Ultra-rich still shopping for luxury despite inflation, recession fears

Ultra-rich still shopping for luxury despite inflation, recession fears

Prices for food, gas and travel have soared over the past year –  but the rich appear to be shrugging it off and are still fueling sales at luxury companies, where sneakers can go for $1,200 and sports cars easily top $300,000. Companies that cater to the ultra-rich, including Ferrari and the parent companies of Dior, Louis Vuitton and Versace, are reporting strong sales or hiking their profit forecasts. The upbeat results come even as recessionary fears hang over the economy, with Walmart, Best Buy, Gap and others slashing their financial outlooks, citing a pullback in spending among lower-income consumers...

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Elon Musk wants to cut this ‘terrible habit’ from his morning routine

Elon Musk wants to cut this ‘terrible habit’ from his morning routine

Despite being a multibillionaire with plans to colonize Mars, Elon Musk has surprisingly relatable daily goals. For starters, the Tesla and SpaceX CEO wants to revamp his daily routine, beginning with the moment he wakes up. In a recent interview with Full Send Podcast, Musk said he checks his phone first thing in the morning — and he thinks it could be detrimental to his health. “I have a bad habit — which I suspect a lot of people do — of immediately checking my phone [in the morning],” Musk said on the show. “It’s a terrible habit, actually.” Musk,...

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Parents who make these 3 mistakes are more likely to raise narcissistic kids, says parenting expert

Parents who make these 3 mistakes are more likely to raise narcissistic kids, says parenting expert

As a neuroscientist who studies narcissistic personality disorder, I’ve found that a child’s family dynamic is one of the most significant predictors of narcissistic tendencies, including superiority, grandiosity, entitlement and lack of empathy, in adulthood. To be clear, children and teens are naturally more selfish, not narcissistic, because their minds are still developing. So it’s normal for them to be less self-aware until they’ve learned important skills like emotional regulation and empathy. Based on my experience, parents who make these three harmful mistakes are more likely to raise narcissistic kids: 1. Not acknowledging your own negative behaviors Children learn by...

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6 questions to ask before moving in with your partner

6 questions to ask before moving in with your partner

Though marriage rates are steadily declining in the United States, the number of people who cohabitate continues to trend in the opposite direction. In 2010, 49.2% of adults cohabitated at one point in their life, and 47.4% had been married, according to U.S. Census Bureau data. Fast forward 10 years and the gap continues to widen: In 2020, 58.9%of American adults had cohabitated and 47.7% had been married. But just because a step like this is common doesn’t mean it’s casual. Before moving in with a partner, it’s important to talk to them about your expectations and fears, says Jessica...

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Former Deutsche Bank co-CEO Anshu Jain dies at 59

Former Deutsche Bank co-CEO Anshu Jain dies at 59

Jain Anshu, President of Cantor Fitzgerald appears on CNBC’s Squawk on the Street at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd. 2020. Gerry Miller | CNBC Anshu Jain, an Indian-born investment banker who rose to the role of co-CEO at Deutsche Bank, died last night after a long battle with cancer, his family announced in a statement Saturday. He was 59 years old. Jain, who most recently served as the president of Cantor Fitzgerald, earned an MBA at the University of Massachusetts-Amherst and worked at several financial firms, including Merrill Lynch, before moving to Deutsche Bank....

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How Sri Lanka’s economic collapse raises alarm bells for other emerging markets

How Sri Lanka’s economic collapse raises alarm bells for other emerging markets

During the 2010s, Sri Lanka had one of the fastest-growing economies in Asia.  Things took a 180-degree turn at the end of the decade as the country’s economy stumbled. In May 2022, the government defaulted on its debt for the first time in history.  As inflation continued to spiral out of control, with a massive shortage of food, fuel and medicine for the country’s 22 million people, Sri Lankans took to the street, forcing the president, Gotabaya Rajapaksa, to resign and flee the country.  Even though Sri Lanka has a new president, Ranil Wickremesinghe, protests continue. Inflation has risen past 50% — and could hit...

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Samsung exec explains folding phones are so important

Samsung exec explains folding phones are so important

Samsung Galaxy Z Fold 4 Samsung The head of Samsung’s mobile business, Roh Tae-moon, recently explained to The Wall Street Journal why folding phones are so important to the company’s business. Roh said in the report that Samsung’s foldable phones are attracting three times more brand switchers than Samsung’s regular Galaxy S phones. That means people are moving away from other phone makers, whether it’s Apple, Xiaomi or Oppo, and instead buying Samsung phones. “We consider this to be a quite meaningful percentage and a positive sign,” Roh told The Wall Street Journal. “This is about switchers from other brands, not...

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The Fed may have retired ‘transitory’ too soon to describe inflation

The Fed may have retired ‘transitory’ too soon to describe inflation

Federal Reserve Board Chairman Jerome Powell arrives for a news conference following a two-day meeting of the Federal Open Market Committee (FOMC) in Washington, July 27, 2022. Elizabeth Frantz | Reuters It may be time for the Federal Reserve to revive the word “transitory” after all. While the first dictionary definition of “transitory,” is “of brief duration,” additional definitions describe transitory to mean “not permanent.” I like that definition and I believe that’s how the Fed viewed the meaning of the word when it was describing a post-pandemic inflation. First of all, nothing is permanent … on that we can...

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House passes massive climate, tax and health bill

House passes massive climate, tax and health bill

The House passed a sweeping tax, health and climate bill on Friday, delivering a major win for Democrats and President Joe Biden less than three months before the pivotal midterm elections. The chamber approved the more than $430 billion package by a 220-207 margin, as all Democrats backed it and all Republicans opposed it. The measure, which caps a more than yearlong slog by Democrats to pass a core piece of their agenda, will head to Biden’s desk for his signature. The bill, dubbed the Inflation Reduction Act, embodies the thrust of the Biden administration’s domestic “Build Back Better” agenda...

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This was a good week for inflation numbers, but whether it can last is the big question

This was a good week for inflation numbers, but whether it can last is the big question

Gas station prices are seen in Bethesda, Maryland on August 11, 2022. Mandel Ngan | AFP | Getty Images There was more good news Friday for inflation, as import prices fell more than expected and brought some much-needed relief for consumers. The report capped off a relatively upbeat week for those worried about rising prices — and “relatively” is the operative word — as the U.S. is on pace this year to import just over $4 trillion of goods and services this year, according to the latest Bureau of Economic Analysis data. With Americans already paying huge bills for food,...

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