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Credit Suisse shares surge amid $53b loan



The Swiss central bank has agreed to help out

Shares in Credit Suisse have surged after the institution agreed to take a $53 billion loan from the Swiss central bank.

This saw European stocks rebound strongly on Thursday after falling earlier in the day.

The initial fall followed an announcement by Europe’s central bank that it will hike its main interest rate by half a percentage point.

The Banks index, which tracks 42 big E.U. and U.K. banks, closed 1.2 per cent up, while London’s bank-heavy FTSE 100 finished the day 0.9 per cent higher.

Both indexes had fallen on the news the Central Bank will press ahead with rate hikes to help bring down inflation.

Across the pond, it was a similar story.

The S&P 500 bounced 1.7 per cent by early afternoon.

The European Central Bank is pressing ahead with rate hikes, despite the turmoil on global stock markets.

The E.C.B. raised its benchmark rate by another half a percentage point to 3%.

Only a few days ago that had been seen as all but certain.

But doubts had crept in after the rout in global bank stocks, sparked by the collapse of Silicon Valley Bank and worries over the survival of Credit Suisse.

E.C.B. chief Christine Lagarde said stubbornly high inflation meant the bank had to press on with hikes.

But she said policymakers were ready to respond if the situation changed:

“We are monitoring current market tensions closely, and stand ready to respond as necessary to preserve price stability and financial stability in the euro area”.

Rising interest rates have been seen as a major factor in the recent troubles for some banks.

Among other reasons, they tend to lower the value of bonds, which form a vast chunk of the balance sheet for many lenders.

So it was no surprise to see a mixed market reaction.

Euro zone bank shares hit two-month lows after the news, but later rallied.

Credit Suisse shares also seesawed, but remained up around 17% following the morning’s news that it had secured a $54 billion lifeline from the Swiss central bank.

Now attention turns to whether the Federal Reserve will also press ahead with hikes when it meets next week.

After the E.C.B. move on Thursday, markets were pricing in another quarter-point increase.

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First home purchases cost 60% more than renting in most cities



It has been revealed that buying a starter home in the majority of major cities is a whopping 60% more expensive than renting.

This staggering revelation is causing many potential homeowners to rethink their plans and consider the financial implications of such a significant disparity in costs.

The report, conducted by a leading real estate analytics firm, analyzed housing markets in various urban centers across the country.

The findings indicated that the dream of owning a starter home might be considerably out of reach for many aspiring homeowners.

Steep price

While renting provides a level of flexibility and convenience, the prospect of home ownership is an appealing one, but it comes at a steep price.

The rising costs of homes, combined with increasing interest rates and the need for substantial down payments, are contributing to the substantial gap between buying and renting.

Additionally, maintenance and property taxes add to the financial burden of owning a home, making renting an attractive alternative for those looking to save money.

Despite the financial challenges, experts advise potential buyers to carefully weigh their options and consider long-term financial goals. While renting may seem more affordable in the short term, the potential for home appreciation and building equity could provide substantial benefits over time.

However, for those who are struggling to save for a down payment and are concerned about the overall cost of homeownership, renting remains a practical choice in many major cities.

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UPS is using AI to thwart package theft



UPS, one of the world’s leading package delivery companies, is harnessing the power of artificial intelligence (AI) to combat the persistent problem of ‘porch pirates’ stealing packages from doorsteps.

This innovative approach aims to safeguard customers’ parcels and enhance the overall delivery experience.

The rise of online shopping has led to a surge in package deliveries, making porch piracy a growing concern. Criminals often seize opportunities to snatch packages left unattended, causing frustration and financial losses for both consumers and delivery companies. UPS, however, is stepping up its game.

By integrating AI-driven solutions into its operations, UPS has developed a sophisticated package protection system. The AI algorithms work in tandem with a network of smart cameras strategically placed in delivery vehicles. These cameras capture real-time footage of delivery drop-offs and monitor for any suspicious activity.

When a package is placed on a recipient’s doorstep, the AI system analyzes the surroundings for potential threats. If any unauthorized individuals approach the package, the system triggers an alert for UPS personnel or local law enforcement. This proactive approach not only deters thieves but also helps in apprehending them swiftly.

This groundbreaking initiative not only bolsters package security but also reinforces UPS’s commitment to customer satisfaction. With the deployment of AI technology, the company aims to reduce theft incidents significantly, making doorstep deliveries safer and more reliable for all its customers.

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How much money you need to earn to be “officially rich”



In today’s economic landscape, achieving true financial prosperity is a goal many aspire to attain.

While perceptions of wealth can vary widely, there’s a consensus that a specific salary threshold qualifies as officially rich.

When it comes to defining what it means to be rich, the benchmark often lies in one’s ability to comfortably afford a luxurious lifestyle, invest for the future, and still have funds to spare for philanthropy or personal indulgences.

The magic number that often places individuals in this coveted category is an annual income of $250,000 or more.

Reaching this income level is no small feat and generally requires a combination of factors such as a high-paying job, wise financial investments, and, in some cases, entrepreneurship. Those earning this salary often enjoy access to exclusive perks, whether it’s upscale living arrangements, exotic vacations, or fine dining experiences that most can only dream of.

The financial freedom that comes with an income of $250,000 or above enables individuals to secure their future, supporting their retirement plans and ensuring a comfortable life for their families. It also allows them to make a significant impact on causes they care about, contributing to charitable endeavors and supporting local communities.

However, it’s essential to note that wealth is a subjective concept, and one’s perception of richness may differ significantly based on personal circumstances and geographic location. In some areas with a high cost of living, a $250,000 income may not stretch as far as it would in other regions.

In conclusion, while the definition of being rich can vary, a salary of $250,000 or more often marks a significant milestone in one’s financial journey. It provides the means to lead a luxurious life, secure the future, and make a positive impact on society.

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