The Golden Pickax
Though some players prefer to make their money on the farm, mining is one of the most lucrative activities in the game already. There are a couple of things the player can do to make money even faster while mining. The first step is to use the Speed Boost and Summon Small Things spells to make mining more efficient.
The inclusion of magic is something that sets Wylde Flowers apart from other great farming sims, so it's nice to capitalize on it. Once the spells have been cast, head to the mine and begin mining for any Ores. Repeated trips into the mine are the most profitable. They can quickly drain Tara's energy, however, so it's important to bring some food to eat in order to stay energized enough to keep mining.
The player can make ingots from the Ores they have collected and then sell those ingots to either Natalia or Francis. Natalia will also buy the player's stone, whereas Francis will buy the player's Gems. Using this method the player can make thousands of coins in relatively little time. Farming simulators often get realism wrong, and while Wylde Flowers isn't perfect on this front, it at least shows the connection between hard work and rewards. Though mining, making ingots, and selling ingots is a more laborious process than making Fish Fingers, it's extremely profitable and more interactive, which means the player will probably have more fun while they're watching their mountain of coins grow.
Wylde Flowers is available now for iOS, PC, and Mac.
Wylde Flowers: How To Make Money Fast - GameRant
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Saturday, September 24, 2022
Vladimir Putin’s ship of fools is sinking fast. Will he take everyone down with him? - The Guardian
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Vladimir Putin’s ship of fools is sinking fast. Will he take everyone down with him? The GuardianVladimir Putin’s ship of fools is sinking fast. Will he take everyone down with him? - The Guardian
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iPhone 14 charging slowly? How to fast charge your iPhone - 9to5Mac
Is your iPhone 14 or iPhone 14 Pro charging slower than your old phone did? The best way to fast charge is with a Lightning to USB-C cable and a 30 watt charger, either from Apple or a cheaper third-party option like Anker. Here’s everything you need to know about fast charging your new iPhone …
Starting with the iPhone 12, Apple no longer includes a power adapter in the box at all. Earlier iPhone models would ship with a 5-watt charger; this might be what you are using as you kept on to it for years and year.
However, at the same time, the internal battery capacities of the iPhone has risen dramatically over the last five or so years. As such, if you are using an old slower wattage charger, you will find your charging speeds on a new iPhone like the iPhone 14 or iPhone 14 Pro are significantly slower than your old phone.
What is the fastest way to charge iPhone 14?
Apple includes a Lightning to USB-C cable in the box with your iPhone 14. Using this cable — or one like it — with a 30-watt USB-C charger is the fastest way to give your phone some juice.
With a 30-watt charger, you will be able to go from 0% to 50% charge in about half an hour with fast charging. Going from 0% to 100% will take about two hours. This compares to about three hours with a 20-watt charger, or about four hours if using an older Apple USB 5-watt power adapter.
Obviously, if you are charging overnight, this difference in speed may not matter to you. But if you want the fastest charging possible, upgrade your old USB charger to a USB-C charger rated around 30 watts.
Can I use the new Apple dual charger?
Apple’s newest charging option on sale is a 35-watt dual USB-C wall charger. If you use only one of the ports, you will be able to use the full charging speed of 35-watts and charge your iPhone quickly. If you try and charge two iPhones at the same time using both ports, then each phone will get about 17 watts of power and, naturally, take longer to charge.
Third-party makers offer competitive dual charging options with even faster speeds. For instance, this Anker combo USB-C charger provides two USB-C ports and one USB-A port, with maximum charging speeds of 65 watts. Products like these generally represent better value for money than Apple’s first-party dual charger.
Can I use my MacBook charger to charge my iPhone?
If you have a MacBook that uses USB-C charging, you can use the same charging brick with your iPhone. Your MacBook charging brick may be rated at 30 watt, 67 watt, 97 watt or more. However, your iPhone will max out at 30 watt charging speeds, so using a higher-rated charger will not make your phone charge any faster than that.
Can I fast charge with wireless charging?
Wired charging at 30-watts is always faster than wireless charging your iPhone. Using a Qi charging pad or similar accessory, you can charge your iPhone wirelessly at about 7.5 watts.
With an Apple MagSafe charger, you can attach the charging puck to the back of your iPhone securely using a magnetic connection and enable faster wireless charging, up to 15 watts. However, this is still significantly slower than wired charging options.
Can I use my older cables and chargers safely?
Yes. Any legitimate Lightning cable and charger combination is perfectly safe to use with your iPhone. It just means you will have to put up with slower charging speeds.
Power adapters and chargers rated at more than 30 watts are fine to use too, the iPhone will only draw a maximum of about 30 watts though, so you don’t get any advantage of using a higher-rated charger.
Check out 9to5Mac on YouTube for more Apple news:
iPhone 14 charging slowly? How to fast charge your iPhone - 9to5Mac
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Friday, September 23, 2022
A bizarre fast radio burst came from a binary system, astronomers say - CNN
Sign up for CNN's Wonder Theory science newsletter. Explore the universe with news on fascinating discoveries, scientific advancements and more.
(CNN)More than 15 years after fast radio bursts were discovered, new research has both unraveled and deepened the mystery of the sources of these deep space phenomena.
Fast radio bursts, or FRBs, are bright, powerful emissions of radio waves ranging from a fraction of a millisecond to a few milliseconds, each producing energy equivalent to the sun's annual output.
Recent research suggested that some FRBs originate from magnetars, which are neutron stars with extremely powerful magnetic fields. A fast radio burst found in the Milky Way was associated with a magnetar, according to a 2020 study.
But scientists haven't yet pinpointed the origins of cosmological FRBs, which are very distant at billions of light-years away. It's a quandary that led an international team of scientists to see what it could learn from observations of nearly 1,900 bursts from an active fast radio burst source outside our galaxy called FRB 20201124A, according to a study published September 21 in the journal Nature.
An illustration depicts a fast radio burst (not the one detailed in the new studies).
The emissions associated with FRB 20201124A occurred for 82 hours over 54 days in the spring of 2021, making it one of the most active known fast radio bursts. It was visible through the world's largest radio telescope -- the China-based Five-hundred-meter Aperture Spherical radio Telescope, or FAST.
During the first 36 days, the study team was surprised to see irregular, short-time variations of the Faraday rotation measure, which measures the strength of the magnetic field and density of particles in the surroundings of FRB 20201124A. A larger rotation measure means the magnetic field near the radio burst's source is stronger, denser or both, and a smaller measure means the opposite, Bing Zhang, a coauthor of the study and astrophysicist, said via email.
"This is not reflective of the beginning of the FRB's (life span)," said Zhang, the founding director of the Center for Astrophysics at the University of Nevada, Las Vegas. "The FRB source has been there for a long time but has been dormant most of the time. It occasionally wakes up (this time for 54 days) and emits a lot of bursts."
The measures went up and down during that time period, then stopped during the last 18 days before the FRB dampened -- "suggesting that the magnetic field strength and/or density along the line of sight in the vicinity of the FRB source are varying with time," Zhang added. "It suggests that the environment of the FRB source is dynamically evolving, with rapidly changing magnetic fields or density or both."
"I equate it to filming a movie of the surroundings of an FRB source, and our film revealed a complex, dynamically evolving, magnetized environment that was never imagined before," Zhang said in a news release.
A physical model that a different team of researchers made based on the observations of FRB 20201124A proposes that the FRB came from a binary system about 8,480 light-years away containing a magnetar and a Be star, a star that's hotter and larger and rotates faster than the sun, according to a separate study published September 21 in the journal Nature Communications.
The radio burst's complex, magnetized environment is within about an astronomical unit (the distance between Earth and the sun) from its source, the researchers found.
They also discovered that the burst originated from a barred spiral galaxy, which is metal-rich and similar in size to the Milky Way, by using the 10-meter Keck telescopes in Mauna Kea, Hawaii. The radio burst's source is located between the galaxy's spiral arms where no significant star formation is taking place, making it less likely the origin is solely a magnetar, according to Nature study coauthor Subo Dong, an associate professor at the Kavli Institute for Astronomy and Astrophysics at Peking University.
"Such an environment is not straightforwardly expected for an isolated magnetar," Zhang said in a news release. "Something else might be in the vicinity of the FRB engine, possibly a binary companion."
The modeling study should encourage further searches for fast radio burst signals from Be star/X-ray binaries, the authors said.
"These observations brought us back to the drawing board," Zhang said. "It is clear that FRBs are more mysterious than what we have imagined. More multi-wavelength observational campaigns are needed to further unveil the nature of these objects."
A bizarre fast radio burst came from a binary system, astronomers say - CNN
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The inflation fight: are central banks going too far, too fast? - Financial Times
With their bills sharpened and talons on display, the world’s central banks fully adopted the posture of the hawk this week. Backed by sharp rises in interest rates and currency intervention, they have used pointed language to advertise their singular aim of defeating the scourge of inflation.
In one of the most sudden shifts in global economic policymaking in decades, central bankers say they have had enough of rapid price rises and insist they are prepared to act to restore price stability, almost at any cost.
But after a week of dramatic announcements from central banks around the world, at least some economists are beginning to ask — are they going too far, too fast?
The US Federal Reserve has been by far the most important actor in this shift of temperament. On Wednesday, it raised its main interest rate by 0.75 percentage points to a range between 3 and 3.25 per cent. At the start of the year, this rate had been close to zero.
The Fed signalled that this was far from the end of its monetary policy tightening, with members of its interest rate-setting committee predicting rates would end 2022 between 4.25 and 4.5 per cent — the highest since the 2008-09 financial crisis.
In the summer, Fed chair Jay Powell talked about higher borrowing costs ending with a “soft landing” for the economy without a recession and a gentle glide down in inflation rates. On Wednesday, he admitted that was unlikely. “We have got to get inflation behind us. I wish there were a painless way to do that,” Powell said.
The Fed’s plan to curtail consumer and business spending in a bid to reduce domestic inflation has been replicated elsewhere, even if the causes of high inflation are different. In Europe, the extraordinary prices of natural gas have sent headline rates of inflation to similar levels as in the US, but core inflation is significantly lower. In emerging economies, declining currency values against the US dollar, which hit a 20-year high this week, have driven import prices higher.
The Swedish Riksbank kicked off the copycat action on Tuesday with a 1 percentage point increase in its interest rate to 1.75 per cent, its biggest interest rate rise in three decades. Switzerland, Saudi Arabia and the UAE also announced a 0.75 percentage point increase each, which for Switzerland meant ending the period of negative rates that started in 2015. The Bank of England on Thursday raised its main rate by 0.5 percentage points to 2.25 per cent, the highest since the financial crisis, with a near promise of further rate rises to come.
Even in Japan, which has long adopted negative interest rates, the authorities felt the need to act to tame inflation. Its finance ministry intervened in currency markets to prop up the yen on Thursday and limit the rise in import prices. It took what it called “decisive action” to address US dollar strength that was pushing the country’s underlying inflation rate to a highly unusual 2.8 per cent rate in August.
Economists at Deutsche Bank noted that for every one central bank around the world that is currently cutting interest rates, there are now 25 banks that are raising rates — a ratio that is way above normal levels and has not been seen since the late 1990s, when many central banks were given independence to set monetary policy.
Nathan Sheets, global head of international economics at Citi and a former US Treasury official, says central banks are “moving so rapidly that as they put these rate hikes in place, there really hasn’t been enough time for them to judge what the feedback effects are on the economy”.
Central bankers have been reluctant to admit they made errors in keeping interest rates too low for too long, pointing out that these assessments are much easier to make with the benefit of hindsight than in real time. But they now want to take action to demonstrate that even if they were tardy in beginning to take action against inflation, they will be sufficiently “forceful”, to use the Bank of England’s word, to bring inflation down.
Powell was clear that the US central bank would not fail on the job. “We will keep at it until we’re confident the job is done,” he said on Wednesday. Sweden’s Riksbank was characteristically blunt in its assessment. “Inflation is too high,” it said. “Monetary policy now needs to be tightened further to bring inflation back to the target.”
The new stance on monetary policy has been developing through 2022 as the inflation problem became more persistent and difficult for central bankers. By the time many gathered at Jackson Hole in August for their premier annual conference, the mood had shifted decisively towards the greater action that is now being played out around the world.
Christian Keller, head of economics research at Barclays Investment Bank, says that “since Jackson Hole, central bankers have decided that they want to err on the side of hawkishness”.
“For the first time in perhaps decades they have become afraid of losing control of the [inflation] process,” says Keller, highlighting how central bankers now say they want to avoid the mistakes of the 1970s. Central banks “are taking decisions that come with much risk and this feels better if everyone else is doing it. The result is a synchronised tightening.”
With the new attitude, markets are pricing that by June next year policy rates will rise to 4.6 per cent in the US, 2.9 per cent in the eurozone and 5.3 per cent in the UK — projections that are between 1.5 and 2 percentage points higher than at the start of August.
By raising interest rates, central bankers are not seeking to lower the peak rates of inflation that have been caused outside the US by soaring gas and food prices, but they are aiming to ensure inflation does not stick at a rate that is uncomfortably higher than their targets. This could happen if companies and employees begin to expect higher inflation, leading to price rises and demands for higher wages.
They are willing to ensure that there is pain in terms of an economic downturn to demonstrate their credibility in hitting their inflation targets.
Sheets says that, having misread inflation last year, central banks would rather overdo it now. They are balancing the prospects of a recession against the risk of a sustained inflationary episode that would undermine their credibility. “On balance they feel . . . that is a risk they have to take.”
An added complication is the models that central banks use — which did not foresee such rapid price rises as the pandemic eased and the war in Ukraine began — are no longer working well in describing economic events.
Ellie Henderson, economist at Investec, worries that “the usual tools and models, which would typically guide such [central bank] analysis, can no longer be relied upon as they are now operating in parameters outside ranges of which they were estimated”.
In this uncharted world, Jennifer McKeown, head of global economics at Capital Economics, believes it is difficult to argue that central banks are going too far.
“While this is the most aggressive tightening cycle for many years, it is also true that inflation is higher than it has been for decades,” she says. “Inflation expectations have risen and labour markets are tight, so central banks are rightly concerned about the potential for second-round effects from energy prices to wages and underlying inflation.”
But an increasing number of economists, led by some big names such as Maurice Obstfeld, former chief economist of the IMF, think central banks are now being excessive in their actions to raise interest rates and that the effect of all this tightening will be a global recession. The World Bank also expressed similar concerns this week.
Antoine Bouvet, an economist at ING, says that “central banks have lost faith in their ability to forecast inflation accurately”, which has led them to focus more on today’s actual rates of inflation.
“Combine this with the fact that they seem to think that the cost of overshooting in their policy tightening is lower than undershooting and you have a recipe for over-tightening,” he explains. “I would characterise this policy choice as almost overshooting by design.”
According to Holger Schmieding, chief economist at investment bank Berenberg, “monetary policy works with a lag, [so] the risk is that the Fed will notice only belatedly that it has gone too far if it now raises rates well beyond 4 per cent”, resulting in unnecessarily long and deep recessions.
But as many economists explain, no one really knows what is too far and not far enough in this environment. Central banks therefore want to ensure they eradicate inflation, allowing them to correct course and lower interest rates later if necessary.
Krishna Guha, vice-chair at Evercore ISI, says there is a “serious risk” that central banks are overdoing the tightening, but he contends the Fed is right to err in the direction of doing too much.
“At the global level, as well as at the US level, it is probably better to overdo it than underdo it and risk a 1970s redux,” says Guha. “But that of course only makes the outcome of overdoing it more likely.”
The inflation fight: are central banks going too far, too fast? - Financial Times
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The Physics of Going Fast—but Not Too Fast—on a Giant Slide - WIRED
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The Physics of Going Fast—but Not Too Fast—on a Giant Slide WIREDThe Physics of Going Fast—but Not Too Fast—on a Giant Slide - WIRED
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Thursday, September 22, 2022
Saskatchewan Rush 2022-23 schedule starts slow, and ends fast - Saskatoon Star-Phoenix
"It's a little bit quirky at the beginning."
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The Saskatchewan Rush will ease — and not charge — into their upcoming National Lacrosse League season.
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The team’s 2022-23 schedule, released Tuesday, has the Rush playing just five times in the months of December and January, but they finish with 14 consecutive weekends of lacrosse, and not a bye to be seen.
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“It is a little bit quirky at the beginning,” acknowledges Rush head coach Jimmy Quinlan. “We’ll have to make sure we’re really good in training camp with what we want to accomplish, and then we’ll maybe try to fit in some practices on those weeks when we’re not playing, just to keep everyone sharp and on the same page.
“And I really like that once those bye weeks are out of the way, we start playing, and we play every week.”
The Rush open Dec. 3 with a home date against the defending NLL-champion Colorado Mammoth. They’ll visit San Diego on Dec. 9, and won’t play again until Dec. 31 at home against Panther City. In January, they’ll play in Colorado on the 13th and host Las Vegas on the 28th. That latter game is the start of the 14 straight weekends.
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“It’s nice that we open up with the defending champions,” Quinlan — whose Rush missed the playoffs last season with an 8-10 record — said of that Dec. 3 opener. “They’re a very good measuring stick, and it gives us something to work towards and see where we stand. They were a tough out for us last year, and to see where we measure up with them … it’s nice to see right off the bat.”
Also noteworthy: Sixteen of Saskatchewan’s 18 games are against West Division rivals. Their only contests against East Division teams are April games against Georgia and Halifax.
“As a coaching group, we’ve been hard at it, and we’re getting more and more excited, knowing training camp starts the first weekend in November,” Quinlan said. “And to open up a month later … yeah, it can’t come soon enough.”
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Saskatchewan Rush 2022-23 Schedule
Dec. 3 vs. Colorado
Dec. 9 at San Diego
Dec. 31 vs. Panther City
Jan. 13 at Colorado
Jan. 28 vs. Las Vegas
Feb. 4 at Vancouver
Feb. 10 at Calgary
Feb. 17 at San Diego
Feb. 25 vs. Vancouver
March 4 at Panther City
March 11 vs. San Diego
March 17 at Calgary
March 25 vs. Calgary
April 1 vs. Vancouver
April 8 at Georgia
April 15 vs. Halifax
April 22 vs. Colorado
April 29 at Las Vegas
The news seems to be flying at us faster all the time. From COVID-19 updates to politics and crime and everything in between, it can be hard to keep up. With that in mind, the Saskatoon StarPhoenix has created an Afternoon Headlines newsletter that can be delivered daily to your inbox to help make sure you are up to date with the most vital news of the day. Click here to subscribe.
Saskatchewan Rush 2022-23 schedule starts slow, and ends fast - Saskatoon Star-Phoenix
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Wednesday, September 21, 2022
Renting is growing twice as fast as home ownership, census reveals - CBC News
The number of households who rent their homes has grown twice as fast as the number of those who own, census data has revealed.
Statistics Canada revealed Wednesday that the number of households who rent their homes grew by more than 21 per cent between 2011 and 2021. By contrast, the number of households that own their homes grew by just eight per cent over the same period.
Although the gap is narrowing, owners still outnumber those who rent by a significant margin. More than 10 million households owned their home last year — about twice as many as the five million who rent.
All in all, Canadians were less likely to own their own home than they were in 2011.
The shift away from home ownership is especially pronounced among the generation that is typically most likely to want to buy: young adults.
In 2011, about 44 per cent of those in the age 25-29 cohort owned their home. By 2021, that percentage had fallen to 36.5 per cent.
The drop-off for those in the next age group was almost as pronounced: from 59.2 per cent for those between the ages of 30 and 34, to 52.3 per cent.
Young professionals squeezed
Kirsten Lynne is among the growing cohort of young professionals feeling squeezed by housing affordability. She moved to Yellowknife in the summer of 2019, and despite making a six-figure salary, she says she has been shocked by how unaffordable the housing options are.
She was renting a one-bedroom apartment for $1,800 a month, but that was before her landlord moved to upgrade the apartment and charge more — a phenomenon known as "renoviction."
She contemplated buying a condo, but "the options to purchase in the Yellowknife market are bleak for a single income person like myself," she told CBC News. So she's currently renting a two-bedroom apartment for about $2,000 a month.
"Your dollar just doesn't get you much here."
Lynne is 36, and her choice to rent versus owning is symbolic of her generation. The census data shows a clear demographic gap between those who own and those who rent, with baby boomers — which the data agency defines as anyone 56 to 75 years old in 2021 — making up 41.3 per cent of all homeowners in Canada.
Meanwhile millennials — between 25 and 40 years old in 2021 — made up 32.6 per cent of all renters.
While both owning and renting come with a cost, those who own their home have been lucky enough to offset those costs by way of a significant increase in the value of their homes. That isn't the case for anyone who rents.
Worse still for renters, the average cost of keeping a roof over their head has increased by more than what those who own have experienced. The average cost for shelter among renters grew by 17.6 per cent in the past five years, from $910 a month, on average, in 2016, to $1,070 in 2021.
That's roughly twice as large as the 9.7 per cent increase borne by owners, whose average monthly cost went from $1,130 in 2016, to $1,240 last year.
Those costs do not simply include rent and mortgage costs, but they also incorporate things like maintenance and utilities.
Renting is growing twice as fast as home ownership, census reveals - CBC News
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