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The salary you need to comfortably rent in the 15 most expensive places in the U.S.

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  Mike Winters @MIKE_WINTRS SHARE Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email urbazon | Getty You’d have to make at least double what most Americans earn to rent a home in large cities such as San Francisco and New York,  a new analysis reveals . Based on average rent costs in the 15 most expensive metro areas, Moody’s Analytics determined the annual income needed to “comfortably” rent any type of home. The study defines “comfortable” as needing only 30% of your income to cover housing costs, as is  commonly recommended by financial experts . The most expensive city to be a renter is New York City, with an average rent of $4,122, according to Moody’s data, which looks at all sizes of rental units. To afford that, a renter would need to earn $164,870 a year, nearly triple the $59,228 annual median salary that full-time workers make,  according to the U.S. Bureau of Labor Statistics . Rent prices have soared nearly 19% since the
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Japan’s yen had a roller coaster week amid suspected intervention. Here’s what you need to know

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  he yen touched 160.03 against the greenback on Monday, for the first time since 1990, but strengthened to 156 levels later that day amid speculation about an intervention by Japanese authorities. On Wednesday, the currency strengthened by more than 2% to trade near 153 against the dollar, which is also likely to have been caused by an intervention, according to some market analysts. Analysts at Bank of America Global Research said the size of the first suspected intervention could have been between 5 trillion and 6 trillion yen ($32.7 billion to $39.2 billion), based on Bank of Japan data. An undated photographic illustration of Japanese yen and the U.S. dollar bank notes. Glowimages | Glowimages | Getty Images The  Japanese yen  weakened to levels not seen in 34 years against the U.S. dollar on Monday, only to rebound and likely clock its best week in more than a year. Here is what happened. The yen touched  160.03 against the greenback on Monday , for the first time since 1990, but
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Why a small China-made EV has global auto execs and politicians on edge

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  A BYD Seagull small electric car is on display during the 20th Shanghai International Automobile Industry Exhibition at the National Exhibition and Convention Center (Shanghai) Vcg | Visual China Group | Getty Images LIVONIA, Mich. – A small electric vehicle is having a big impact on the global automotive industry. It’s not the EV itself that’s making waves but its price — and its potential to disrupt domestic auto industries around the world. The China-built  BYD  Seagull, a small all-electric hatchback, starts at just 69,800 yuan (or less than $10,000), and reportedly banks a profit for the increasingly influential Chinese automaker. That   latter point — EV profits where U.S. automakers have mostly failed to turn any — combined with the expansion of Chinese automakers into Europe, Latin America and elsewhere has automotive executives and politicians, from Detroit and Texas to Germany and Japan, on edge. The Seagull could be a “clarion call for the rest of the auto industry,” said
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How the climate crisis will affect the U.S. economy: Top economists Jeffrey Sachs, Nouriel Roubini and Mark Zandi discuss

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  WATCH NOW VIDEO 06:22 Economists discuss the effects of climate change on the U.S. economy As the climate crisis continues to pose a global threat, top economists are debating its effect on the U.S. economy. Mark Zandi, chief economist at Moody’s Analytics, projects “physical risks” will be the biggest economic cost over the next 10 to 20 years. These are damages caused by natural disasters, which are now occurring at greater frequencies. Zandi also projects transition costs associated with moving from a fossil fuel-dominated economy to one driven by green energy will put a weight on the U.S. economy. Jeffrey Sachs, an economics professor at Columbia University, says he is more focused on how the clean energy transition will be possible worldwide within the next 25 years. “How can the whole world get a clean energy system?” asked Sachs. “Because if the U.S. does it and the others don’t do it, forget it. It doesn’t stop the world crisis.” But former U.S. Secretary of Labor Robert Reic
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Space nukes are raising tensions between Moscow and Washington. Here’s what you need to know

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  In this pool photograph distributed by Russian state agency Sputnik, Russia’s President Vladimir Putin talks to students and Chelyabinsk Region industry workers at the Stankomash plant in Chelyabinsk on February 16, 2024. Alexander Ryumin | Afp | Getty Images A fresh spat between Washington and Moscow has raised alarm about the potential risk of a space-based nuclear satellite attack which could cause chaos to critical communications systems on Earth. Russia denied U.S. claims that it was developing a space-based anti-satellite nuclear weapon, with President Vladimir Putin  saying Tuesday  that the Kremlin was “categorically against” the deployment of nuclear weapons in space, and accusing the White House of scaring lawmakers into passing a new  aid package  for Ukraine. It comes after  a Reuters report  emerged earlier Tuesday, citing one source, that the U.S. believes Moscow is developing a space nuke whose detonation could knock out the satellites underpinning critical U.S. infras
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