Things To Do In SW Florida

By CHRISTOPHER RUGABER (AP Economics Writer)

WASHINGTON (AP) — The Federal Reserve’s preferred inflation gauge cooled further last month even as the economy kept growing briskly, a trend sure to be welcomed at the White House as President Joe Biden seeks re-election in a race that could pivot on his economic stewardship.

Friday’s government report showed that prices rose just 0.2% from November to December, a pace consistent with pre-pandemic levels and barely above the Fed’s 2% annual target. Measured from a year earlier, prices increased 2.6%.

Excluding volatile food and energy costs, so-called “core” prices rose just 0.2% from month to month and 2.9% from a year earlier — the smallest such rise since March 2021. Economists consider core prices a better gauge of the likely path of inflation.

The latest data suggests that the economy is achieving an elusive“ soft landing,” in which inflation falls back to the Fed’s target without a recession. That outcome could make it easier for the Fed to consider cutting its key interest rate, which it raised 11 times since March 2022 to attack inflation. Higher interest rates have throttled home sales by raising the cost of borrowing. Businesses have also chafed under the higher borrowing costs. read more

NEW YORK — British billionaire Joe Lewis, head of the Tavistock Group that is developing much of Orlando’s Lake Nona community, pleaded guilty Wednesday to insider trading and conspiracy charges in New York, saying he knew that sharing nonpublic information about publicly traded companies was wrong and that his crimes have left him “so embarrassed.”

A guilty plea was also entered for Broad Bay Limited, which Lewis owns. The company and Lewis will pay more than $50 million in financial penalties, the prosecutor said in a release.

Federal sentencing guidelines call for a prison sentence of between 18 and 24 months, though Lewis can seek less than that. His sentencing hearing is scheduled for March 28.

Lake Nona in southeast Orlando is one of the nation’s fastest-growing communities. A neighborhood of about 20,000 residents, it is projected to explode with new residents, with a city report estimating it could add 70,000 more residents by 2045.

The 86-year-old businessman entered the plea in Manhattan federal court six months after he was charged in the case. He had been free on $300 million bail, with a yacht and private plane serving as collateral. read more

By ANNE D’INNOCENZIO (AP Retail Writer)

NEW YORK (AP) — Denim giant Levi Strauss & Co. said Thursday that it’s slashing its global corporate workforce by 10% to 15% in the first half of the year as part of a two-year restructuring plan that seeks to cut costs and simplify its operations.

The company employed about 19,100 people as of the end of November, according to its annual report filed with securities regulators.

San Francisco-based Levi’s said the restructuring is expected to generate net cost savings of $100 million in the current fiscal year. It estimates will book charges of $110 million to $120 million in the first quarter and said there could be more restructuring charges ahead.

Levi’s announced Thursday that its net revenue was up 3% to $1.64 billion in the fourth quarter that ended Nov. 26. That came below analysts’ expectations for $1.66 billion, according to FactSet.

The announcement comes as the company, which was under the leadership of CEO Chip Bergh since 2011, is officially handing over its reins to its Michelle Gass, who left her CEO role at Kohl’s to become president of Levi’s in January 2023. Bergh will stay on as executive vice chair until he retires in late April, Levi Strauss said. read more

Construction

Tracy Hunt was appointed executive vice president and general manager at Skanska. He will oversee the organization’s building and construction operations for the state of Florida.

Health care

Dr. Jason Atienza was appointed chief quality officer for Orlando Health Advanced Rehabilitation Institute.

Law

Morgan N. Lester has rejoined Ball Janik LLP, Orlando, as an attorney in the firm’s construction defect practice.

The Orlando Law Group has acquired the Orlando-based The Law Offices of Jerrod Paul P.A.

Other

Verne Keller was promoted to commercial district manager for Florida at Truly Nolen Pest Control. He will be based in company’s Orlando service office.

Susan Makowski was hired as vice president of resource development at Heart of Florida United Way, Orlando.

Submit professional appointments, management-level promotions and significant awards for individuals, along with photos as .jpg attachments, to peopleonmove@orlandosentinel.com.

By Elizabeth Renter | NerdWallet

Last year was tough for potential home buyers: Prices and mortgage rates were high, while the number of homes available was low. But even if rates inch down and inventory climbs — trends many experts expect in 2024 — some nonhomeowners will be content to sit this one out. That’s because renting a home isn’t just a consolation prize, something you do only if you can’t buy. For many, it’s a deliberate choice.

Well over one-third (37%) of renters plan on renting forever, according to NerdWallet’s 2024 Home Buyer Report. For many, it’s a lifestyle choice: Three-quarters of Americans who rent their homes say renting suits their life better than owning right now.

Meanwhile, a smaller share has resigned themselves to renting after a discouraging run as a potential buyer: 1 in 20 Americans who began 2023 with plans to purchase canceled those plans because they changed their mind about buying a home, now or ever, according to the survey.