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Americans are looking to move to Europe, Africa because of politics

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Antonio Zavarce speaks to Fortune from his home in Shreveport, Louisiana. He’s packing his bags ahead of a 20-hour drive to Toronto, Canada, for a doctor appointment for his husband.

The real estate investor and his partner, Taylor Stevens, are travelling north for a simple knee injection. U.S. doctors offered 35-year-old Stevens either an entire joint replacement or ongoing anti-inflammatory medication following a motoring accident. To get the more-tolerable injection, the pair must cross the border once a year.

Soon, they hope to make an even more drastic move.

They’re done with the U.S. and want a new life five and a half thousand miles away — in Italy.

The couple are just two of a number of individuals Fortune spoke to who cited America’s polarized politics as a major factor in their decision to leave the States.

The U.S. Department of State told Fortune it does not have numbers for how many Americans have moved to different countries.

But with the upcoming presidential elections, the number of households looking to leave is likely to increase: Relocation experts told Fortune their phones have been ringing off the hook since the Trump vs. Biden debate.

Their destinations vary widely, but their feelings are often the same: Politics in the U.S. is toxic. There has been an attempted assassination of an ex-president. Rioters stormed the Capitol trying to overturn an election. These are events Americans associate with unstable, developing countries, far from North America.

America is beginning to feel foreign to them. So they’re going in search of home elsewhere.

‘People try to ram us off the road for driving an EV’

Property entrepreneurs Stevens and Zavarce know where their move will be to, but aren’t as certain on when.

The pair will be looking to settle in the northern Italian city of Vicenza—around an hour’s drive from Verona. With Stevens having lived in the area for more than a decade, and Zavarce being of Italian descent, their move will reunite them with “lifelong” friends.

“It just felt like home,” Zavarce recalls of his first time in Italy. “People looked like me, people had names that were like mine, people sounded like me, people dressed like me. My ‘otherness’ was never pointed out, and here I’m always going to be that ‘other’ person.”

In Louisiana, Zavarce and Stevens say they don’t feel safe because of the constant background level of hate for people who might be liberal.

Multiple motorists have attempted to ram their car—a Rivian R1S—off the road because it is an electric vehicle, they say.

In their most recent incident, a truck raced up behind Zavarce from a quarter of a mile away, moved into the inside lane, and began steering towards the Rivian in at attempt to maneuver it towards the road’s barrier. At the time Zavarce was driving on a bridge over a lake.

The truck then pulled close in front of Zavarce and slammed on its brakes—forcing the shaken EV driver to do the same.

Driving an EV, Zavarce believes, is increasingly being taken as a political statement given the push the Biden administration has made towards renewable energy. Donald Trump, by contrast, has lambasted the sector, describing the push for electric cars as “insane.”

“All of that has caused people to view individuals who drive EVs with the utmost … anger,” Zavarce said.

They also got tired of living in fear of homophobic harassment. They purchased the empty lots on either side of their home to create a security bubble around their house.

“The way that Italian society is … you can be and do anything you want, as long as you do it yourself and you don’t impose it on anybody else. They don’t blink twice when I say ‘This is my husband’,” Zavarce said.

Financial security is another factor.

The pair, who run realty firm Hello House, have already offloaded four American properties in order to begin investing in an Italian portfolio.

Their plan is to build up a property inventory designed to attract families visiting the nearby military base in Caserma Ederle: customers in need of home comforts and realtors who speak English.

He has already submitted business plans to the Italian Chamber of Commerce to establish his company ahead of a move.

Their relocation will likely be between 2026 and 2027.

Safety fears during the election

Assassination attempts and insurrection at the White House led UC Berkeley student Benjamin Fields to book a flight to Cameroon six weeks ahead of the election.

Fields will stay in the African nation for a total of three months across the election period, saying he fears for his safety due to political unrest.

The 26-year-old told Fortune he “never truly believed” he would be in danger in the U.S. but added: “After there was an assassination attempt … and you see how much divisiveness there is it’s like: ‘At what risk do I put myself being in the country at that time?’

“I have a feeling people are going to get violent because a lot of people feel like this is a permanent turning point for the U.S.”

The Oklahoma-born student, who studied for his undergraduate degree at New York University, describes himself as politically “not one way or the other” and believes living standards will get worse under either party.

Which is why Fields—who is two years away from finishing his PhD—plans to stay in the U.S. to build up some cash reserves but during his November trip to Cameroon he will buy land to build a home.

“You can say it’s one administration or the other but … if you look at the percentage of wealth held by the top 1% or 10% over time, regardless of administration it still goes in the same trend,” Fields said. “Housing prices can fluctuate more so … but they’re still going up. It’s like two heads of the same snake—[the parties] can be socially against each other but both in both directions are still about the money.”

Data supports Fields’s feelings to some extent. The share of the nation’s total net worth held by the top 99th and 100th percentile has increased from 23% in 1989 to 30.4% in 2024 , according to The St Louis Fed.

Field plans to work in the U.S. for around a decade and then split his time across Cameroon, the U.S. and Europe—where his girlfriend lives.

While he may feel nostalgic when he is away from the U.S., he doesn’t believe the country’s polarization will lessen: “Based on what I see now it would take some kind of Black Swan event for that to change any time in the near future—and by that I mean decades.”

‘People are looking for a candidate they see themselves in’

For the past seven years Rachel Gallagher—who grew up near Seattle—has been living in the Spanish city of Seville and watching the news back home in disbelief.

The 27-year-old, who works for Ukrainian software development company Aimprosoft, plans to stay in Europe for at least a couple more years until she receives Spanish residency. With the exception of family and friends, there’s no motivation for her to return home.

Gallagher pictured in front of Seville's Plaza de Espana.

“If we suddenly someday had a stable political system that represented my values—and access to basic human rights for women weren’t up for debate every four years—that would be a big motivating factor as well,” she told Fortune.

On top of a better social life, Gallagher added, her job prospects are better in Spain. Having previously worked as a teacher, Gallagher explained: “I really think that I wouldn’t have had this career opportunity in the U.S. Tech is so saturated right now that it would be so hard to break in, so I think if I hadn’t moved abroad and I hadn’t connected with Aimprosoft, it would’ve taken me years longer to break into the world of tech. For a career opportunity it doesn’t seem like the [U.S.] would be the place to go either.”

As an established ex-pat, however, Gallagher advised Americans looking to move abroad to respect the economy they’re moving to: “Think about local prices, local housing, and what kind of impact [you’ll] have by bringing an American budget.

“Anyone planning on moving abroad should do research into housing prices before they move, and shouldn’t pay more just because they’re able to, [in order] to avoid driving up prices for locals.”



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Doris Matsui of California’s 7th District purchases U.S. Treasury Note By Investing.com

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In a recent transaction, Doris O. Matsui, the congresswoman from California’s 7th congressional district, has made a significant investment in the U.S. Treasury Note due 05/31/2026 (GS). The purchase was made on September 3, 2024, and was reported the following day.

The investment was made through a purchase, indicating an increase in Matsui’s holdings in government securities. The transaction was valued between $500,001 and $1,000,000, marking a substantial addition to her portfolio.

The type of account used for this transaction was not specified in the congressional trade report. However, it is important for investors to note that such investments in government securities are often considered a safe haven, especially during periods of market volatility.

This purchase of a U.S. Treasury Note by Matsui is a notable move, demonstrating her confidence in the stability and future performance of government securities.

As a reminder, the STOCK Act requires all members of Congress to disclose their transactions to ensure transparency and prevent any potential conflicts of interest. Matsui has complied with this requirement by disclosing her recent purchase of the U.S. Treasury Note.

InvestingPro Insights

As investors consider the implications of Congresswoman Doris O. Matsui’s recent investment in U.S. Treasury Notes, it may be beneficial to compare the stability of government securities with the performance of a prominent player in the Capital Markets industry, such as Goldman Sachs (GS). Goldman Sachs has been demonstrating resilience and growth, as evidenced by the latest metrics from InvestingPro.

InvestingPro Data reveals that Goldman Sachs has a market capitalization of $154.9 billion, underlining its significant presence in the industry. Its Price to Earnings (P/E) Ratio stands at 14.78, suggesting that the company is trading at a reasonable valuation relative to its earnings. Moreover, the company has experienced a robust 11.74% revenue growth over the last twelve months as of Q2 2024, highlighting its ability to expand its financial footprint in a competitive sector.

InvestingPro Tips highlight that Goldman Sachs has not only maintained its dividend payments for 26 consecutive years but has also raised its dividend for 12 consecutive years, indicating a strong and consistent return to shareholders. This consistency in dividend growth, with a 20.0% increase in the last twelve months as of Q2 2024, may appeal to investors seeking reliable income streams, similar to those provided by government securities.

For those seeking more in-depth analysis, InvestingPro offers additional insights on Goldman Sachs, including tips related to the company’s cash flow, earnings growth, and analysts’ profitability predictions for the year. There are 13 more InvestingPro Tips available, which can provide investors with a comprehensive understanding of Goldman Sachs’ financial health and market position.

As constituents and market participants monitor Congresswoman Matsui’s investment strategy, the robust performance and strategic financial management of companies like Goldman Sachs may offer an interesting point of comparison for those assessing risk and stability in their own portfolios.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.





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Fed cuts proposed capital requirements for large US banks in half

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The Federal Reserve has cut proposed capital requirements for large US banks by more than half after a backlash from the industry and politicians.

Michael Barr, the US central bank’s top regulator, announced a revised plan on Tuesday that imposes a 9 per cent increase in capital requirements on the biggest lenders, down from the 19 per cent proposed last summer.

The revised rules are a win for banks, which had waged a lobbying blitz against the proposal.

They are a blow for Barr, who had hoped to use the package of banking reforms dubbed “Basel Endgame” to address what he viewed as remaining vulnerabilities in the US financial system.

An initial package of reforms called Basel III was implemented in the wake of the 2008 financial crisis.

Barr characterised the latest changes as a “reproposal”.

This is a developing story



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Boeing union members angry over size of negotiated 25% raise may sink tentative contract deal

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Boeing Co. faces growing backlash from rank-and-file workers to a tentative agreement — including a 25% pay raise — it struck with its largest labor union during a marathon weekend bargaining session.

In an exclusive interview, Jon Holden, president of IAM District 751, said he understood the angry response from members still seething over a 2014 deal that hiked health care costs and stripped away pensions. He defended the sprawling agreement unveiled Sunday as the best his team could obtain during the final frenzied days of negotiations that included a brief appearance by Boeing’s new Chief Executive Officer, Kelly Ortberg.

“We got as much as we could in collective bargaining, short of a strike,” Holden said. “But rightfully so, members are angry. It’s now in their hands, as it is supposed to be.”

While investors welcomed the preliminary deal — sending Boeing shares up 3.4% in New York on Monday — it’s far from certain that the 33,000-member union will accept the offer. Maintaining labor peace and averting a lengthy strike is crucial to Boeing’s effort to repair its battered balance sheet and improve the quality of work in its factories after years of turmoil. 

The 25% pay boost over four years offered by Boeing is less than the union’s initial 40% demand. However, it stacks up well against other recent labor deals. The company is offering an immediate 11% pay raise that would mean the highest-paid workers make $57.43 an hour. For some labor grades, minimum wages will increase as much as 42.3% when cost-of-living adjustments are included.

The United Auto Workers ended a lengthy strike last year after reaching a deal for a 25% hourly pay raise over a more-than-four-year contract. At Stellantis NV, the top hourly wage will exceed $42 an hour by 2028. At Spirit AeroSystems Holdings Inc., workers got a 23.5% pay boost over four years.

Boeing’s offer also eliminates a controversial bonus for IAM members that was tied to internal measures for productivity, quality and safety. Workers are furious at the change, even though they were frustrated at times with the formula that could be skewed by supplier miscues.

Holden acknowledged that his team had focused on guaranteed wages since members considered it a top priority in meetings over the past two years. “I do understand the frustration in not having annual bonuses,” he added.

Strike Preparations

Members of the International Association of Machinists and Aerospace Workers will vote Thursday on whether to accept the deal, and whether to strike. If Boeing’s offer is rejected and two-thirds support the work stoppage, then employees will walk off the job at 12:01 a.m. on Friday.

“Because they haven’t had a contract negotiation since 2008, the expectations would be high,” said Leon Grunberg, a long-time observer of Boeing labor relations and professor emeritus of sociology at the University of Puget Sound. “But Boeing’s in such a vulnerable place right now that this is probably as generous as they could be.”

From northern California to Idaho, strike preparations are under way, with IAM members making signs along with “burn barrels” to warm picket lines. In online forums, hundreds of employees vented their rage, often in harsh terms, at a deal they say doesn’t do enough to improve their financial standing. 

Leaflets distributed around Boeing’s Everett factory on Monday urged workers to reject “Boeing’s Bad Deal” and to approve authorizing a strike when they vote on Thursday. It demanded the union fight for a 40% wage increase, board seat and pensions.

“Stand strong,” said a handout viewed by Bloomberg. “We deserve a fair deal.”

Holden acknowledged the union got a lot, but not all that it had sought in bargaining the first comprehensive deal in 16 years. But he said he ultimately decided to recommend that members accept Boeing’s offer because he can’t guarantee that a strike would produce a better deal.

“It’s irresponsible to ask people to strike for something I’m unsure we can accomplish,” Holden said. “You have to think of the weight of 33,000 families.”

Ortberg’s Role

Ortberg, who took over as Boeing CEO in early August, has vowed to return focus to the planemaker’s manufacturing roots, after a midair blowout on one of its jets early this year threw a spotlight on its manufacturing and safety record. The new chief had largely stayed out of the contract talks, which kicked off in early March and intensified over the past month when the two sides were holed up in a Seattle hotel.

But he came in for a short meeting on Saturday, weighing in on “job security,” a contentious issue with union leaders pressing Boeing to commit to building its next new plane in the Puget Sound region.

“He did give a commitment on job security,” Holden said. “Then we have work to do to make it worth something.”

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