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Tel Aviv ranked as number one most expensive city



Israeli city is named the world’s most expensive city above Paris and Singapore

Tel Aviv travel | Israel, Middle East - Lonely Planet

In a survey by the Economist Intelligence Unit, Tel Aviv has taken the top spot for the first time in the world cost of living ranking, jumping up from 5th place last year.

This rank pushes last year’s winner, the one and only glamorous city of Paris down to joint second with Singapore followed by Zurich and Hong Kong

Tel Aviv’s climb to the top is mainly due to the soaring value of Israel’s currency and supply-chain problems.

The Israeili city has also seen price increases for approximately one tenth of goods in the city.

These increases are led by the rise in price of groceries and transport in local-currency terms. 

The survey also found that Tel Aviv was the second most expensive city for alcohol and transport, fifth for personal care items, and sixth for recreation.

This comes as the rate of inflation is the fastest recorded over the past five years with data collected by the EIU in August and September showing that prices on average have risen 3.5% in local currency terms.

The EIU survey collects this data by comparing costs for goods and services in 173 cities with the US dollar. 

Tel Aviv’s mayor, Ron Huldai made it clear that this isn’t necessarily good news as he warns the rising property prices (not included in EIU’s index) could see the city ‘explode’

“The fundamental problem is that in Israel there is no alternative metropolitan centre. In the United States, there is New York, Chicago, Miami and so on… There you can move to another city if the cost of living is too onerous,” Huldai said in an interview with Haaretz newspaper.

Compared to last year, most US cities have fallen in the list after the government responded to the covid-19 pandemic by injecting more money into the economy. 

The war-torn city of Damascus in Syria maintained its spot in last place on the list, making it the cheapest city in the world.

Top five most expensive cities

  1. Tel Aviv
  2. Paris and Singapore in joint place
  3. Zurich
  4. Hong Kong

Top five cheapest cities

  1. Damascus
  2. Tripoli
  3. Tashkent
  4. Tunis
  5. Almaty

Source: EIU’s World Cost of Living index

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How to make your money work for you over the next decade



With high interest rates, persistent inflation, and a tight labor market—the next decade is expected to be very different from the last 10 years.

Companies and households around the world are still trying to get back to pre-pandemic economic outputs and lifestyles.

So, how can people successfully invest and better manage their personal finances?

James Faris, an Investing Reporter with Insider joins Veronica Dudo to discuss. #InAmericaToday #featured #money #finance #economy #investing

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Parents buying houses for their adult children



Rise in parents purchasing homes for adult children sparks concerns

A growing trend of parents buying houses for their adult children is causing a stir, raising questions about the potential downsides of such arrangements. While the gesture may seem benevolent, experts warn of the pitfalls associated with this practice.

Financial advisors express concerns about the impact on both generations’ financial independence. By providing ready-made homes, parents might inadvertently hinder their children’s ability to learn crucial financial lessons, such as budgeting, mortgage management, and property ownership responsibilities.

The trend also sparks debates on the long-term implications for the housing market. Critics argue that such parental interventions can distort property prices and exacerbate existing affordability challenges, particularly for younger individuals aspiring to enter the property market independently.

There’s a call for a broader societal discussion on the balance between parental support and fostering financial autonomy. While the intention is often rooted in care, the unintended consequences of sheltering adult children from financial realities are prompting a reassessment of this well-meaning practice.

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Victoria’s Secret criticized for trans woman’s apology



Victoria’s Secret is facing backlash after issuing an apology to a transgender woman who had a negative experience while trying on bras at one of their stores.

The incident has ignited a debate about inclusivity and sensitivity in the fashion industry.

The controversy began when the trans woman, who remains anonymous, visited a Victoria’s Secret store to shop for bras. She reported feeling uncomfortable and discriminated against by store staff.

In response to her complaint, Victoria’s Secret issued an apology, acknowledging the incident and expressing their commitment to diversity and inclusion.

However, the apology itself has come under fire from both supporters and critics.

Some argue that the brand’s apology is insincere and merely an attempt to save face, while others believe it is a step in the right direction towards a more inclusive shopping experience for all customers.

The incident raises important questions about how brands should handle situations involving discrimination and whether their apologies are genuine or performative.

It also highlights the ongoing challenges faced by transgender individuals when accessing spaces traditionally designed for cisgender customers.

As the fashion industry continues to evolve, many are calling for a deeper examination of inclusivity and sensitivity, not just in policies but in practice.

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