Prices (Fares, Fees and Rates)

Subterms

    More stories

    • 125 Shares169 Views

      in Elections

      China’s Lackluster Growth Continues, Signaling Why Beijing Acted on Economy

      by

      Falling prices, weak consumer spending and a housing market crash help to explain why the Chinese government is taking steps to stimulate the economy.The Chinese economy continued to grow at a lackluster pace over the summer, according to data released on Friday, underscoring the urgency of the government’s recent attempts to bolster the economy.Construction has slowed because of a housing market meltdown. Millions of young college graduates have been unable to find work. Many local governments have run out of money to build roads or even pay the salaries of teachers and other workers.Looming over it all are falling prices across the Chinese economy, from apartments to cars to restaurant meals. Broadly falling prices, a phenomenon called deflation, make it hard for companies and families to earn enough to pay their mortgages and other debts.China’s economy grew 0.9 percent in July through September over the previous three months, China’s National Bureau of Statistics said. When projected out for the entire year, the economy grew at an annual rate of about 3.6 percent in the third quarter.The growth in part reflected an official revision on Friday to show that the second quarter was even weaker than previously acknowledged. Growth then was at an annual pace of 2 percent, and not the previously reported pace of 2.8 percent.Beijing has announced a series of measures since Sept. 24 to address the lingering troubles that became clear in the numbers released on Friday. The central bank has cut interest rates and minimum down payments for mortgages. The finance ministry promised the sale of more bonds to raise money for local governments to pay municipal salaries and buy vacant apartments for conversion into affordable housing.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares129 Views

      in Elections

      What an Escalating Middle East Conflict Could Mean for the Global Economy

      by

      The biggest risk is a sustained increase in oil prices.For nearly a year since the Hamas attack on Israel on Oct. 7 and the start of the fighting in Gaza, investment strategists have warned that a wider war could break out in the Middle East, crimping the world’s oil supply and sending shock waves throughout the global economy.The markets have generally shrugged off the potential of a broader conflict: The price of oil has remained largely subdued, with traders reassured by the world’s plentiful supply.But after Iran launched a barrage of missiles at Israel on Tuesday, oil prices began to rise as the market appeared to factor in the risk of a growing regional conflict. After President Biden said on Thursday that there had been “discussions” about support for an Israeli attack on Iran’s oil facilities, the price of Brent crude, the global oil benchmark registered its biggest weekly gain in more than a year.“Investors are finally paying attention to the Middle East after having decided it wasn’t going to move the needle,” said Tina Fordham, a former chief global political analyst at Citi who now runs an independent consultancy.“It’s not a perfect storm yet,” she said, “but it’s a constellation of risks coming together at a time when market systems still haven’t gotten comfortable that we’ve avoided a hard economic landing.”Everyone is watching Israel’s next move. Attacking Iran’s oil infrastructure or nuclear facilities, for example, would intensify the conflict. Biden has said he will not support an attack on Iran’s nuclear sites, and yesterday cautioned Israel against hitting Iran’s oil fields. “The risk is not zero, which means it’s high enough to consider different scenarios that range from all-out conflict that curtails energy access to a peaceful off-ramp,” said Ronald Temple, the chief market strategist for Lazard’s financial advisory and asset management business.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares159 Views

      in Elections

      Jobs Report Adds to Economic Momentum for Harris

      by

      Vice President Kamala Harris probably could not have hoped for a better run of pre-election economic data than what the United States has enjoyed over the last month, punctuated by Friday’s surprisingly strong jobs report.In recent weeks, key inflation indicators have fallen close to the Federal Reserve’s 2 percent target rate, after years of running hot under Ms. Harris and President Biden. Federal Reserve officials cut interest rates by a half-percentage point to stoke economic activity, immediately bringing mortgage rates to their lowest point in two years. The Commerce Department confirmed that the economy has grown at a robust 3 percent clip over the last year, after adjusting for rising prices. The Census Bureau reported that the typical household’s inflation-adjusted income jumped in 2023.Those numbers had encouraged Democrats, including policymakers in the White House and close to Ms. Harris’s campaign team. Recent polls have shown Ms. Harris closing the gap, or pulling even, with former President Donald J. Trump on the question of who can best handle the economy and inflation.But it was Friday’s employment report — 254,000 jobs gained, with wages growing faster than prices — that appeared to give Harris boosters a particularly large dose of confidence. The report came less than a day after striking dockworkers agreed to return to work through the end of the year, avoiding what could have been a major economic disruption with a month to go before the election.“The combination of this great job market and easing inflation is generating solid real wage and income gains,” said Jared Bernstein, the chairman of the White House Council of Economic Advisers. “While those continue to power this expansion forward, we’re also seeing record investment in key sectors, an entrepreneurial boom and gains in worker bargaining power to help ensure that workers get their fair share of all this growth.”Even Mr. Biden, who has attempted to strike a balance between cheering the economy’s performance and acknowledging the struggles created by years of fast-rising prices, sounded more upbeat than normal for a post-jobs-report statement.“Today, we received good news for American workers and families with more than 250,000 new jobs in September and unemployment back down at 4.1 percent,” he said.Independent economists were less cheerful. Several of them acknowledged the strong numbers but warned that they could be illusory, and that the Fed may need to continue to cut interest rates in the months to come to keep unemployment from rising.“The September jobs report is unambiguously strong,” James Knightley, the chief international economist at ING, wrote in a research note. But he immediately warned that other indicators, including Americans’ personal assessments that the job market is worsening, cloud the picture. “We feel that the risks remain skewed towards weaker growth.” More

    • 163 Shares159 Views

      in Elections

      Gilead Agrees to Allow Generic Version of Groundbreaking H.I.V. Shot in Poor Countries

      by

      Many middle-income countries are left out of the deal, widening a gulf in access to critical medicines.The drugmaker Gilead Sciences on Wednesday announced a plan to allow six generic pharmaceutical companies in Asia and North Africa to make and sell at a lower price its groundbreaking drug lenacapavir, a twice-yearly injection that provides near-total protection from infection with H.I.V.Those companies will be permitted to sell the drug in 120 countries, including all the countries with the highest rates of H.I.V., which are in sub-Saharan Africa. Gilead will not charge the generic drugmakers for the licenses.Gilead says the deal, made just weeks after clinical trial results showed how well the drug works, will provide rapid and broad access to a medication that has the potential to end the decades-long H.I.V. pandemic.But the deal leaves out most middle- and high-income countries — including Brazil, Colombia, Mexico, China and Russia — that together account for about 20 percent of new H.I.V. infections. Gilead will sell its version of the drug in those countries at higher prices. The omission reflects a widening gulf in health care access that is increasingly isolating the people in the middle.Gilead charges $42,250 per patient per year for lenacapavir in the United States, where it is approved as a treatment for H.I.V. The company has said nothing about what lenacapavir will cost when used to prevent H.I.V. infections, a process called pre-exposure prophylaxis, or PrEP.The generics makers — four companies in India, one in Pakistan and one in Egypt — are expected to sell it for much less. Researchers at Liverpool University found the drug could profitably be produced for as little as $40 per patient per year, if it were being purchased in large volumes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares149 Views

      in Elections

      Is It Better to Buy or Lease a Car? It Depends.

      by

      The lowest overall cost is to buy a car and keep it for a long time. But leasing usually has lower monthly costs. And leasing an E.V. may come with a tax break.Most people have two options when they want a new car: buy it with a traditional loan or lease it.Either can make sense, depending on your personal situation.If you’re looking for the lowest overall cost over the longer term, buying a car with a loan, and then driving it for a while debt free after you finish making payments, is usually the best option.But if low monthly payments and a smaller down payment are a priority, a lease may be worth considering. And if you’re willing to try an electric vehicle or a plug-in hybrid, tax breaks available for leased models may make deals more affordable. Almost half of new E.V.s were acquired with leases in the second quarter of this year, up from around a fourth a year earlier, according to data from Experian.The Federal Reserve’s decision on Wednesday to cut its benchmark rate by half a point indirectly affects rates on car loans, which are also influenced by factors like the borrower’s credit score and the level of loan delinquencies. The average interest rate for a new-car loan in August was 7.1 percent, and 11.3 percent for a used-car loan, according to the automotive site Edmunds. “It will take a number of additional rate cuts before the cumulative effect becomes material for car buyers,” said Greg McBride, chief financial analyst at Bankrate.Paying cash for your car is, of course, interest free. But while car prices have eased somewhat, they remain high. The average transaction price in July was around $48,000 for a new car, and about $25,000 for a used car, according to Kelly Blue Book, part of Cox Automotive. Most people who buy a new automobile and many who buy one used get some kind of financing.With a traditional loan, you make a down payment and then pay off the debt with fixed monthly payments over time. (The average new-car loan term is about six years.) When the loan is repaid, you can keep the car and drive it payment free or trade it in and get credit for its value toward your next car purchase.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares189 Views

      in Elections

      In His Last Months as President, Biden Is Both Liberated and Resigned

      by

      President Biden spent decades seeking the highest office, only to drop his bid for re-election under pressure. These final months before the November election are bittersweet, his allies say.President Biden began the final stretch of his political career this week freed from the rigors of running for re-election, appearing by turns nostalgic, liberated and — in some cases — resigned to finding himself once again in a supporting role.After a two-week summer vacation, Mr. Biden has been campaigning for Vice President Kamala Harris, now at the top of the Democratic ticket, and traveling the country to promote his administration’s accomplishments.But for a man who has spent decades seeking the highest office, only to drop his bid for re-election under pressure from his own party, these final months before the November election are bittersweet, his allies say.“For my whole career I’ve either been too young or too old, never in between,” Mr. Biden told a crowd of union workers on Friday in Ann Arbor, Mich. The president, who was not yet 30 when he first won a Senate seat in 1972, cracked that he went on to serve for “374 years.”Earlier in the week, Mr. Biden appeared unbothered about alienating conservatives when he attacked Senator Ron Johnson of Wisconsin — in the Republican’s home state — for not voting for the Inflation Reduction Act, the president’s signature legislation.And on Monday in Pittsburgh, during an event with Ms. Harris, Mr. Biden did not seem particularly keen to cede the spotlight. He spoke eight minutes longer than the vice president, even as he said he would be “on the sidelines” going forward.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares139 Views

      in Elections

      Has the Spread of Tipping Reached Its Limit? Don’t Count on It.

      by

      Americans are being asked to tip more often and in more places than ever before: at fast food counters and corner stores, at auto garages and carwashes, even at self-checkout kiosks. That has rankled many customers and divided both employers and tipped workers.It may soon get worse. Both major-party presidential candidates have embraced proposals to eliminate income taxes on tips, a move that would, in effect, subsidize tipping and prompt more businesses to rely on it.Economists across the political spectrum have panned the tax idea, arguing that it is unfair — favoring one set of low-wage workers over others — and could have unintended consequences. Even some tipped workers and groups that represent them are skeptical, worrying that over the long term the policy could result in lower pay.But the debate alone underscores how service-sector workers have emerged from the pandemic as an economically and politically potent force. The spread of tipping in recent years was, in part, a result of the intense demand for workers, and the leverage it gave them. The presidential candidates’ dueling proposals signal that they see the nation’s roughly four million tipped workers as a constituency worth wooing.“I do think it’s a reflection of this change in which people are finally hearing and recognizing that these workers matter,” said Saru Jayaraman, president of One Fair Wage, an advocacy organization. “Tipped workers had never seen their needs named in any way by any presidential candidate, ever.”Ms. Jayaraman isn’t a fan of the tax exemption idea, though she is optimistic that the attention being paid to the issue could lead to policies she considers more important. One is the elimination of the subminimum wage, which allows businesses in some states to pay workers as little as $2.13 an hour as long as they receive enough in tips to bring them up to the full minimum wage.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 175 Shares169 Views

      in Elections

      A Bargain at the Opera: Philadelphia Offers All Seats for as Low as $11

      by

      Seeking new audiences, Opera Philadelphia is putting in place a pay-what-you-can model, one of the first of its kind by a major opera company.In Philadelphia, a night at the opera may now be cheaper than going to the movies.Opera Philadelphia, a company with a reputation for innovation and ambition, announced on Tuesday that it was putting in place a pay-what-you-can model for the 2024-25 season, with all tickets for all performances starting at $11. The initiative, which the company calls Pick Your Price, is aimed at attracting new audiences.“People want to go to the opera, but it’s expensive,” said Anthony Roth Costanzo, the celebrated American countertenor who became the company’s general director and president in June. “Our goal is to bring opera to more people and bring more people to the opera.”It immediately proved popular. On Tuesday, the day the initiative was announced, Opera Philadelphia said it sold more than 2,200 tickets for the coming season, compared with about 20 the day before. The tickets were originally priced at $26 to $300.High ticket prices have long been a barrier to audiences, and especially to newcomers. In recent years a number of performing arts groups, including Lincoln Center, the Chicago Sinfonietta and Ars Nova, the Off Broadway incubator, have experimented with pay-what-you-can approaches. Other opera companies have experimented with discounts, including rush tickets and deals offered to young people. But Opera Philadelphia’s approach was one of the boldest yet.Its website explains that all tickets start at $11 but that people will be given the option of choosing to pay much more, including the standard price.Like many nonprofit performing arts organizations, Opera Philadelphia gets much more of its revenue from philanthropy than through ticket sales. Radically lowering the prices could encourage more donations, which will no longer risk being seen as subsidizing an expensive art form that is out of reach for many people. And Costanzo said that the new model would allow the company to concentrate more on staging interesting works, and less on worrying about ticket sales.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More