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Live news: UBS to hold on to Credit Suisse domestic operations despite local opposition - Financial Times
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Country Garden: Chinese homebuilder warns it could default after posting $7 billion loss - CNN

Hong Kong/London CNN  — 

Country Garden warned Wednesday that it could default on its vast debts as it reported a loss of 51.5 billion yuan ($7 billion) for the first six months of the year.

The company, which was China’s largest residential developer last year, said it had been caught off guard by the depth and persistence of the slump in the real estate market, particularly in smaller Chinese cities, and had failed to react fast enough.

“The company felt deeply remorseful for the unsatisfactory performance,” it said in a filing to the Hong Kong stock exchange.

Country Garden confirmed that it had missed interest payments to holders of some of its bonds earlier this month, and that “if the financial performance of the company continues to deteriorate in the future” the group may default.

“All of the above … indicated the existence of material uncertainties which may cast significant doubt on the group’s ability to continue as a going concern,” it added in the filing.

The troubled real estate giant is battling a liquidity crisis which some fear could spread to China’s wider economy and even spill over abroad.

The Foshan, Guangdong-based company said earlier Wednesday that it plans to issue new shares worth 270 million Hong Kong dollars ($34.4 million) to Kingboard Holdings, a manufacturer of laminates based in Hong Kong, in lieu of a loan that was due for repayment.

The announcement came on the same day that a major Chinese city, Guangzhou, relaxed mortgage rules for homebuyers in a bid to support the embattled property sector.

On Monday, the company said its $100 billion project in Malaysia, its largest overseas development, was “operating normally,” adding that its operation in the region was “safe and stable.” The announcement, along with China’s latest measures to support the sector, gave a brief lift to Country Garden’s shares in Hong Kong.

But the stock is still down 67% this year, and the company is being squeezed.

Country Garden has nearly $200 billion in total liabilities. It faces mounting pressure to pay off its debts — it has about 31 billion yuan ($4.3 billion) in bonds set to mature through the end of 2024, according to Moody’s.

Earlier this month, reports of the company missing payments on two dollar-denominated bonds shocked the market. And last week, the company moved a deadline from August 25 to August 31 for bondholders to vote on a plan to extend payment on a 3.9 billion yuan ($530 million) bond.

An aerial view of a residential project developed by Country Garden Holdings is seen in Zhenjiang, Jiangsu province on October 31, 2021.

Fang Dongxu/FeatureChina/AP/File

China's property crisis deepens as another huge developer risks default

‘Biggest difficulty’

Investors worry that a debt default by the company could deal a further blow to already fragile investor confidence as Beijing tries to rescue the ailing sector, which is key to China’s economic growth.

On August 10, Country Garden acknowledged that it was facing the “biggest difficulty” since its establishment in 1992, citing deteriorating sales and a difficult refinancing environment.

The news triggered a sell-off in the company’s securities, forcing it briefly to suspend trading in 11 of its onshore bonds. Chinese state media reported at the time that the developer was expected to start a debt restructuring soon.

On Wednesday, Guangzhou became the first major Chinese city to announce an easing of mortgage regulations aimed at encouraging homebuying.

Under the new rules, people who have held mortgages previously can be considered first-time homebuyers and enjoy preferential loans, according to a notice by the city’s government.

The move came days after three Chinese regulators issued a joint statement allowing local governments to loosen mortgage restrictions, as part of the central government’s efforts to revive buyer demand.

Among other efforts, the housing and tax authorities jointly said Friday they would extend personal income tax rebates for people who buy new homes within one year after selling previous properties.

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Warren Buffett at 93: All of the big moves from the still-active investing legend in the past year - CNBC

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Burger King Faces Whopper Lawsuit As More Customers Challenge Fast Food Giants Over Portion Sizes—Including McDonald’s, Wendy’s - Forbes

Topline

Burger King has been told it must defend itself in court against claims its signature Whopper burgers are too small after a judge dismissed the company’s efforts to have the case thrown out, the latest in a growing number of similar challenges as disgruntled customers push back against what they say is a disappointing mismatch between what fast food joints actually serve and the glossy products they advertise.

Key Facts

U.S. District Judge Roy Altman in Miami last week rejected Burger King’s efforts to throw out a class action lawsuit from customers accusing the chain of exaggerating the size of its flagship Whopper burger on in-store menu boards.

The lawsuit claims the company’s luxe depiction—including a meatier patty and ingredients that “overflow over the bun”—makes the Whopper appear to be 35% larger and contain double the amount of meat than what customers are actually served.

Burger King denied wrongdoing and said reasonable consumers do not expect every burger to look “exactly like an advertising photo.”

Altman, whose decision was made public on Friday, said it was not the court’s place to decide what American consumers find significant, adding that it should be up to a jury to “tell us what reasonable people think.”

Altman’s ruling allows the customers to pursue Burger King for what they claim is breach of contract, unjust enrichment—when one party benefits at the expense of another—and negligent misrepresentation.

However, Altman dismissed the customers’ claims against Burger King’s online and television adverts, stating the company had not promised the burger would be a particular size or weight when served.

A Burger King spokesperson told Forbes “the plaintiffs’ claims are false” and that the patties shown in its ads are “the same patties” used in the Whopper sandwiches it serves.

Key Background

Fast food joints have faced an increasing number of legal challenges in recent years over the disconnect between advert and reality. In July, Taco Bell was sued over its allegedly scant portion sizes and both McDonald’s and Wendy’s are fighting similar lawsuits as Burger King. In 2016, Subway settled a case claiming its Footlong subs were not always a foot long and this year prevailed over a woman who claimed its tuna was not actually tuna.

What To Watch For

It’s not clear if the case will ever make it to trial and company’s often opt to settle claims out of court for various reasons. Earlier efforts to settle have proven unsuccessful, according to Reuters.

Further Reading

Major fast food chains like Taco Bell, McDonald's, and Burger King are being targeted by more false advertising lawsuits — but few unhappy customers are reaping the rewards (Insider)

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Burger King Faces Whopper Lawsuit As More Customers Challenge Fast Food Giants Over Portion Sizes—Including McDonald’s, Wendy’s - Forbes
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Oil rises on large US stockpile draw, hurricane jitters - Reuters.com

• Summary

• Crude stockpiles down 11.5 million bbls in week of Aug 25 -API
• Investors await EIA data due 1430 GMT
• Saudi OSP for Oct likely higher on expectations of cuts

SINGAPORE, Aug 30 (Reuters) - Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge.

Brent crude futures for October climbed 29 cents, or 0.34%, to $85.78 a barrel by 0635 GMT. The October contract expires on Thursday and the more active November contract was at $85.22 a barrel, up by 31 cents.

U.S. West Texas Intermediate crude futures rose 37 cents, or 0.46%, to $81.53, logging its fifth session of gains.

Both benchmarks rallied more than a dollar on Tuesday as the U.S. dollar slid after prospects of further interest rate hikes eased following softer U.S. job data.

U.S. crude stocks declined by about 11.5 million barrels in the week ended Aug. 25, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts polled by Reuters prior to the data had estimated on average a draw of 3.3 million barrels.

The bigger-than-expected draw in U.S. crude oil stockpiles is positive for the oil market as it suggest firm demand, said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.

At the same time, investors bought futures on concerns surrounding Hurricane Idalia, which is churning over the Gulf of Mexico to the east of major U.S. oil and natural gas production sites.

"Concerns over the Hurricane Idalia prompted fresh buying," said Tazawa.

The offshore Gulf of Mexico accounts for about 15% of U.S. oil output and about 5% of natural gas production, according to the Energy Information Administration (EIA).

Oil major Chevron Corp CVX.N evacuated some staff from the region, but production was continuing at the sites its operates in the Gulf of Mexico.

Oil supply is expected to remain tight as analysts expect Saudi Arabia, the world's biggest oil exporter, will extend its voluntary output cut into October.

Based on that expectation, refining sources surveyed by Reuters forecast that Saudi Arabia will raise its official selling prices for crude sold to Asia under long-term contracts in October to the highest this year.

Meanwhile, political unrest in Gabon could impact crude supplies from that country and tighten the market further. Gabon exported a monthly average of 160,000 barrels a day in May to July to Asia, Kpler shiptracking data showed.

However, worries about fuel demand and the mixed economic situation in China, the world's biggest oil importer, kept a lid on prices.

While China's economy regained some ground in July, following a contraction in June, the big picture is that various output indicators have levelled off recently and the economy could tip into a downward spiral unless policy support is ramped up soon, Capital Economics analysts said in a client note.

Reporting by Yuka Obayashi in Tokyo and Trixie Yap in Singapore; Editing by Christian Schmollinger and Kim Coghill

Our Standards: The Thomson Reuters Trust Principles.

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Yuka Obayashi

Thomson Reuters

Yuka Obayashi reports on Japan's energy, metals and other commodities. Signal phone number: 81-90-2520-3273

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Burger King must face lawsuit claiming its Whoppers are too small - Reuters.com

• Companies

• Burger King Corporation
• McDonald's Corp
• Restaurant Brands International Inc

Aug 29 (Reuters) - A U.S. judge has rejected Burger King's bid to dismiss a lawsuit claiming that it cheated hungry customers by making its Whopper sandwich appear larger than it actually is.

U.S. District Judge Roy Altman in Miami said Burger King must defend against a claim that its depiction of Whoppers on in-store menu boards mislead reasonable customers, amounting to a breach of contract.

Customers in the proposed class action accused Burger King of portraying burgers with ingredients that "overflow over the bun," making it appear the burgers are 35% larger and contain more than double the meat than the chain serves.

Burger King, a unit of Restaurant Brands International (QSR.TO), countered that it wasn't required to deliver burgers that look "exactly like the picture," but the judge said it was up to jurors to "tell us what reasonable people think."

In his decision made public on Friday, Altman also let the customers pursue negligence-based and unjust enrichment claims.

He dismissed claims based on TV and online ads, finding none in which Burger King promised a burger "size," or patty weight, and failed to deliver it.

The logo of U.S. fast food group Burger King is seen at a restaurant in Bruettisellen, Switzerland October 11, 2016. REUTERS/Arnd Wiegmann Acquire Licensing Rights

"The plaintiffs' claims are false," Burger King said in a statement on Tuesday. "The flame-grilled beef patties portrayed in our advertising are the same patties used in the millions of Whopper sandwiches we serve to guests nationwide."

A lawyer for the plaintiffs was not immediately available for comment. Earlier efforts to mediate a settlement proved unsuccessful.

McDonald's (MCD.N) and Wendy's (WEN.O) are defending against a similar lawsuit in the Brooklyn, New York federal court. The plaintiffs' lawyer there on Monday cited Altman's opinion to justify letting that case continue.

Taco Bell, a unit of Yum Brands (YUM.N), was sued last month in the Brooklyn court for selling Crunchwraps and Mexican pizzas that allegedly contain only half as much filling as advertised.

Each lawsuit seeks at least $5 million in damages.

The case is Coleman et al v Burger King Corp, U.S. District Court, Southern District of Florida, No. 22-20925.

Reporting by Jonathan Stempel in New York; Editing by David Holmes and Lincoln Feast

Our Standards: The Thomson Reuters Trust Principles.

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NIO Earnings Report Today: Here's What to Expect - TipRanks.com - TipRanks

Nio (NYSE:NIO) is set to release its second quarter Fiscal 2023 earnings results on August 29, before the market opens. Nio has had mixed results in terms of beating analyst expectations over the past eight quarters. Currently, Wall Street is anticipating an EPS of -$0.41, with revenue of $1.26 billion. This would equate to year-over-year declines of 57.3% and 11.7%, respectively.

Insights from Options Trading Activity

A quick look at options activity shows that options traders are pricing in a 10.62% move by NIO stock in either direction once the company releases its earnings report. Last quarter, the stock jumped by 7.83% following its financial results.

The anticipated earnings move is determined by computing the at-the-money straddle of the options closest to the expiration after the earnings announcement.

Is Nio Stock a Buy?

Overall, analysts have a Moderate Buy consensus rating on NIO stock based on seven Buys, five Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average price target of $12.95 per share implies 17.55% upside potential.

Disclosure

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Billions of dollars are flowing out of Chinese markets in a ‘seismic’ change in capital flows despite a flurry of actions to shore up confidence - Fortune

Chinese stocks rebounded on Monday morning after Beijing unveiled a raft of measures meant to halt their nearly monthlong slide. But the rally proved to be short-lived as foreign investors used it as an opportunity to unload $1.1 billion of mainland Chinese equities, according to Bloomberg data.

China’s CSI 300 Index, which tracks the performance of the 300 largest firms on the Shanghai and Shenzhen stock exchanges, rose as much as 5.5% on Monday before paring most of its gains to end the day up just 1.17%.

Over the weekend, Chinese authorities halved the tax charged on stock trades, called a “stamp duty,” and lowered the amount of collateral a trader has to deposit in order to borrow money to invest in stocks in a bid to “boost investor confidence,” according to a Google translation of a statement from China’s Ministry of Finance. Beijing also asked some mutual funds to avoid being net sellers of equities, Bloomberg reported, citing unnamed sources.

Despite the moves, foreign investors continue to flee Chinese markets. With Beijing cracking down on foreign consulting firms amid tensions between the U.S. and China and repeatedly requiring investment firms to avoid selling stocks when markets look shaky, investors seem increasingly nervous about the risks of holding capital in China.

In the first half of this year, the number of active China-focused hedge funds fell for the first time in more than a decade. And in the second quarter, direct investment liabilities—a measure of foreign direct investment into China—slumped 87% from a year ago to a record low of $4.9 billion, according to figures released by China’s State Administration of Foreign Exchange on Friday. 

China’s weaker-than-expected post-COVID recovery and lingering economic issues—which include a property crisis, sky-high youth unemployment, nearly $13 trillion in local government debt, and fading industrial firm profits—have also led to a slowdown in foreign investment in the country. 

“The change in global capital flows is seismic,” Robin Brooks, chief economist at the Institute of International Finance, wrote in a Sunday post on X.com. “For the past decade, China attracted the bulk of capital flows to EM [emerging markets], often at the expense of other BRICS. But China has now seen consistent and large outflows for the past 18 months, as investors grow wary of autocracies.”

In a wider sign that China is becoming a less friendly place for investors, Chinese millionaires are leaving the country in droves amid a regulatory crackdown against large private companies. The country will lose a record 13,500 millionaires this year, according to an estimate from migration consulting firm Henley & Partners’ new Private Wealth Migration Report. That follows the loss of around 10,800 millionaires in 2022. 

Mending a broken relationship?

Against this backdrop, on Monday, Commerce Secretary Gina Raimondo was seeking to mend the fractured relationship between the two nations with a visit to Beijing. Raimondo and Chinese Commerce Minister Wang Wentao agreed to set up a group to “seek solutions on trade and investment issues” following multiple hours of discussions in a sign that Washington is changing its attitude toward China.

“The world is counting on the U.S. and China to responsibly manage and maintain our commercial relationship,” the commerce secretary said, adding that “this is meant to be a dialogue where we increase transparency.”

Just days before Raimondo’s visit, the Commerce Department had removed 27 Chinese companies from a list which had prevented them from purchasing American technologies.

China’s Ministry of Commerce called the move “conducive to the normal trade between Chinese and American companies” in a statement, adding that it is now “entirely possible to find a solution that benefits companies on both sides.”

After meeting with Raimondo on Monday, Wang struck a positive tone as well. “I’m ready to work with you together to foster a more favorable policy environment, for stronger cooperation between our businesses to bolster bilateral trade and investment in a stable and predictable manner,” he told the U.S. commerce secretary.

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Billions of dollars are flowing out of Chinese markets in a ‘seismic’ change in capital flows despite a flurry of actions to shore up confidence - Fortune
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Asia shares rally as China offers markets a hand - Reuters

• Summary

• Asian stock markets :
• China blue chips bounce on market support measures
• Nikkei rises 1.5%, S&P 500 futures up 0.1%
• Dollar firm on yen, underpinned by high 2-yr yields
• U.S. payrolls, EU inflation, China PMI due this week

SYDNEY, Aug 28 (Reuters) - Asian shares rallied on Monday as China announced new measures to support its ailing markets, though the mood was still cautious ahead of readings on U.S. jobs and inflation that could decide whether interest rates have to rise again.

Beijing on Sunday announced it would halve the stamp duty on stock trading in the latest attempt to boost the struggling market and followed steps to support housing. China's securities regulator also approved the launch of 37 retail funds.

The help was needed given profits at China's industrial firms fell 6.7% in July from a year earlier, extending this year's slump to a seventh month.

Investors welcomed any aid they could get and Chinese blue chips (.CSI300) climbed 1.5% in choppy trade, coming off their lows for the year so far.

Eyes are now on the official PMI for August out on Thursday which is still expected to show activity is in the red.

"We believe these latest measures are in line with the directive from the July Politburo meeting, when the authorities pledged to invigorate China's capital markets, but do not represent a meaningful increment in policy support for reviving the real economy," wrote analysts at Nomura in a note.

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) climbed 1.0%, having eked out minor gains last week to break a three-week losing streak.

Japan's Nikkei (.N225) rose 1.6%, underpinned in part by the persistent weakness of the yen.

The improvement in risk sentiment saw EUROSTOXX 50 futures add 0.7%, while FTSE futures were closed for a holiday. S&P 500 futures and Nasdaq futures both edged up 0.1%, extending last week's modest rise.

The market did manage to weather a slightly hawkish outlook from Federal Reserve chair Jerome Powell, who reiterated they might have to raise rates again but promised to move "carefully".

"We take this to mean that the FOMC does not intend to hike at the September meeting," wrote analysts at Goldman Sachs.

"We continue to expect that the FOMC will ultimately decide that further policy tightening is unnecessary, making the hike at the July FOMC meeting the last of the cycle."

Futures imply around an 80% chance of a steady outcome at the Sept. 20 meeting, but a 58% probability of a hike by year end.

DOWNSIDE RISK ON JOBS

Much will depend on the flow of U.S. data which had been running hot until a batch of manufacturing surveys last week pointed to a slowdown both at home and abroad.

That raised the stakes for this week's ISM survey on manufacturing, along with reports on payrolls, core inflation and consumer spending.

Median forecasts are for payrolls to rise 170,000 in August with a steady jobless rate of 3.5%.

Analysts at JPMorgan cautioned that job gains could be depressed by the entertainment industry strike in Hollywood and are tipping an increase of just 125,000.

Figures on EU inflation this week may also be instrumental in whether the European Central Bank decides to hike next month.

The market is evenly split on whether there will be another rise in the 3.75% rate, with ECB President Christine Lagarde on Friday emphasising that policy needed to be restrictive.

This was a common theme among Western central banks, with Bank of England Deputy Governor Ben Broadbent over the weekend saying rates might have to stay high "for some time yet."

The odd man out was Bank of Japan Governor Kazuo Ueda who on Friday reiterated the need for policy to stay super loose.

That divergence kept the yen under pressure and early Monday the dollar was firm at 146.40 , within a whisker of Friday's near 10-month top of 146.64. The euro was close to its highest since October last year at 158.20 yen .

The single currency has had less luck on the dollar, which gained broad support from higher Treasury yields, and stood at $1.0808 having slipped for six weeks in a row.

Yields on U.S. two-year notes were up at 5.104% after touching their highest since early July on Friday.

High yields and a strong dollar have been a headwind for gold which was idling at $1,915 an ounce .

Oil prices drew some support from a sharp rise in U.S. diesel prices, though concerns about Chinese demand remains a drag.

Brent edged up 1 cent to $84.49 a barrel, while U.S. crude rose 6 cents to $79.89 per barrel.

Reporting by Wayne Cole; Editing by Stephen Coates

Our Standards: The Thomson Reuters Trust Principles.

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Cost of living in 10 of Florida's major cities - Business Insider

Pgiam/Getty Images

• Miami-Dade County is the most expensive urban area in Florida among the 10 places on the list.
• Insider examined data from The Council for Community and Economic Research.
• Half of the 10 Florida cities on the list had higher cost-of-living indexes than the national average.

Florida is the fastest-growing state in the US and popular with retirees — it can also be quite expensive.

To find out how some of the biggest cities in the popular Sunshine State stack up, Insider looked at The Council for Community and Economic Research's Cost of Living Index for different urban areas in the US.

"The Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income quintile," a press release from C2ER said. 

"Covering 61 different items, prices are collected quarterly by chambers of commerce, economic development organizations, and university applied economic centers in each participating urban area," the press release continued.

Insider looked at average prices from C2ER's research and the overall composite index, which is based on six different categories like housing and transportation, to see how expensive it is to live in different large urban areas in Florida. The data is for the first quarter of 2023 from participating areas; there were 10 urban areas in Florida that had available data for this quarter.

A composite index of 100 for a city means its cost living is equal to the national average. While half of those 10 places in Florida had scores above 100, the other five were below the national average.

Miami was the most expensive among the 10 Florida places, with a composite index of 118.9, but its cost of living isn't as high as other places in the country. Based on indexes from C2ER, none of the Florida cities listed appear in the top spots when ranking all 271 US places with indexes. Manhattan, New York, had the highest composite index in the US with an index of 222.0 in the first quarter of 2023.

Note that researchers attempted to compare like offerings from participants in the cities listed. For the average apartment rent, researchers looked at 1-year leases for a 950-square-foot, two-bedroom apartment in a complex suitable for a childless couple making in the top 20% of income for the area, among other criteria. Doctor's visits tended to measure prices for the average fee charged to an uninsured and established patient. There are also certain criteria required for determining the price of a house, such as having a 2,400 square-feet living area and newly built.

Below is how expensive it can be to live in 10 urban areas in the Sunshine State. We also included some of the average prices of goods and services for the first quarter of this year.

Did you move to one of these Florida places for the cost of living or did you decide to move out of Florida? Reach out to this reporter to share your story, at mhoff@insider.com.

Update — August 27, 2023: This article was updated to clarify that the list includes large cities in Florida — but not the largest — due to data limitations.

10. Ocala, Florida

Michael Warren/Getty Images

Composite index: 91.1

Home price: $357,154

Apartment rent: $1,588.25

Total energy bills: $149

Doctor visit: $120.5

Beauty salon visit: $41.25

9. Vero Beach-Indian River, Florida

Jeffrey Greenberg/UCG/Universal Images Group via Getty Images

Composite index: 93.4

Home price: $355,167

Apartment rent: $1,518.2

Total energy bills: $208.89

Doctor visit: $112

Beauty salon visit: $51.5

8. Tallahassee, Florida

SeanPavonePhoto/Getty Images

Composite index: 94.0

Home price: $400,450

Apartment rent: $1,387.8

Total energy bills: $143.05

Doctor visit: $142.2

Beauty salon visit: $56.5

7. Jacksonville, Florida

joe daniel price/Getty Images

Composite index: 94.6

Home price: $389,590

Apartment rent: $1,848.9

Total energy bills: $201.86

Doctor visit: $96

Beauty salon visit: $68

6. Tampa, Florida

John Coletti / Getty Images

Composite index: 98.6

Home price: $453,276

Apartment rent: $1,590.5

Total energy bills: $188.22

Doctor visit: $115

Beauty salon visit: $35.6

5. Orlando, Florida

Roberto Machado Noa/LightRocket via Getty Images

Composite index: 101.7

Home price: $475,000

Apartment rent: $1,989.3

Total energy bills: $163.88

Doctor visit: $123.4

Beauty salon visit: $64.33

4. Sarasota, Florida

Jack Elka Photo/Getty Images

Composite index: 106.0

Home price: $534,280

Apartment rent: $2,085.3

Total energy bills: $188.96

Doctor visit: $126.17

Beauty salon visit: $55.4

3. Cape Coral-Fort Myers, Florida

Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images

Composite index: 106.8

Home price: $516,160

Apartment rent: $1,936.3

Total energy bills: $174.42

Doctor visit: $143.33

Beauty salon visit: $54

2. Fort Lauderdale, Florida

Art Wager/Getty Images

Composite index: 117.8

Home price: $697,381

Apartment rent: $2,619.6

Total energy bills: $202.57

Doctor visit: $119

Beauty salon visit: $79.29

1. Miami-Dade County, Florida

Alexander Spatari/Getty Images

Composite index: 118.9

Home price: $634,375

Apartment rent: $3,002.5

Total energy bills: $202.57

Doctor visit: $128.75

Beauty salon visit: $87.33

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