Weekly News (February 25, 2025)

Mortgage Interest Rates Review

United Mortgage Nation  2/25/2025

Federal Fund Rate: 4.25 -4.50%        Prime Rate: 7.25 – 7.50%

New Jersey Korean Towns, High Property Taxes

뉴저지 한인타운 재산세 고공행진

Korea Times   2/25/25(Tue)

• Average property tax in Bergen County, NJ becomes $13,600 which is up by 3.53%. Among these towns in Bergen County, Fort Lee($12,506) went up by 5.7%, highest increasing rate. Demarest’s average property tax is $24,741 which is the highest.

2024 Korean populated towns’ ave. property taxes and increasing rates

     Palisades Park- $11,086 (3.59%)          Fort Lee – $12,506 (5.74%)

     Leonia – $15,015 (1.6%)                        Ridgefield – $10,873 (4.06%)

     Englewood Cliffs – $15,560(2.57%)      Edgewater – $10,327 (1.03%)

     Tenafly – $23,837 ($3.5%)                      Demarest – $24,742 (5.39%)

     Cresskill – $19,265 (3.93%)                    Closter – $18,536 (4.89%)

     Harrington Park – $17,013 (3.57%)       Norwood – $15,356 (3.57%)

     Alpine – $22,596 (4.13%)                        Ridgewood – $20,375 (2.71%)

     River Edge – $15,748 (3.04%)

Apple Pledges Investment To Build U.S. Plant

    애플사, 미국에 5000억불 투자 계획

WSJ    2/25/25(Tue)

• Apple said it plans to spend more than $500 billion over the next four years to expand its manufacturing footprint in the U.S.
• The iPhone maker pledged Monday to hire around 20,000 people during that time span and build a new factory in Houston that will create thousands of jobs.
• The new 250,000-squarefoot factory is slated to open in 2026 and produce servers supporting Apple Intelligence, the company’s generative- AI system.
• Most of the incoming wave of workers will be focused on research and development, silicon engineering, software development, and AI and machine learning, Apple said.

Following HUD, FHA is ready to cut 40% employees

         연방 주택청, 40% 감원 준비

Korea Daily 2/21/25(Fri)

• HUD (Department of Housing and Urban Development)’s workforce is expected to eb cut in half – from about 8,300 employees to just over 4,000 – with huge cuts in field offices nationwide. There are 65 field offices across 10 regions.
• Following HUD, FHA( Federal Housing Administration) under HUD is ready to cut 40% employees, according to Bloomberg. FHA has helped those who are difficult to be qualified with conventional mortgage program by providing insured mortgage program.
• Since establishing in 1934, FHA has provided more than 40M mortgages which becomes the biggest mortgage insurance organization.

Musk is Considering Audit of Federal Reserve

머스크, 연방준비위원회도 감사할수도 있어…    

   WSJ     2/21/25(Fri)

• Elon Musk on Thursday offered hints about the work to come, including auditing the Federal Reserve, as his Department of Government Efficiency bulldozes through federal agencies in its effort to identify and implement budget and staffing cuts under authority from President Trump.
• Asked if he plans to audit the Federal Reserve, Musk said yes without offering elaboration. He also added fuel to the possibility of giving payouts to the public from some of the budget savings that DOGE identifies. Trump said Wednesday that he was weighing the idea.
• “It’s money that’s taken away from things that are destructive to the country and organizations that hate you, [and given] to you…The spoils of battle, you know,” said the Tesla CEO before a supportive crowd at the Conservative Political Action Conference, without identifying any organization.

 HD HyunDai might invest in U.S after Trump’s love call

                    한화에 이어, HD 현대 “대미 투자 검토”    

Korea Daily      2/21/25(Fri)

• Following Hanwha Ocean’s acquisition of Philly Shipyard, first US Shipbuilding and Defense Base in Korea, by investing $100M, the Korean shipbuilding industry is actually looking for an opportunity. This is because President Trump has repeatedly emphasized cooperation with the Korean shipbuilding industry even before his election.
• HD HyunDai is reviewing the investment opportunity in U.S., helping shipbuilding and MRO ( Maintenance, Repair, and Overhaul) in the U.S. which will American defense capabilities and create jobs.
• China has been rapidly increasing its naval power since 2000s. As of last year, it possessed 370 naval vessels, surpassing the U.S.(295 vessels)

Acquisition of Philly Shipyard

Chosun  12/10/24

 Trump to take over Post Office

       트럼프, 미우정국 민영화 다시 추진…     

WSJ     2/21/25(Fri)

• Trump is preparing to issue an executive order, possibly this week, to fire the members of the Postal Service’s governing board and put the agency under the direct control of the Commerce Department, according to government officials. The plan was reported by the Washington Post late Thursday.
• The Postal Service board is expected to fight the move and is exploring legal action, one official said. It is uncertain whether it would be able to stop the order, though, since its members are appointed by the president and confirmed by the Senate.
• The plans renew questions over the future of the 250year-old Postal Service. In December, then-President-elect Trump said at his Mar-a-Lago Club in Florida that he was considering privatizing the agency, which he frequently pushed for during his first term.

Starbucks to Cut Its Office Staff

  스타벅스, 본사 직원 감원 예정  

WSJ   2/25/24(Tue)

• Starbuckssaid it would lay off 1,100 corporate employees and not fill hundreds of open roles, part of new Chief Executive Brian Niccol’s effort to streamline operations.
• Niccol said in a message Monday that the cuts would remove corporate layers and duplications and would help the coffee company become more focused.
• As of September, Starbucks had 16,000 corporate employees, including those supporting store operations, store development and roasting. The company said the layoffs wouldn’t affect roasting, manufacturing, warehousing and distribution workers.
• Cafe workers also wouldn’t be affected by the cuts, Starbucks said.