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☆ A failed US Navy experiment during World War II hinted at how exploding drones would change the battlefield 80 years later
▼ + stars: | 2023-06-18 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +8 min

Loitering munitions have become a staple on modern battlefields, especially in Ukraine. The technology is not new, and a US Navy experiment during World War II hinted at its utility. Loitering munitions and armed UAVs in general are often regarded as a 21st-century development, but they have a long history. During World War II, the US Navy was behind some of the first such drone strikes during an experiment that was ultimately scrapped but hinted at what was to come. Russian forces have used domestically made Lancet loitering munitions against Ukraine's military and employed Iranian-made Shahed-136 and 131 loitering munitions in attacks on military and civilian targets.

Persons: —, it's, Oleksii Organizations: US Navy, Service, Heritage Command, US, Interstate Aircraft, Company, Schwinn Bicycle Company, Navy, Interstate, Task Air, US Naval Heritage, Command, Getty Locations: Ukraine, Solomon Islands, Banika, Cape Esperance, Guadalcanal, Marcus, South Pacific, Bougainville, Solomons, Russian, Kyiv, Armenia, Azerbaijan, Russia, Soviet

When Donald J. Trump responded to his latest indictment by promising to appoint a special prosecutor if he’s re-elected to “go after” President Biden and his family, he signaled that a second Trump term would fully jettison the post-Watergate norm of Justice Department independence. “I will appoint a real special prosecutor to go after the most corrupt president in the history of the United States of America, Joe Biden, and the entire Biden crime family,” Mr. Trump said at his golf club in Bedminster, N.J., on Tuesday night after his arraignment earlier that day in Miami. “I will totally obliterate the Deep State.”Mr. Trump’s message was that the Justice Department charged him only because he is Mr. Biden’s political opponent, so he would invert that supposed politicization. In reality, under Attorney General Merrick Garland, two Trump-appointed prosecutors are already investigating Mr. Biden’s handling of classified documents and the financial dealings of his son, Hunter. But by suggesting the current prosecutors investigating the Bidens were not “real,” Mr. Trump appeared to be promising his supporters that he would appoint an ally who would bring charges against his political enemies regardless of the facts.

Persons: Donald J, Trump, he’s, “, ” President Biden, Joe Biden, Biden, ” Mr, Mr, General Merrick Garland, Hunter Organizations: ”, Trump, Justice Department Locations: United States of America, Bedminster, N.J, Miami, State

☆ A Pier Deal Is Full of Developer Perks, but Is It Good for the City?
▼ + stars: | 2023-06-11 | by ( Matthew Haag | Dana Rubinstein | ) www.nytimes.com time to read: +1 min

“From an economic development standpoint, it’s a giveaway,” said Jeffrey LeFrancois, the chair of Manhattan Community Board 4, which covers a stretch of the West Side that includes the pier. “Given that Vornado has already had the ability to do this the past 13 years and done nothing, it’s outrageous that they are taking this pier from taxpayers for pennies on the dollar.”Mr. LeFrancois said the terms were particularly friendly because Vornado, which primarily operates office buildings in New York City, has been eager to find new revenue sources as companies jettison physical offices. The relationship is mutually beneficial: Developers get to build on city land, and the mayor gets to point to new projects as evidence that he is leading New York out of the pandemic. In Queens, the mayor has touted a plan to redevelop a swath of the borough that will include the new soccer stadium and what officials have described as the largest construction of entirely affordable housing since the Mitchell-Lama developments of the 1970s. Like other stadiums in the city, the new one will not pay property taxes, although the team that will play there, the New York City Football Club, will pay some rent.

Persons: ”, Jeffrey LeFrancois, Vornado, Mr, LeFrancois, ” Mr, Adams, Mitchell Organizations: Manhattan Community, New York City Football Club Locations: New York City, New York, Queens

☆ Premarket stocks: How crypto is dealing with debt ceiling turmoil
▼ + stars: | 2023-05-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Here’s what’s in the debt ceiling dealPresident Biden and Republican House Speaker McCarthy put their long weekend to good use, coming to an agreement to raise the debt ceiling in the hope of avoiding a self imposed default on US government debt. If Congress doesn’t raise the debt ceiling by June 5, Treasury Secretary Janet Yellen warns the government will not have enough funds to pay all of the nation’s obligations in full and on time. The debt ceiling bill does that, rescinding $1.4 billion in IRS funding. Corporate America celebrates debt ceiling dealIt appears that US industry is pleased with the debt ceiling deal, and would like Congress to pass it quickly. Leading business groups praised Biden and McCarthy for forging a bipartisan agreement over the weekend, reports my colleague Matt Egan.

☆ New York Is Full of Empty Offices After Covid. Make Way for the Playground City. - The New York Times
▼ + stars: | 2023-05-10 | by ( Edward L. Glaeser | Carlo Ratti | ) www.nytimes.com time to read: +20 min

We are witnessing the dawn of a new kind of urban area: the Playground City. The transformation toward the Playground City will not happen on its own. To draw people into the Playground City, we need to show, not tell. 6.Engage citizensGovernments should empower citizens to participate directly in making the Playground City. The Playground City sees people as both a means and an end, and it should involve them in the process of its creation.

☆ One of the most important conservative think tanks is changing its tune on the free market and state power to keep up with the 'New Right' ushered in by Trump and DeSantis
▼ + stars: | 2023-04-16 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

A recent report published by the think tank outlines how government could play a greater role in the economy. The foundation is trying to keep up with American right's turn away from free markets with Trump and DeSantis. On the other side are libertarian conservatives like Sen. Rand Paul who opposes interfering with free markets. The Reaganite fusion of free markets, social traditionalism, and anti-communism "is fundamentally dead," Geoff Kabaservice, vice president of political studies at the market-oriented think tank Niskanen Center, told Insider. Heritage's president, Kevin Roberts, took over in 2021 and has aligned the think tank much more with the New Right, which is home to figures like Florida Gov.

☆ Swiss mega-bank has scope to shrink to greatness
▼ + stars: | 2023-04-05 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

In UBS (UBSG.S), which is rescuing Credit Suisse (CSGN.S) in a government-brokered deal, they almost have one. The combined Swiss mega-bank will start out with a $1.7 trillion balance sheet, making it the 10th largest Western bank, based on Refinitiv data. Credit Suisse was in the process of running down, selling or carving out trading and investment-banking businesses with risk-weighted assets (RWAs) of $68 billion. Credit Suisse CEO Ulrich Körner was hamstrung by large losses, which drained capital and limited how quickly he could shrink. The emergency combination of UBS and Credit Suisse has created a banking giant.

☆ Mistakes by the US's top spies allowed China to turn a deadly mid-air collision into an intelligence coup
▼ + stars: | 2023-03-22 | by ( James Bamford | ) www.businessinsider.com time to read: +36 min

On April 1, 2001, a US EP-3 spy plane collided with a Chinese fighter jet over the South China Sea. One of eleven left in the fleet, the tired 1960s-era spy plane bristled with porcupine-like antennas. Within minutes, however, the fighters had reached the lumbering spy plane, and while Zhao Yu hung back about a half-mile, Wang Wei rapidly closed in. In severe trouble, he immediately radioed the base, telling them he was unable to maneuver and being sucked in by the spy plane. "You are not allowed aboard the aircraft," Osborn said.

☆ Disney says Peltz 'lacks skills' to help business as proxy battle heats up
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

"Peltz does not understand Disney's businesses and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem," Disney said. Peltz told CNBC on Thursday that Disney should either jettison the streaming business or buy the rest of rival streaming service Hulu. Disney also needs to boost capital expenditure at its parks business, where it probably raised ticket prices "too hard," he said then. In its statement on Tuesday, Disney said it was already working to improve profitability at the Disney+ streaming business that Iger helped launch in 2019 and was rolling out broader cost-cutting measures. Unless Peltz settles with Disney, investors will vote this year on whether he should sit on the company's board.

☆ One year after volcanic blast, many of Tonga's reefs lay silent
▼ + stars: | 2023-01-15 | by ( Gloria Dickie | ) www.reuters.com time to read: +5 min

Coral reefs were turned to rubble and many fish perished or migrated away. Following the eruption, the Tongan government said it would seek $240 million for recovery, including improving food security. SILENT REEFSThe vast majority of Tongan territory is ocean, with its exclusive economic zone extending across nearly 700,000 square kilometres (270,271 square miles) of water. It is likely volcanic ash smothered many reefs, depriving fish of feeding areas and spawning beds. While volcanic eruptions on land eject mostly ash and sulfur dioxide, underwater volcanos jettison far more water.

☆ Trevor Bauer reinstated by MLB’s independent arbitrator
▼ + stars: | 2022-12-23 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

Trevor Bauer was reinstated Thursday by Major League Baseball’s independent arbitrator, allowing the pitcher to resume his career at the start of the 2023 season. Bauer named the woman and one of her attorneys, Niranjan Fred Thiagarajah, as defendants in the lawsuit. After winning his first Cy Young with the Cincinnati Reds in 2020, Bauer agreed to join his hometown Dodgers. Bauer was placed on administrative leave on July 2, 2021, under the domestic violence policy, a leave extended 13 times. None of the players previously disciplined under the policy appear to have challenged the penalty before an arbitrator.

Here's how to file for unemployment insurance benefits, whether you're laid off, furloughed, or your hours are severely reduced. Here's how to file for unemployment insurance benefits, whether you're laid off, furloughed, or have had your hours severely reduced. Fill out an application through your state's unemployment websiteYou should apply for unemployment insurance as soon as you're no longer working. Depending on the state, unemployment insurance claims can be filed in person, on the phone, or online. "Start with your state's unemployment insurance benefits site.

WASHINGTON — Democrats advanced a plan Friday to reorder the early voting states in their presidential primary calendar, one that would put South Carolina first, jettison Iowa and demote New Hampshire. The overhaul calls for South Carolina to hold its Democratic primary on Feb. 3, followed by Nevada and New Hampshire on Feb. 6. Georgia would hold its primary on Feb. 13, with Michigan rounding out the early voting on Feb. 27. Democrats have spent months debating their primary calendar, aiming to increase the diversity of states that help select the party’s standard-bearer and to add more general election battlegrounds to the mix. "Our first-in-the-nation primary is part of our culture and has been in place for over 100 years.

HONG KONG — Chinese leader Xi Jinping’s first two terms in power were marked by intensifying competition and tensions with the United States. The United States does not seek conflict with China, Biden told a meeting of his top military advisers Wednesday. “China stands ready to work with the United States to find the right way to get along with each other in the new era,” he said. But China under Xi has a “superficial stability,” Johnson said. Hulton Deutsch / Corbis via Getty ImagesAt 69, Xi has appointed no obvious successor, indicating he may plan to stay in power indefinitely.

☆ Analysis: The UK just stepped back from the brink. But there's more trouble ahead
▼ + stars: | 2022-10-18 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

The sudden reversal of almost all tax cuts announced just three weeks ago could put financial markets on more stable footing. Yields on 30-year UK government bonds, which move opposite prices, have dipped to 4.34% after topping 5% last week. But concerns about the economy are resurfacing in lieu of angst about the country’s financial markets — though on that front, too, uncertainty remains. The specter of additional volatility in financial markets still lingers. And restoring investor confidence in UK assets will be an effort that takes time — especially as questions about Truss’ political future swirl.

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☆ Opinion: The British Empire: A legacy of violence?
▼ + stars: | 2022-09-25 | by ( Peter Bergen | ) edition.cnn.com time to read: +19 min

A related question is also surfacing now: What is the legacy of the British Empire writ large? Bergen: This reassessment of British Empire: You are leading the charge. Bergen: So, are the British in high school as they learn about British history being told a bunch of fairy tales? Are there similarities between the 1619 Project and what you and other colleagues are doing in your reassessment of the British Empire? And I think that’s what we’re seeing in different kinds of ways with the history of the British Empire.

☆ This spin-off focused fund is crushing the market in 2022 with an unconventional portfolio
▼ + stars: | 2022-09-20 | by ( Jesse Pound | ) www.cnbc.com time to read: +4 min

The Horizon Kinetics Spin-off and Corporate Restructuring Fund , which buys stocks shortly before or after a corporate event, has created a narrow portfolio of smaller stocks that is crushing the market in 2022. The fund has gained more than 17% in 2022 even as the S & P 500 fell into a bear market. James Davolos, a portfolio manager at Horizon Kinetics, said that spin-offs can create mispricing of stocks due to market structure. So they are probably going to sell the stock," Davolos said. Worker hospitality stock Civeo Corp ., which was spun out from Oil States International in 2014 , has also been a big winner for the Kinetics fund in 2022, gaining more than 40%.

Many residents were especially incensed that their countries were helping pay for the royal tour. The same goes for Canada, where the support for having a foreigner as head of state has also been eroding. The sun was already setting on the British Empire when Elizabeth took the throne in 1953. With Charles now king, that trend is likely to continue, said Prior. “I don’t think that these conversations taking place across the world are conversations that the new king would have a great deal of control over,” Prior said.

☆ Fear and loathing on Wall Street: Inside the paranoid, hyper-competitive onslaught to prevent quant traders from defecting to rivals
▼ + stars: | 2022-07-31 | by ( Alex Morrell | ) www.businessinsider.com time to read: +23 min

Current and former employees at prominent quant trading operations spoke to Insider anonymously for this story, citing fear of legal reprisals. "At the NSA, the penalty for leaking is twenty-five years in prison," Simons liked to tell employees, according to Gregory Zuckerman's book "The Man Who Solved the Market." In the early 2000s, quant noncompetes were narrower and shorter — six to nine months was industry standard, quant recruiters who had to navigate these obstacles told Insider. But it has aggressively pursued employees it believes have crossed the firm, according to court filings and media reports. Absent such changes, quant noncompetes will likely continue to proliferate with little resistance from employees.

Persons: Ken Griffin, they'd, It's, Matt Moye, they've, David Marshall, Jim Simons, George Soros, John Paulson, Philip Falcone, Jonathan Ernst, RenTech, Simons, Gregory Zuckerman's, Moye, quant, Pavel Volfbeyn, Alexander Belopolsky, spooked, Eric Wepsic, Shaw, —, Izzy Englander, Rick Wastrom, Smith Hanley, Jane Street burgeoned, Peter Friedman, Brennan Hughes, Griffin —, They've, Friedman, Chase Lochmiller, Ray Dalio, Jane Street, Hughes, Samuel Estreicher, Estreicher, I'm, David, Wastrom, Marshall, noncompetes Organizations: Citadel Securities, Renaissance Technologies, Citadel, St John's Law School, Center for Labor, Employment, REUTERS, NSA, Fund, RenTech, Millennium Management, Millennium, D.E, Trading, Integra Advisors, Wall, Google, Sigma, Polychain, Getty, Bridgewater Associates, National Labor Relations Board, Schonfeld Strategic Advisors, Group, New York University, school's Center for Labor, John's Law, —, New Locations: America, Bridgewater, New York, Hudson, Riker's Island, Houston, Chicago, Connecticut, — California, St, New York , Illinois

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