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Daily Mirror
3 days ago
- Daily Mirror
Quiet seaside town named as one of UK's top summer destinations
The travel review website has released its summer travel index for 2025, revealing the fastest growing destinations in the UK, with one destination much closer to home making the list No British summer is truly fulfilled without a trip to the seaside. For years, families have flocked to the coast for a paddle in the waves, sandcastle building, and indulging in ice creams and fish and chips. Coastal destinations continue to be a hit, as recent data from Tripadvisor indicates that seaside spots are trending this summer. The travel review platform unveiled its summer travel index for 2025, featuring the UK's fastest-growing destinations, which are predominantly coastal locations. The top three hotspots are Seaview in the Isle of Wight, Ingoldmells in Lincolnshire, and Bamburgh in Northumberland. However, also nestled within the top ten is little Lytham St Anne's on the Lancashire coast, which secured the eighth spot on the list. Tripadvisor compiled the data by analysing responses from its Consumer Sentiment Survey, which polled over 2,800 consumers, and traffic data from the Tripadvisor website. The research revealed that affordability was a crucial factor for two-thirds of Brits when it comes to travel, with cost outweighing considerations such as work schedules and school holidays. Given these factors, it's easy to understand why UK seaside destinations remain so popular - they're often budget-friendly and more accessible, allowing for day trips instead of splashing out on an overseas holiday. With its grand Victorian pier, expansive sandy beach and charming pastel-hued beach huts, it's no surprise that Lytham St Annes was listed as one of the top holiday spots this summer, reports the Manchester Evening News. Comprising two towns, Lytham and St Annes, this coastal gem offers visitors a unique experience compared to neighbouring Blackpool, exuding an old-world seaside charm. The vast beach is perfect for building sandcastles or enjoying a picnic, while the 600ft Victorian Pier boasts amusements, a café and ice cream stalls. What distinguishes this resort from others in the vicinity are the delightful beach huts available for daily hire starting from £135. They're equipped with everything you might need, including mains electricity, a compact kitchen area, chairs and a table. For families with children, the Splash park is a hit with youngsters - suitable for ages three to 12 - featuring various attractions such as spray loops, water sprays, bucket drops and water domes, priced at £2 for a one-hour session. Parking at Lytham St Annes is plentiful, with options including the beachside North Promenade (FY8 2NQ) and Fairhaven Road (FY8 1NW), both starting from £1.30 for one hour and up to £4.60 for over four hours.
See - Sada Elbalad
18-05-2025
- Business
- See - Sada Elbalad
Gold Prices Decline By EGP 175 In Local Markets Over The Course Of A Week
Waleed Farouk Gold prices in local markets fell by 3.7% during trading last week ending Saturday evening, while the ounce fell by 3.6% during trading last Friday evening, affected by the rise in the dollar and stocks following the tariff truce between the United States and China. Gold prices in local markets fell by EGP 175 during trading last week, with the price of 21-karat gold opening at EGP 4,715 and closing at EGP 4,540. Meanwhile, the ounce fell by $121, opening at $3,325 and touching $3,120, its lowest level in a month, before closing at $3,204. A gram of 24-karat gold recorded 5,189 Egyptian pounds, a gram of 18-karat gold recorded 3,891 Egyptian pounds, a gram of 14-karat gold recorded approximately 3,027 Egyptian pounds, and the gold pound recorded approximately 36,320 Egyptian pounds. Gold prices declined in global markets during trading this week, against the backdrop of the tariff truce between the United States and China and the accompanying shift of capital towards riskier assets. Gold prices fell below the $3,200 level, recording their largest weekly decline since June 2021, amid sharp increases in stock markets. News of a de-escalation in the trade war between the United States and China and an agreement to reduce tariffs by 115% for 90 days led to a decline in gold. The ceasefire between Pakistan and India, in addition to the intense focus on a Russian-Ukrainian solution, contributed to calming geopolitical tensions, reducing the need for safe havens. Gold prices pared some of their weekly losses following the release of Moody's Investors Service's report on the US economy. The agency downgraded the US debt rating from Aaa to Aa1, citing rising interest costs and unsustainable debt growth. At the same time, it revised its outlook for the US from negative to stable. The agency said in a statement: "This one-notch downgrade on our 21-notch credit rating scale reflects the increase, over more than a decade, in government debt ratios and interest payments to levels well above those of similarly rated countries." Looking ahead, Moody's said it sees little hope for significant change in government spending. Earlier, data from the University of Michigan showed that US households have become pessimistic about the economy, as revealed in the May Consumer Sentiment Survey. Inflation expectations are on the rise, previous housing data has been mixed, and import prices have risen. US economic data this week indicated continued progress in reducing inflation. However, Federal Reserve officials remain cautious about easing monetary policy, citing uncertainty over trade policies and tariffs and their potential impact on inflation. On the growth front, retail sales continued to slow in April, but the latest update from the Atlanta Federal Reserve's GDP Now report indicates that the US economy may grow at a 2.4% rate in the second quarter of 2025. The University of Michigan's Consumer Confidence Index fell in May to its lowest level since July 2022, at 50.8, below expectations of 53.8, compared to 52.2 in April. Americans' inflation expectations for the next year rose from 6.5% to 7.3%, and over the next five years jumped from 4.4% to 4.6%. US housing starts rose 1.6% month-on-month in April, from 1.339 million to 1.361 million, below expectations. Building permits fell to -4.7% for the same period after rising 1.9% in March. US import prices rose 0.1% month-on-month in April, exceeding expectations and surpassing March's -0.4% decline. In a related development, markets are awaiting a number of Federal Reserve policy statements next week, as well as preliminary purchasing managers' index (PMI) and housing data. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Miami Herald
04-05-2025
- Business
- Miami Herald
Warren Buffett sends strong message on trade, tariffs
Warren Buffett's Berkshire Hathaway (BRK.B) boasts a record so good that it's made him one of the world's wealthiest people, with a $150 billion net worth. Since 1965, Berkshire Hathaway has produced a staggering compounded annual return of 19.9%-nearly double the S&P 500. Buffett's returns are even more impressive because he generally avoided high-growth stocks, instead favoring value-oriented ones. Related: Legendary fund manager makes bold stock market prediction His success and knack for delivering folksy wisdom have made him one of the most influential portfolio managers of all time, as evidenced by the tens of thousands of people who flock to Berkshire Hathaway's three-day annual meeting every year. Buffett has hosted the event, unofficially dubbed 'Woodstock for capitalists,' for over 60 years, and his comments during his marathon question-and-answer session are packed with interesting takeaways on markets, stocks, and the economy. This year was no different, as Buffett took time on the stage to address the ongoing debate over tariffs and the escalating trade war. CNBC/Getty Images The U.S. economy was already showing signs of wear before President Donald Trump unveiled harsher-than-expected reciprocal tariffs on April 2, so-called 'Liberation Day.' Unemployment had already begun climbing from its 2023 low of 3.4% even as sticky inflation crimped consumers' budgets, causing them to shift spending to essentials from discretionary items. The unemployment rate in April was 4.2%, according to the Bureau of Labor Statistics. The slowing jobs market prompted the Fed to cut rates by 1% last Fall, but slowing progress in reducing inflation has since put the kibosh on rate cuts this year. PCE inflation, excluding volatile food and energy, was 2.6% in March, above the Fed's 2% target. The dynamic has put the economy in a precarious position, likely worsened by widespread tariffs that have sparked fierce debate. Tariff proponents argue they're the best tool for wrestling manufacturing back to America. Opponents say tariffs will increase prices, driving inflation higher, and sending our economy into a tailspin. The reality may be in the middle, but much will depend on how trade negotiations with major trading partners, including China, pan out. While President Trump paused most reciprocal tariffs for 90 days on April 9 to negotiate trade deals, he left in place: 25% tariffs on Canada, Mexico, and autos. A 10% baseline import tax.A staggering 145% import tax on China. What's next for the economy is uncertain, but consumer sentiment is sagging, and data on manufacturing and services is worrisome. More Experts Treasury Secretary delivers optimistic message on trade war progressShark Tank's O'Leary sends strong message on economyBuffett's Berkshire has crucial advice for first-time homebuyers The University of Michigan's Consumer Sentiment Survey declined by 8% to 52.2 in April from March to its fourth-lowest level for April since 1952. Meanwhile, inflation expectations for the coming year jumped to 6.5% from 5% last month. ISM's Manufacturing PMI, a measure of factory activity, fell to 48.7 in April from 50.9 in January, signaling contraction. While the April Services PMI won't be released until May 5, it fell to 50.8 in March from 52.8 in January. Warren Buffett doesn't appear overly concerned about America's trade deficit, given his comments at Berkshire Hathaway's annual meeting this year. "I do think that the more prosperous the rest of the world becomes, it won't be at our expense, the more prosperous we'll become, and the safer we'll feel, and your children will feel someday," said Buffett. Related: Billionaire Bill Ackman sends strong message on China, US trade war Buffett suggested that a U.S. trade war could work to our disadvantage if it means the world turns against us. "It's a big mistake, in my view, when you have seven and a half billion people that don't like you very well, and you got 300 million that are crowing in some way about how well they've done - I don't think it's right, and I don't think it's wise," Buffett said. He also suggested that tariffs can significantly impact foreign countries, creating bigger problems. Buffett said that tariffs "can be an act of war." He also shared his opinion on how the U.S. should approach global trade. "You can make some very good arguments for the fact that balanced trade is good for the world," said Buffett. "We should be looking to trade with the rest of the world, and we should do what we do best, and they should do what they do best." Buffett isn't alone in claiming that tariffs and trade wars are a problem. Billionaire fund manager Ken Fisher, founder of Fisher Investments, with $295 billion in assets under management, has been especially vocal on the risks associated with tariffs. "Tariffs always hurt the country that imposes them more than they hurt the country that they're imposed upon," said Fisher in April. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
30-04-2025
- Business
- Miami Herald
Treasury Secretary delivers message on trade war progress
The trade war with China shuttered activity between America and the Middle Kingdom. It doesn't appear that either side is backing down, despite onerous 145% tariffs on U.S.-Chinese imports and 125% tariffs on China's U.S. imports, likely to hit both economies hard. In the U.S., concern has mounted that President Trump's tariff plan will spark inflation and crimp corporate profits, causing consumers and businesses to curb spending. The potential economic risks from the trade war are increasing bets that the U.S. is heading headlong into stagflation, or worse, a recession. Related: Billionaire fund manager sends blunt message on S&P 500 bear market risk Avoiding that outcome may depend heavily on how trade deals play out. If China remains in the penalty box, then it becomes critical to reach deals quickly with other trading partners. The point isn't lost on Treasury Secretary Scott Bessent, a Wall Street veteran trained under the legendary hedge-fund manager Stanley Druckenmiller. Bessent went on to run his hedge fund, Key Square Group, before Trump appointed him to run the Treasury in 2025. On April 29, Bessent gave a trade update at a White House press conference, commenting on negotiations, the economy, and potential new policies, including tax relief and deregulation. Image source: Bloomberg/Getty Images The health of the U.S. economy depends heavily on consumer and business sentiment. When people and companies are optimistic, they're willing to open their wallets. However, when pessimism reigns, they hit the brakes on spending, causing economic activity to plummet and unemployment to increase. Unfortunately, uncertainty over how tariffs will play out has hammered confidence, suggesting the U.S. economy could face a reckoning. Related: Veteran fund manager who correctly forecast stocks' drop and pop sends blunt 6-word message on what's next The University of Michigan's Consumer Sentiment Survey results tumbled 8% to 52.2 in April from March, the fourth-worst level in April since 1952. Inflation expectations for the year ahead surged to 6.5% from 5% last month - the highest forecast since 1981. The Conference Board's survey shows similar worry. Its closely watched expectations index, which reflects consumers' short-term outlook, fell 12.5 points to 54.4 in April, the worst showing since October 2011. Historically, readings below 80 have suggested a recession is coming. There's good reason for consumers to be leery. Tariffs risk kindling inflation as businesses look to pass along import taxes. That's problematic because CPI inflation of 2.4% last month is still above the Fed's 2% target, and has already dented consumer spending, forcing shifts to essentials from discretionary purchases. Cracks are emerging in the job market, too. Unemployment has increased to 4.2% from a low of 3.4% in 2023, and there are fewer jobs for job seekers. The Job Openings and Labor Turnover Survey shows 7.2 million unfilled jobs in March, down 901,000 from one year ago. More Experts: Legendary fund manager sends blunt 9-word message on stock market tumbleBillionaire Michael Bloomberg sends hard-nosed message on economyRare event may send S&P 500 soaring The Bureau of Labor Statistics reports its latest monthly unemployment data on May 2. The U.S. economy is expected to have created 130,000 jobs, but Torsten Slok, the popular chief economist at influential hedge fund Apollo Global, with $512 billion in assets under management, isn't convinced. "Some leading indicators suggest we could see a dramatic weakening in the labor market over the coming months," wrote Slok in a recent update. "The consensus expects 130K jobs created in April. There are significant risks the number is going to be lower, perhaps even negative." The uncertainty has sparked significant market volatility, including a roller-coaster ride on Wall Street, and a sell-off in Treasury bonds and the U.S. Dollar. Jittery markets increase the risk to the economy, given that businesses rely on them for financing, and people consider portfolio values when deciding on major purchases. To boost confidence, Treasury Secretary Bessent addressed a White House press conference on April 29, saying progress is being made with some trading partners. "I could see some announcements on India. I can see the contours of a deal with the Republic of Korea coming together. And then, we've had substantial talks with the Japanese," said Bessent. "We are very close on India… India negotiations are going well." As for China, Bessent says it's in their best interest to make a deal, but he didn't seem overly optimistic that any agreement is near. "Chinese tariffs are unsustainable for China. If these numbers stay on, China could lose 10 million jobs very quickly," said Bessent. "We are the deficit country. They sell almost five times more goods to us than we sell to them, so the onus will be on them to take off these tariffs. They are unsustainable for them." Related: Veteran fund manager resets stock market forecast after oversold rally When asked if talks with China are ongoing, something China has publicly disputed, he said, "They have a different form of government. I'm not going to get into the nitty gritty of who's talking to whom." When pressed on whether Trump is talking to China, he said he has many jobs, but "running the switchboard isn't one of them." Bessent also acknowledged uncertainty being a big problem, but suggested it's a negotiating tactic that should eventually fix itself. "President Trump creates strategic uncertainty," said Bessent. "He is more concerned with getting the best possible trade deals for the American people… The aperture of uncertainty will be narrowing… as we start moving forward announcing deals, then there will be certainty." Bessent doesn't think tariff agreements are the only reason Americans and businesses should be more optimistic. He also sees policy changes and tax reform as key. The Trump administration is pushing to eliminate taxes on tips, Social Security, and overtime, and provide business tax breaks on equipment and factories. "Since January 20, interest rates, mortgage rates are down, gasoline and energy prices are down. We're expecting further decreases," said Bessent. "The big tax on consumers that goes unnoticed is regulation and we are deregulating. We would expect real purchasing increases…Peace deals, trade deals, tax deals, and deregulating… I think by the third and fourth quarter that's really going to kick in." Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Forbes
26-04-2025
- Business
- Forbes
Soft Data, Hard Truth: Why This 11.6% Dividend Could Plunge
Sometimes there's a dividend play out there that we love—but it's just the wrong time to buy it. That's the story with an 11.6%-paying closed-end fund (CEF) that's pretty well-known (for a CEF, that is!). It's the Gabelli Equity Trust (GAB), run by Mario Gabelli, whom you may have seen on the cable news channels over the years. To get at why we're dodging this well-run fund now, we need to first talk about a phrase you may have heard a lot more from said business channels lately: 'soft data.' Ring a bell? Basically it refers to numbers that are more about feelings (or 'vibes' as the kids call them these days) that people have about the economy: surveys of consumers and companies, expectations of economic conditions in the future, that sort of thing. This is different from 'hard' data, which reflects what's actually happening. Think about it as the difference between asking someone if they're cutting back on their spending and actually looking through their bank accounts to see if they really are. Soft data is notoriously unreliable and often not taken all that seriously. But these days, it's worth taking a closer look at, because it's breaking with the 'hard' data in major ways. This is where our sell (or avoid if you don't already own it) case on GAB starts. One of the most commonly reported 'soft' data points out there is the University of Michigan Consumer Sentiment Survey, which has been dropping fast since the start of 2025 and really plunged in March. Consumer Sentiment Federal Reserve That kind of decline suggests an imminent recession. But let's take a beat before we jump to that conclusion, because there's more to the story here. Since the pandemic, this indicator has been stuck below where it was pre-pandemic. The reasons for consumers' ongoing lousy mood have changed over the years: Obviously the pandemic caused sentiment to fall in 2020. The end of lockdowns helped it improve in 2021, but then the inflation/recession panic of 2022 caused it to drop far lower than it was during the pandemic. That last fact is astonishing enough on its own. And while consumer sentiment improved since then, we still haven't even reached levels last seen when people were locked in their homes in mid-2020! What's going on here? Simply put, Americans just aren't as optimistic as they were pre-COVID. So it isn't surprising that this indicator is so glum. Plus, even though consumer sentiment has dipped lately, we're still only around mid-2024 levels, and we're higher than we were around 2022 and most of 2023. So if you read about depressing soft data, keep in mind that the actual numbers aren't that bad, historically speaking. CEOs and corporate execs? Well, they're in a funk of their own, as recent manufacturing and services-sector sentiment indicators have shown. What, exactly, does all this mean for investors? To answer that, let's look at some data the Financial Times pulled from a specific source: JPMorgan Chase & Co. (JPM), which released its credit card net charge-off rates. These basically show how many consumers aren't paying their credit card bills. That number has climbed. Credit Card Loans Unrecoverable JP Morgan Here, too, context is key, though, as despite the rise, non-payments are still below where they were in 2011, the start of a decade in which the S&P 500 returned 263%! The real risk here is that more short-term volatility will kick in as this 'vibe-induced wall of worry' causes some investors to sell, triggering others to sell, and so on. That's what happened in 2022, and that's what we've seen in the last few months. Of course, this is a buying opportunity for the patient, but not all assets are good buys in such an environment. Which brings me back to 11.6%-yielding GAB. It's a value-focused CEF that holds great stocks like American Express (AXP), Mastercard (MA) and Deere & Co. (DE). That makes it a solid buy most of the time—but not now. Here's why: GAB Premium NAV Ycharts A key thing to keep in mind with CEFs is that they tend to have a fixed share count for their entire lives, and as a result can trade at different levels in relation to the value of the investments they hold. In GAB's we're looking at an 8.6% premium. In other words, buying GAB now would mean buying Mastercard, American Express and the like for more than we would if we simply bought them on the open market. Not good! And it's why we really want to avoid GAB now, with more volatility likely. Worse, GAB's premium has shot up in recent weeks, not because the fund's market price is skyrocketing (it's flat year-to-date, including reinvested dividends), but because the selloff has caused its NAV (in orange below) to fall steeply, while its market price (in purple) has levitated. GAB Total Returns Ycharts A fund that has an unusually high premium, a total price return that's hovered near breakeven year to date and a negative total NAV return year to date is exactly the kind of fund that's perfectly set for a sudden, steep selloff when investors notice. And if the 'vibes' stay depressed, investors will notice sooner rather than later. But there is a silver lining here: When that moment comes, the mainstream crowd will probably overreact to the downside, creating a big discount on GAB. That'll be a great time to buy, so put GAB on your watch list while we wait for that to happen. Michael Foster is the Lead Research Analyst for Contrarian Outlook. For more great income ideas, click here for our latest report 'Indestructible Income: 5 Bargain Funds with Steady 8.6% Dividends.' Disclosure: none
