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☆ Federal labor board has been much more pro-worker under Biden. Employers want courts to end that
▼ + stars: | 2024-04-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

The companies are asking federal courts, often with conservative, pro-business judges, to stop the agency from standing behind the more activist unions now making their lives more difficult. “The NLRB has long used the federal courts … to obtain injunctions … before the merits of an unfair labor practice case are fully evaluated,” said a statement from Starbucks. The employer doesn’t have to pay any interest, penalty or fine, to the fired workers, their union or the agency. While this is the first such case to reach the Supreme Court, other cases are emerging in which some high profile employers are challenging the agency’s right to exist. The Supreme Court’s decision is expected by the end of June.

Persons: Biden, …, ”, “, Jennifer Abruzzo, Cathy Creighton, Clinton, Elon Musk’s, Joe’s, Cornell’s Creighton, she’s, “ They’re, “ I’m Organizations: New, New York CNN, Starbucks, National Labor Relations Board, NLRB, Memphis, Cornell University’s, Industrial and Labor Relations, SpaceX, nonunion Locations: New York, Memphis, Buffalo , New York

☆ The Curmudgeon of Rivington Street
▼ + stars: | 2024-01-30 | by ( Ronda Kaysen | ) www.nytimes.com time to read: 1 min

The drag queens who once paraded through the hallways are long gone. The rundown walk-up on the Lower East Side’s Rivington Street was a refuge that offered freedom and acceptance, though it was rife with burglaries and drugs — and no shortage of mischief, when Pierson Tyler-Leonard moved in some 35 years ago. Then the Lower East Side changed, snuffing out the spirit of the gritty tenement. He found himself surrounded by button-down professionals who marched off to day jobs in sales, marketing and tech. To him, they represented the erasure of a neighborhood.

Persons: —, Pierson Tyler, Leonard, snuffing Locations: East Side’s

NEW YORK (AP) — Most business economists think the U.S. economy could avoid a recession next year, even if the job market ends up weakening under the weight of high interest rates, according to a survey released Monday. Only 24% of economists surveyed by the National Association for Business Economics said they see a recession in 2024 as more likely than not. The 38 surveyed economists come from such organizations as Morgan Stanley, the University of Arkansas and Nationwide. Political Cartoons View All 1277 ImagesHigh rates work to slow inflation by making borrowing more expensive and hurting prices for stocks and other investments. Expectations are split among economists on when the Federal Reserve could begin cutting interest rates, something that can relieve pressure on the economy and act like steroids for financial markets.

Persons: Morgan Stanley, ” Ellen Zentner Organizations: National Association for Business Economics, University of Arkansas, Nationwide, Federal, Federal Reserve Locations: U.S

Group members said Russian occupiers are snuffing out religious and other freedoms in areas of Ukraine under Russian control. “We are eyewitnesses of Russian atrocities going on in our country,” said Metropolitan Yevstratiy Zoria, a representative of the Orthodox Church of Ukraine. The Ukrainian Orthodox Church has declared its independence from Moscow and proclaimed its loyalty to Ukraine, but a government study commission contended that the UOC remains a structural unit of the Russian Orthodox Church. The other separate, but similarly-named church, Orthodox Church of Ukraine, was officially recognized as independent by Ecumenical Patriarch Bartholomew of Constantinople in 2019, but the Russian church has disputed the legitimacy of that recognition. Zoria decried statements by Moscow Patriarch Kirill of the Russian Orthodox Church, who has strongly supported the war as part of a metaphysical battle against Western liberalism and has said the Russian war dead have their sins forgiven.

Persons: Ivan Rusyn, ”, Freedom, “, Bartholomew of Constantinople, you’re, Zoria, Kirill, ” Zoria, Yaakov Dov Bleich, ” Bleich, Vladimir Putin, Ukraine Akhmed Tamim Organizations: WASHINGTON, Ukrainian Evangelical Church, Ukrainian, of, U.S . Institute of Peace, Orthodox, of Ukraine, The U.S . Commission, ” UNESCO, U.S . State Department, Church, Orthodox Church of, Ecumenical, Metropolitan Zoria, Russian Orthodox Church, Administration, Lilly Endowment Inc, AP Locations: Ukrainian, United States, Ukraine, Russian, Rusyn, Christianity, The, ”, Houston, Moscow, Orthodox Church, Orthodox Church of Ukraine, of Ukraine, “, Kyiv, America, Yugoslavia

☆ Opinion | A Dispatch From the Muslim Girl Scouts of Astoria
▼ + stars: | 2023-10-28 | by ( Mara Gay | ) www.nytimes.com time to read: +7 min

At a meeting of the Muslim Girl Scouts of Astoria last week, a young woman bounded into the room, asking whether her fellow scouts had secured tickets to an Olivia Rodrigo concert. “It’s no conflict at all,” Ms. Rayan told me of Islam and the Girl Scouts. “You want a strong Muslim American girl.”At the Girl Scouts meeting, Amira and her friends discussed their plans to protest the war in Gaza. In 1948, Ms. Rayan told me, her grandfather lost his home and land in Jaffa to the state of Israel. Ms. Rayan said those killed in her family included six cousins and their children, who were as young as 2.

Persons: Amira Ismail, Amira, ’ ” Amira, ‘ That’s, ”, “, ” Amira, Eid, Dianne Morales, Abier Rayan, Olivia Rodrigo, Taylor Swift, Ms, Rayan, There’s, “ I’m, John Lewis, Amira waded Organizations: City Hall, Palestinian, United, New, Muslim Girl Scouts, Scout, Girl Scouts, Gaza Health Ministry, Hamas, Yorkers, Brooklyn Locations: New York, Queens, New York City, Palestinian American, United States, Israel, America’s, Astoria, Gaza, Egypt, Jaffa, Gaza City, Brooklyn

☆ New York City Bans TikTok on Government-Owned Devices
▼ + stars: | 2023-08-16 | by ( Sapna Maheshwari | More About Sapna Maheshwari | ) www.nytimes.com time to read: +1 min

New York City on Wednesday joined a wave of states and federal agencies in banning TikTok from government-owned devices based on security concerns, snuffing out some popular city-run TikTok accounts in the process. Jonah Allon, a spokesman for Mayor Eric Adams, said in a statement that the city’s Cyber Command determined that the app “posed a security threat to the city’s technical networks.” City agencies must remove the app within 30 days and employees will lose access to TikTok and its website from city-owned devices and networks. The TikTok accounts of Mr. Adams, the city’s Department of Sanitation and the Department of Parks and Recreation all updated their bios with this message: “This account was operated by NYC until August 2023. It’s no longer monitored.”Numerous government officials have been restricting access to TikTok in reaction to concerns that the app, which is owned by the Chinese company ByteDance, could give Beijing access to sensitive user data. New York State has banned TikTok on state-issued mobile devices for more than three years, with some exceptions.

Persons: Jonah Allon, Eric Adams, Adams, It’s Organizations: Wednesday, Command, city’s Department of Sanitation, Department of Parks, Recreation, New York State Locations: York City, City, Beijing

☆ First Republic teeters on the edge — again
▼ + stars: | 2023-04-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —First Republic Bank’s fate is looking grim. The bank’s stock has plummeted about 75% this week, after a disappointing first-quarter earnings report Monday revived Wall Street’s fears about a banking crisis and catalyzed an exodus out of First Republic stock. About two-thirds of First Republic’s deposits were uninsured with the FDIC when the banking turmoil took hold in March, lower than the 94% at Silicon Valley Bank. But at the end of 2022, First Republic had a whopping ratio of 111% for loans and long-term investments to deposits, according to S&P Global. Déjà vuFirst Republic’s fight for survival comes just over a month after Silicon Valley Bank’s collapse on March 10.

☆ UBS to take over Credit Suisse, central banks act on liquidity
▼ + stars: | 2023-03-19 | by ( Reuters Staff | ) www.reuters.com time to read: +13 min

LONDON/NEW YORK (Reuters) -UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. FILE PHOTO: The logo of Credit Suisse is pictured in front of the Swiss Parliament Building, in Bern, Switzerland, March 19, 2023. The reports that UBS is acquiring Credit Suisse will likely magnify Credit Suisse’s problems by moving them to UBS... The Credit Suisse issues are not new and needed to be resolved years ago. A legal challenge by Credit Suisse shareholders, who will claim that their property has been illegally confiscated, is guaranteed.

[1/2] Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 19, 2023. UBS will buy rival Swiss bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and agreed to assume up to $5.4 billion in losses as it winds down the smaller peer's investment bank after a shotgun merger engineered by Swiss authorities. The failure of two U.S. banks and a rout in Credit Suisse shares have sent shock waves through markets over the past week, reviving memories of the 2008 financial crisis. The U.S., UK and Swiss central banks are all scheduled to meet in the week ahead. Others drew attention to the losses likely to be suffered by Credit Suisse junior bondholders.

☆ Giving Labor Less of the American Pie
▼ + stars: | 2023-02-07 | by ( Justin Lahart | ) www.wsj.com time to read: 1 min

The Federal Reserve worries that Americans’ wages are growing far too fast for it to be able to get inflation back down to where it wants. One danger is that instead of snuffing out an inflation problem it could instead prevent U.S. workers from regaining decades of lost ground. Labor costs have been cooling off lately, but not enough for the Fed. Last week the Labor Department reported that its index of overall wages and benefits, which the central bank follows closely, rose 1% in the fourth quarter from the third quarter. That was a smaller gain than in recent quarters, but enough to put it 5.1% above its year-earlier level.

☆ Cathie Wood predicts the market value of disruptive innovation companies will rise to $200 trillion
▼ + stars: | 2023-02-01 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Ark Invest's Cathie Wood said Wednesday she's standing by her disruptive innovation strategy, betting on the market value of these companies to compound 40% annually to hit $200 trillion by 2030. "Our focus is solely on disruptive innovation. After a brutal 2022, her flagship Ark Innovation ETF (ARKK) rallied 27.8% in January alone as her beaten-down innovation darlings staged a big comeback in the new year. ARKK 1Y mountain Ark Innovation ETF She said the market value of truly disruptive innovation is around $13 trillion globally today, less than roughly 10% of the global equity market. She sees the figure rise $200 trillion by the year 2030 with a 40% compound annual rate of return.

☆ Fed expected to slow rate hiking to a quarter point but will stay unrelenting in inflation battle
▼ + stars: | 2023-01-31 | by ( Patti Domm | In | ) www.cnbc.com time to read: +4 min

"He's going to do that by still saying the Fed's going to stay tight for a while. The Fed's rate hike Wednesday would be the eighth since last March. That is just a half percentage point away from the Fed's estimated end point, or terminal rate range of 5% to 5.25%. In the futures market, fed funds futures continued to price a terminal rate of less than 5%. "I think he's going to be hawkish relative to market pricing," said Jim Caron, head of macro strategies for global fixed income at Morgan Stanley Investment Management.

☆ Virginia's Democratic Sen. Tim Kaine announces bid for third Senate term
▼ + stars: | 2023-01-20 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +2 min

Senator Tim Kaine (D-VA) questions Zalmay Khalilzad, special envoy for Afghanistan Reconciliation, during a Senate Foreign Relations Committee hearing on Capitol Hill in Washington, April 27, 2021. Democratic Senator Tim Kaine of Virginia announced Friday that he will seek a third term in office, snuffing out speculation that the former vice presidential nominee could be retiring and opening up his prized Senate seat in a tough election cycle. After the Clinton-Kaine ticket lost to former President Donald Trump and his vice presidential pick, Mike Pence, Kaine returned to Virginia, winning a second Senate term in 2018. I love the Commonwealth and its citizens and want to keep being your Senator," Kaine said in a press release. The announcement comes as Democrats could face a tough Senate map in 2024, even after they broadly outperformed expectations in last year's midterm elections.

☆ Biden’s not the first US President to face a tug of war over China protests
▼ + stars: | 2022-11-30 | by ( Stephen Collinson | ) edition.cnn.com time to read: +6 min

Going further could imperil US President Joe Biden’s effort to improve relations between the two countries, after he met Chinese leader Xi Jinping in Bali. It’s a strategically defensible position, given the need to avoid a clash with China that could spiral into a superpower clash in Asia. In the run-up to Beijing’s suppression of pro-democracy protests in Tiananmen Square in 1989, then-President George H.W. China is unrecognizable since 1989, and recent protests – this time arising out of frustration with Covid-19 lockdowns but expressing some dissent towards Xi – are not fully analogous. Biden would be likely to show far less deference to Beijing given today’s broad, bipartisan anti-China feeling in Washington.

☆ U.S. yields sink amid dovish Fed signals; HK stocks slip on COVID concerns
▼ + stars: | 2022-11-25 | by ( Kevin Buckland | Vivek Mishra | ) www.reuters.com time to read: +4 min

The 10-year Treasury yield dipped to 3.659%, the lowest since Oct. 5 in Tokyo trading, after Thursday's U.S. Thanksgiving holiday. U.S. S&P 500 E-mini futures pointed 0.2% higher for the restart of Wall Street trading on Friday. Mainland Chinese blue chips (.CSI300), though, rose 0.51%, buoyed by government measures to support the real estate market. U.S. West Texas Intermediate (WTI) crude futures jumped 35 cents, or 0.5%, from Wednesday's close to $78.32 a barrel. Gold ticked 0.2% higher to $1,758.44 an ounce amid dollar weakness.

The explosive demise of crypto giant FTX, led by billionaire Sam Bankman-Fried, may have an outsized impact on politics — snuffing out the wealth of a budding potential Democratic megadonor. Bankman-Fried was the second-largest Democratic donor this election cycle by a longshot, according to the most recently available campaign finance data from the Federal Election Commission, second only to philanthropist George Soros. The only Democratic donor to give more last cycle was philanthropist George Soros, whose $129 million dwarfed Bankman-Fried's. In fact, Bankman-Fried about as much as Democrats this cycle than each of the next-largest Democratic donors combined — Illinois businessman Fred Eychaner and Indiana philanthropist Deborah Simon. He had said his goal was to "do this in a bipartisan way," but this cycle had given 90% of his money toward Democratic causes.

Here are nine questions we look to answer before adding a new name to our portfolio. Let's use our recent initiation of Procter & Gamble as an example. For example, we believe that consumer products such as those made and sold by Procter & Gamble are about as durable as they get. In the case of Procter & Gamble, we acknowledge we are paying above the five-year historic average valuation. In the case of Procter & Gamble, one potential red flag would be that current liabilities, those due within the next 12 months, exceed current assets.

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