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Your next home insurance rate increase is going to be a whopper

October 10, 2020

South Florida homeowners are about to get hit with insurance rate increases unlike any other we’ve ever experienced.

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We’re talking as much as 30% to 40% over what you are paying now and price hikes of $1,000 or more for your next year of coverage.

Insurers have been warning for years that these increases would hit us hard. And now they’re here, thanks to years of rising claims abuses, court-clogging litigation, spiraling costs from hurricanes Irma and Michael, and one of the most active seasons in memory for severe and destructive weather.

When Weston resident Ruth Bettini opened her insurance renewal notice in September, “I almost died of shock,” she said. The annual premium to insure her $550,000 house with Orlando-based St. Johns Insurance Co. had increased by 28% — from $4,647 last year to $5,946 for the term beginning Oct. 1. That’s $108.25 more per month.

She

RBI to Boost Debt Purchases as Inflation Keeps It From Rate Cuts

October 9, 2020

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India Central Bank Lauds Government Effort to Rein in Budget Gap — Photographer: T. Narayan/Bloomberg

The Reserve Bank of India said it will offer more support for debt markets in a package of measures meant to control borrowing costs and reassure traders worried about a bond deluge.

Sovereign bonds rallied after the central bank said it would double the size of purchases at open market operations to 200 billion rupees ($2.7 billion). The RBI will also buy state debt, and help companies raise funds by doing targeted long-term repurchase operations worth a trillion rupees.

The latest measures come as stubbornly high inflation kept the central bank from cutting rates even as the economy suffers from Asia’s worst-virus outbreak. In a sign of stress, underwriters have had to pick up four sovereign debt auctions recently after investors demanded higher yields.

“This was a bond market policy today rather than the money policy,” said Vijay Sharma, executive vice president for fixed-income

Riot Blockchain Continues Hash Rate Expansion to 2.3 EH/s and Provides Deployment Update

October 7, 2020

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Riot Continues Its Second Phase of Transformation with New Purchase of 2,500 S19 Pro Antminers from Bitmain for December 2020 delivery, Announces Receipt and Deployment of Previously Ordered S19 Pro miners

CASTLE ROCK, Colo., Oct. 6, 2020 /PRNewswire/ — Riot Blockchain, Inc. (NASDAQ: RIOT) (“Riot”, “Riot Blockchain” or the “Company”), continues its operational expansion with the purchase of an additional 2,500 next generation S19 Pro Antminer (110 TH/s) cryptocurrency miners for USD $6.1 million from BitmainTech PTE. LTD. (“Bitmain”), scheduled for receipt and deployment delivery in December 2020.

As part of Riot’s focus on the transformational expansion of its mining operations, it has opted to take advantage of new S19 Pro production capacity from its partner Bitmain by purchasing these 2,500 additional S19 Pro miners, with delivery scheduled to occur before the end of the year. With this purchase, the Company expects to reach 842 PH/s in operational hash

Australia’s central bank keeps rate steady, signals easing ahead

October 6, 2020

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A pedestrian wearing a face mask walks past the Reserve Bank of Australia (RBA) building, during a partial lockdown imposed due to the coronavirus, in Sydney, Australia, on Monday, May 18, 2020.

David Gray | Bloomberg | Getty Images

Australia’s central bank left its cash rate at a record low on Tuesday but hinted at further monetary easing to bolster the coronavirus-hit economy, which is suffering its worst contraction since the Great Depression.

The Reserve Bank of Australia (RBA) kept the rate unchanged at 0.25%, as widely expected in a Reuters poll, and at the level it has stood since an emergency cut in mid-March.

“The Board views addressing the high rate of unemployment as an important national priority,” RBA Governor Philip Lowe said in a statement announcing the outcome of the policy meeting.

“The Board continues to consider how additional monetary easing could support jobs as the economy opens

India Picks Central Bank Rate Panel After Unexplained Delay

October 6, 2020

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(Bloomberg) — India’s government appointed three new external members to the central bank’s committee that decides interest rates, allowing policy meetings to resume after last week’s delay.

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The Finance Ministry on Monday announced the following names to the six-member Monetary Policy Committee of the Reserve Bank of India:

Ashima Goyal, a professor at the Mumbai-based Indira Gandhi Institute of Developmental ResearchJayanth R Varma, a professor of finance at the Indian Institute of Management in AhmedabadShashanka Bhide, an agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi

The new appointees will replace the three previous external MPC candidates whose terms expired with the last policy meeting in August. They’ll join three RBI officials on the committee, led by Governor Shaktikanta Das.

The government’s delay in selecting the new members meant the RBI didn’t have enough policy makers for its scheduled three-day

2 reasons I’m keeping my high-yield savings account despite rate drops

October 5, 2020

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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

Since the start of 2020, interest rates have fallen dramatically, but high-yield savings accounts are still very useful.
High-yield savings accounts pay well above the average interest rate and are insured by the US government.
I’m keeping my emergency fund and other savings in a high-yield savings account indefinitely.
See Business Insider’s picks for the best high-yield savings accounts »

High-yield savings accounts don’t pay the same high yields they did a year ago, but they’re still an ideal way to save for many people. I have used high-yield savings accounts since starting my first job after college, and a swing in interest rates isn’t going to scare me away.

Should you pay points to lower your mortgage rate?

October 5, 2020

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Paying points on a new mortgage depends on a buyer’s unique financial status. Here are the points to consider. (iStock)

With mortgage rates near historic lows, more Americans are looking to secure a new home loan. One way to get a more favorable cost is to pay mortgage points to lock down a deal.

“Mortgage points are useful tools used to help clients meet their financial objectives,” said Tom Trott, branch manager at Embrace Home Loans, in Fredericksburg, Md.

If you’re considering paying mortgage points to save money, just make sure you do your research first. After all, mortgage points may not be the best choice for every home buyer.

What are mortgage points?

Mortgage points give borrowers an opportunity to buy lower interest rates on their mortgage by paying an upfront fee.

To get the best deal on mortgage points, visit Credible and select mortgage deals from

Racial gap in U.S. jobless rate narrows for first time in five months

October 2, 2020

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FILE PHOTO: People who lost their jobs wait in line to file for unemployment following an outbreak of the coronavirus disease (COVID-19), at an Arkansas Workforce Center in Fayetteville, Arkansas, U.S. April 6, 2020. REUTERS/Nick Oxford

(Reuters) – The gap in unemployment rates between Blacks and whites in the United States narrowed for the first time in five months in September, after having mushroomed to the widest in nearly six years over the summer.

The jobless rate for Blacks dropped by 0.9 percentage point to 12.1% in September from 13.0% in August, while the rate for whites dropped at a slower rate of 0.3 percentage point to 7.0% from 7.3% a month earlier, data from the U.S. Labor Department showed on Friday. The overall U.S. unemployment rate fell more than expected last month to 7.9% from 8.4% in August.

The 5.1 percentage point gap was the narrowest since May, when

Brazil Jobless Rate Hits Record 13.8%

September 30, 2020

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Brazil’s unemployment rate hit a record 13.8 percent from May to July as Latin America’s biggest economy suffered the impact of the coronavirus pandemic, according to official figures released Wednesday.

The rate is the highest since the data set began in 2012, and two percentage points above the same period last year.

The previous record — 13.7 percent — was registered in the first quarter of 2017, on the back of the worst recession in Brazilian history.

There were 13.1 million people looking for work in July, IBGE said.

The number of people who dropped out of the work force — a sign of how many have given up looking for jobs because of a lack of opportunities — also hit a record, at 5.8 million, a 20-percent increase from the same period last year.

“Besides taking people’s jobs, the pandemic made it difficult to look for work because of

YOUR MONEY: Making gifts in a low interest rate environment – Opinion – Wicked Local

September 30, 2020

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By Timothy Barry

Wednesday

Sep 30, 2020 at 9:00 AM

Columns share an author’s personal perspective and are often based on facts in the newspaper’s reporting or from personal experience.

Largely unnoticed amidst this year’s significant events is the current historically low interest rate environment. These low interest rates present an opportunity for making gifts to family members at a low gift tax cost. This article will discuss three possible transfer strategies that are made more attractive by low interest raes.

Intra-family loans. A loan is not a gift because the lender receives a promise to be repaid. For a loan to be respected by the IRS it needs to be a bona fide debt and contain an interest rate at least equal to the monthly published applicable federal rate (AFR). For loans made in September, the short-term (three years or less) AFR is .14%