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☆ Mortgage demand drops as interest rates hit a 2-month high
▼ + stars: | 2023-05-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Higher mortgage rates and a severe shortage of homes for sale are taking their toll on mortgage demand. Mortgage applications to purchase a home dropped 4.8% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage rates increased last week, even as Treasury yields were essentially flat, with the spread between the two rates widening to 310 basis points. "Mortgage rates have generally been struggling versus Treasuries since the Fed ended reinvesting its bond portfolio proceeds in late 2022," explained Matthew Graham, chief operating officer. "More recently, elevated supply of mortgage debt owing to the FDIC's various liquidation efforts have weighed on the sector."

☆ William Leslie Arnold: Loving father exposed as a convicted killer who lived life on the run
▼ + stars: | 2023-05-09 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +12 min

He had killed his parents … and he’s at the drive-in seeing “The Undead” Geoff Britton, US investigator“He had killed his parents. By the time Britton started on the case, Arnold had been on the run for more than three decades. In prison, Arnold followed the rules and could have qualified for early release, Cordes wrote. Westover said the son didn’t know he’d emailed a US Marshal who’d been tasked with tracking down his father. Now that they know his alias, US officials are piecing together Arnold’s life from his last known location in Chicago.

☆ Woody Harrelson responds to Matthew McConaughey brother rumor
▼ + stars: | 2023-04-20 | by ( Issy Ronald | ) edition.cnn.com time to read: +2 min

“I mean he feels like he is losing a father. But I’m like, no, you’re gaining a different father and a brother.”Like McConaughey, Harrelson recalled a conversation with “Ma Mac, Matthew’s legitimate mother,” when she told them that she “knew…” Harrelson’s father. We were in Greece watching the US team win the World Cup and I mentioned something about regrets,” Harrelson said. Harrelson and McConaughey will star in an upcoming Apple TV+ series, in a fictionalized portrayal of their friendship. “I can’t tell whether it’s just, like, their sort of slow Southern and Texas drawls or I think Texas figures in there somewhere,” Theroux said.

REUTERS/Henry NichollsApril 8 (Reuters) - As the fortunes of Richard Branson's Virgin Orbit were crashing to Earth last month, a little-known investor called Matthew Brown appeared offering a $200 million rescue. Virgin Group, which owns 75% of Virgin Orbit, also declined to comment for this article. The group is providing financing to Virgin Orbit as the satellite launch company seeks a buyer in bankruptcy. Asked about this, Brown told Reuters he structured deals to protect investor confidentiality with a preference for "laying low below the radar." Virgin Orbit filed for bankruptcy on Tuesday.

☆ Branson's Virgin Orbit files for bankruptcy, to seek buyer
▼ + stars: | 2023-04-04 | by ( Joey Roulette | ) www.reuters.com time to read: +4 min

Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected. Spun off from Branson's space tourism firm Virgin Galactic in 2017, Virgin Orbit air-launches rockets from beneath a modified Boeing (BA.N) 747 plane to send satellites into orbit. Virgin Orbit's strategy has been that launching small rockets from a 747 in flight would allow for short-notice launches from anywhere. Virgin Investments, a unit of Virgin Group, will provide $31.6 million in new money to Virgin Orbit through debtor-in-possession financing to fund operations while it looks for a buyer in bankruptcy, the companies said. Virgin Orbit's bankruptcy filing showed its largest creditor as London-based Arqit Ltd, which was owed almost $10 million for services and as a customer deposit.

☆ Virgin Orbit to lay off about 85% of staff
▼ + stars: | 2023-03-30 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Rocket maker Virgin Orbit Holdings(VORB.O) on Thursday said it was laying off about 85% of staff because it had not been able to raise new investment. Shares of the company, which is controlled by Richard Branson's Virgin Group, fell 38% in after hours trade. About 675 employees will lose their jobs, and the company expects to take related charges of about $15 million, Virgin Orbit said in a regulatory filing. Virgin Orbit went public in 2021 through a blank-check deal, where it raised $255 million less than expected. A small group of employees returned to work on March 23 to focus on rocket engine work, an email to staff said at the time.

☆ Virgin Orbit extends worker furlough, continues funding talks -CEO
▼ + stars: | 2023-03-27 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

March 27 (Reuters) - Billionaire Richard Branson's cash-strapped Virgin Orbit Holdings (VORB.O) will extend an unpaid furlough for most of its employees as talks seeking new funding continue, the company's chief executive said in an email to employees on Monday. Virgin Orbit declined further comment. Reuters reported last week that Texas-based Matthew Brown had been in talks to invest $200 million in the company. Branson owns a controlling stake of Virgin Orbit of roughly 75%. Virgin Orbit shares were down 12% in after-hours trading Monday after closing down 26 cents, or 33%, at 54 cents a share.

☆ Tiger Woods's NDA battle with Erica Herman is dragging his obsession with privacy into the spotlight
▼ + stars: | 2023-03-14 | by ( Jack Newsham | Katherine Long | ) www.businessinsider.com time to read: +13 min

Tiger Woods's ex-girlfriend Erica Herman claims he evicted and abused her, but she has an NDA. Davis wasn't the first person asked to keep Tiger Woods's name out of his mouth, and according to a $30 million lawsuit filed earlier this month by Woods's ex-girlfriend Erica Herman, he wasn't the last. The battle over Herman's NDA is a window into Woods's longtime obsession with privacy. In October 2021, exhibits and transcripts were sealed in an unsuccessful case brought by the family of an employee at Tiger Woods's restaurant who died in a drunk driving incident. When Woods's image imploded in 2009, he used nondisclosure agreements to stanch the gush of details about his personal life into the media.

☆ Samuel Adams Brewer’s Finance Chief Steps Down
▼ + stars: | 2023-03-07 | by ( Denny Jacob | ) www.wsj.com time to read: +1 min

Boston Beer Co. said Tuesday that Frank Smalla is stepping down as treasurer and chief financial officer to join a KKR -backed private-equity company. Mr. Murphy is currently the chief accounting officer, a position he has held since August 2015. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEW Mr. Smalla, who informed the company of his decision on Friday, is leaving to be chief financial and operating officer with the KKR-backed company. Mr. Smalla was named treasurer and CFO in February 2016, according to the company’s website.

☆ Far-right Republican groups surge in swing state Michigan
▼ + stars: | 2023-02-17 | by ( Nathan Layne | ) www.reuters.com time to read: +6 min

[1/6] Candidate for district party chair for Michigan Republican Party Jon Smith speaks with guests during a fundraiser in Hillsdale, Michigan, U.S., February 8, 2023. "What's going on in Michigan is a microcosm of what is going on with the Republican Party nationally," said Michael Traugott, a professor at the Center for Political Studies at the University of Michigan. The judge declined to intervene, leaving it up to Michigan Republican Party officials to set the rules on delegate selection. The top two candidates for state party chair have both promoted conspiracy theories in support of Trump's false claims about voter fraud. "There's some people that are thinking this is the end of the Republican Party," he said.

☆ Mortgage demand took a big step back last week, even after interest rates fell further
▼ + stars: | 2023-02-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a stronger start to the year, mortgage demand plunged last week, despite another drop in interest rates. Total mortgage application volume fell 9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to buy a home fell 10% for the week and were 41% lower year over year. While both home prices and mortgage rates are coming down steadily, the supply of homes for sale is still quite low, and that may be keeping mortgage demand under pressure. The central bank is expected to raise its interest rate, but that doesn't necessarily raise mortgage rates.

Arizona Gov.-elect Katie Hobbs is taking the state’s child protective services agency in a radically different direction in the wake of a ProPublica-NBC News investigation into the racial disparities that have plagued the child welfare system here. This week, Hobbs, a Democrat, announced that she has selected Matthew Stewart, a Black community advocate, as the new head of Arizona’s Department of Child Safety. Arizona’s child welfare system has long disproportionately investigated Black families. After leaving DCS, Stewart formed the community organization Our Sister Our Brother, which has fought the department for more equitable treatment of Black and also low-income parents. Child welfare experts in the state and families affected by the system praised Stewart’s selection, though some wondered how much change he could bring about even in DCS’ top position.

President Joe Biden signed legislation Tuesday to codify federal protections for same-sex and interracial marriages in a ceremony at the White House. Biden also quoted directly from a 2012 interview on NBC News' "Meet the Press" in which he came out in public support of same-sex marriage ahead of then-President Barack Obama. The legislation Biden signed was drafted by a bipartisan group led by Sen. Tammy Baldwin, D-Wis., the first openly gay person elected to the Senate. President Joe Biden signs the Respect for Marriage Act on the South Lawn of the White House on Tuesday. The amendment included language saying that religious organizations would not be required to perform same-sex marriages and that the federal government would not be required to protect polygamous marriages.

☆ After Trump Org tax-fraud conviction, will Trump only get a slap on the wrist or could he face new NY charges?
▼ + stars: | 2022-12-07 | by ( Laura Italiano | ) www.businessinsider.com time to read: +4 min

NY law limits the penalties Trump faces to $250K per tax count and $10K per crime. But the conviction could embolden the Manhattan DA's office to pursue more cases against the former president and his company, insiders say. The tax-fraud case against the Trump Organization has been that probe's only indictment to date. That victory — and the apparent willingness of Manhattan residents to hit hard — may embolden the DA's office to go after Trump himself. "He has 500 subsidiaries" he said of the Trump Organization.

☆ Manhattan DA's office hires attorney with extensive experience investigating Trump, suing his administration
▼ + stars: | 2022-12-05 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

The Manhattan DA's office has hired Matthew Colangelo as it heats up investigations into Trump. Colangelo oversaw lawsuits against the Trump administration while he worked at the NY AG's office. He also spearheaded the lawsuit that led to the dissolution of the Trump Foundation. Manhattan District Attorney Alvin Bragg overlapped with Colangelo at the New York attorney general's office during the Trump years. At the time, Bragg had taken over the office from Cyrus Vance Jr., the district attorney who initiated the investigation.

Lee County suffered none of the state’s 123 Irma deaths. That experience influenced many people’s decisions not to flee Hurricane Ian. “Hurricane Ian is going to be the strongest outreach messaging for southwest Florida ever,” said Gleason, the Charlotte County spokesman. “When you live through it, then that message sinks in deep and forever.”A view of the Matanzas Pass side of Estero Island, home to Fort Myers Beach, Fla. Fort Myers Beach is expected to take years to rebuild. Thomas Simonetti for NBC NewsMichael Yost's two closest friends in Fort Myers Beach drowned in Hurricane Ian.

☆ Weird Al Yankovic Found Stardom by Finding His People
▼ + stars: | 2022-11-04 | by ( Emily Bobrow | ) www.wsj.com time to read: +1 min

This was in 1966, when guitar rock was all the rage, yet Mr. Yankovic’s parents went for the squeezebox. This choice did not help a young Mr. Yankovic shake his reputation for nerdiness, but it may be why he gets to be Weird Al, whose offbeat parodies of popular songs have sold over 12 million albums and won five Grammy Awards. “The accordion was kind of the spark that got it all happening,” Mr. Yankovic, 63, says from the back of his tour bus between gigs in Florida. Demento.” “Dr. That perked up his interest,” Mr. Yankovic says.

☆ Jennifer Aniston confronted Matthew Perry about his substance abuse during Friends years
▼ + stars: | 2022-10-23 | by ( Dan Heching | ) edition.cnn.com time to read: +3 min

CNN —Matthew Perry is continuing to share candid moments from his long journey to sobriety and the struggles he endured during his run on NBC’s “Friends” while yoyo-ing between addictions to Vicodin and alcohol. In an excerpt from his new book “Friends, Lovers and the Big Terrible Thing,” Perry recounts how a visit from costar Jennifer Aniston to his trailer made him realize that his secret behavior when it came to alcohol wasn’t so secret. “‘I know you’re drinking,’ she said,” Perry, now 53, writes in the memoir, in an excerpt published by the Times of London. “You can track the trajectory of my addiction if you gauge my weight from season to season – when I’m carrying weight, it’s alcohol; when I’m skinny, it’s pills. And the main thing was, I was pretty certain that it would help people.”“Friends, Lovers and the Big Terrible Thing,” by Matthew Perry, will be published by Headline on November 1.

☆ ‘Once-in-a-lifetime’ Tonga blast could warm the Earth temporarily
▼ + stars: | 2022-09-23 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

NEW YORK — When an undersea volcano erupted in Tonga in January, its watery blast was huge and unusual — and scientists are still trying to understand its impacts. “This was a once-in-a-lifetime event,” said lead author Holger Voemel, a scientist at the National Center for Atmospheric Research in Colorado. And since water vapor acts as a heat-trapping greenhouse gas, the eruption will probably raise temperatures instead of lowering them, Toohey said. The water vapor will stick around the upper atmosphere for a few years before making its way into the lower atmosphere, Toohey said. The stratosphere stretches from around 7.5 miles to 31 miles above Earth and is usually very dry, Voemel explained.

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