Month: November 2023

Navigating Troubled Waters: Moody’s Credit Review and The Struggles of The U.S. Banking Sector

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Read time : 4 mins

Level : Advanced

Amaka Chukwuma | Wealth of Geeks undefined

In August, ratings agency Moody’s announced six major United States banks, including Bank of New York Mellon, State Street, and Northern Trust, were at risk of having their credit rating downgraded. An additional 10 mid-sized banks had their credit ratings slashed, exposing the “ongoing strain” within the U.S. banking sector.

This development sent shockwaves through the financial markets, with investors growing concerned about the potential challenges ahead for the banking sector.

The tension evident in Moody’s report is compounded by mounting pressures on funding and potential “weaknesses” in the capital reserves that lenders must maintain. A credit rating downgrade could further elevate the funding costs for these banks, intensifying their financial challenges. Continue reading

Apple’s sales fall for the fourth straight quarter despite a strong start for latest iPhones

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Read time : 3 mins

Level : Intermediate

FILE – Customers shop in an Apple store in Pittsburgh Jan. 30, 2023. Apple reports earnings on Thursday, Nov. 2, 2023. (AP Photo/Gene J. Puskar, File)

By MICHAEL LIEDTKE AP Technology Writer

Apple’s sales remained on a downward slope during the summer, resulting in a full year of declining revenue at the technology trendsetter with a long history of steady growth that turned it into the world’s most valuable publicly traded company.

The slight sales deterioration announced Thursday for the July-September period marked the end of Apple’s fiscal year — a stretch that saw the company suffer a revenue decrease from the prior year in each quarter.

Although this past fiscal year’s revenue only dipped by 3% from the previous fiscal year, it was still a noteworthy anomaly in a business that has been so successful that Apple became the first U.S. company to be valued at $3 trillion earlier this year.

It’s the first time Apple’s fiscal year revenue has dropped since 2019 when sales fell by 2%. Continue reading

In a first, MIT trains students to resolve clean energy conflicts

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Read time : 4 mins

Level : Advanced

Leyla Uysal, a design school student from Harvard University with an urban planning background, center, speaks during a course concerning the conflicts that arise in the siting process of renewable energy projects, at the Massachusetts Institute of Technology, Friday, Sept. 15, 2023, in Cambridge, Mass. Mike Giovanniello, left, and Kailin Graham listen to the discussion. “It’s going to be difficult, but I will educate myself not to take sides,” Uysal said. (AP Photo/Josh Reynolds)

By AMY HARDER, Cipher News undefined

CAMBRIDGE, Mass. (AP) — As the United States injects hundreds of billions of dollars into clean energy through its signature climate law, known as the Inflation Reduction Act, criticism is growing louder about where, how and whether new development should be allowed.

As opposition grows, once-routine regulatory processes are taking several years, if they are completed at all. Some communities are concerned about landscape changes, some property values and others wildlife preservation. Layered on top of these debates is misinformation, which sows doubt and mistrust among developers and communities.

A new class at the Massachusetts Institute of Technology offers a glimpse into a novel way of resolving these types of conflicts.

MIT is offering a first-of-its-kind course that trains students to be mediators in conflicts over clean energy projects. Supervised by a professional mediator, students work directly with developers, local officials and community members. Students get academic credit and hands-on experience addressing real-world dilemmas, while the community and developer get free help resolving conflict. Continue reading

Less boo for your buck: For the second Halloween in a row, US candy inflation hits double digits

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Read time : 3 mins

Level : Intermediate

An assortment of Halloween candy is shown in this photo taken on Friday, Oct. 27, 2023 in New York. For the second year in a row, U.S. shoppers are seeing double-digit inflation in the candy aisle. (AP Photo/Peter Morgan)

By DEE-ANN DURBIN AP Business Writer

Spooked by the high price of Halloween candy? There’s not much relief in sight.

For the second year in a row, U.S. shoppers are seeing double-digit inflation in the candy aisle. Candy and gum prices are up an average of 13% this month compared to last October, more than double the 6% increase in all grocery prices, according to Datasembly, a retail price tracker. That’s on top of a 14% increase in candy and gum prices in October 2022.

“The price of candy has gotten to be outrageous,” said Jessica Weathers, a small business owner in Shiloh, Illinois. “It doesn’t make sense to me to spend $100 on candy.” Continue reading