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Should you rent in retirement?

Published Tue, 05 Nov 2024 06:52:22 GMT

Some people rent in retirement because they don’t have much choice; they can’t afford to own homes. But financial planners say renting can make more sense than owning in some circumstances, even for retirees who can afford the costs of homeownership.Renting offers flexibility as well as freedom from all the chores and expenses of maintaining a home. Renting also may provide built-in communities for socializing, as well as accessible housing features such as one-floor living, which can help people age in place. People who are “house rich and cash poor” can sell their homes and use the equity to fund a more comfortable lifestyle.“While retirees often don’t want to rent, it can be a smarter decision for a number of reasons,” says certified financial planner Lisa A.K. Kirchenbauer of Arlington, Virginia.Consider renting if you’re in transitionIf you’re moving to a new area, financial planners often recommend renting first to get a better feel for the advantages and disadvantages of vari...

US chip controls threaten China’s technology ambitions

Published Tue, 05 Nov 2024 06:52:22 GMT

BEIJING (AP) — Furious at U.S. efforts that cut off access to technology to make advanced computer chips, China’s leaders appear to be struggling to figure out how to retaliate without hurting their own ambitions in telecoms, artificial intelligence and other industries.President Xi Jinping’s government sees the chips that are used in everything from phones to kitchen appliances to fighter jets as crucial assets in its strategic rivalry with Washington and efforts to gain wealth and global influence. Chips are the center of a “technology war,” a Chinese scientist wrote in an official journal in February.China has its own chip foundries, but they supply only low-end processors used in autos and appliances. The U.S. government, starting under then-President Donald Trump, is cutting off access to a growing array of tools to make chips for computer servers, AI and other advanced applications. Japan and the Netherlands have joined in limiting access to technology they say might be used t...

Feb job openings slip to 9.9M; a win in inflation fight?

Published Tue, 05 Nov 2024 06:52:22 GMT

WASHINGTON (AP) — U.S. job openings slipped to 9.9 million in February, fewest since May 2021 and a sign that the job market may be starting to cool, which would be welcome news for the inflation fighters at the Federal Reserve.Vacancies fell from 10.6 million in January, the Labor Department said Tuesday, notably in healthcare and in professional services, which includes managerial and technical jobs. Openings rose for construction workers. Despite the drop, the number of layoffs ticked lower in February, and more Americans quit their jobs — a sign of confidence they can find better pay or working conditions elsewhere. The American job market has proven resilient in the face of sharply higher interest rates. Over the past year, the Fed has raised its benchmark rate nine times in a drive to corral inflation that last year hit a four-decade high. The surge in consumer prices has eased since mid-2022 but remains well over the central bank’s 2% year-over-year target.Hiring was ex...

Toronto couple loses $400k in Bitcoin scam; police recover portions of funds

Published Tue, 05 Nov 2024 06:52:22 GMT

Police say they recovered a “significant portion” of money lost in a recent cryptocurrency scam in Toronto.Toronto Police Service says they were contacted by someone who alleges he and his wife had fallen victim to a Bitcoin scam.The victim told police he was solicited online and was persuaded to invest in an online platform called ‘crypto-seed.com,’ sending funds through a legitimate cryptocurrency exchange.Police say the communication between the scammer and victim was conducted over the phone, with the victim alleging the “scammer presented as professional and knowledgeable in the field.”“The scammer was able to convince the complainant that the funds would be secure on their online platform,” reads a police release.The victim alleges he was provided with credentials for the website which allowed him to check on his investment, saying it appeared to grow significantly.When he went to withdraw the funds he was asked to invest more, o...

Bank of Canada deputy governor Paul Beaudry to leave post, return to academia at UBC

Published Tue, 05 Nov 2024 06:52:22 GMT

OTTAWA — The Bank of Canada says deputy governor Paul Beaudry will be leaving his position at the central bank at the end of July. According to a news release, Beaudry will return to his academic position at the University of British Columbia. Beaudry is one of four deputy governors who are on the governing council along with governor Tiff Macklem and senior deputy governor Carolyn Rogers.The governing council is responsible for the central bank’s monetary policy, including setting its key interest rate.Beaudry became a deputy governor in February 2019 and has been overseeing the central bank’s analysis of international economic developments in support of monetary policy decisions. Prior to joining the Bank of Canada, Beaudry was an economics professor at UBC’s Vancouver School of Economics. The central bank says it will soon begin an internal recruitment process for the deputy governor position. This report by The Canadian Press was first published April 4, 2023.T...

A calmer Wall Street holds steady ahead of jobs data

Published Tue, 05 Nov 2024 06:52:22 GMT

NEW YORK (AP) — Stocks are holding relatively steady Tuesday, as Wall Street continues to find more calm following its tumultuous swings in March. The S&P 500 was virtually unchanged in early trading. The Dow Jones Industrial Average was edging down by 44 points, or 0.1%, at 33,556, as of 9:50 a.m. Eastern time, while the Nasdaq composite was 0.1% lower. Both the stock and bond markets have been steadying after swerving sharply through the first three months of the year. Many big questions still weigh on Wall Street, but the worst fears driven by the second- and third-largest U.S. bank failures in history have abated following forceful actions by regulators around the world.Investors are still split on whether the U.S. economy will fall into a recession and how badly profits for companies are set to fall. The biggest question remains what the Federal Reserve will do next with interest rates after hiking them furiously over the last year to get high inflation under control. A rep...

Vancouver’s March home sales down 42.5% from a year ago: B.C. board

Published Tue, 05 Nov 2024 06:52:22 GMT

VANCOUVER — The Real Estate Board of Greater Vancouver says home sales fell 42.5 per cent in March from a year ago and were 28.4 per cent below the 10-year seasonal average.Last month’s sales totalled 2,535 compared with 4,405 sales in March 2022 and 1,808 in February. The B.C. board says the numbers signal that March home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.It also found there were 4,317 new listings, a 35.5 per cent decrease from March 2022 and 22.3 per cent below the 10-year seasonal average.The board says the composite benchmark price for all residential properties in Metro Vancouver reached $1,143,900, a 9.5 per cent decrease from March 2022 and a 1.8 per cent increase compared with February.The board foresees further price increases as the year progresses.“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per ce...

South African opposition protests Uganda’s anti-LGBTQ bill

Published Tue, 05 Nov 2024 06:52:22 GMT

PRETORIA, South Africa (AP) — More than 200 protesters in South Africa have demonstrated at the Uganda High Commission against the anti-gay bill recently passed by Ugandan lawmakers.The demonstration on Tuesday was led by South Africa’s leftist Economic Freedom Fighters opposition party, which urged Ugandan President Yoweri Museveni not to sign the bill into law.LGBTQ activists also joined the march and called on the South African government to speak out against the bill as it threatens the freedoms and safety of the LGBTQ community in Uganda.Homosexuality is outlawed in Uganda but the recent bill has introduced harsh punishment for several acts, including the death penalty and up to 20 years imprisonment.Almost all lawmakers of the 389 who attended the parliamentary session voted in favor of the bill, but Museveni has the powers to veto the bill and not sign it into law.Some of the punishments introduced by the bill include the death penalty for the offence of “aggravated hom...

Severe storms possible Tuesday into Wednesday morning

Published Tue, 05 Nov 2024 06:52:22 GMT

CHICAGO — A potential for a severe weather threat is expected for the Chicago area Tuesday afternoon into Wednesday morning.Scattered showers and thunderstorms are in the forecast Tuesday, with more potent storms —strong to severe — anticipated in the afternoon. Winds: E 10-15, G25 mph. High: 64. Interactive Radar: Track showers and storm here Mostly cloudy tonight with showers and thunderstorms expected, some strong to severe. Winds: S 15-25, G40 mph. Low 61.Wednesday Forecast: Some morning showers and thunderstorms are expected for Wednesday morning's commute, then clearing and colder temperatures with very windy conditions. Winds: SW 20-30, G50mph. High 70 early and then falling temps.Extended outlook calls for cooler temps in the 50s for the rest of the work week. Easter weekend looking mild and sunny on Saturday with highs in the mid to upper 60s. Full forecast details at the WGN Weather Center

South suburban gyro shop owner charged with tax fraud

Published Tue, 05 Nov 2024 06:52:22 GMT

CHICAGO — A gyro and beef shop owner was charged in federal court for allegedly under reporting income at the restaurant for over three years.Heyam Malick, 64, of Orland Park, the owner of Smiley's Gyros and Beef, located in Plainfield, is facing three counts of filing a false tax return.She is accused of under reporting over $725,000 worth of income from 2016 to 2020. Suburban man accused of exposing himself to 2 girls near playground Each tax fraud charge carries a potential sentence of three years.