Once neglected Midwest city revs back to life as an ultramodern hotspot
Home to a major music movement and the birthplace of the American car, this Midwest city had $1 homes for sale in [TK year]. Now, it's being reborn as an affordable hotspot with booming job and housing markets.
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Times
2 hours ago
- Times
People need to eat, so I'm investing in food
Amid extreme uncertainty and anxiety about trade wars and violent conflicts, food is one of the few certainties for investors. Whatever comes of President Trump's attempt to broker peace in Ukraine, people will still need to eat. But even such dependable demand does not explain why, when one of the world's biggest agricultural commodities groups issued a profits warning, its share price surged 6 per cent higher that day. The explanation is rooted in one of the most widely used but rarely discussed forms of renewable power, bio-fuels, and illustrates stark differences between the way that America and Britain treat farmers and other businesses. You might never have heard of Archer Daniels Midland (stock market ticker: ADM) but you have almost certainly eaten some of the corn, soybeans and wheat this $28 billion (£21 billion) giant trades around the globe. Less happily, ADM also illustrates the wisdom of Warren Buffett's dictum: 'Try to invest in businesses which are so wonderful that an idiot can run them, because — sooner or later — one will.' The chief finance officer was stood down suddenly in January last year after this business announced an 'investigation regarding certain accounting practices with respect to ADM's Nutrition segment … in response to a request by the Securities and Exchange Commission'. Breaking this news just before midnight on a Sunday did nothing to calm investors' fears and the share price plunged 24 per cent on Monday. This knocked it out of my top 10 shareholdings by value but, as noted here at that time, the nutrition arm generated only 7 per cent of revenues and I suspected that the market might be over-reacting. So, having originally paid $42 per share in May 2016, I invested another five-figure sum at $53 in January last year. Sad to say, doubts continue to cloud this business and last November it was announced that the compliance chief would follow the finance chief out of the door. Then there were calls for the chief executive to resign. Such drama seems to have traumatised some of the staff because ADM's media team couldn't answer a simple question about how many years it has increased dividends; I know because I asked them repeatedly over several days for the purpose of this column. So here's a handy hint for any shareholder struggling to get information out of a company; email the chairman or chief executive. I usually apologise for bothering the top dog, explain I have had no luck with their staff and ask — as a small stakeholder in the business — if they might be able to help. Within two hours, ADM emailed from across the Atlantic and said it had increased its dividends for 53 consecutive years — although on this occasion perhaps a media email address helped the swift turnaround. It is important to be aware that the past is not necessarily a guide to the future and dividends can be cut or cancelled without notice. Even so, this long history of paying investors to be patient and the current yield of 3.5 per cent do offer reasons to be cheerful in fearful times. Better still, LSEG — formerly London Stock Exchange Group — reports that ADM has increased its dividends by an annual average of 7.4 per cent over the last five years. If that rate of ascent could be sustained, it would double shareholders' income in less than a decade. Most immediately, when it warned earlier this month that full-year earnings were likely to be nearer $4 per share than the $4.75 previously forecast, its price surprisingly surged higher to trade at about $59 on Friday. The explanation is that president Donald Trump, who is no fan of windmills, has backed increasing the use of biofuels — basically, alcohol brewed from corn, wheat or sugar beet — blended into petrol for the massive American motor market. Juan Luciano, the chief executive of ADM, shared the market's enthusiasm when he said: 'Clarity in biofuels policy and legislative support for agriculture are creating a favourable environment.' By contrast, Britain's biggest bioethanol plant, at Saltend Chemicals Park near Hull, is due to close on Monday, according to its owner Associated British Foods (ABF). It blames an agreement between Sir Keir Starmer and Trump, which allows American farmers and other companies to send us 1.4 billion litres of ethanol each year, tariff-free, under the recent US-UK trade deal. That's bad news for 12,000 British farmers and other businesses supplying soft commodities to the East Yorkshire plant where 160 people work. Paul Kenward, the chief executive of ABF Sugar, said: 'We have written to ministers multiple times, making it clear that Monday, 18 August, is our final deadline and workers will start leaving from this date. 'What worries me most is key people in government being on holiday at the wrong time. We must not lose this sovereign refining capability because of summertime annual leave.' Politics is beyond the remit of this column, thank God, so I will merely return to where we began with why I am glad to own ADM shares for income, even though they are unlikely to shoot the lights out with capital growth. Food will never go out of fashion; especially now it can also be used for renewable energy biofuels. • Can you beat Trump's tariffs? Play our stock trading game Passive aggressive types argue that investors should 'just stick it all in a tracker fund'. But I am very much in the camp of the active investor and advocate taking an interest in what happens to our money when picking funds and shares. Most unit or investment trust managers, and most companies listed on the stock market, publish information freely online that could only be found in business libraries when I began investing. Many companies' and funds' websites also include the ability to input your email address to automatically get news updates on much the same basis as the big investment institutions. To be specific, this feature is offered by the tractor-maker, Deere and the burger-flipper, McDonald's, my two most valuable shareholdings; as well as Ecofin Global Utilities and Infrastructure, my most valuable investment trust shareholding, among others. Income-seekers can keep track of the date and value of our next payment via free websites including DividendMax and MarketBeat. Trade association websites and online investment platforms also provide valuable information with live data. The Association of Investment Companies (AIC) recently campaigned successfully for platforms to provide individual investors with the right to vote. No wonder the AIC chairman, Richard Stone, hailed 'a new era for shareholder rights'. The internet has disrupted the exclusive access that institutional investors used to enjoy with masses of information that is now freely available to individual investors. But we still need to find the time to read it. • Full disclosure: Ian Cowie's shareholdings
The Guardian
3 hours ago
- The Guardian
Trump's cold brew: New York coffee shops warn of higher prices amid steep tariffs
The Trump administration has targeted Brazil with steep US tariffs of 50%. Coffee shops in the heart of New York are bracing for impact. When the Trump administration announced another wave of sweeping tariffs, particularly on Brazil, Stone Street Cafe's managing partner was first confused. Then came fear. A cafe already runs on slim margins and extra costs passed on from tariffs could risk everything. 'If these tariffs are long term, it will put our business in jeopardy,' Antony Garrigues, managing partner of Stone Street Cafe, said. 'In New York City, the operating costs are already so high, and these tariffs will make everything much more expensive. 'In the end, if people cannot afford our coffee, and we do not have a profit margin, we will not make it.' Stone Street Cafe, based in Manhattan, sources green coffee beans from more than 35 different countries, including Brazil. But Brazil is not the only coffee-producing nation facing tariff pressures: Vietnam, Colombia, Ethiopia and Indonesia are also affected. 'These tariffs are not paid by the country. The costs are passed down to the business owner, and consumer,' noted Garrigues. 'For now, we are going to try and absorb as much [of] the cost as we can. But at the end of the day, this is a business – so we may have to increase the prices.' With the growing effects of climate change already inflating coffee prices, other cafes have already done so. Aside from coffee Ciao Gloria, in Brooklyn, also imports cocoa powder from Brazil. Jams sourced from Italy now face Trump's 15% tariff on exports from the European Union. The cafe raised prices by about 25 cents per cup, but plans to absorb any additional tariffs costs, at least for now. 'I'm selling sugar and caffeine – I'm basically a drug dealer,' joked owner Renato Poliafito. 'So I want to make sure the menu is affordable.' But then he turned serious. 'We have to be vigilant about analyzing the situation before jumping to price increases.' Customers are already scrutinizing their receipts. US coffee prices rose 14.5% in the year to July, according to official data. 'It's this idea of shifting baseline where we normalize something being expensive when it shouldn't [be], and it's very scary to see,' said Helina Seyoum, 29, who has reverted to making coffee at home. 'Now a morning coffee becomes a burden, because you're obsessing over the costs.' A daily cafe trip was how Aley Longo, 28, made sure she escaped the confines of her studio apartment and spoke to people outside work in an 'affordable' way. Now it's strictly a weekend activity. Trump's tariffs are 'bad for Americans, and our quality of life', Longo said, 'and we are suffering, whether it's as tiny as just being able to buy coffee out, or something so much bigger'. Those behind the counter know what it's like to watch the price of a regular purchase grow. Allon Azulai, who owns Kos Kaffe in Brooklyn, which imports beans from countries including Colombia, Honduras and Kenya, described nervously asking vendors for their latest prices each week, as tariffs and mounting demand looms large. 'Right now the industry is so unstable and what worries me if tariffs continue is cafes that do not have big pockets will not be able to survive,' said Azulai. As US cafes come under pressure, the coffee producers they source from are also preparing for disruption. Brazil is the world's largest coffee producer and exporter. The US is the leading destination of its coffee: about a third of its coffee imports are Brazilian. The Brazilian Soluble Coffee Industry Association, which represents producers, said the 50% US tariff on the country's exports amounted to a 'clear competitive disadvantage' as other leading countries for coffee production face lower rates, ranging from 10% to 27%. 'This decision not only harms the Brazilian industry but could also negatively affect American consumers, who benefit from the quality and competitive price of our coffee,' the association said. Brazilian producers and exporters still hope they can lobby for coffee to be exempt from US tariffs, arguing the US produces very little coffee domestically. The US commerce secretary, Howard Lutnick, had previously suggested products not cultivated on American soil could be granted zero tariffs, they note. If that fails Brazil's Coffee Exporters Council says it will at least seek to reduce the tariff on coffee to 10%, in line with other Brazilian goods, including oil, orange juice and aircraft. 'We remain optimistic and hopeful,' the council said. New coffee export deals with the US are on hold and shipments ready to go are stuck in storage, adding costs for exporters. China has meanwhile approved 183 new Brazilian firms to export coffee, although the exporters' council cautioned that sales may take time to materialize. In Vietnam and Colombia – the world's second and third largest coffee-producing nations, respectively – exporters hope that lower US tariffs on their coffee will help them steal a march on Brazil. 'The US can't grow coffee at scale, so tariffs won't bring production back home,' Timen Swijtink, founder of Lacàph Coffees in Vietnam, said. 'With the tiny margins in our industry, any tariff cost goes straight to the American consumer.' Even with 20% US tariffs on Vietnam, the country's farmers 'are resilient and will find new markets', added Swijtink, 'with global demand strong and China's demand growing like a rocket ship'. With the US tariff on Colombia only at the baseline 10%, small coffee growers across the country are shrugging off any immediate impacts. 'The average coffee farmer won't feel it, at least for now,' said José David Posada, a fourth-generation coffee farmer and owner of Capilla del Rosario, a finca in Medellín. 'It's the exporters who will be impacted.' There is also a sense among some that, given Brazil's tariffs are at 50%, Trump's tariff war could even help Colombian business. The country's coffee cultivation is vital to the national economy, representing 8% of total Colombian exports. Posada said: 'The fact that Brazil has a higher tariff, obviously that's going to have a positive impact on us, right?' Guilherme Morya, a coffee analyst at Rabobank, said the 50% tariff on Brazilian coffee may, at least in the short term, shift American buyers toward other sources. 'Colombia gains a price advantage, and being the second-largest supplier, it becomes the most obvious candidate to fill this gap,' he said. But Alejandro Lloreda, a farmer at family-run Cafetal de la Trinidad, which produces specialty coffee, cautioned the difference would only give Colombia 'a temporary advantage'. 'A coffee tree can take two to three years to produce, and the tariff situation could well change before then,' he said. Back in New York, cafe owners find themselves in an equally uncertain position. 'The tariffs are to small businesses' detriment,' said Poliafito, of Ciao Gloria. 'Big businesses can find a way around it. But we will suffer the costs.' 'It's scary to not know if we can continue our business,' added Nick Kim, manager of Koré Coffee in Manhattan. 'It's really a shame, and sad, that you know bad things are coming, but you cannot do anything to change it. We have no option but to see what will come.'
Daily Mail
4 hours ago
- Daily Mail
FLOURISHING AFTER 50: My husband and I split up last year. I'm now broke and too ashamed to ask for help
Dear Vanessa, I'm 54 and feel like my whole life is falling apart. My husband and I split up last year, and since then, my finances have spiralled. I'm drowning in credit card debt and behind on my mortgage. Some days I can't even get out of bed - the worry makes me feel physically sick. I feel too ashamed to tell my adult kids how bad it is, and I've started avoiding my friends because I can't afford to go out. I know I need to face this, but the anxiety is crippling me. Where do I even start when my mind is a mess, and my money is worse? Megan. Dear Megan, Thank you for putting this into words. It takes real courage to say, 'I need help.' So many women over 50 are carrying this silent burden. Debt is one of the biggest causes of financial stress for people rebuilding after separation - and the shame that comes with it can feel just as heavy. Debt loses its power when you face it step by step. Start by writing down exactly what you owe - credit cards, loans, mortgage, everything. Seeing the true numbers can feel terrifying, but it is the first step to taking back control. Next, look at what's coming in. Are you working? Could you pick up a few extra shifts or side work to bring in even a few hundred dollars more each week? Small extra amounts add up over time. Think about what you own too - do you have a spare room you could rent out for a while? Could you sell things you no longer need to ease the pressure? Every bit of extra cash helps. Contact your bank and ask about hardship options. Many lenders will work with you to pause payments or restructure what you owe - they would rather help than see you fall further behind. And please call the National Debt Helpline on 1800 007 007. It's free and confidential - they talk to people in your exact situation every day. Remember, this is not just about money, it's about how this stress is weighing on your mind and body. I asked Chelsea Pottenger, founder of EQ Minds and an expert in mental wellbeing, for her thoughts too, because your headspace needs care just as much as your finances. Chelsea says: 'When money stress builds up, it triggers survival mode - your mind can freeze and your body reacts with panic. The shame feeds isolation, but you are not alone and you don't have to stay stuck. 'Try tiny resets such as a short walk, fresh air, and deep breathing to calm your nervous system so you can face the next step. And please, tell someone you trust, there is power in sharing what you're carrying.' Megan, this fear will start to shrink once you take action - one small step, then another. That is how you go from stuck to steady. You do not have to do it alone. If you want to see more about what financial stress does to the body and how to break that cycle - watch my conversation with Chelsea. We talk through what really happens in your mind under pressure, and simple steps that can help you rebuild your money and your mental health, one day at a time. Take a breath. Watch when you're ready. And remember - help is out there, and you deserve it.
