Author: openjargon

  • 5 things to watch on the ASX 200 on Thursday

    Smiling man with phone in wheelchair watching stocks and trends on computer

    On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was on form again and pushed higher. The benchmark index rose 0.4% to 7,769 points.

    Will the market be able to build on this on Thursday? Here are five things to watch:

    ASX 200 expected to climb again

    The Australian share market looks set for another good session on Thursday after a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 51 points or 0.65% higher this morning. In the United States, the Dow Jones was up 0.25%, the S&P 500 rose 1.2% and the Nasdaq jumped 2%. The S&P 500 hit a record high overnight.

    Oil prices rebound

    ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a good session after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 1.2% to US$74.15 a barrel and the Brent crude oil price is up 1.2% to US$78.47 a barrel. Traders appear to believe that oil has been oversold this week.

    Mineral Resources’ $1.3b asset sale

    The Mineral Resources Ltd (ASX: MIN) share price will be one to watch today. That’s because the mining and mining services company has just announced a major asset sale. The company has entered into a binding agreement with Morgan Stanley Infrastructure Partners for the sale of a 49% interest in the Onslow Iron project’s dedicated haul road. Management expects the sale to generate total proceeds of $1.3 billion. Mineral Resources will retain a 51% interest in the asset and have exclusive rights to use, operate and maintain the road.

    Gold price rises

    It could be a good day for ASX 200 gold miners such as Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) today after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 1.1% to US$2,373.3 an ounce. The precious metal rose after bond yields retreated.

    Miners set to rise

    Mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) look set to rebound on Thursday after a tough few days. BHP shares rose overnight on both the London Stock Exchange and New York Stock Exchange, which bodes well for today’s session. This was driven by a rebound in commodity prices. For example, the copper price rose 2% to US$4.63 a pound.

    The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Bhp Group right now?

    Before you buy Bhp Group shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Bhp Group wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • If the US doesn’t win the electronic warfare fight, the joint force will ‘lose’ and ‘lose very quickly,’ Air Force commander says

    U.S. Army Soldiers assigned to "Wild Bill" Platoon, 1st Squadron, 7th Cavalry Regiment and 1st Battalion, 4th Infantry Regiment conduct electronic warfare training during Combined Resolve XV, Feb. 23, 2021 at the Hohenfels Training Area.
    U.S. Army Soldiers assigned to "Wild Bill" Platoon, 1st Squadron, 7th Cavalry Regiment and 1st Battalion, 4th Infantry Regiment conduct electronic warfare training during Combined Resolve XV, Feb. 23, 2021 at the Hohenfels Training Area.

    • Electronic warfare like what the world is seeing in Ukraine could be decisive in future wars.
    • US military leaders have been closely watching how electronic warfare is shaping the war in Ukraine.
    • The US needs to dominate the electromagnetic spectrum, or it will lose quickly, an Air Force officer said.

    Future wars could be decided by electronic warfare like Russia and Ukraine are using right now to interrupt communications, defeat unmanned platforms, and even degrade precision weaponry.

    For the US, if it doesn't dominate that invisible domain and win the fight in the electromagnetic spectrum, it will "lose" and do so "very quickly," an Air Force wing commander said.

    At the C4ISRNET Conference on Wednesday, US Army Brig. Gen. Ed Barker, the Program Executive Officer for Intelligence, Electronic Warfare and Sensors, and US Air Force Col. Josh Koslov, commander of the 350th Spectrum Warfare Wing, discussed the challenges facing the US in the electronic warfare space and the efforts to find solutions to these problems.

    "Electronic warfare is a fire," not unlike certain other weapons systems like artillery, Koslov said, "and the ability to integrate those fires in support the joint force's commander's scheme of maneuvers is more important now than ever."

    EW system Ukraine
    A man holds a portable electronic warfare system at an event in Ukraine earlier this year.

    Both Barker and Koslov noted that dominating the electromagnetic spectrum in a fight against near-peer adversaries like China and Russia would be a close one in a war and that the US must maintain the edge.

    "The spectrum is a bad place to be second, and if we lose in the spectrum, or are unable to effect the spectrum, the joint force will lose, and we're going to lose very quickly," Koslov said.

    The US has acknowledged the growing importance of electronic warfare in its warfighting strategies, recognizing not only the need to figure out how to defend against the enemy's use of it but also how to fight with it.

    Electronic warfare is a broad term for fighting involving elements of the electromagnetic spectrum. Increased US interest in it more recently has been driven by the ongoing conflict in Ukraine, where electronic warfare tactics, such as GPS spoofing and signal jamming, have shaped the fighting.

    US Army electronic warfare
    A soldier with the US Army's 1st Infantry Division trains on electronic-warfare equipment on September 6, 2019.

    The US has been watching the war closely to determine key takeaways, and it's been, as a defense expert previously told Business Insider, an "intelligence bonanza" for American forces.

    One thing the US has observed in Ukraine is the degradation of some of its more advanced, precision-guided weapons systems by Russian jamming.

    In March, Daniel Patt, a senior fellow at the Hudson Institute, wrote in a statement to Congress that the 155mm GPS-guided Excalibur artillery shell "had a 70% efficiency rate hitting targets when first used in Ukraine" but that "after six weeks, efficiency declined to only 6% as the Russians adapted their electronic warfare systems to counter it." Russian efforts have also impacted the GMLRS launched by the HIMARS and JDAMs.

    Volunteers and Ukrainian military personnel attend a presentation of radio-electronic warfare (WB) and radio-electronic intelligence (PER) systems of the Ukrainian company Kvertus in Lviv region on May 28, 2024, amid the Russian invasion of Ukraine.
    Volunteers and Ukrainian military personnel attend a presentation of radio-electronic warfare (WB) and radio-electronic intelligence (PER) systems of the Ukrainian company Kvertus in Lviv region on May 28, 2024, amid the Russian invasion of Ukraine.

    Patt explained that "the peak efficiency of a new weapon system is only about 2 weeks before countermeasures emerge." That information could prove vital for a future great-power fight against an adversary like China or Russia.

    At the C4ISRNET conference, Barker called the electromagnetic spectrum another "terrain" of battle.

    "We have to treat the EMS as terrain," he said. "You have to be able to hold terrain, you have to be able to maneuver inside of it, and you also have to be able to affect the enemy."

    Barker mentioned a recent electronic warfare tabletop exercise, which looked at over 70 different capabilities spread across the joint force and how they fit into the various battlefield strategies and potential fighting scenarios.

    Vehicles with tall poles attached to them.
    A Russian R-330Zh Zhitel electronic-warfare jamming station during an exercise in July 2018.

    He said the exercise helped them to identify "gaps we need to focus on," such as understanding more about what both allies and adversaries look like in the spectrum, as well as needing a "layered approach" to fighting electronic warfare. It's a complex problem, and he said there's no "silver bullet."

    At the conference, both Barker and Koslov highlighted the importance of having systems communicate with one another about key data and noted that when the US acquires new technology from industry partners, prioritizing electronic warfare defenses and capabilities is vital.

    Barker said "we're realizing that we have to build, essentially, an EW arsenal across the landscape to be able to go at these different kinds of threats."

    Read the original article on Business Insider
  • Biden spoke so low during a key White House meeting that some attendees struggled to understand his words, report says

    Joe Biden
    President Joe Biden.

    • Biden spoke so softly during a January meeting that some couldn't hear him, per The Wall Street Journal.
    • The White House meeting involved negotiations for additional funding for Ukraine.
    • Biden has sought to address concerns about his age by touting his administration's accomplishments.

    President Joe Biden during key January negotiations for a Ukraine funding deal spoke so low that some attendees had difficulty hearing him speak, according to The Wall Street Journal.

    The report comes as voter concerns about Biden's age remain a major issue impacting his reelection bid, with Democrats largely defending his performance while Republicans have continued to question the president's acuity.

    The Journal reported that Biden took roughly ten minutes to slowly greet congressional leaders before the January White House meeting began, and once it started, the president then reiterated the need to support Ukraine — despite the general consensus in the room already being that additional funding was needed.

    In the meeting, which was attended by House Democratic Leader Hakeem Jeffries of New York and Office of Management and Budget director Shalanda Young, Biden read from notes and often deferred to staffers when he was asked questions, according to The Journal.

    Biden during the meeting also closed his eyes for such a duration that some wondered if he had shut out the meeting, per the report.

    "You couldn't be there and not feel uncomfortable," one attendee told The Journal. "I'll just say that." 

    It's a damning portrait for Biden — a leading negotiator throughout his decades-long career in Washington — as the 81-year-old president's fitness for office has been an issue that former President Donald Trump has sought to wield against him.

    When pressed on the issue, Biden has vigorously defended his age and his administration's accomplishments. And Democratic allies like Jeffries have also strongly vouched for Biden, telling the Journal that the president was "incredibly strong, forceful and decisive" in the January White House meeting.

    While Republicans have sought to focus on Biden's age, the 77-year-old Trump has had his share of public slip-ups. In recent months, he has mixed up ex-GOP presidential rival Nikki Haley with former House Speaker Nancy Pelosi. And Trump on several occasions has appeared to confuse Biden with former President Barack Obama, including an incident at a March rally in Richmond, Virginia.

    The White House strongly pushed back against the characterization of Biden as a poor performer, which spokesman Andrew Bates in a statement to the Journal said were "false and politically motivated claims." 

    "President Biden inherited an economy in free fall, fraying alliances, and a spiking violent crime rate, and he turned each around with his experience and judgment, delivering the strongest economic growth in the world, making NATO bigger than ever, and forcing violent crime to a near 50-year low," Bates added in a Wednesday statement.

    Read the original article on Business Insider
  • I visited a car-free neighborhood in Arizona and was surprised that it felt 15 degrees cooler than the surrounding blocks

    Culdesac Tempe. Left: The author stands in a courtyard with trees and picnic tables. Behind her is a white building with boutique storefronts. Right: An alleyway lined with white buildings with red trimmings
    Business Insider's reporter visited Tempe, Arizona's Culdesac neighborhood.

    • Culdesac is a car-free neighborhood outside of Phoenix, Arizona, the hottest city in the US.
    • Culdesac was built to combat the summer temperatures reaching above 110 degrees Fahrenheit. 
    • The block was paved without asphalt, designed to maximize shade, and painted white to reflect heat.

    Arizona summers are hot — sometimes dangerously so. Phoenix is the hottest city in the US, with summer temperatures regularly exceeding 110 degrees Fahrenheit. In 2022, nearly 400 people in Maricopa County — which includes Phoenix, Tempe, Scottsdale, and other surrounding cities — died from heat-related conditions, according to Maricopa County Public Health.

    The Arizona heat can also cause severe burns from contact with outdoor surfaces that can be as scorching as 180 degrees Fahrenheit.

    Enter Culdesac, a car-free community in Tempe that is combatting the area's heat problem with a neighborhood built to cool.

    The neighborhood, where cars are banned and residents get around with public transit and electric bikes, opened in 2023. A company representative told Business Insider that the 17-acre block houses 200 people, but the company is aiming for 1,000 residents.

    I recently got a tour of Culdesac, where I anticipated open street paths, shops, and amenities residents could walk to.

    And I found all of that. But I didn't expect to feel cooler on the block than on the surrounding streets.

    During my tour, I learned that Culdesac feels about 15 degrees colder than the city's temperature, thanks to initiatives by the housing startup during the building process.

    Culdesac is a car-free neighborhood that feels cooler than the surrounding streets.
    Culdesac, Tempe: A red, brick courtyard with a map in the middle and jumbo Connect Four and shaded tables on the left
    The plaza in Culdesac in Tempe.

    When I arrived at Culdesac on an April afternoon, the temperature was about 90 degrees in Tempe, Arizona. But it didn't feel that way.

    CEO, cofounder, and Culdesac resident Ryan Johnson — who hasn't owned a car in 14 years — told BI that Culdesac feels cooler than the rest of Tempe for four reasons: pavement materials, building layout, landscaping, and color.

    This is in part because there's no asphalt anywhere on the block.
    Culdesac Tempe: a red brick road lined with white buildings
    A pathway in Culdesac's plaza.

    The ground at Culdesac contributes to its cooler temperatures. Unlike most urban areas, the neighborhood was built without asphalt, a paving material that soaks up the sun's heat.

    While developing the block, Culdesac used alternative materials like pavers and decomposed granite to combat high temperatures and absorb rainwater that would otherwise heat up, the Culdesac representative told BI. He added that the temperature measures 30 degrees Fahrenheit cooler than the asphalt on surrounding streets.

    The neighborhood's layout was designed to maximize shade.
    Culdesac Tempe: An alleyway lined with white buildings with red trimmings
    Shaded space between buildings.

    According to Culdesac's website, the neighborhood can feel 10-15 degrees cooler than the temperature because there's so much shade.

    The residential buildings are positioned close together to add as much sun coverage as possible to the block.

    And in the plaza, where the pathways are wider, there's a shaded canopy sculpture created by artist Matthew Salenger.

    Culdesac thoughtfully landscaped the block to provide even more sun coverage.
    Culdesac Tempe: A shop with brown doors behind an outdoor table, trees, and shrubbery
    Landscaping outside of a shop in Culdesac.

    More than 50% of Culdesac is open space full of plants that add shade. The community carefully selected trees that provide sun coverage, opting for palo verde — ideal for shade, according to Desert Sun — over palm trees, which dot many streets in the county without blocking much of the sun.

    The trees shade the plaza and courtyards between residential buildings.

    The buildings' bright colors reflect sunlight.
    Culdesac Tempe: A white apartment complex with red trimmings, a courtyard in the middle, and a staircase on the right
    Bright, white residential buildings in Culdesac.

    Culdesac selected white paint for its buildings because, unlike darker colors, the sun's rays bounce off white surfaces, resulting in the buildings absorbing less heat.

    Reflecting the heat also makes the buildings more energy efficient because less air conditioning is required to cool them.

    To me, Culdesac made the hot county feel livable.
    The author stands in a courtyard with trees and picnic tables. Behind her is a white building with boutique storefronts
    The author in Culdesac's plaza.

    I love Arizona. It's where I was born, and although I don't remember living there, visiting the beautiful state with its mountains, canyons, and desert landscapes over the years has made me wonder about moving there someday.

    The idea of scorching summers has always given me pause, though. But maybe I could live just outside the hottest city in America if I moved to a neighborhood like Culdesac.

    Read the original article on Business Insider
  • Considering investing in AFIC shares? Here’s what you’re buying

    A large transparent piggy bank contains many little pink piggy banks, indicating diversity in a share portfolio

    The listed investment company (LIC) Australian Foundation Investment Co Ltd (ASX: AFI) is invested in a wide array of different companies and sectors. I think it’s important to know what you’re invested in with AFIC shares or any other diversified options, so we’ll examine that below.

    AFIC is one of the oldest investment companies in Australia. It has been operating since 1928 and delivers its investment strategy for investors at a very low annual management cost of 0.14% (and no performance fees), allowing investors to enjoy the benefits of the returns.

    The LIC’s website states it aims to invest in between 60 to 80 companies across a range of sectors. Those investments are “selected for their ability to perform through economic cycles and generate returns over the long-term.”

    AFIC shares its biggest 25 investments each month, so let’s examine the portfolio as of 31 May 2024.

    Top holdings

    The biggest positions are important because they have the largest impact on the performance of AFIC shares and its net tangible asset (NTA) value.

    Excluding cash, the largest 25 holdings comprised 79.6% of the portfolio on 31 May 2024. There were ten positions that had a weighting of at least 2.5%, which I’ll list below and their allocation of the portfolio:

    • Commonwealth Bank of Australia (ASX: CBA) shares (9.6% of the portfolio)
    • BHP Group Ltd (ASX: BHP) shares (8.6%)
    • CSL Ltd (ASX: CSL) shares (7.5%)
    • Wesfarmers Ltd (ASX: WES) shares (4.8%)
    • National Australia Bank Ltd (ASX: NAB) shares (4.6%)
    • Macquarie Group Ltd (ASX: MQG) shares (4.5%)
    • Westpac Banking Corp (ASX: WBC) shares (4%)
    • Transurban Group (ASX: TCL) shares (3.6%)
    • Goodman Group (ASX: GMG) shares (3.6%)
    • Rio Tinto Ltd (ASX: RIO) shares (2.5%)

    Some of its other top 25 holdings are smaller but more growth-focused, such as CAR Group Limited (ASX: CAR), Resmed CDI (ASX: RMD), Reece Ltd (ASX: REH) and Xero Ltd (ASX: XRO).

    I’ll also point out that the LIC has a relatively small, but growing, part of the portfolio allocated to international shares. The company reveals its holdings each year in its annual result, with the latest being the 2023 annual report.

    Sector allocation

    To get an overall picture of how AFIC shares are positioned, let’s look at the industry weightings.

    As of 31 May 2024, AFIC had the following investments by sector:

    • Banks (20.3%)
    • Materials (15%)
    • Healthcare (13%)
    • Industrials (11.2%)
    • Other financials (9%)
    • Consumer discretionary (8.2%)
    • Communication services (6.5%)
    • Real estate (5%)
    • Consumer staples (3.9%)
    • Energy (3.7%)
    • Information Technology (2.7%)
    • Cash (1.5%)

    While banks and resources may have a large allocation (around 35% between them), it’s lower than how the S&P/ASX 300 Index (ASX: XKO) is positioned. In the Vanguard Australian Shares Index ETF (ASX: VAS) portfolio, which tracks the ASX 300, banks and resources make up more than 50% of the portfolio.

    AFIC share price snapshot

    The AFIC share price has dropped around 3% since the start of 2024, as shown on the chart below.

    The post Considering investing in AFIC shares? Here’s what you’re buying appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Australian Foundation Investment Company Limited right now?

    Before you buy Australian Foundation Investment Company Limited shares, consider this:

    Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Australian Foundation Investment Company Limited wasn’t one of them.

    The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    And right now, Scott thinks there are 5 stocks that may be better buys…

    See The 5 Stocks
    *Returns as of 5 May 2024

    More reading

    Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Goodman Group, Macquarie Group, ResMed, Transurban Group, Wesfarmers, and Xero. The Motley Fool Australia has positions in and has recommended Macquarie Group, ResMed, Wesfarmers, and Xero. The Motley Fool Australia has recommended CSL, Car Group, and Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

  • 13 pro-Palestine protesters arrested after occupying the office of Stanford’s president

    Pro-Palestinian students gather on the campus of Wayne State University
    Pro-Palestinian students gather on the campus of Wayne State University to protest Vice President Kamala Harris and the Biden administration's support for Israel during her visit to Detroit.

    • 13 protesters were arrested after barricading themselves in the office of Stanford's president.
    • Participating pro-Palestinian students are suspended, and seniors won't graduate, Stanford said.
    • A public safety officer was injured by protesters, according to the university.

    Thirteen pro-Palestine protesters were arrested at Stanford University Wednesday after they barricaded themselves inside the school president's office building.

    Protesters occupied Building 10 — where the offices of Stanford's president and provost are located — to demand the university divest from companies supporting Israel's war in Gaza, according to The New York Times.

    Stanford President Richard Saller and Provost Jenny Martinez said in a statement that a public safety officer was injured by protesters. Damage was done inside the building, and graffiti outside conveyed "vile and hateful sentiments."

    The statement said that arrested students will be immediately suspended, and seniors will not be allowed to graduate.

    The Stanford Daily reported that one of its journalists covering the protest was among those arrested.

    Saller and Martinez also said Wednesday that an encampment at Stanford protesting Israel's war had been removed.

    "The situation on campus has now crossed the line from peaceful protest to actions that threaten the safety of our community," they wrote. While the university values "peaceful and reasoned debate," it condemns "any actions like those that were taken today."

    Roughly 3,000 protesters have been arrested on US college campuses, according to the Times. The 13 arrests at Stanford are dwarfed by the upwards of 200 arrests that previously occurred at Columbia University and UCLA.

    Read the original article on Business Insider
  • I tried Red Lobster’s $30 endless shrimp for the first time. I see why the deal might have led to the chain’s bankruptcy.

    the author and the red lobster endless shrimp
    I tried Red Lobster's endless shrimp promotion and thought it was an excellent deal — but could see why it proved disastrous for the chain.

    • I tried Red Lobster's infamous endless shrimp promotion and thought it was a good value for $30.
    • I could also see why it proved disastrous for the chain when offered every day.
    • The coconut shrimp was a standout star, but I also enjoyed the shrimp skewers.

    A few weeks after Red Lobster filed for bankruptcy, I visited the chain's Times Square location to try its now-infamous Endless Shrimp promotion for the first time.

    This wasn't my first time eating at a Red Lobster. When I've gone in the past, it's been on the weekend. Now, here I was — on an otherwise dull Monday night — prepared to eat my weight in bottomless shrimp at a Times Square chain restaurant.

    Red Lobster's Endless Shrimp has quite the reputation.

    The promotion was originally launched as a $20 once-a-week deal. Customers were pleased with the deal, so in the summer of 2023, Endless Shrimp became available every day of the week.

    However, inflation and the rising cost of seafood meant Red Lobster would raise the price of Endless Shrimp twice, eventually landing at a base price of $25 to cope with demand and improve profits. At the location I visited in New York City, it was priced at $30.

    Despite the increased price to offset expenses, the all-you-can-eat strategy backfired. In the two quarters following the initial launch of the daily endless shrimp promotion, Red Lobster reported operating losses of $11 million and $12.5 million.

    Discussing the company's low profits in an earnings call in November, Ludovic Garnier, the global chief financial officer of the chain's owner, Thai Union Group, told investors the overwhelming response to endless shrimp had led to the losses.

    "For those who have been in the US recently, $20 was very cheap," Garnier said. "We don't earn a lot of money at $20."

    Garnier added the deal "did not deliver what we were expecting" and was "one of the key reasons for the losses we generated in Q3 2023."

    Once a daily promotion, Endless Shrimp is now only available on Mondays, which is when I found myself at the revolving doors of Red Lobster's Times Square location on a hot summer night.

    I arrived at Red Lobster's Times Square location fully prepared to order as much endless shrimp as possible.
    red lobster times square
    The exterior of Red Lobster in Times Square.

    However, I wasn't only there for the shrimp. I was also curious to see how the chain's flagship New York City location was faring amid the recent news that Red Lobster has filed for bankruptcy.

    Nearly a month after reports first emerged that the chain would file for bankruptcy, the chain released a statement announcing it had voluntarily filed for Chapter 11 bankruptcy on May 19.

    The statement said Red Lobster's 550 remaining restaurants, including the Times Square restaurant I visited, would "remain open and operating as usual during the Chapter 11 process" after dozens of restaurants closed their doors a week prior.

    When I arrived with a friend at prime dinnertime, the dining room was heaving. We were able to snag a booth for two.
    red lobster times square
    Inside the dining room at Red Lobster.

    We were both surprised by how busy the restaurant was on a Monday night, especially given the recent news. However, people appeared to be taking advantage of the chain's feasts and deals all around us.

    I spied at least two patrons eating what appeared to be platters of shrimp, and another family was splitting a large platter of lobster tails and other seafood dishes. Based on what I saw, the chain didn't appear to be having any trouble bringing Times Square tourists through its doors.

    In addition to the chain's daily deals, it was also the first day of Crabfest.
    red lobster times square
    Red Lobster menu.

    Given the chain's botched endless snow-crab promotion in 2003 that tanked the company's stocks, I was admittedly a little surprised to see this on the menu. However, it's worth noting that the Crabfest deal isn't endless.

    Instead, for $33.99, guests can order a full pound of crab legs prepared in a variety of flavors over crispy potatoes.

    Make no mistake, though — I wasn't there for the crab.

    The Endless Shrimp deal costs $30 and gives customers the choice of five different shrimp-filled dishes.
    red lobster times square
    Red Lobster's daily deals.

    To start, I was given the choice of three shrimp dishes and a side. I ordered the grilled shrimp, the Parrot Isle jumbo coconut shrimp, Walt's favorite shrimp, and a side of coleslaw.

    I skipped the two pasta dishes — the garlic shrimp scampi and the shrimp linguini Alfredo — because I've had the latter pasta before, and found it to be very filling. This was a marathon, not a sprint.

    My platter of shrimp arrived promptly, as did the side of coleslaw.
    red lobster times square
    The first platter of endless shrimp at Red Lobster.

    My dinner came out at the same time as my guest's, a Caesar salad topped with shrimp. I was impressed the restaurant was able to serve the three different kinds of shrimp in such a short amount of time.

    I was also impressed by the portion size. The shrimp skewer, which came with rice, had six pieces of shrimp on it. Also on the plate were four pieces of coconut shrimp and five pieces of Walt's favorite shrimp.

    Right away, I knew it would be a struggle to order even a second helping, let alone a third or a fourth.

    I started by trying the coleslaw. I really liked it.
    red lobster times square
    Red Lobster coleslaw.

    I was immediately glad I picked coleslaw as my side, rather than a heartier option like mashed potatoes or mac and cheese. The coleslaw was fresh and tangy, and its dressing packed a lot of flavor while not overpowering the vegetables.

    The coleslaw brought a light, citrus flavor that balanced my meal perfectly.

    The shrimp skewer came with wild rice and a lemon wedge.
    red lobster times square
    Red Lobster shrimp skewer.

    The shrimp was grilled and had a buttery garlic glaze on it. I thought the shrimp were on the smaller side, but since there were six of them on the skewer I didn't mind.

    The skewer felt like a somewhat healthier option compared to the decadent, intensely rich dishes I've had at Red Lobster before, like the shrimp linguini or the lobster dip.

    The rice was also flavorful and well-seasoned — it was a nice addition to my plate.

    The classic fried shrimp had a perfectly crispy outer shell.
    red lobster times square
    Walt's favorite shrimp from Red Lobster.

    According to the chain's menu, Walt's favorite shrimp — named after an early employee, Walt King, according to the chain — are hand-breaded, butterflied, and lightly fried shrimp. They came served with a small tub of cocktail sauce, which I thought had a tart, tomato flavor that complemented the shrimp.

    I enjoyed these shrimp and thought the breading was the ideal thickness. However, compared to the grilled shrimp and the coconut shrimp, they could have used a touch more flavor.

    They really just tasted like breading and plain shrimp.

    My favorite of the three varieties I tried was the Paradise Isle jumbo coconut shrimp.
    red lobster times square
    Paradise Isle jumbo coconut shrimp from Red Lobster.

    The platter came with four pieces of coconut shrimp and a piña colada-flavored dipping sauce. Normally, an appetizer of this coconut shrimp costs $15.49, excluding tax, for six pieces of shrimp.

    I thought that including it as part of the $30 endless shrimp deal was a great value.

    The coconut shavings flaked off in my mouth with every bite, adding the perfect level of sweetness to my otherwise savory platter of shrimp. The creamy, pineapple-flavored sauce added tartness to the coconut shrimp, and I found the meat inside to be quite tender.

    After finishing the contents of my first platter, it was time to order more.
    red lobster times square
    My finished platter of shrimp.

    I definitely would have been satisfied with just the first platter of shrimp. However, for the sake of journalism and trying to get the biggest bang for my buck, I decided to order more.

    When our server came back to check in, I was given the choice of two shrimp dishes. I chose to get the shrimp skewer and the coconut shrimp again.

    My second shrimp skewer didn't come with rice, but I didn't mind.
    red lobster times square
    Red Lobster shrimp skewer.

    Again, the shrimp was buttery and tender. I didn't struggle too much to finish this second helping.

    However, by the time I got to the second plate of coconut shrimp, I was shrimped out.
    red lobster times square
    Paradise Isle jumbo coconut shrimp from Red Lobster.

    Despite the aroma of the coconut shrimp calling to me, I couldn't finish more than one of them. Overall, I was feeling full … but not borderline sick, like I was the last time I feasted on cheesy, rich dishes at Red Lobster.

    The three plates of shrimp I consumed didn't stop me from ordering one of the chain's desserts.
    red lobster times square
    Red Lobster Chocolate Wave cake.

    The chain's Chocolate Wave cake was a multilayered chocolate explosion paired with whipped cream and vanilla ice cream drizzled with chocolate sauce.

    The cake was a perfect palette cleanser for the copious amounts of shrimp I had eaten.
    red lobster times square
    Red Lobster Chocolate Wave cake.

    The cake was rich and very moist, and the chocolate frosting had a strong, dark flavor to it. I also liked the crunchy bits of chocolate shavings on the edge of the cake, which added a nice textural balance.

    I'll definitely be back for the endless shrimp, as long as it's still available.
    red lobster times square
    The author standing outside Red Lobster.

    After trying Red Lobster's endless shrimp for the first time, I had a few takeaways.

    One, it was an incredible deal, even at the higher price of $30.

    Two, I understand why it was disastrous for the brand when offered every single day.

    I only had three helpings of the bottomless shrimp. However, the bottomless nature of the deal — and the fact that the shrimp I ordered were small, tasty, and very easy to load up on — meant I could completely imagine people getting plate after plate, creating a financial predicament for the chain.

    As a customer, I loved the endless shrimp promotion and completely understood why it's been so popular with Red Lobster fans, even as it's been demoted to only one day a week.

    However, as a food reporter, I now have a deeper understanding of how the deal could be so disastrous for the company's bottom line, no matter how delicious it was.

    Read the original article on Business Insider
  • Ahead of schedule: Why the Fed should cut rates in July, according to Mohamed El-Erian

    Mohamed el-erian
    • The Fed should start cutting interest rates in July, but likely won't, Mohamed El-Erian said.
    • "We've had nothing but negative surprises," he told Fox Business.
    • These include disappointing retail sales and manufacturing prints, signaling a cooling economy.

    While markets dissect economic data points to determine whether interest-rate cuts will come this fall, Mohamed El-Erian says there's enough to support cuts in July.

    In an interview with Fox Business on Tuesday, the prominent economist cited a slew of cooling indicators that would support a Federal Reserve policy easing next month.

    "We've had nothing but negative surprises," he said. "All that is saying to us is that the economy is slowing much faster than most people expected, including the Fed."

    To back the point, El-Erian referenced disappointment in recent retail sales, as well as production data. Just this week, lower-than-expected results on the ISM Manufacturing index caused stock markets to stumble, followed on Tuesday by an underwhelming job vacancies report.

    He also listed Wednesday's service sector data as a crucial metric to watch. The ISM Service index ended up beating estimates, rising to 53.8 in May.

    Though his comments preceded the results that have since come out, he noted that the sector is a big driver of inflation, as well as growth.

    Few, including El-Erian, actually expect the Fed to cut in July, even if it's called for.

    Futures markets are currently indicating that a policy pivot is most likely to start in September instead, and odds of a summer rate cut stand at only 18.5%.

    In his view, the Fed will keep waiting as it's too reliant on data that reflective more of the past. For instance, that's as Fed Chairman Jerome Powell prefers to focus on three-month moving averages, as opposed to month-to-month changes.

    "Monetary policy acts with a lag," El-Erian said. "You are really targeting the economy of tomorrow; but if you do that based on yesterday's data, you're likely to get it wrong."

    El-Erian has also been an ongoing proponent of shifting the Fed's inflation target up to 3%, as opposed to the 2% rate the central bank is devoted to achieving. He's previously warned that the Fed risks damaging the economy by keeping rates elevated for too long.

    The economist would prefer that the Fed cut three times this year, but realistically expects no more than one or two cuts.

    Read the original article on Business Insider
  • I’m Gen X and would love to provide childcare for my future grandkids. But I’ll be too old when I can afford to retire.

    A woman on a boardwalk wearing a gray jacket.
    Jo Merrett told BI she was sad to not be in a position to look after her future grandchildren.

    • Jo Merrett looked forward to babysitting her grandchildren once her adult kids started families.
    • But the single mom, 51, said she can't retire until at least 70, so she won't be able to do so.
    • Merrett told Business Insider she never invested in a pension and must work to pay off her mortgage.

    This as-told-to essay is based on a conversation with Jo Merrett. It has been edited for length and clarity.

    My son and daughter, now 21 and 18, were always very close to my parents when they grew up.

    Mom and Dad were always around, playing with the children and helping out with babysitting. It was lovely to see their bond.

    Dad is no longer alive, but Mom is still a hands-on grandmother. She often steps in to watch my niece and nephew, aged 16 and 13.

    I'd love to be the same involved grandma once my kids start their own families. But, due to my financial situation — I have no savings or pension and a 20-year mortgage to pay off — I need to work into my 70s.

    I won't be around to look after my grandkids when they are young and need me the most. They'll miss out, and so will I. Their parents will have to manage on their own — and shoulder the increasing expense of childcare.

    I was happy being the primary caregiver to my kids

    I married in 1999 while working as a journalist in my native UK. Then, after the birth of our daughter in June 2003, I became a stay-at-home mom.

    We were fortunate because my former husband earned six figures. I supplemented our income with a little part-time work in PR.

    I was happy to take the role of primary carer for our kids. But since my ex started work at 1:30 a.m. and caught up with his sleep during the day, it felt a bit like being a single mom.

    Therefore, I was always super grateful when my parents babysat. It brought us closer as a family and saved a lot of money.

    Then in 2018, when I was 45, my ex and I separated. It was a difficult period, both emotionally and financially. I hadn't had a regular job for 15 years or paid into a pension.

    People, especially women, talk about having a "fuck off" fund — independent savings so you can survive for a while if your financial circumstances suddenly change. It's useful if something happens like a divorce or you quit or lose your job.

    A woman wearing a halter neck beige top
    Merrett said her daughter has learned from her experience.

    I thought our family's future was solid, so I had no savings. Many of my friends who've gone through a divorce at the same age as me are in the same boat.

    I received some benefits from the government — especially during the pandemic — but they weren't enough to rely on. Between 2018 and 2021, I had various low-paying jobs like teaching French to pre-schoolers, working at a nursery school, and stacking shelves in a supermarket for below minimum wage.

    I've counted my job applications, and there were about 1,600. Although I had a college degree, I think many employers were put off by my extended career break.

    Then, in December 2021, I finally got a full-time job in hospitality. I now work as head of philanthropy at a cancer charity. As a sideline, I work as a public speaking coach. I talk frankly about the ups and downs of my life, including my finances.

    I will have to work until my 70s rather than babysit my grandkids

    But my ex's child maintenance payments stopped when my kids turned 18. My divorce was finalized last year, but it hasn't been easy. We moved into a smaller house earlier this year after I took out a 20-year mortgage with my daughter.

    Unless I win the lottery, I've realized I'll be tied to a job until I'm 71, at the very least. If I have grandchildren within the next five to 10 years, I'll be a working granny and too busy to babysit. The realization that I wouldn't be doing what many grandparents do — and what my mom still does for my sister — was a punch to the gut.

    Otherwise, I have a positive mindset. I can't change the past. One of the good things to come out of this is my daughter saying I've taught her wisdom and grace. You don't know what's around the corner. She said she would never be without her own income to secure her financial future.

    Do you have an interesting story about childcare provision and finances that you'd like to share with Business Insider? Please send details to jridley@businessinsider.com.

    Read the original article on Business Insider
  • 3 reasons it’s a very bad idea to draw down on your superannuation early

    A hand protecting a pink piggy bank from being smashed by a hammer, representing the prevention of bank or government raids on super

    Almost everyone reading this article will have a superannuation account, and probably with a fair bit of cash in it, too. Since the introduction of the superannuation guarantee in 1992, it has been mandatory that almost all Australian workers quarantine a small portion of their pay packets within a superannuation fund.

    This ‘small portion’ has actually grown into a sizeable one over time. Upon the super system’s debut in the 1990s, it was initially set to 3%. But as it stands today, the superannuation guarantee sits at 11% and will rise to 11.5% come 1 July next month.

    What is superannuation?

    Our superannuation scheme represents a societal grand bargain of sorts. Individual Australians would part with full control over this portion of ‘their’ paycheques in exchange for lucrative tax perks within the super system and the promise of a more comfortable retirement that is less reliant on the Federal Government’s Age Pension.

    However, this superannuation bargain has been tested in recent years. There was the pandemic-era decision to allow Australians to withdraw up to $20,000 of their super during the pandemic. That was a decision many found questionable at the time.

    There has also been significant debate revolving around the idea that first-home buyers should be able to access their super funds to help purchase their first home.

    With the COVID pandemic now in the rearview mirror, most Australians might assume that the super system has gone back to its roots, and is only there to provide a pathway for a comfortable retirement. However, this might not be the case.

    Retirement fund or dental account?

    Most of the time, superannuation is not allowed to be withdrawn for everyday use. However, there are provisions in place that permit early withdrawals on compassionate grounds. Those might include expected medical expenses or economic or domestic hardship.

    But according to reporting in the Australian Financial Review (AFR) last month, it seems that many Australians are exploiting these provisions for illegal access to superannuation.

    According to the report, the Australian Taxation Office (ATO) estimates that the 2020 financial year saw $381 million in unauthorised superannuation funds withdrawn from self-managed super funds (SMSFs). Over FY2021, it was $256 million.

    Some of the reasons the ATO gave for these withdrawals were a lack of knowledge about the system, financial stress and personal issues. That’s on top of a ‘It’s my money and I will do what I like with it’ attitude.

    Between FY2019 and FY2023, the applications for early super withdrawals reportedly increased 40%. Applications for early withdrawal for factors like mortgage stress, disability and palliative care did fall over the period. But they were more than offset by a rise in those seeking early super access for medical expenses. These included everything from dental work to weight loss procedures.

    We’re not here to judge individual financial circumstances. However, there are a few reasons why withdrawing from your super should be a move of absolute last report for anyone considering it.

    3 reasons why you should leave your super alone

    Less super means a poorer retirement

    Firstly and most importantly, you’ll hobble your chances of a comfortable retirement. Superannuation has been designed as our primary route to a comfortable retirement. The Age Pension is supposed to serve only as a safety net. If you reach retirement age with little to no super, you’ll have to rely on the incontrovertibly modest Age Pension for the rest of your life.

    You’ll lose any autonomy you might have had over your retirement had you not withdrawn any funds. Not to mention being entirely reliant on what the Government decides to pay you. You’ll also be hoping against hope every Budget that the Government can continue to afford to pay your Pension.

    Giving up compound interest

    Another reason super should be thought of as a last resort is the compounding nature of this investment. When your money goes into your super fund, it is typically invested in assets like ASX shares. These investments compound over time, ensuring that early contributions end up providing the bulk of your wealth once you reach retirement age.

    Let’s say a 25-year-old withdrew $10,000 during the pandemic. This could end up costing them more than $180,000 in super balance by the time they reach the retirement age of 67. That’s assuming a modest 7% per annum return. This loss could stretch to nearly $400,000 if they went the whole hog and took out $20,000.

    It doesn’t matter the reason for the withdrawal. Any money you take out of super will cost you dearly down the track.

    Raiding your superannuation increases the burden on all Australians

    The third reason is a selfless one, but worthy of discussion nonetheless. The provision of the Age Pension is a costly program, one of the single costliest items in the Budget.

    Now most Australians don’t mind paying their taxes to ensure that all Australians can have a dignified retirement. But the whole point of super is to relieve taxpayers of at least some of the burden of paying for others’ retirements.

    If you raid your super early, you will increase the financial burden on all other taxpayers if you then have to claim the Pension because your super balance isn’t enough to cover your own bills. Something to keep in mind if you ever find yourself thinking about dipping into your superannuation savings.

    The post 3 reasons it’s a very bad idea to draw down on your superannuation early appeared first on The Motley Fool Australia.

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    Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.