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☆ How Red Lobster choked on its own Endless Shrimp deal
▼ + stars: | 2024-05-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

First, Red Lobster got screwed by private equity. Back in 2014, the Darden restaurant group spun off Red Lobster to a private equity firm. Thai Union, under Kenny’s direction, elbowed out other shrimp suppliers, “leaving Thai Union with an exclusive deal that led to higher costs to Red Lobster,” according to the filing. And if you’re the exclusive provider of shrimp to America’s biggest seafood chain, what’d be better than making that limited-time all-you-can-eat shrimp deal a permanent menu item? The all-you-can-eat shrimp deal alone didn’t doom Red Lobster, but boy did it do some damage at a time when the chain was already buckling.

Persons: Nathaniel Meyersohn, ”, Management wasn’t, Jonathan Tibus, Tibus, Paul Kenny, Kenny Organizations: New, New York CNN, Darden, Management, Thai Union, CNN Locations: New York, foundering, Bangkok, Thai

The GOP’s South Carolina primary won’t be held until Feb. 24. Arguing that voters of color should play a larger role in determining the Democratic presidential nominee, Biden championed a calendar beginning in South Carolina. South Carolina was also where Biden reversed his fortunes with a resounding victory during the 2020 Democratic primary after defeats in Iowa, New Hampshire and Nevada. “I wouldn’t be here without the Democratic voters of South Carolina, and that’s a fact,” Biden said at the state's Democratic Party’s “First-in-the-Nation” celebration dinner last weekend. Associated Press writer Ayanna Alexander in Columbia, South Carolina, contributed to this report.

Persons: Joe Biden, Biden, Dean Phillips, Marianne Williamson, ” Harris, Jill Biden, Barack Obama, Jim Clyburn, “, ” Biden, Donald Trump, ”, LaJoia Broughton, Charles Trower, Still, don’t, Phillips, it's, Harris, Trump, ” Trump, ___ Weissert, Ayanna Alexander Organizations: COLUMBIA, South, Democratic, Black, Minnesota Rep, Democratic National Committee, South Carolina, AP VoteCast, Black Democrats, DNC, Republican, America, —, Capitol, Associated Press Locations: Iowa, South Carolina, GOP’s, Carolina, South Carolina State, Orangeburg, Nevada, Michigan, Iowa , New Hampshire, Columbia, Blythewood , South Carolina, ” New Hampshire, Florida, North Carolina, Washington, Columbia , South Carolina

Political Cartoons View All 253 ImagesHere’s a look at what to expect on Saturday:PRIMARY NIGHTThe South Carolina Democratic presidential primary will be held on Saturday. DECISION NOTESBiden’s decisive victory in the 2020 South Carolina primary offers some useful benchmarks in determining the winner on Saturday night as votes are being counted. He was also the top choice among Democratic primary voters in the state’s Democratic and Republican strongholds, as well as in the more moderate areas in between. AP's VoteCast survey of 2020 South Carolina primary voters found that 64% of Black voters supported Biden, compared with 33% of white voters. In the 2020 South Carolina Democratic primary, the AP first reported results at 7:09 p.m.

Persons: Joe Biden’s foundering, Biden, Dean Phillips, Marianne Williamson, Phillips, Williamson, Pee, AP's, Vermont Sen, Bernie Sanders, Pete Buttigieg, Sanders, it’s Organizations: WASHINGTON, Democratic, Democratic National Committee, New Hampshire, South, . Rep, Dean Phillips of Minnesota, South Carolina Democratic, Press, Biden, WHO, Republican, Carolina, Columbia, Palmetto State, AP, Voters, Democratic National Convention Locations: South Carolina, Iowa, New Hampshire, Carolina, Pee Dee, Waccamaw, Palmetto, Vermont, South Bend , Indiana, Chicago

☆ Not a Priest, Not a Man, but Ready to Run Fordham
▼ + stars: | 2024-01-28 | by ( David Waldstein | ) www.nytimes.com time to read: +1 min

Tania Tetlow, the newish president of Fordham University, was in New Orleans, isolating with a case of Covid over winter break, when she learned that Claudine Gay had been forced to resign as Harvard’s president. Gay and faced similar condemnation for her testimony, stepped down as president of the University of Pennsylvania. Ms. Magill had lasted just 18 months. “Being a university president is a tough job on a good day,” Ms. Tetlow said recently. These are tough issues to navigate.”The ability to navigate through turbulence is one of the many assets that brought Ms. Tetlow to Fordham.

Persons: Tania Tetlow, Claudine Gay, Gay, Elizabeth Magill, Magill, ” Ms, Tetlow Organizations: Fordham University, University of Pennsylvania, Fordham, Yankee Locations: New Orleans

Charles T. Munger, who quit a well-established law career to be Warren E. Buffett’s partner and maxim-spouting alter-ego as they transformed a foundering New England textile company into the spectacularly successful investment firm Berkshire Hathaway, died on Tuesday in Santa Barbara, Calif. His death, at a hospital, was announced by Berkshire Hathaway. Mr. Buffett has described him as the originator of Berkshire Hathaway’s investing approach. “The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices,” Mr. Buffett once wrote in an annual report. That investing strategy was a revelation for Mr. Buffett, who had made his name in the 1950s buying troubled companies at deep discounts.

Persons: Charles T, Munger, Warren, Berkshire Hathaway, Mr, Buffett, — Forbes, — Organizations: Berkshire Locations: England, Santa Barbara, Calif, Los Angeles, Berkshire

☆ ESPN shows strength as Disney's other networks report lower revenue
▼ + stars: | 2023-11-08 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

That compares to Disney+ and Hulu, Disney's other streaming services, which lost $420 million in the quarter. "It's on a great trajectory," Iger said about ESPN, in an interview with CNBC's Julia Boorstin on Wednesday. While linear network advertising fell, ESPN advertising had a "modest increase" in the quarter, Disney said in its earnings statement. Disney has also had discussions with other technology companies "that can add either marketing support, technology support or possibly content support," Iger said in a CNBC interview Wednesday. 1 brand on TikTok with about 44 million followers, which is an incredible statistic," Iger said during Disney's earnings conference call.

Persons: foundering, Bob Iger, Iger, CNBC's Julia Boorstin, That's, Disney Organizations: ESPN, Disney, Revenue, ESPN isn't, National Football League, National Basketball Association, National Hockey League, Major League Baseball —, CNBC Locations: Hulu

☆ After 122 Years, a Lost Edith Wharton Play Gets Its Debut
▼ + stars: | 2023-08-23 | by ( Eric Grode | ) www.nytimes.com time to read: +1 min

Edith Wharton’s 1934 autobiography, “A Backward Glance,” glances a bit more carefully at some things than others. She gives her close friend and fellow literary lion Henry James a chapter, but names her husband of 28 years exactly once. “The Shadow of a Doubt,” a full-length 1901 play that got close to a Broadway opening before foundering under murky circumstances. It was all but forgotten — which is perhaps what Wharton had intended — until two scholars unearthed a script in 2016. “Their work is so spread out that there’s a lot we still don’t know about.”

Persons: Edith Wharton’s, Henry James a, James, Wharton, Mary Chinery, Laura Rattray, Harry Ransom, ” Chinery, “, ” Organizations: Georgian Court University, University of Glasgow, Harry, University of Texas, Austin Locations: New Jersey

☆ Schonfeld's growing pains: Ryan Tolkin reckons with his greatest challenge yet as returns dry up at the $13 billion hedge fund
▼ + stars: | 2023-08-23 | by ( Alex Morrell | ) www.businessinsider.com time to read: +14 min

When it was raising fresh money from investors in 2020, one slide on the pitch deck for the hedge fund Schonfeld Strategic Advisors got to the heart of the issue: "Why Schonfeld?" A hedge fund recruiterAmid the weakness, the fund has begun to prune costs. Steve Schonfeld (class of 1977) and Brad Tolkin (class of 1976) attended Roslyn High School in Roslyn Heights, New York. Tolkin told Insider in 2019 that the firm's goal was no less than becoming "the premier equities hedge fund globally." While Steven Schonfeld's 20% annual-return goals would've been ambitious for any sizable hedge fund, returns have also lagged behind peers.

Persons: Israel Englander, Ryan Tolkin, Steve Schonfeld, hasn't, It's, Schonfeld, Quita Ramirez, Trina Geatz, who've, Tolkin, Goldman Sachs, Andrew Fishman, Goldman Sachs —, Steven Schonfeld's, Ryan Tolkin's, Brad Tolkin, Brad, Jeff, Alex Morrell Steve, CJ, Sean, Ryan, Brad Tolkin's, Steven Schonfeld, Ryan —, who's, Steve, Michael Gelband, Michael Englander, Izzy Englander's, Steven, Sharpe, Fishman, Michael Nagle, Colin Lancaster, would've, Brevan Howard, ExodusPoint Organizations: Citadel, Duke, Goldman, Long, Newsday, Schonfeld Securities, Roslyn High School, American Express, Cleveland Cavaliers, Jewish, —, Bloomberg, Strategic Partners, Equity, Schonfeld, Nasdaq, Management Locations: Israel, Miami, Stamford , Connecticut, Manhattan, Delta, Duke, Long Island, Roslyn Heights , New York

☆ Analysis: Investors shelve China assets before bigger stimulus
▼ + stars: | 2023-06-23 | by ( Summer Zhen | ) www.reuters.com time to read: +5 min

[1/2] A view of the city skyline, ahead of the annual National People's Congress (NPC), in Shanghai, China February 24, 2022. A global fund manager survey by BofA Securities showed shorting Chinese stocks was the second-most "crowded" trade in June, after going long on big tech. "I can't believe that there is anymore bad news to absorb," said Andy Maynard, head of equities at China Renaissance. Restoring confidence is looking increasingly like a long-term project and investors are positioning for a longer game and a slower rebound. "We are all looking for something a bit more decisive in helping to restore animal spirits, investor confidence and market confidence, and I think that hope may be still at risk of being disappointed."

Persons: Aly, Morgan Stanley, Hong, Dong Chen, Andy Maynard, Morgan, James Liu, Guan Yi, Summer Zhen, Jason Xue, Tom Westbrook, Jacqueline Wong Organizations: National People's Congress, REUTERS, BofA Securities, Pictet Wealth Management, China, Reuters, G Investments, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Asia, Singapore, Hong Kong, Pacific

LONDON, June 20 (Reuters) - The closure of the Tara zinc mine in Ireland tells you how far the price of the galvanising metal has fallen over the last year. The closure is unlikely to alleviate the immediate over-supply of zinc concentrates but it is a sharp reminder for the market that the zinc price is teetering on the edge of the mining production cost curve. LME zinc price, stocks and spreadsTARA'S PERFECT STORMTara Mines, based in County Meath, is "currently cash flow negative due to a combination of factors including operational challenges, a decline in the price of zinc, high energy prices and general cost inflation", Boliden said. "The zinc market seems to be very volatile at the moment," Nystrom said, which is an understatement given the scale of the price collapse over the last 15 months. But Tara's suspension is a wake-up call that after a year of worrying about smelters, zinc traders need to start worrying about zinc mines as well.

Persons: Tara, Boliden, Mines, Gunnar Nystrom, Ireland's, " Nystrom, Morgan Stanley, Barbara Lewis Organizations: London Metal Exchange, Ireland's RTE, Shanghai Metal Markets, Fastmarkets, Reuters, Thomson Locations: Ireland, County Meath, Europe, China, Shanghai, London

☆ One of Ukraine's new, US-equipped 'Storm' brigades was spotted in the east
▼ + stars: | 2023-06-13 | by ( Adrian Bonenberger | ) www.businessinsider.com time to read: +7 min

The fate of Ukraine's counter-offensive depends on how effective its brigades are in taking and holding territory. A June video showed Ukrainian armored vehicles driving across a field, targeted by artillery and mines. It claimed to prove that the Ukrainian counteroffensive for which so many had such high hopes was foundering. One of them confirmed that the unit engaged was, in fact, the unit that I had trained, reconnaissance soldiers with the 31st Separate Mechanized Brigade. Training units at the squad and platoon level in urban movement, and close-quarters battle, or CQB, I had the impression some of them might be used to assault, instead of to reconnoiter.

Persons: Ukraine's, —, Adrian Bonenberger, Long, Bakhmut, It's, they're Organizations: Service, Mechanized Brigade, Ukraine's Ministry of Defence, MoD, Twitter, Separate Mechanized Brigade Locations: Ukrainian, Russian, Russia, Ukraine's, Ukraine, Bakhmut, reconnoiter, U.S

☆ Opinion | The Woman in Charge of Saving Turkey’s Economy
▼ + stars: | 2023-06-12 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

When all hope is lost, hire a woman to take over (and take blame). Studies of the so-called glass cliff have found that companies are more likely to bring women on as chief executives or directors when business is bad. Now there’s Hafize Gaye Erkan, a former Wall Street banker who has been named the new central bank governor of Turkey. It “has consistently supported Ukraine politically and militarily without alienating Russia economically,” Yevgeniya Gaber, a nonresident senior fellow at the Atlantic Council in Turkey, wrote recently. Turkey also has the world’s 19th-largest economy, with a gross domestic product of nearly $1 trillion a year, according to the World Bank.

Persons: Linda Yaccarino, Hafize Gaye Erkan, Brad Setser, ”, “, Yevgeniya Organizations: Wall Street, Council, Foreign Relations, Central Bank of, NATO, Atlantic Council, World Bank, International Monetary Fund Locations: Turkey, Republic of Turkey, Ukraine, Russia

☆ Roadblocks and Red Tape: New York’s Cannabis Effort at a Crossroads
▼ + stars: | 2023-06-06 | by ( Ashley Southall | ) www.nytimes.com time to read: +1 min

When New York State began laying the groundwork for its recreational cannabis industry last year, officials cast atoning for the harm done by the war on drugs as a cornerstone of the ambitious plan — and promised to give people who were previously convicted of marijuana offenses the first opportunity to sell it legally. Today, that effort appears to be foundering: Although Gov. Kathy Hochul suggested last fall that more than 100 dispensaries would be operating by this summer, just 12 have opened since regulators issued the first licenses in November. In a letter to regulators and the governor’s office last month, a coalition of dozens of the prospective dispensary operators described being blocked by the state from selecting their own storefront locations. The prospective sellers said that they appreciated how the state’s tight control over the program was meant to benefit them but added that, more often, it was holding them back.

Persons: Kathy Hochul Organizations: New York State, The Times

Buying a Super Bowl can be a big risk because it's a big investment months ahead of the game. Diageo CEO Ivan Menezes said during the company's January earnings call that its brand Crown Royal will run its first Super Bowl ad this year. Anheuser-Busch's move is an indication that the sky-high price of running a Super Bowl ad is getting harder for companies to justify. Bookings typically happen in May, said one ad agency exec who's purchased many Super Bowl ads for clients, including this year. Super Bowl ad slots sold briskly for both Fox this year and NBC last year.

Currently trading around $9,130, the copper price is up by 9.6% since the start of January. Investors played copper from the short side for much of last year, if they were prepared to engage at all. The funds' sudden return is a sign that many are betting on a much sunnier outlook. "To the degree these short positions have not already covered, this may support copper in the short term", the bank said. It's clear, though, that copper long positioning is primarily a bet on Chinese recovery, underpinned by measures to revitalise a foundering property sector and more metals-intensive green infrastructure.

LONDON, Dec 22 (Reuters) - China's imports of primary aluminium jumped to a one-year high of 110,700 tonnes in November in a significant reversal of the recent trend. China's imports and exports of primary unwrought aluminiumTRADE FLOWS FLIP AGAINChina's primary aluminium export surge has passed. Global aluminium production monthly change annualisedSLOWING MOMENTUMChina's renewed import appetite for primary aluminium looks at odds with the combination of lockdown-weakened demand and strong domestic production growth. Expressed in terms of annualised production, China's collective run-rate has dropped by almost 1.2 million tonnes since August. Sichuan briefly rationed power to industrial users, including aluminium smelters, in August because of a protracted drought in the hydro-rich province.

☆ U.S. home builder sentiment dives again in December, NAHB says
▼ + stars: | 2022-12-19 | by ( Dan Burns | ) www.reuters.com time to read: +4 min

Moreover, the unbroken string of declines since last December is the longest in a series that dates to the mid-1980s. The housing market has seen the most pronounced effects so far of the aggressive Federal Reserve interest rate hikes that are aimed at quashing inflation that continues to hold at unacceptably high levels. Reuters GraphicsSince March, the U.S. central bank has lifted its benchmark policy rate from near zero to a range of 4.25%-4.50%. NAHB said nearly two-thirds of builders were offering incentives, including mortgage rate buydowns, paying points for buyers and price reductions. Reuters GraphicsMore key housing market data is due this week.

Money manager positioning on the CME's copper contract shifted back to a net long at the start of November for the first time since early May. Bulls remain conspicuous by their absence, waiting to see how Doctor Copper prices the confusing combination of Western recession and tentative recovery in China. The bounce has forced an unwind of fund short positions, which have more than halved to 31,177 contracts as of last Tuesday. Bears have retracted their claws on both exchanges but there's been no corresponding surge in bullish exuberance among fund managers. Investment fund and other financial net positioning on LME copperRECOVERY AND RECESSIONFunds' reticence to commit to copper is understandable given the market is trying to price two conflicting trends.

☆ U.S. Natural-Gas Pioneer Struggles in His Second Act
▼ + stars: | 2022-11-26 | by ( Benoît Morenne | Collin Eaton | ) www.wsj.com time to read: 1 min

Charif Souki has played a starring role in transforming America into an energy powerhouse, but his second attempt at exporting natural gas is foundering. Mr. Souki’s new firm, Tellurian Inc., is struggling to line up financing to build a large export plant for liquefied natural gas on the Gulf of Mexico despite soaring demand for cargoes of the fuel this year.

☆ Debt ceiling fights aren’t new. The next one could unleash ‘Armageddon’
▼ + stars: | 2022-10-29 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

Fears are brewing that a showdown between Republicans and President Joe Biden over the debt ceiling in 2023 could present a similar moment of reckoning. “The debt ceiling is probably the biggest institutional quirk in the US that carries with it some global risk and risk to the Treasury market,” Setser said. While brinkmanship over the debt limit has become commonplace, the stakes could be higher now that financial markets are on edge. “If the US does not raise its debt ceiling and defaults on its debt, that is an Armageddon moment,” Day said. Yellen told CNN that it’s “utterly essential” that the debt ceiling is raised when necessary.

REUTERS/Kham/File PhotoLONDON, Sept 27 (Reuters) - While the rest of the world worries about recession, China is steadily increasing its imports of physical copper. The country's net call on refined copper from the rest of the world was up by 9.8% in the first eight months of the year. China's imports of copper scrapSCRAP AND CONCENTRATES IMPORTS UPThe restocking momentum is also travelling down copper raw materials import channels. GREEN DEMAND DRIVERChina's copper import hunger appears unsated. The sign-posting of more government investment in decarbonisation is a major reason for China's copper buyers to feel confident about restocking physical units at current price levels.

LONDON, Sept 21 (Reuters) - London Metal Exchange (LME) warehouses saw 11,200 tonnes of copper arrivals on Tuesday, the largest single-day warranting since June. LME inventory remains ultra-low by any historical yardstick, representing just two days' worth of global usage. At their peak of 175,000 tonnes in February last year they dwarfed registered LME copper inventory of 74,000 tonnes. Registered exchange stocks combined with LME shadow and INE bonded stocks represent the total statistically verifiable copper inventory landscape. Global Copper stocks, including LME Shadow and INE bonded...WHAT YOU CAN'T SEEThere is obviously more copper "out there" in the statistical dark.

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