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 asked her agent to shop for a lower price. “But everything else that was available cost even more than that, so I went ahead and renewed it.”

Bettini says her house is not what any insurer should consider a bad risk. Hurricane-rated accordion shutters cover all of her windows. All of her doors, including her garage door, are impact resistant. And she had her roof replaced a year ago to meet current windstorm codes. “I’ve done all the upgrades I can do to make it hurricane-proof,” she said.

As a real estate agent, Bettini says she worries about effects of the rising prices on her livelihood. “I’m really getting concerned when I see these insurance rates because I think they’re pricing people out of the market.”

Warnings about rising insurance rates might sound familiar. Prices in South Florida have been rising for the last five years, after a brief era

OTTAWA (Reuters) – Canada added 378,200 jobs in September and the unemployment rate fell to 9.0%, handily beating analyst expectations, as children returned to school and the economy continued to reopen from coronavirus shutdowns, Statistics Canada said on Friday.

Analysts in a Reuters poll had predicted a gain of 156,600 jobs and for the unemployment rate to fall to 9.7% from 10.2% in August.

The gain brought employment to within 720,000 of its pre-pandemic level, Statscan said.

“It’s a good number. It’s very encouraging that we didn’t decelerate in September,” said Andrew Kelvin, chief Canada strategist at TD Securities.

The Canadian dollar strengthened to a three-week high at 1.3132 to the greenback, or 76.15 U.S. cents.

Full-time employment rose by 334,000 and compared with 44,200 new part-time positions. Employment in the goods-producing sector grew by 75,100 jobs, while the services sector grew by 303,100 positions.

Black Canadians saw big employment gains, with their jobless rate falling 5.9 percentage points to 11.7%, while the unemployment rate for Filipino Canadians fell to 8.5%, Statscan data showed. The white jobless rate was 7%.

Employment in educational services rose by 5% in September, as students returned to school and staffing levels were adjusted to support COVID-19 classroom changes.

That helped boost employment for mothers with children under the age of 18, bringing employment levels for both mothers and fathers in line with February.

However, more mothers continued to work less than half their usual hours than fathers, with hours lost due to both personal reasons, like child care demands, and reduced shifts.

And with COVID-19 cases surging in Canada, leading to fresh restrictions in the most populous provinces, economists warned there were major headwinds on the horizon for the coming months.

“I would be shocked if job growth didn’t slow in the next couple

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 at PNB Gilts Ltd. Governor Shaktikanta Das “has done everything under his control, except cutting rates, to keep interest rates low through the bonds. The bullish sentiment will remain.”

The yield on the benchmark 10-year bond fell six basis points to 5.96%. The rupee gained 0.2% to 73.0650 to a dollar.

“Market participants should be assured that in keeping with the monetary policy stance announced today, the RBI will maintain comfortable liquidity conditions and will conduct market operations in the form of outright and special open market operations,” Das said in his speech.

Benchmark yields have largely been steady this month with Prime Minister Narendra Modi’s administration sticking to its 12 trillion rupees borrowing aim for the fiscal year. The second-half borrowing starts Friday with a scheduled 280 billion rupee debt sale.

Source Article

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 rate with 9,540 miners deployed by late December 2020. This represents an increase of approximately 50% over Riot’s previous estimate of its deployed hash rate as of the end of 2020.

Combined with the previously disclosed purchases of Bitmain S19 Pro Antminers, the Company now expects to achieve a total hash rate capacity of 2.3 EH/s by June 2021, with 22,640 total miners deployed. As far as the Company is aware, no other publicly traded bitcoin mining company has disclosed a hashing capacity exceeding 2 EH/s.

Hash Rate Growth

In line with the Company’s previously announced purchase of 13,100 S19 Pro Antminers from Bitmain, Riot expects to receive and deploy new miners every month starting this month and continuing through June 2021. When completed and combined with the Company’s existing fleet, the Company expects to have 22,640 miners deployed, the vast majority being the next-generation S19 Pro

By Tom Wilson

LONDON, Oct 6 (Reuters)Sterling climbed above $1.30 on Tuesday for the first time in three weeks as investors pushed back expectations for when the Bank of England would cut interest rates below zero.

The pound gained 0.3% in early trading to touch $1.3006, the first time it had broken the mark since mid-September, before giving up its gains. It was last down 0.1% at $1.2962.

Money markets pushed back bets that Britain’s interest rates would turn negative, with investors now seeing rates falling below zero in May 2021. Previously they had expected the Bank of England to cut rates into negative territory in March. BOEWATCH

The BoE, which cut interest rates to a record-low 0.1% in March, is looking at whether it is technically feasible to cut its main interest rate below zero, something that has already been done in Japan and the euro zone.

Bank of England rate-setter Jonathan Haskel said on Monday he saw downside risks to the economy – and also some possible benefits – from cutting interest rates below zero.

The BoE’s chief economist, Andy Haldane, and one of its deputy governors, Dave Ramsden, have expressed doubts about whether negative rates would be helpful. One external policymaker, Silvana Tenreyro, has been more supportive.

“They are still keeping the option open that negative rates could help support the recovery,” said Lee Hardman, currency strategist at MUFG.

Sub-zero rates would likely weaken the pound, at least in the short term, he added.

The pound was flat against the euro EURGBP=D3, last trading down 0.1% at 90.83 pence.

Also supporting sentiment was cautious optimism towards Britain’s trade talks with the European Union. Most analysts now expect London and Brussels to reach a deal before the transition deadline.

Still, Prime Minister Boris Johnson’s