Podcasts about prices

Oil prices have been rising around the world for months. And people in Kenya know that as well as anyone. Fuel prices there were already much higher than in neighbouring countries. As they've continued to climb, so have the prices of everyday goods. So, how are people coping with the rising cost of living? And is there any relief on the horizon? Host: Alan Kasujja (@kasujja) Reporting: Peter Mwangangi (@PeteMwangangi) Guests: Phoro Catheirine and Magdalene Wambui #AfricaDaily

The supply chain issue and labor woes are driving prices higher and creating a shortage of goods across the nation. President Biden announced a new agreement for the Port of Los Angeles to try to ease congestion, but White House Correspondent for the FOX Business Network, Edward Lawrence, says relief is unlikely to be felt immediately. Weeks of bad news have taken their toll on President Biden's approval ratings. Recent national polls have the President's numbers slipping significantly from his post-inaugural highs. Host of FOX News Sunday Chris Wallace joins Jared to discuss why the public is starting to sour on the Commander in Chief.

Indicators of the Week! Prices are up again, but is it fair to call this 'transitory' inflation? Black Friday deals are early at stores anticipating supply-chain shortages. And America is on strike.

Today on TruNews, Rick Wiles considers the Biden COVID economy, and explores the causes of the so-called ‘supply chain meltdown', as cargo ships back up and shipping containers stack up. Is this mess because of vaccine mandates, or because Transportation Pete Buttigieg is still on maternity leave learning to breast-feed? Later, Kerry Kinsey and Doc Burkhart provide a rundown of the latest in Corona Crazy news, as police and fire departments around the country are saying ‘No Jab', while Democrat mayors and governors say ‘No Job!' Rick Wiles, Kerry Kinsey, Doc Burkhart. Airdate 10/15/21

- Bill Clinton is in the hospital with a urinary tract infection. OK, maybe that's not news-breaking…

A big week for precious metals markets as inflation pressures push consumer prices to painful new heights. On Thursday, the U.S. Labor Department reported that inflation at the wholesale level is up 8.6% from a year ago. That's the steepest annual advance since the data started being reported. | Do you own precious metals you would rather not sell, but need access to cash? Get Started Here: https://www.moneymetals.com/gold-loan

It's a Friday with the Bear as ESPN's Chris Fallica stops by from Athens, Ga to talk some college football with Alex and Andy. The Bear has thoughts on a sneaky interesting ACC game, a Big Ten showdown in Andy's neck of the woods and a possible letdown spot for the Sooners? We'll also talk about the baseball League Championship Series which start tonight with the ALCS down in Houston.

For more updates, visit: http://www.brighteon.com/channel/hrreport NaturalNews videos would not be possible without you, as always we remain passionately dedicated to our mission of educating people all over the world on the subject of natural healing remedies and personal liberty (food freedom, medical freedom, the freedom of speech, etc.). Together, we're helping create a better world, with more honest food labeling, reduced chemical contamination, the avoidance of toxic heavy metals and vastly increased scientific transparency. ▶️ Every dollar you spend at the Health Ranger Store goes toward helping us achieve important science and content goals for humanity: https://www.healthrangerstore.com/ ▶️ Sign Up For Our Newsletter: https://www.naturalnews.com/Readerregistration.html ▶️ Brighteon: https://www.brighteon.com/channels/hrreport ▶️ Join Our Social Network: https://brighteon.social/@HealthRanger ▶️ Check In Stock Products at: https://PrepWithMike.com

Gas prices are going through the roof, energy bills are soaring, and energy companies are dropping like flies.Why is this happening, and what is the best thing for us to do as consumers, for our household budget and for the planet?Tune in to this episode with Jon Fletcher from green energy comparison site Big Clean […]

Vigil Held in Santee for UPS Driver and Pilot, Health Advisers Recommend Half-Dose Booster Shot, Orange County Oil Spill Better than Expected, South Bay Affordable Housing Project Approved, Shortage of Diapers and Increase of Prices, Padres Amidst Head Coach Search.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Learn why foreclosures are rising and how it will impact the housing market. Foreclosures are starting to surge as the forbearance programs end. How much will this impact house prices?  The article is here. Are you investing well for financial freedom...or not? Financial freedom is a combination of money, compounding and time (my McT Formula). How well you invest, makes a huge difference to your financial future and lifestyle. If you only knew where to invest for the long-term, what a difference it would make, because the difference between investing $100k and earning 2% or 10% on your money over 30 years, is the difference between it growing to $181,136 or $1,744,940, an increase of over $1.5 million dollars. Your compounding rate, and how well you invest, matters!  INTERESTED IN THE BE WEALTHY & SMART VIP EXPERIENCE? -Asset allocation model with ticker symbols and % to invest -Monthly investing webinars with Linda -Private Facebook group with daily insights -Weekly stock market commentary email -Lifetime access -US and foreign investors, no minimum $ amount required Extending the special offer, enjoy a 50% savings on the VIP Experience by using promo code "SAVE50" at checkout. More information is here or have a complimentary consultation with Linda to answer your questions. For an appointment to talk, click here. PLEASE REVIEW THE SHOW ON ITUNES If you enjoyed this episode, please subscribe and leave a review. I love hearing from you! I so appreciate it! SUBSCRIBE TO BE WEALTHY & SMART Click Here to Subscribe Via iTunes Click Here to Subscribe Via Stitcher on an Android Device Click Here to Subscribe Via RSS Feed WEALTH HEIRESS TV Please subscribe to Wealth Heiress TV YouTube channel (it's not just for women, it's for men too!), here. PLEASE LEAVE A BOOK REVIEW Leave a book review on Amazon here. Get my book, “You're Already a Wealth Heiress, Now Think and Act Like One: 6 Practical Steps to Make It a Reality Now!” Men love it too! After all, you are Wealth Heirs. :) Available for purchase on Amazon. International buyers (if you live outside of the US) get my book here. WANT MORE FROM LINDA? Check out her programs. Join her on Instagram. WEALTH LIBRARY OF PODCASTS Listen to the full wealth library of podcasts from the beginning. Use the search bar in the upper right corner of the page to search topics. TODAY'S SPONSOR Get Think and Grow Rich or another book on Amazon from my recommended financial books list, and be sure to get started checking off the books you have read. Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America's Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom.  (Some links are affiliate links. There is no additional cost to you.)

People are feeling the effects of rising prices all over the place! See omnystudio.com/listener for privacy information.

San Diego had one of the highest inflation rates in the nation in September as everything from food to gas to energy pushed up the price to live here.

See omnystudio.com/listener for privacy information.

Gasoline prices are on the rise, along with the cost of home-heating oil and natural gas. But international energy officials at the Russian Energy Week event on Thursday warned of a global energy crunch that could slow the economic recovery from the pandemic. Nick Schifrin has more. PBS NewsHour is supported by - https://www.pbs.org/newshour/about/funders

Gasoline prices are on the rise, along with the cost of home-heating oil and natural gas. But international energy officials at the Russian Energy Week event on Thursday warned of a global energy crunch that could slow the economic recovery from the pandemic. Nick Schifrin has more. PBS NewsHour is supported by - https://www.pbs.org/newshour/about/funders

VACCINES, NWO, SHIPPING, FALSE FLAGS & PROSECUTIONS, SPACE EXPLORATION, COVID MANDATES, REVOLUTION, BIDEN ADMINISTRATION, ECONOMY & PRICES

NTD Business News- 10/14/20211. US Wholesale Prices Rose Record 8.6% Over 12 Months2. Britain Food Inflation To Get Worse: Producer3. Argentina Imposes Price Caps On Basic Goods4. Weekly Jobless Claims Fall To Pandemic Low5. 10,000 John Deere Workers Go On Strike

Join Jim and Greg as they welcome a new CNN poll showing more and more Americans want nothing to do with the Democrats’ big spending plans on terrible programs. They also unload on President Biden for begging for help on energy prices from oil and gas companies after his policies to kill fossil fuels predictably […]

Janet Yellen knows you're paying too much for groceries and other consumer goods, but don't worry. She assures us that price inflation will only last for as long as the plandemic does. Prices will settle back down again once we go back to normal. Oh wait... The New Normal is that we're never going back to normal. That's what they keep telling us, right? And given that the scamdemic is going to last as long as the government can get away with imposing vaccine mandates and lockdowns, it's probably safe to say that inflation is here to stay -- and it's going to get a lot worse. That might explain why the government is waging a dual-war on cash and crypto-currency while it weighs the imposition of a so-called "digital dollar" -- not that most dollars aren't already digital -- which is really just PR spin for "cash ban." I've got the latest! This is EPISODE 775 of So to Speak w/ Jared Howe!

Food prices continue to soar. Workplace immigration oversight is changing. And Iron Hill Brewery has a new CEO.

It's Humpday!!! Pags Parody? Plus, Dinesh D'Souza on Columbus, Southwest and more! Plus, a scientist on vaccines, natural immunity and more! Let's GO! Pags is ON!

It's better to have it and not need it than need it and not have it. At a time of broken supply chains, concerns about maintaining health, and constant government interference with access to natural products, it's crucial to stock up on the following essential supplements, as well as others you might use every day. Why You Need to Stock Up Now Worker shortages, COVID-related closures, and ships that cannot reach their port have led to disastrous supply chain problems. Though it will take a few more months to become severely problematic, the supplement industry will face significant supply problems soon. Supplement manufacturers may feel the impact of broken supply chains more than most other industries. Here's why: Raw materials come from across the globe, which means production or shipping issues with a single ingredient in a formula will keep the product from getting produced.As we move into cold and flu season, demand could rise to greater levels than ever, with much of the population still fearful of getting COVID-19.More and more research continues to come out, showing consumers the impact of certain micronutrients, herbs, and botanicals on supporting your immune system, which increases demand even more.Pressure by government agencies to ax natural therapies, so pharmaceuticals can be sold instead, means some supplements will no longer be available to consumers.Political tensions may prevent some countries from shipping to others, which could impact raw material availability. Though the above are all possibilities, one thing is sure: Prices continue to climb. The cost to produce raw materials, ship them to manufacturers, pay employees to make them, and the cost to package and ship them to a customer are all increasing. If you can still get them, you'll pay more for your supplements a year from now than you do today. Maintaining Ample Supply Since most supplements have a 2-year shelf life before their efficacy starts to decrease, you can save yourself money and ensure you'll have ample supply by keeping at least a six-month supply on hand. Once you get your six-month supply, continue ordering a one-month supply each month after that and using the oldest products first. That way, you won't have products that expire, and you won't have to worry as much about products running out of stock. Preppers often think this way about food, and many people think this way when it comes to finances, keeping an emergency fund saved up. If you're going to maintain the best possible health, even if you face difficult times, you'll do the same with your supplements. While I'd recommend you keep a six-month stash of all of your regular supplements, such as the Foundational Five, I've highlighted the supplements below based on their increased likelihood of product shortages and rising prices. Order based on what your budget allows, but don't get caught without your essential supplements when supplies run out. If you'd like to save money, get access to more product alternatives when items go out of stock, and support the content on this site, order through my Wellevate dispensary. Even if you decide to order elsewhere, I hope you find the recommendations helpful. .ugb-2a8ed86-wrapper.ugb-container__wrapper{border-radius:5px !important} Save Money When You Use My Wellevate Dispensary In addition to the types of supplements I recommend stocking up on, I've also included the actual products I recommend most often. Except for Young Living's Master Formula, you can order all the supplements through my Wellevate practitioner dispensary. I've set up my dispensary so you save 15% on all of the 300+ brands available, including the items I recommend below. SHOP WELLEVATE NOW 1. High-Quality Multivitamin A high-quality multivitamin and protein powder would be the two most important supplements to have on hand if we were in a SHTF situation. It would help ensure you meet your micronutrient ...

20211013 - Brightly Understated - Skyrocketing Home Heating Prices by Kevin McCullough Radio

Here are the local news headlines for the morning of Wednesday, Oct. 13, 2021.

Episode shownotes: Prices of food have skyrocketed(7:47), debtors should pay their loans(20:20), and it's intrusive to call customers on social media apps(50:40). Big Brother Naija was boring(59:51), Gulder Ultimate Search should have chosen a better representative for the show(1:06:29). Sex tape etiquette (1:13:42).For fan mail: fanmail@234essential.comFor ads: info@visualaudiotimes.comSubscribe for Newsletter: https://bit.ly/234newsletter234 Essential on Twitter234 Essential on Instagram

In the ufc today The Jester agrees with NPR for once. Prices are going to rise because of the scamdemic. Because the supply of cash has been greatly increased. Then he explains why he feels the US Government is up to some sketchy shit at this upcoming cyber summit. The final story was about how the FDA wants to control your life some more. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app --- Send in a voice message: https://anchor.fm/norrod/message Support this podcast: https://anchor.fm/norrod/support

Reduced taxes and subsidies could cushion the impact. The Energy Commissioner said the EU would also explore the possibility of joint purchasing of strategic gas reserves. Also: increased costs and fewer choices in Northern Ireland. EU talks are taking place to find a new deal with the UK, and the Chinese boy band hopeful facing one obstacle – she's a girl.

Pig farmers say they're making progress with the Government to solve the backlog of animals - but will it happen soon enough? Carbon dioxide production is back on again after a deal was reached this week with the fertiliser manufacturer CF Industries - but it has meant a price rise for nitrogen fertiliser. And a radical new type of greenhouse is growing it's first crops. Presented by Anna Hill and produced by Beatrice Fenton.

On today's show we're talking about the acute shortages that have been created by the massive shift in our economy over the past year. I hope to convince you on today's show that the price inflation we are experiencing is not temporary. ------------------ Host: Victor Menasce email: podcast@victorjm.com

Today on the Jimmy Barrett Show:Imagine having your daughters murder posted on line and you can't get it to go away.Attorney Jared Woodfill is giving Houston Methodist an ultimatum.Become a truck driver...PLEASE!Fill up's are getting...PAINFULL!

Join Tom Corless for a news recap focused on Disney parks and resorts around the world. All this and more Disney Parks information and fun await you this week on the WDW News Today Podcast. To see the video of this episode, go to: https://youtu.be/Ba-SVJBrjqI  

Join Tom Corless for a news recap focused on Disney parks and resorts around the world. All this and more Disney Parks information and fun await you this week on the WDW News Today Podcast. To see the video of this episode, go to: https://youtu.be/Ba-SVJBrjqI  

We're Live. In the business game, the price and value of things can change overnight, the guys are currently experimenting with different types of approaches to their products it doesn't matter if the product is new or old.   In fact, trying out old products from a different approach can always work again, it's just a matter of finding the right angle for the audience. This is something that as entrepreneurs you have to be able to adapt every time.   Thought of the week   Mani - “That product that made you money will always make you money”

Energy is suddenly headline news. Oil, which traded at negative prices for a brief moment last year due to the global economic slowdown caused by the pandemic, is now expected by a number of analysts to hit $100/barrel soon. Europe is worried about not having enough natural gas to heat its homes this winter. A petrol shortage in the UK is making it a challenge for folks to fill their cars. And prices at the pump are back near record highs in the US. And China and India are so short on coal that major metropolitan power plants are resorting to rolling blackouts to conserve fuel. Why are so many regions of the world suddenly experiencing these energy crises? Petroleum geologist and energy analyst Art Berman has a lot of the answers we're looking for, and I'm so pleased he was able to join us today on such short notice. See the YouTube Video for the charts and graphics: https://youtu.be/HB1eGDpEeQY

Craig Stiles is a Financial Advisor and Managing Director at Ameriprise Financial Services.

Here we get into a way to think about sneakers to prevent overpaying for kicks as far as resell goes. Then I'll complain about my latest pickup taking forever to arrive before getting into my thoughts on some upcoming releases. Thanks as always for listening!

Prices are skyrocketing while our economy is going nowhere fast. There's a word for this: stagflation. Trish explains what's driving the economic phenomenon that's breaking our economy. Join Trish by subscribing to her daily newsletter https://TrishIntel.com -- and by shopping at her store https://TrishRegan.store. Support the show: https://trishregan.store/ See omnystudio.com/listener for privacy information.

We've heard about soaring gas prices, rising food prices, and now oil prices are also on the way up and have just topped their highest level in three years. We ask David Shepherd, energy editor at the Financial Times to explain what's been happening. Plus independent economist Peter Jankovsis brings us the latest from the financial markets.

This week: A PSA for EIDL extensions, USJ and The Pokemon Company announce partnership, Six Flags Magic Mountain works with Clear, Prices for Lighting Lane Released, plus a roundup of new openings.

The BBC reports on the high cost of energy’s effect on global markets. Christopher Low joins us for our Monday markets discussion, which focuses on the holding back of oil production in the U.S. The troubles for Southwest Airlines continue, as it has canceled more than 300 flights and delayed hundreds more. That’s after cancelling almost 2,000 flights over the weekend. We look into the layered issue of permitless carry as it pertains to Black gun owners.

The BBC reports on the high cost of energy’s effect on global markets. Christopher Low joins us for our Monday markets discussion, which focuses on the holding back of oil production in the U.S. The troubles for Southwest Airlines continue, as it has canceled more than 300 flights and delayed hundreds more. That’s after cancelling almost 2,000 flights over the weekend. We look into the layered issue of permitless carry as it pertains to Black gun owners.

In this episode, Dietitian Boss Method creator and CEO Libby Rothschild discusses raising rates: A framework for increasing prices as a dietitian. Libby Rothschild, is a registered dietitian nutritionist and founder of Dietitian Boss(™). As a social media marketing expert Libby's work shows dietitians from around the world how to go from zero to creating a six figure virtual practice using social media strategies that work. As a former clinical dietitian, Libby understands the pains associated with working a 9-5 with limited pay and respect. Libby transformed from making 55k a month in her windowless clinical office to building a million dollar business within 15 months of going full time. When Libby isn't running her company she enjoys working out, traveling the world with her husband (Mr. Dietitian Boss), reading, volunteering and spending time at the spa.  Guest Resources: Connect With Libby Instagram: @libbyrothschild    Free Resources from Libby   Are you ready to start your journey? Book a call to learn more about the Dietitian Boss Group Coaching program!  

Marketing experts differ on this question of whether one should publicly publish the prices of their services / programs / packages or whether to keep the mystery and make the prospective client contact you. I discuss my viewpoint on this. ** Watch video or add comment here: https://youtu.be/QKAeovZkGHQ (https://youtu.be/QKAeovZkGHQ)

Summary: Are we witnessing the shortest stock market correction in history, or is there more to come? I sit down with Avi Gilburt to discuss the correction as well as inflationary circumstances that have created a lot of economic speculation. We also talk about energy, which has had great returns, but is not necessarily indicative of the economic state. Tune in to hear more valuable insight on the economy and all of its happenings. Highlights: -Are we witnessing the shortest stock market correction in history? Or is there more to come? And what's happening with inflation? -We have hit the minimum target with the correction -If the market doesn't pull back correctively from the next high, this is going to put us back on track to looking at one more test before we try again -A lot of this is speculation, and getting an edge -Energy has had great returns -We're expecting more rally within energy -The big energy issue lately has been natgas -Some people think higher oil is indicative of the economy doing well, and others think the opposite -The economy follows the market -The stock market seems to have always been the leading indicator of the economy -Inflation isn't what everyone is making it out to be -Prices are going up in certain aspects, but the purely economic definition of inflation says that all prices should be going up -We have a large increase in the money supply, but no velocity of money -We still have price displacement -Disappointed with the action of gold -The IWM is setting up to outperform again -The dollar is going to be getting more of a rally Useful Links: Financial Survival Network Elliott Wave Trader

All eyes are on Washington this week as the debt ceiling bill is debated. Tina Fordham of Avenhurst joins to discuss what investors should watch out for. Plus, Ireland has raised their corporate tax rate to 15% from 12.5%. IDA Ireland's Martin Shanahan joins to discuss what the new paradigm will look like. And fertilizer prices are hitting new record highs. Brian's RBI focuses on how and when the increase could impact consumers.

Welcome to Finance and Fury. In this episode we will be looking at the Property market in China and focus on the Evergrande developments – in particular if there is actually a timebomb starting to surface – and look at the potential contagion risks to the rest of the world – such as the Aus and US Many in the press are comparing what is happening to Evergrande as another Lehman's moment – which was one of the defining collapses of a financial institution that lead to the flow of effects culminating in the GFC – it is understandable that the media takes this route – Lehman's is a recognisable name and fear and doom scenarios generates more clicks and sells more adds – but is this worst-case scenario true? Is the collapse of Evergrande really going to lead to another global financial crisis? A few weeks ago – we covered where the next financial collapse is likely to come from – between the USA and China - Two factors were the focus – leverage and contagion risks Looking at leverage - Credit growth is a major risk to almost every market – both from bonds from investors and lending from bank of financial institution borrowing – both of these are relevant to the private sector in China Credit growth is even a concern in Australia – APRA worried about banks and lending – they have increased their servicing cost by 0.5% - worried about credit growth vastly outpacing income growth But the major focus for any systemic issue is the contagion risks – if one company defaults, does this create a GFC, or just a collapse of an isolated entity – The loss potentials are substantially different between both scenarios – one is investors in a company losing money versus every investor globally losing funds due to collapsing markets world wide – the degree they collapse also is different If Evergrande fails – what does this matter? At this stage - The irony of the contagion risks is from the increased news coverage that this topic is being granted – if a topic is covered in the news everywhere – this creates uncertainty and fear – investors can panic – this creates real market declines, so the risk of market declines become a self-fulfilling prophecy – even me covering this topic can create some level of risk aversion, which may cause people to sell off investments – but is there more than just the normal fears in the markets from media coverage occurring? To start with - What is happening in China – We need to look at their property market, or more specifically the debt that property developers hold – especially in relation to Evergrande and Chinese economy at large Chinese economy - the rise and fall of Evergrande is tied into the economy of China quite heavily – Evergrande is China's second largest property developer – but this ranks around 147th in the world – but it is the most indebted property developer in the world – which should start to ring some alarm bells – it's on balance sheet liabilities amount to around 2% of Chinas GDP – off balance sheet – this could be higher – and likely is A company in isolation with debt isn't much of an issue – but a company with too much debt can be a problem – In isolation this isn't too much of an issue – if the company defaults but business in other sectors of the economy continues as normal then markets may go down a bit but then continue as normal – but what if this one company is a sign of greater systemic issues - where most of the companies in your country in this sector have the same problems – that of having too much debt that they are likely to default on? Especially in the property sector – The BIS released a paper showing that Chinese non-financial companies have 160% Debt to GDP, versus in the US where it is about 80% - so double in China compared to the US – Property also has an overweight on GDP compared to the US It is estimated that property development makes up around 25% of China's GDP – this growth has been fuelled by Debt – this is a major issue for the CCP - China property market – the history over the past 20 years The increase in demand for property and the increase in pricing has been fuelled by massive amounts of urbanisation – rural workers/population moving to cities for work and a better income for their families High demand for properties in desirable cites has massively inflated the property values in these urban environment – developers often sell every property in a development in advance of the construction even starting This has led to lower quality – contractors skimming on materials to lower costs – where constructions can actually collapse in a few years after completion Prices to income ratios – results in a situation where you have generations of people living in one apartment trying to repay the loans We think that Australia is bad – and it is – but many major cities in China, such as Shenzhen see 43 times the average household income in property prices – compared to Sydney which was around 13 times at the peak of the market Speculation – large increases in property prices saw massive speculation in developers – if you think that the property that you will construct today can lead to a 50% gain in the next year or two – then you will likely borrow large chunks of money to bank on this trend Lead to many apartments not being rented, and purchasers buying up more than one property – but the limit per family is capped The population is also limited in what they can invest in – so property is where most of the upper middle class and beyond put their life savings Large property developers are politically connected – But this has created moral hazard – every loan given, or bond investments have been made based around how likely it is for the government to bail out these developers Rather than on their ability to meet the debt repayment cashflow Moral hazard is a large component of any investment or economic decision – as an example – say you have an expensive car – now in one situation you have comprehensive insurance and in another you have no cover – in which situation are you likely to drive a little more recklessly, or park this in a car park unattended overnight? Same goes for insurances – especially if you are forced to have insurances – you may as well use it for your premiums – such as health insurances – But what if we are talking about a government backing debt for bail outs – and that is the expectation of the markets – this creates a moral hazard - But China realised they have a debt problem – as well as a moral hazard problem - so policy makers tried to reign this in – focusing on moral hazard first and foremost Policy changes – the CCP put together that their economic growth is mostly paper/debt based – where the growth they are receiving in GDP is funded through borrowing from property expansion – which is not sustainable in real terms They want to transition their economy to more long-term sustainable growth – real estate is the most important sector in their economy at the moment – but this is debt reliant – they prefer real returns – which is why you see a push towards resources and other manufacturing sectors – but a real issue in China is the affordability of property ­ Look at government policy across the world – they always say that they promise to tackle issues of property affordability – but then comes a situation where prices are starting to decline – what do governments do? Create policies to help prop prices up to avoid a decline which could have further reaching issues – governments don't want bubbles, but they don't want a collapse China appears to be the first government in a long time to not follow this pattern – they are trying to change moral hazard – and expectations in the market -which can easily lead to collapses in the property sector Rather than bail out Evergrande – which would be easy for the CCP – it appears that at this stage they have decided to let this company deal with their own problems This is technically how it should be – but it is rare to see this response I think this is mostly due to their Hard lines polices – trying to reduce the economy reliance on debts – They actually introduced three hard line policies on property developers in Aug 2020 These are hard limits on property developers – relating to their liability to asset ratios, net debt to equity ratios, cash to short term debt ratios – all of these are important when it comes to developers who fund their projects using debt now for equity in the future Had an instant effect on property development firms – no longer could you raise capital through debt funding as most developers were above the allowable ratios What made this is worse, is they had to reduce their debt levels – to do so they were quickly forces to sell down assets and taking losses – this caused prices of property to fall, so the valuation on their assets started to go down This made it worse - These losses make their ratios look worse – making these companies need to deleverage further – this can lead into a downwards spiral On top of this – because the prices of property started to slow as well last year – to make more pre-sales – Evergrande needed to offer some discounts on the pre-sales – this lead to less liquidity available – less liquidity meant they don't have the money to fund debt repayments as they come due Evergrande itself – In the property sector – the company acts like a conglomerate Property development, property management, and Wealth management products – They are looking to sell of property management – recoup $5bn But wealth management products – WMPs may be a concern – this is around $6bn – Small number – but investor fury has made this more of a social issue But these investors were told they would get a guaranteed 12% return on their investment p.a. This money was used to help close funding caps that the parent company had in construction – This is fine, as long as the returns on the property sales in the year are more than 12% to repay investors - But for a time they weren't – this meant that new investor flows had to be used to make repayments to existing investors – in the process there was less to help close the funding gap – But then add onto this the slump in sales – then you start to have a real issue – as more and more new investor flows need to be used to repay existing investors – which is the basis of a ponzi scheme – but moral hazard still existed – investors had the certainty in their own minds that this was a sure bet – as any defaults would be covered by the government The issue is based around the moral hazard – investors thought their returns were guaranteed with little risk - but where it can get bad is contagion risks Fallout effects – will come from two areas – property domestically in China – which will spread out and have their own issues – as well as contagion risks throughout the economy and throughout the world Property prices in China – Can see a decline – if they liquidate and need to sell off the property development – could see a fire sale of assets and property prices decline The fact they are trying to sell quick is bad for property – fire sales see massive price reductions Domestic fallout – People who have placed deposits on properties that may never be built – lose those funds People who have invested in the WMPs – will also lose money – you will start to see some social issues This will reduce the trust in property investment – Evergrande employs lots of people – around 4m – which would be huge for a country like Australia – but out of a population over around 1.4bn is about 0.29% of the population Contagion risks – who owns the debt and are there any derivatives on this? Look at the debt - $300bn of debt – bonds issued – estimated that only around $20bn of this is overseas debts – the rest is domestic – these foreign bonds are priced in at around 25-30c on the dollar – depending on their maturity China is a large economy – it can pretty easily soak up these losses – even though $300bn is a large amount of debt to cover This is owned across 128 banks and 121 non-bank institutions Investment managers – investing in risky emerging market debts - Ashmore group, BlackRock Inc, UBS and HSBC hold $450m, $400m, $300m, and $200m, respectively – which isn't too much for these groups to absorb Best case scenario – Evergrande will be allowed to collapse – the parts will be bought up by other developers in the nation at a fire sale rate – i.e. getting a good discount The People Bank of China will also likely buy out some of the debt - Like JP Morgan Buying Bear Stern back in the GFC – with help and oversight from the FED – but this doesn't solve all the problems But the issue comes back to the moral hazard – the CCP wants to minimise speculative risks Evergrande by itself defaulting isn't a risk for markets – but it does spell some risks – of over leverage throughout the system – if many other developers start to see the same systemic issues of overleverage and issues in meeting their debt obligations, then you get into further trouble Fantasia – another property developer failed to make a bond payment - missed $315 million in payments to lenders – created further fears that financial strains in the country's outsized property sector are spreading beyond the troubled Evergrande conglomerate. S&P and Moody's slapped "default" credit ratings on Fantasia Lessons to be learnt – The moral hazard and the belief in a sure thing – the belief before the GFC is that debt on peoples homes was a sure thing – not many people would default all at once, so package up 1000s of mortgage holders debt and make bets on this But due to this belief, lax lending standards were employed – this then turned out that due to the belief that things couldn't go bad, resulted in them going bad due to too much risk How this is different from the GFC – Derivative used in making bets on the property market Credit swaps, derivatives on CDO – this doesn't seem to be occurring in China – and the banks' ability to eat losses on the debt isn't too great to not be able to recover Lehman's collapse was considered to be the plug of the dam being pulled in the GFC – property prices dropped, people defaulted on debt then Lehman went into default – but only due to their exposure to complex CDOs and derivative positions – If these don't exist on Evergrande – which it appears at this stage they don't – then there is less contagion risk – But who knows – there is no way to tell until it is too late – however, there hasn't been much in the way of transaction in credit default swaps in banks like HSBC which have greater exposure to the Chinese debt markets It took Lehman over a year to default and go bankrupt – so time will tell how this pays out Where things could get worse – is if more developers start to default – showing greater systemic risks My gut feel is that the China growth from property is coming to an end – This will likely have larger effects on the commodity markets – such as iron ore – than it will on the global share market in the short term – but if their property market starts to decline due to defaults on developers and a lack of trust – this leaves their economy very susceptible Your guess is as good as mine as how this will turn out – we will keep an eye on this Thank you for listening to today's episode. 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