general news

3 physicists share Nobel Prize for work on quantum science

STOCKHOLM — Three scientists jointly won this year’s Nobel Prize in physics Tuesday for proving that tiny particles could retain a connection with each other even when separated, a phenomenon once doubted but now being explored for potential real-world applications such as encrypting information. Frenchman Alain Aspect, American John F. Clauser and Austrian Anton Zeilinger …

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Young people shouldn’t save for retirement, new research says

Most financial planners advise young people to start saving early — and often — for retirement so they can take advantage of the so-called eighth wonder of the world – the power of compound interest. And many advisers routinely urge those entering the workforce to contribute to their 401(k), especially when their employer is matching …

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Can you avoid that 6% mortgage rate? Here’s what pros think will happen next with mortgage rates

What might mortgage rates look like this month? Getty Images This past week, average 30-year mortgage rates crossed the 6% mark — though many borrowers can still snag lower lower rates than that — after staying below that for most of July and August, Bankrate data revealed. So we asked pros: What will happen next? …

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These are the 10 major housing markets that just saw the biggest declines in home equity

Plus, what to know if you’re thinking about taking out a HELOC. Getty Images/iStockphoto As home prices soared in recent years, homeowners enjoyed record levels of tappable home equity, which is the amount of money a homeowner can borrow against while keeping a 20% equity stake. But that’s all changing as home prices begin to …

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As small businesses raise prices, some customers push back

NEW YORK — Inflation isn’t only costing small businesses money. It’s costing them customers as well. At the Bushwick Grind Cafe in Brooklyn, New York, Kymme Williams-Davis has raised prices and switched to different types of goods to keep up with the rising costs of milk, coffee, paper goods and plastic, as well as shortages …

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Cheaper electric vehicles coming despite rising battery costs

WARREN, Mich. (AP) — Even though battery costs are rising, auto companies are rolling out more affordable electric vehicles that should widen their appeal to a larger group of buyers. The latest came Thursday from General Motors, a Chevrolet Equinox small SUV with a starting price somewhere around $30,000 and a range-per-charge of 250 miles …

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17 states weigh adopting California’s electric car mandate

MINNEAPOLIS– Seventeen states with vehicle emission standards tied to rules established in California face weighty decisions on whether to follow that state’s strictest-in-the nation new rules that require all new cars, pickups and SUVs to be electric or hydrogen powered by 2035. Under the Clean Air Act, states must abide by the federal government’s standard …

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Shrinking the Fed’s balance sheet sheet is not likely to be a benign process, new Jackson Hole study warns

“If the past repeats, the shrinking of the central bank’s balance sheet is not likely to be an entirely benign process and will require careful monitoring of the banking sector’s on-and off-balance sheet demandable liabilities” — Raghuram Rajan, former Governor of the Reserve Bank of India and former Chief Economist at the IMF The Federal …

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US home sales fell in July; some buyers see silver lining

LOS ANGELES– The housing market’s comedown from its high-flying days early this year is deepening, with home sales in July falling for the sixth straight month. Sharply higher mortgage rates, surging inflation and prices that remain near all-time highs are making homes less affordable. Sales fell 20.2% from July last year, reaching the slowest pace …

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If you really want to be rich, you need to do this, says Mark Cuban

Slaven Vlasic/Getty Images for Advertising Week New York Uncredited Recently, we came across a simple piece of money advice from billionaire entrepreneur Mark Cuban on his Maverick blog that we felt resonated in today’s money-stressed world. Cuban answers the question “so what should you do to get rich?” with this point first and foremost: “Save …

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