How to keep your costs down as prescription drug prices go up

The average American spends $1,200 per year on prescription medications, and prices are still increasing. If you have ongoing prescription needs, this upcoming season is a good opportunity to shop around and compare plans’ drug coverage and your out-of-pocket costs. Graphic preview Prescription drug spending on the rise U.S. per-capita retail prescription drug spending has more than doubled since 2000. Per-capita retail prescription drug spending kiersten schmidt/grow Kaiser Family Foundation3.


The average American spends $1,200 per year on prescription medications, and prices are still increasing. If you have ongoing prescription needs, this upcoming season is a good opportunity to shop around and compare plans’ drug coverage and your out-of-pocket costs. Graphic preview Prescription drug spending on the rise U.S. per-capita retail prescription drug spending has more than doubled since 2000. Per-capita retail prescription drug spending kiersten schmidt/grow Kaiser Family Foundation3.
How to keep your costs down as prescription drug prices go up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: sam becker, ivana pino, aditi shrikant, lance lambert
Keywords: news, cnbc, companies, discounts, drug, prescription, spending, savings, prices, retail, health, pharmacies, drugs, costs


How to keep your costs down as prescription drug prices go up

The average American spends $1,200 per year on prescription medications, and prices are still increasing. Congress and the White House are working on long-term solutions, including proposals at the federal level and in state legislatures that could allow patients to access cheaper medicine by importing drugs from countries like Canada. That should give consumers hope, says David Mitchell, founder of the advocacy group Patients for Affordable Drugs. “I’ve never seen this much movement on real, substantive legislation,” he says. But in the short term, it’s still on you to find ways to cut costs. Here are ways experts suggest you save money on your prescriptions.

1. Communicate with your doctor

Perhaps the single best savings strategy is to be open and upfront with your doctor about what you can afford — that’s what physician Davis Liu, chief clinical officer at telemedicine provider Lemonaid Health told Grow earlier this year. If your doctor knows it’s important to you, they may be able to steer you toward less-expensive treatment options.

2. Take advantage of the season

Fall is when most people choose their health plan for the next calendar year, either through open enrollment with their employer or on the state-based exchanges. If you have ongoing prescription needs, this upcoming season is a good opportunity to shop around and compare plans’ drug coverage and your out-of-pocket costs. You may also be able to enroll in a flexible spending account (FSA) or health savings account (HSA) for next year that lets you put aside pre-tax dollars to cover health care expenses, including prescription medications.

Graphic preview Prescription drug spending on the rise U.S. per-capita retail prescription drug spending has more than doubled since 2000. Per-capita retail prescription drug spending kiersten schmidt/grow Kaiser Family Foundation

3. Buy generic

Generic drugs can cost up to 85% less than their name-brand counterparts, according to the FDA. That assumes a generic is on the market, though, and one may not be. Your doctor should be able to tell you. Pharmacies at big box stores such as Walmart or Costco often have especially good deals on generics, Liu says. “Walmart has $4 prescriptions for a 30-day supply,” he says, citing the retailer’s list of available generic drugs.

4. Ask for discounts

Some drug manufacturers offer discounts or rebates as an incentive for both retailers and consumers to purchase their drugs. For example, prescription prenatal vitamin brand CitraNatal offers a savings card that offers up to $50 off per month, pushing prices as low as $20. Before you visit the pharmacy, check the drug manufacturer’s site to see if there are any discounts or rebates, or if there’s a patient assistance program.

5. Use price-comparison tools

Take advantage of prescription price-matching sites and apps that can help you find coupons and other discounts to dramatically drop your out-of-pocket expenses at the pharmacy. One such service, GoodRx, claims it saved consumers $1 billion in 2016 alone. A similar service, Rx Saver by RetailMeNot, says that 14% of its users save at least 80% on their prescription costs.

I’ve never seen this much movement on real, substantive legislation. David Mitchell Founder, Patients for Affordable Drugs

Pharmacy chain CVS has its own savings tool called Pharmacy Rx Savings Finder, which the store is rolling out to users over the course of 2019. To give you an idea of the potential savings, a GoodRx roundup of prices and discounts for Prednisone — commonly used to treat asthma, allergies, and arthritis — found prices as low as $2.00 for 10 20 mg tablets. That’s an 83% savings from the average retail price.

6. Check independent pharmacies

Don’t just compare prices at big-name chain pharmacies. Smaller and independent pharmacies had much better pricing on eight of 12 commonly prescribed medications, according to a recent report from the U.S. Public Interest Research Group, with bigger pharmacies charging anywhere from 8% to 840% more.

Why government attempts to lower prices have stalled


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: sam becker, ivana pino, aditi shrikant, lance lambert
Keywords: news, cnbc, companies, discounts, drug, prescription, spending, savings, prices, retail, health, pharmacies, drugs, costs


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The top 10 metro areas for millennials to buy homes

Millennials may have waited longer than previous generations to buy homes, but now they’re keeping real estate agents busy. In some metro areas, high costs keep millennials from buying, or there aren’t enough good jobs for prospective buyers to get approved for mortgages. Based on our analysis of data from the U.S. Census Bureau and Zillow on salary, home prices, and the share of homes owned by people aged 21 to 38, here’s our list of the top 10 metro areas where millennials can actually afford


Millennials may have waited longer than previous generations to buy homes, but now they’re keeping real estate agents busy. In some metro areas, high costs keep millennials from buying, or there aren’t enough good jobs for prospective buyers to get approved for mortgages. Based on our analysis of data from the U.S. Census Bureau and Zillow on salary, home prices, and the share of homes owned by people aged 21 to 38, here’s our list of the top 10 metro areas where millennials can actually afford
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Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: lance lambert, ivana pino, sam becker
Keywords: news, cnbc, companies, mortgage, rent, millennials, cost, median, prices, list, areas, st, metro, buy, homes


The top 10 metro areas for millennials to buy homes

Millennials may have waited longer than previous generations to buy homes, but now they’re keeping real estate agents busy. This generation that some experts warned could be destined to rent forever is actually America’s biggest group of homebuyers. But the situation is a lot more stable in some places than in others. In some metro areas, high costs keep millennials from buying, or there aren’t enough good jobs for prospective buyers to get approved for mortgages. Other areas offer the right mix of affordability and, usually, higher-than-normal salaries — and those places are generally where 20- and 30-somethings are becoming owners. Based on our analysis of data from the U.S. Census Bureau and Zillow on salary, home prices, and the share of homes owned by people aged 21 to 38, here’s our list of the top 10 metro areas where millennials can actually afford to buy homes. On average, millennials in these top 10 metros are 25% more likely to own a home than their peers across the country.

Metro areas where millennials can afford to buy homes

Des Moines, Iowa Grand Rapids, Michigan Wichita, Kansas Omaha, Nebraska Toledo, Ohio Dayton, Ohio Oklahoma City, Oklahoma Little Rock, Arkansas St. Louis, Missouri Syracuse, New York The places that topped our ranking on average have 3% lower earnings for folks age 25 to 44, a range that includes most millennials. They make up for it, however, with home prices that are 38% lower than the national median list price of $291,900, according to Zillow. That’s much better bang for the buck. Here’s what we found these metro areas have in common.

They offer good employers and solid paychecks

The places that made our top 10 manage to strike a middle ground between good pay and reasonable home prices. Wichita, at No. 3, is home to the corporate headquarters of Koch Industries, the country’s second-largest private firm. And paychecks stretch a lot further in Wichita, where the median list price, $184,900, is 44% lower the nationwide median. In Des Moines, which ranks No. 1, as it does on our list of the top 10 cities where millennials are doing the best financially, the unemployment rate is just 2.1%. Millennial median household income in Des Moines is $78,200, or 17% higher than the nationwide figure, while housing prices are 20% lower.

Any buyer that comes in and starts looking at what it cost to rent vs. buy and weighing the options, they’ll see it’s better to own. John Blair regional sales manager at Commerce Bank in St. Louis

Millennials benefit from Midwestern affordability

In 2018, David Kranker decided he was tired of the big-city cost and hassle and wanted a change of scenery. The 25-year-old’s digital marketing employer in Chicago allowed him to work remotely, so he started researching where his dollars would go the furthest. He didn’t have to go far: In November he bought a home in Grand Rapids, Michigan, which ranks No. 2 on our list. “For the same price as a little 600-square-foot box in Chicago, you get a full two-story home in Grand Rapids,” Kranker said. He snagged a home for just $180,000. “I have definitely felt the cost savings. My grocery bill went from $115 per week to $45 per week. And that’s more money you can put towards mortgage payments.” That helps explain why eight of the top 10 metros we ranked are located in more affordable Midwestern states.

Here, a mortgage payment can be less than rent

In cities like New York and Seattle, the price of a mortgage is often more than people pay in rent. But in the metros we ranked, usually the cost of a monthly mortgage payment is lower than the cost of rent. It would cost just under $800 per month to get a mortgage on a median priced home of $209,900 in St. Louis, if you put down 20%. That looks like a good deal when considering the median one-bedroom rent in St. Louis is $865, according to Zillow. You “can own an asset versus paying off someone else’s asset,” says John Blair, regional sales manager at Commerce Bank in St. Louis. “Any buyer that comes in and starts looking at what it cost to rent vs. buy and weighing the options, they’ll see it’s better to own.” More from Grow: The 10 US cities where millennials are doing the best financially

‘Millionaires are made in their 20s and 30s,’ expert says — here’s how

3 steps a 29-year-old Colorado couple took that helped them buy their first home


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: lance lambert, ivana pino, sam becker
Keywords: news, cnbc, companies, mortgage, rent, millennials, cost, median, prices, list, areas, st, metro, buy, homes


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Pebble Beach car week isn’t for budget travelers as prices get jacked for event tickets, hotel rooms, even gasoline

Attendees and judges gather around a 1966 Ferrari 330 P4 Drogo Spyder motor vehicle during the 2016 Pebble Beach Concours d’Elegance in Pebble Beach, California, U.S., on Sunday, Aug. 21, 2016. Thousands of people descend on the normally quiet Monterey Peninsula coast for what has come to be known as “Pebble Beach car week,” but it is not an event for those on a tight budget. During car week, many hotels demand four-day minimum reservations while also punching up prices to astronomical levels. T


Attendees and judges gather around a 1966 Ferrari 330 P4 Drogo Spyder motor vehicle during the 2016 Pebble Beach Concours d’Elegance in Pebble Beach, California, U.S., on Sunday, Aug. 21, 2016. Thousands of people descend on the normally quiet Monterey Peninsula coast for what has come to be known as “Pebble Beach car week,” but it is not an event for those on a tight budget. During car week, many hotels demand four-day minimum reservations while also punching up prices to astronomical levels. T
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Company: cnbc, Activity: cnbc, Date: 2019-08-17  Authors: paul a eisenstein
Keywords: news, cnbc, companies, classic, california, prices, tickets, expensive, gasoline, monterey, events, jacked, rooms, travelers, hotel, isnt, week, concours, beach, car, pebble


Pebble Beach car week isn't for budget travelers as prices get jacked for event tickets, hotel rooms, even gasoline

Attendees and judges gather around a 1966 Ferrari 330 P4 Drogo Spyder motor vehicle during the 2016 Pebble Beach Concours d’Elegance in Pebble Beach, California, U.S., on Sunday, Aug. 21, 2016. David Paul Morris | Bloomberg | Getty Images

Routinely described as the world’s most popular, elegant and exclusive classic car show, the annual Pebble Beach Concours d’Elegance has spawned a ten-day burst of events that are meant to appeal to antique auto fans, whatever their personal preferences. Thousands of people descend on the normally quiet Monterey Peninsula coast for what has come to be known as “Pebble Beach car week,” but it is not an event for those on a tight budget. Tickets for various events, such as “the Quail, a Motorsport Gathering,” can run into the hundreds, and even thousands, dollars. “It’s expensive to come to the Monterey Peninsula, any time of year, but especially during car week,” said Ken Gross, an author, classic car event organizer and a long-time judge at the Pebble Beach Concours. Simply getting to the Peninsula is expensive, whether you fly or drive. Gas in California is already among the most expensive in the country, and one stations along CA-1, the coastal highway leading up from Los Angeles, was commanding $5.89 for a gallon of the premium unleaded fuel that many high-performance models require. The average price for premium gas in California is $3.88 a gallon, according to AAA.

James Bond’s Aston Martin was auctioned by RM Sotheby’s. RM Sotheby’s

Finding a place to stay is the next headache. During car week, many hotels demand four-day minimum reservations while also punching up prices to astronomical levels. Quail Lodge Resort and Golf Club is getting as much as $1,800 a night for a standard room over the weekend, according to their reservations desk. Other times of the year that runs as little as $200 to $300. “A cheap hotel around Monterey will cost $300 and a good one close to $1,000,” said Charlie Vogelheim, a regular car week attendee who found the local Embassy Suites asked for $989 – before taxes and fees. Even then, it only had one room left, as of Friday morning. “People I know are staying as far as 60 miles away because they can’t find a room or because what they do find is just too expensive,” said Vogelheim, an automotive analyst. The good news is that there are plenty of things to see once you do arrive in Pebble Beach, with more than a dozen car shows, auctions, driving events and the four days of classic racing at the Laguna Seca Raceway. Family members who aren’t gearheads can find plenty of other things to keep themselves busy, whether driving down the coastal highway or going to the aquarium in nearby Monterey. But few things are free, especially for classic car fans. One of the smaller events, the Carmel Mission Classic, at Mission San Carlos Borromeo de Carmelo in Carmel-by-the-Sea costs $55 though it includes a wine tasting and souvenir glass. The Rolex Monterey Reunion starts at $170 for basic, four-day access, though the Flagroom pass jumps to $450. To get into the Pebble Beach Concours will cost $375 for advance tickets, more at the gate. Entry to the Quail start at $950, though there’s a more exclusive, $2,500 Patron ticket. “It’s worth it,” said Brenden Clay, of Dublin, California, who has been a regular attendee during Pebble Beach car week for a number of years. His own hotel, he noted, increases its price five-fold during the event, something he and friends cover by cramming into a single suite. “It’s a big jump,” Clay said, but something he would not miss.

Bugatti Centodieci Source: Bugatti


Company: cnbc, Activity: cnbc, Date: 2019-08-17  Authors: paul a eisenstein
Keywords: news, cnbc, companies, classic, california, prices, tickets, expensive, gasoline, monterey, events, jacked, rooms, travelers, hotel, isnt, week, concours, beach, car, pebble


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Gold prices firm on mixed signals on economy, trade

Gold prices edged higher on Thursday as lingering fears over a global economic downturn and lack of clarity on the U.S.-China trade front kept the safe haven comfortably above the key $1,500 per ounce handle. However, bullion’s gains were limited as investors took stock of mixed economic data from the United States, with strong U.S. retail sales offering respite to battered risk appetite. Spot gold was up 0.5% at $1,524.47 per ounce by, while U.S. gold futures rose 0.5% at $1,535.4. “But with th


Gold prices edged higher on Thursday as lingering fears over a global economic downturn and lack of clarity on the U.S.-China trade front kept the safe haven comfortably above the key $1,500 per ounce handle. However, bullion’s gains were limited as investors took stock of mixed economic data from the United States, with strong U.S. retail sales offering respite to battered risk appetite. Spot gold was up 0.5% at $1,524.47 per ounce by, while U.S. gold futures rose 0.5% at $1,535.4. “But with th
Gold prices firm on mixed signals on economy, trade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15
Keywords: news, cnbc, companies, sales, prices, ounce, ghali, firm, economic, safe, signals, economy, trade, mixed, gold, fears, retail, higher


Gold prices firm on mixed signals on economy, trade

Gold prices edged higher on Thursday as lingering fears over a global economic downturn and lack of clarity on the U.S.-China trade front kept the safe haven comfortably above the key $1,500 per ounce handle.

However, bullion’s gains were limited as investors took stock of mixed economic data from the United States, with strong U.S. retail sales offering respite to battered risk appetite.

Spot gold was up 0.5% at $1,524.47 per ounce by, while U.S. gold futures rose 0.5% at $1,535.4.

At the day’s peak of $1,523.91 per ounce, gold was back to within $11 of Tuesday’s six-year high, which was followed by a 1% jump on Wednesday, due to fears of a recession as investors fretted over the trade war, unrest in Hong Kong and a slide in emerging-market assets.

“But with the U.S. retail sales data coming out as strong as they did, that’s seeing some market participants rethink their bets,” said Daniel Ghali, commodity strategist at TD Securities.

However, the elevated levels of safe haven interest in gold fueled by factors such as the Hong Kong unrest and fears of an Argentine debt default “is not likely to change in a single day,” Ghali added.

U.S. stocks moved higher, driven by a surge in July retail sales that soothed some nerves frayed by an inversion in the government bond yield curve, historically a reliable signal of a coming recession. 1/8MKTS/GLOB/

On the flip side, U.S. manufacturing output ended a two-month run of growth in July, while initial weekly jobless claims data was weaker than expected.

Considered a safe store of value during times of political and economic uncertainty, gold has gained more than $100 per ounce since the beginning of the month.

“Although gold prices look like they are overshooting, it has not been a good idea in the past to bet that the runaway train is going to come to a halt,” TD Securities’ Ghali said.

Investors digested conflicting signals on the trade front as well.

China’s finance ministry initially said it would take counter-measures against the latest tariffs on Chinese goods, but this was followed by a separate statement that Beijing hoped the United States would meet China halfway for a consensus.

“The overall uncertainty from the trade dispute is high and we also expect some central bank action for recession-fighting to come over the next weeks and months,” said Norbert Ruecker, head of economics and next-generation research at Julius Baer.

Elsewhere, silver was up 0.2% at $17.23 per ounce.

Platinum was down 0.5% to $836.70 an ounce and palladium rose 1.7% higher at $1,448.17 an ounce.


Company: cnbc, Activity: cnbc, Date: 2019-08-15
Keywords: news, cnbc, companies, sales, prices, ounce, ghali, firm, economic, safe, signals, economy, trade, mixed, gold, fears, retail, higher


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Bernie Sanders, Elijah Cummings accuse drugmakers Mylan and Teva of ‘coordinated obstruction’

U.S. lawmakers on Wednesday accused three major pharmaceutical companies of “coordinated obstruction” and “apparent efforts to stonewall” an investigation on generic drug prices launched in 2014. Chairman of the House Committee on Oversight, Elijah Cummings, D-Md., along with Sen. Bernie Sanders, I-Vt., sent letters to Mylan, Teva Pharmaceutical and Heritage Pharmaceuticals asking them to turn over documents, according to a joint statement Wednesday. Shares of Mylan and Teva Pharmaceutical were


U.S. lawmakers on Wednesday accused three major pharmaceutical companies of “coordinated obstruction” and “apparent efforts to stonewall” an investigation on generic drug prices launched in 2014. Chairman of the House Committee on Oversight, Elijah Cummings, D-Md., along with Sen. Bernie Sanders, I-Vt., sent letters to Mylan, Teva Pharmaceutical and Heritage Pharmaceuticals asking them to turn over documents, according to a joint statement Wednesday. Shares of Mylan and Teva Pharmaceutical were
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Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, bernie, accuse, drug, elijah, investigation, drugmakers, teva, cummings, prices, obstruction, statement, states, mylan, sanders, coordinated, pharmaceutical


Bernie Sanders, Elijah Cummings accuse drugmakers Mylan and Teva of 'coordinated obstruction'

U.S. lawmakers on Wednesday accused three major pharmaceutical companies of “coordinated obstruction” and “apparent efforts to stonewall” an investigation on generic drug prices launched in 2014.

Chairman of the House Committee on Oversight, Elijah Cummings, D-Md., along with Sen. Bernie Sanders, I-Vt., sent letters to Mylan, Teva Pharmaceutical and Heritage Pharmaceuticals asking them to turn over documents, according to a joint statement Wednesday.

The lawmakers said they decided to open an investigation following findings in a lawsuit filed by 44 states in May that accused the drugmakers and others of inflating drug prices and stifling competition for generic drug versions.

“Not only did your company’s apparent obstruction undermine our investigation, but it may have caused further harm to patients and health care providers by delaying the discovery of evidence about the companies’ price-fixing,” Cummings and Sanders wrote in each of the letters, dated August 13.

Shares of Mylan and Teva Pharmaceutical were each down roughly 8% on Wednesday.

A spokesperson for Mylan said the company, with the help of outside counsel, is investigation the allegations made in the states’ lawsuit.

“We have not found any evidence to corroborate the allegations. We are prepared to make our case in a court of law and are confident that the civil case against Mylan and its employees is meritless,” Mylan spokeswoman Lauren Kashtan said in a statement. Mylan denied it obstructed the 2014 congressional inquiry.

Teva did not immediately respond to CNBC’s request for comment.

Democrats, who regained control of the House this year, listed lowering prescription drug costs among their top priorities. Cummings, along with Sanders and Rep. Ro Khanna, D-Ca., introduced three bills earlier this year aimed at lowering drug costs.

Spending on prescription drugs in the U.S. increased 0.4% in 2017 to $333.4 billion, according to the latest data from the Centers for Medicare and Medicaid Services.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, bernie, accuse, drug, elijah, investigation, drugmakers, teva, cummings, prices, obstruction, statement, states, mylan, sanders, coordinated, pharmaceutical


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Macy’s is doing all the right things—except being in a mall, analyst says

Despite Macy’s abysmal earnings report Wednesday, one analyst said there’s not much more the department store could be doing to improve. Jan Kniffen, CEO of retail investor consultancy J. Rogers Kniffen, said that Macy’s was making the right moves by closing unproductive stores and experimenting with discounted, off-price clothing with Macy’s Backstage. Department stores around the country have been under pressure to grow sales, as more shoppers turn to online clothing platforms. Because of the


Despite Macy’s abysmal earnings report Wednesday, one analyst said there’s not much more the department store could be doing to improve. Jan Kniffen, CEO of retail investor consultancy J. Rogers Kniffen, said that Macy’s was making the right moves by closing unproductive stores and experimenting with discounted, off-price clothing with Macy’s Backstage. Department stores around the country have been under pressure to grow sales, as more shoppers turn to online clothing platforms. Because of the
Macy’s is doing all the right things—except being in a mall, analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jasmine wu
Keywords: news, cnbc, companies, report, thingsexcept, going, right, doing, department, macys, kniffen, prices, analyst, mall, retailers, stores, theyre, theres


Macy's is doing all the right things—except being in a mall, analyst says

Despite Macy’s abysmal earnings report Wednesday, one analyst said there’s not much more the department store could be doing to improve.

Jan Kniffen, CEO of retail investor consultancy J. Rogers Kniffen, said that Macy’s was making the right moves by closing unproductive stores and experimenting with discounted, off-price clothing with Macy’s Backstage. He also said the company was growing well online and on mobile.

“The bad news is they’re in the mall, and the malls are doing poorly,” Kniffen said on CNBC’s “Squawk on the Street ” Wednesday. “Mall traffic’s deteriorating every quarter, every year for about 10 years now, and there’s no sign of it letting up. So it’s a really hard place to fight the battle.”

During its second-quarter earnings report, Macy’s announced it was cutting its profit forecast for the fiscal year because an oversupply of inventory caused the company to lower prices, forcing it to take a hit on profits. On Wednesday morning, its stock plummeted more than 15%, dropping to lows not seen since 2009.

Foot traffic at some of the best malls in the country peaked around August 2018 and have since started to fall, according to an April report from data analysts firm Thasos. Department stores around the country have been under pressure to grow sales, as more shoppers turn to online clothing platforms.

Because of the tough environment for mall-based retailers, Kniffen believes Macy’s is going to be the only winner among department stores targeting middle-income consumers.

The road ahead isn’t any easier, as many retailers are expected to be hit with tariffs later this year. But Kniffen doesn’t believe consumers will see an impact in prices. Instead, he thinks they’re going to be absorbed elsewhere in the supply chain, like at the factory level.

“We’re not passing this to the consumer, because the consumer is not going to accept it on apparel and accessories,” he said. “They have plenty of substitution opportunities. … They will resist and we will not see price increases coming in those categories except with very few, very strong brands.”

Earlier Wednesday, Macy’s CEO Jeff Gennette told CNBC in an interview that consumers have “no appetite” for price increases.

“We are working with our sourcing and tariff partners to mitigate the risk between vendors and our margins,” Gennette said.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jasmine wu
Keywords: news, cnbc, companies, report, thingsexcept, going, right, doing, department, macys, kniffen, prices, analyst, mall, retailers, stores, theyre, theres


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Gold holds steady as political, trade woes persist

Gold steadied on Wednesday, consolidating around the key $1,500 level, buoyed by uncertainty around political risks such as the unrest in Hong Kong amid global growth concerns, while a slight easing of the Sino-U.S. trade tensions kept prices in check. Spot gold was steady at $1,501.73 per ounce at 0251 GMT. Geopolitical risks in Hong Kong, trends in global growth and we are also expecting at least one more cut from the Federal Reserve. On Tuesday, gold prices rose to their highest in more than


Gold steadied on Wednesday, consolidating around the key $1,500 level, buoyed by uncertainty around political risks such as the unrest in Hong Kong amid global growth concerns, while a slight easing of the Sino-U.S. trade tensions kept prices in check. Spot gold was steady at $1,501.73 per ounce at 0251 GMT. Geopolitical risks in Hong Kong, trends in global growth and we are also expecting at least one more cut from the Federal Reserve. On Tuesday, gold prices rose to their highest in more than
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Gold holds steady as political, trade woes persist

Gold steadied on Wednesday, consolidating around the key $1,500 level, buoyed by uncertainty around political risks such as the unrest in Hong Kong amid global growth concerns, while a slight easing of the Sino-U.S. trade tensions kept prices in check.

Spot gold was steady at $1,501.73 per ounce at 0251 GMT. U.S. gold futures were down 0.1% at $1,512.10 an ounce.

“Easing in trade tensions, geopolitical risks have provided some sort of hope in the markets which boosted equities, because of this there is a brief pullback in gold prices,” said John Sharma, an economist with National Australia Bank.

“However, the trade dispute is still not resolved. Geopolitical risks in Hong Kong, trends in global growth and we are also expecting at least one more cut from the Federal Reserve. All these factors are supportive for gold,” Sharma added.

U.S. President Donald Trump on Tuesday backed off his Sept. 1 deadline for 10% tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods, in the hopes of blunting the impact on U.S. holiday sales.

The reprieve in trade dispute between the world’s biggest economies boosted investor sentiment towards riskier assets, as Asian shares joined a global equities rally on Wednesday.

“Financial markets are starved for a bit of good news. China said it would hold trade talks by phone in two weeks, and the U.S. saying it will delay some of the tariffs have driven a wave of profit-taking across safe-haven assets,” Stephen Innes, managing partner, VM Markets wrote in a note.

On Tuesday, gold prices rose to their highest in more than six years triggered by a rout in the Argentine peso and unrest in Hong Kong, before closing down 0.7%.

Market focus shifts to the U.S. Federal Reserve’s annual symposium next week for clues on the future trajectory of interest rates. Traders see a 86.2% chance of a 25 basis-point rate cut by the U.S. central bank this September.

Lower U.S. interest rates put pressure on the dollar and bond yields, increasing the appeal of non-yielding bullion.

Meanwhile, the dollar index was relatively unchanged against a basket of major currencies on Wednesday, after rising 0.4% overnight.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 1.31% to 836.66 tonnes on Tuesday from 847.77 tonnes on Monday.

Among other precious metals, silver eased 0.1% to $16.95 per ounce, after hitting more than one-and-a-half-year high in the previous session.

Platinum slipped 0.8% to $845 an ounce and palladium dipped 0.7% to $1,444.20 an ounce.


Company: cnbc, Activity: cnbc, Date: 2019-08-14
Keywords: news, cnbc, companies, persist, holds, markets, gold, risks, worlds, steady, prices, kong, political, ounce, trade, global, hong, woes


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Oil prices drop as China economic data disappoints and US crude inventories rise

Oil prices fell on Wednesday on disappointing economic data from China and a rise in U.S. crude inventories, erasing some of the sharp gains in the previous session on signs of an easing in Sino-U.S. trade tensions. Profit taking after Tuesday’s sharp gains also weighed on crude prices on Wednesday, analysts said. “Markets will perhaps soon come down to earth and face the reality of a world of elevated trade tariffs, slower growth and policy inconsistency.” China’s commerce ministry said in a st


Oil prices fell on Wednesday on disappointing economic data from China and a rise in U.S. crude inventories, erasing some of the sharp gains in the previous session on signs of an easing in Sino-U.S. trade tensions. Profit taking after Tuesday’s sharp gains also weighed on crude prices on Wednesday, analysts said. “Markets will perhaps soon come down to earth and face the reality of a world of elevated trade tariffs, slower growth and policy inconsistency.” China’s commerce ministry said in a st
Oil prices drop as China economic data disappoints and US crude inventories rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14
Keywords: news, cnbc, companies, unexpectedly, drop, disappoints, million, crude, data, tariffs, rise, economic, chinese, prices, china, inventories, trade, oil, analyst


Oil prices drop as China economic data disappoints and US crude inventories rise

Oil prices fell on Wednesday on disappointing economic data from China and a rise in U.S. crude inventories, erasing some of the sharp gains in the previous session on signs of an easing in Sino-U.S. trade tensions.

Brent crude was down 64 cents, or 1%, at $60.66 a barrel at 0446 GMT, after rising 4.7% on Tuesday, the biggest percentage gain since December.

U.S. oil was down 75 cents, or 1.3%, at $56.35 a barrel, having risen 4% the previous session, the most in just over a month.

China reported a raft of unexpectedly weak July data, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the United States intensifies.

“Deteriorating China industrial output and consumer spending suggest the fundamental picture isn’t great and the demand for energy may be under the pressure,” said Margaret Yang, market analyst at CMC Markets.

Profit taking after Tuesday’s sharp gains also weighed on crude prices on Wednesday, analysts said.

“The moves in oil were so outsized overnight, that some profit taking in Asia was logical,” said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

Benchmark crude prices surged on Tuesday after U.S. President Donald Trump backed off his Sept. 1 deadline for 10% tariffs on some products affecting about half of the $300 billion target list of Chinese goods.

But with about $110 billion worth of Chinese imports still subject to the tariffs increase next month, the delay will not solve the core issues between the U.S. and China, said Yang.

“Markets will perhaps soon come down to earth and face the reality of a world of elevated trade tariffs, slower growth and policy inconsistency.”

Markets have been pummeled in recent weeks amid tough talk from Trump on trade.

China’s commerce ministry said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks.

Data from industry group the American Petroleum Institute (API) showed U.S. crude stocks unexpectedly rose last week.

Crude inventories increased by 3.7 million barrels to 443 million, compared with analyst expectations for a decrease of 2.8 million barrels, the API said.


Company: cnbc, Activity: cnbc, Date: 2019-08-14
Keywords: news, cnbc, companies, unexpectedly, drop, disappoints, million, crude, data, tariffs, rise, economic, chinese, prices, china, inventories, trade, oil, analyst


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Oil soars 4% on easing US-China trade tensions

Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months. “The U.S.-China trade war has caused energy demand growth to take a big hit. The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks. OPEC and its allies, known as OPEC+, hav


Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months. “The U.S.-China trade war has caused energy demand growth to take a big hit. The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks. OPEC and its allies, known as OPEC+, hav
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Company: cnbc, Activity: cnbc, Date: 2019-08-13
Keywords: news, cnbc, companies, states, prices, united, oil, soars, opec, chinese, uschina, trade, easing, million, tensions, bpd, energy, futures


Oil soars 4% on easing US-China trade tensions

Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months.

The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next month.

“The U.S.-China trade war has caused energy demand growth to take a big hit. Any glimmer of hope revives the prospects for a more positive demand landscape,” said John Kilduff, partner at energy hedge fund Again Capital Management in New York.

Brent futures were up 4.5%, at $61.20 a barrel, while U.S. West Texas Intermediate (WTI) crude was up 4%, at $57.10.

That put Brent futures on track for their biggest daily percentage gain since December.

The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks.

“The possibility that the United States and China can get the trade talks on track … is raising hopes that they might actually get some type of deal,” said Phil Flynn, analyst at Price Futures Group in Chicago.

“That’s why we are seeing this big rebound in prices,” Flynn said.

Before the U.S. announcement about the tariff delay, Brent futures were still trading about 20% below the 2019 high they hit in April.

Oil prices seesawed earlier in the day, caught between demand worries and rising global supplies and expectations for deeper production cuts from leading producers.

U.S. oil output from seven major shale formations was expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd, the Energy Information Administration forecast in a report.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), last week said it planned to keep its crude exports below 7 million bpd in August and September to help drain global oil inventories.

“Saudi Arabia and its Gulf allies standing firm on their commitment to the OPEC+ output-cut agreement has supported prices,” said Abhishek Kumar, head of analytics at Interfax Energy in London.

OPEC and its allies, known as OPEC+, have agreed to cut 1.2 million bpd of production since Jan. 1.

In the United States, meanwhile, analysts forecast crude stockpiles fell by 2.8 million barrels last week, according to a Reuters poll.

“If we get the drawdown in (U.S.) inventory that most people are looking for, that is going to get the market a lot tighter,” said Flynn at Price Futures.

The American Petroleum Institute (API), an industry group, was due to release its inventory report at 4:30 p.m. EDT (2030 GMT) on Tuesday, followed by U.S. government data on Wednesday morning.


Company: cnbc, Activity: cnbc, Date: 2019-08-13
Keywords: news, cnbc, companies, states, prices, united, oil, soars, opec, chinese, uschina, trade, easing, million, tensions, bpd, energy, futures


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Saudi Aramco says it’s ready to go public

Saudi Aramco’s CFO, in the company’s first-ever conference call, on Monday told investors that the company is ready to go public, but that the timing will be up to its owner, the Kingdom of Saudi Arabia. Saudi Crown Prince Mohammed bin Salman would like to see Aramco valued at $2 trillion, about $500 billion more than bankers are currently estimating, according to sources. “We, in Saudi Aramco, have delivered strong and unmatched financial results, despite lower oil prices and volatile market co


Saudi Aramco’s CFO, in the company’s first-ever conference call, on Monday told investors that the company is ready to go public, but that the timing will be up to its owner, the Kingdom of Saudi Arabia. Saudi Crown Prince Mohammed bin Salman would like to see Aramco valued at $2 trillion, about $500 billion more than bankers are currently estimating, according to sources. “We, in Saudi Aramco, have delivered strong and unmatched financial results, despite lower oil prices and volatile market co
Saudi Aramco says it’s ready to go public Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: patti domm
Keywords: news, cnbc, companies, saudi, companys, million, company, prices, reliance, told, billion, oil, public, ready, aramco


Saudi Aramco says it's ready to go public

An employee walks past crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018.

Saudi Aramco’s CFO, in the company’s first-ever conference call, on Monday told investors that the company is ready to go public, but that the timing will be up to its owner, the Kingdom of Saudi Arabia.

“Basically, the company is ready for the IPO. Now the timing of the IPO itself, this is a shareholder’s issue, and they will announce it depending on their perception of what would be the optimum market condition,” said Khalid al-Dabbagh, chief financial officer, reiterating the company’s previous stance.

Sources have said that the Saudi government, encouraged by the success of Aramco’s $12 billion debt offering, would like to move its plans for the IPO forward, and issue stock in 2020. The offering is expected to be the largest new issue ever, and represent just a small portion of the company’s equity. Saudi Crown Prince Mohammed bin Salman would like to see Aramco valued at $2 trillion, about $500 billion more than bankers are currently estimating, according to sources.

The company faces tough markets, where oil prices are volatile and near the 2019 low. Brent crude futures were trading below $60 a barrel Monday, and are down 18% over the past year. At the same time, energy stocks have underperformed, with the S&P energy sector up just 1.7% year to date, the worst-performing sector and well behind the S&P 500’s 2019 gain of about 16%.

“We, in Saudi Aramco, have delivered strong and unmatched financial results, despite lower oil prices and volatile market conditions. This is really a testament to our resilience,” said al-Dabbagh, noting the talks are in the early stages.

Saudi Aramco earlier reported first half net profits of $46.9 billion, down from $53 billion last year due to the impact of lower oil prices. Free cash flow rose 6.7% to $38 billion, and it is that cash flow that some sources believe could help Aramco propel its valuation to $2 trillion.

Aramco announced a special dividend of $20 billion, noting it reflects its exceptionally strong 2018 performance.

The CFO told investors the company has sufficient free cash flow to give it enough room to purchase a stake in Reliance Industries, a deal announced by Reliance earlier Monday. The stake in India’s Reliance Industries, an oil and chemicals producer, allows Aramco to diversify ahead of its IPO.

“As you and everyone knows, India is a large country with large demand, and I think growing demand,” he said, adding the deal enhances the company’s global downstream strategy.

Earlier, Reliance Chairman Mukesh Ambani told his company’s annual meeting that Aramco is the biggest foreign investment in the company ever and among the largest foreign investments ever in India. Under the deal, Aramco would supply its Jamnagar refineries with 700,00 barrels a day of oil on a long-term basis, about half the refining complex’ s capacity.

Aramco said it is focusing more effort on gas development, and that it is an area of growth. It also expects its Marjan and Berri developments to contribute production capacity of 2.5 million cubic meters of gas and 550,000 barrels a day of oil. Marjan is an offshore field off the east coast of Saudi Arabia. and Berri, also in Saudi Arabia, is both onshore and offshore.

The company also said its East-West pipeline would soon be expanded to carry 7 million barrels a day of crude, from 5 million currently.

–Reuters contributed to this report


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: patti domm
Keywords: news, cnbc, companies, saudi, companys, million, company, prices, reliance, told, billion, oil, public, ready, aramco


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