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☆ Job Openings Dipped in May, a Sign of Continued Cooling
▼ + stars: | 2023-07-06 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The NewsJob openings fell in May while the number of workers quitting their jobs increased, the Labor Department reported Thursday. There were 9.8 million job openings in May, down from 10.3 million in April, according to the Job Openings and Labor Turnover Survey, known as JOLTS. The report shows that the labor market is maintaining ample opportunities for workers, but it is losing momentum. The quits rate, which is often used to gauge a worker’s confidence in the job market, increased in May, particularly in the health care, social assistance and construction industries. A rise in quitting often signals workers’ confidence that they will be able to find other work, often better paying.

Persons: ”, Nick Bunker Organizations: Labor Department, Labor, Survey

☆ More than 100 U.S. political elites have family links to slavery
▼ + stars: | 2023-06-27 | by ( Reuters Graphic | ) www.reuters.com time to read: +46 min

Then the war came, and according to the family history, Union soldiers plundered Sessions’ 27-room house. About 48 years old at the time, he did not stand a chance to succeed without slavery, the family history suggests. ‘A Better Nation’Some historians and genealogists say there is a valuable reason for white leaders – and other white Americans – to explore their links to slavery. Nicka Sewell-Smith, a professional genealogist with the family history website Ancestry.com, said people frequently ask her what to do with such documents. The top Democrat on the House Foreign Affairs Committee, Meeks said in an interview that he has spent years trying to trace his family history back before 1870.

Persons: Black, Mitch McConnell, Lindsey Graham, Tom Cotton, James Lankford, Elizabeth Warren, Tammy Duckworth, Jeanne Shaheen, Maggie Hassan, Joe Biden, –, Donald Trump –, Jimmy Carter, George W, Bush, Bill Clinton, Barack Obama, Trump’s, Amy Coney Barrett, Neil Gorsuch –, Asa Hutchinson, Doug Burgum, Tim Scott, James Clyburn, Henry McMaster, ”, Henry Louis Gates Jr, Gates, ” “, ” Gates, enslavers, Tony Burroughs, Biden, Obama, McConnell, Burroughs, Joseph Maddox, Maddox, Sela, Rubin, James, Sal, Sam ”, Graham, Graham didn’t, Nancy Mace, Drucilla, Drucilla Mace, John Mace, Hector Godbolt, John Mace’s, Godbolt, “, ” Nancy Mace, Henry Coe, Duckworth, Coe, Margaret, Isaac, Warner, George …, Isaac Franklin –, “ There’s, ” Duckworth, George Floyd, Donald Trump, ” Biden, ‘, ’, Ben Affleck, ” Affleck, Independent Angus King, Mo Brooks, ” Brooks, Sean Kelley, Kelley, White, don’t, wasn’t, Richard Sessions, Pete Sessions, Richard’s, William Sessions, John Cowger, Tom Cotton of, ” Cotton’s, Cowger, Cotton, Archibald Crawford, Juneteenth, Shaheen, Pocahontas, Edmond Dillehay, Peter ”, Milly, Lankford, ” Lankford, Joe Wilson, Stephen H, Wilson, Boineau, General David Addison Weisiger, Wilson –, Addison Graves Wilson –, Weisiger “, ” Wilson, Daniel Weisiger, Daniel Weisiger’s, Samuel, Samuel Weisiger, Daniel, Julia Brownley, Jesse Brownley, Brownley, ” Brownley, Thomas Ferguson, Brooks, Manumission, Marie Jenkins Schwartz, ” “ It’s, Union General William Tecumseh Sherman, Harvard’s Gates, Sherman, Andrew Johnson, Abraham Lincoln, Nicka Sewell, Smith, Ancestry.com, ” Sewell, LaBrenda Garrett, Nelson, Garrett, Rick Larsen, John Wiggins, Larsen, – Gilbura, George, Agg –, ” Larsen, Gilbura, Agg, Gregory Meeks, Meeks, Jim Crow South, – Meeks, – “, ” Meeks, “ I’m, I’m, Tom Bergin, Makini Brice, Nicholas P, Brown, Donna Bryson, Lawrence Delevingne, Brad Heath, Andrea Januta, Gui Qing Koh, Tom Lasseter, Grant Smith, Maurice Tamman, Catherine Tai Design, John Emerson, Jane Ross, Emma Jehle, Jeremy Schultz, Blake Morrison Organizations: Reuters, Republicans, U.S, Supreme, Republican, Harvard University, PBS, United States Congress, Representative, WikiLeaks, Sony, Facebook, White, FedEx, National Museum of, 117th, Independent, University of Essex, Geographic, American Economic, Pete Sessions, Sessions, Federal Bureau of Investigation, Jeanne Shaheen U.S, CNN, Biden, Trump, ” Reuters, South, South Carolina General Assembly, Confederate, statehouse, Congressional, Chesterfield County, Mount Vernon College, George Washington University, Mo Brooks Former U.S, “, New York Times, United, Federal Government, Union, Black, Southern, Democrat, House Foreign Affairs, Klux Klan Locations: U.S, America, Confederate States, Arkansas, North Dakota, South Carolina, Congress, Black, Northern, Southern, Illinois, Virginia, Frederick County , Virginia, United States, Minnesota, ”, Mo Brooks of Alabama, American, Texas, Mississippi, Chicot County , Arkansas, Chicot County, Tom Cotton of Arkansas, Yell County, Yell County , Arkansas, New Hampshire, Oklahoma, Tulsa, Georgia, Pennsylvania, Michigan, Frankfurt, Germany, Chesterfield County , Virginia, California, Portsmouth , Virginia, Alabama, Haywood County , North Carolina, Antebellum, United States of America, Washington, Nicholas County , Kentucky, Queens , New York, New York, York County, Mende, Sierra Leone, Africa, Bunce

☆ In Poorer Countries, Obesity Can Signal Financial Security
▼ + stars: | 2023-06-26 | by ( Patricia Cohen | ) www.nytimes.com time to read: +1 min

In the world’s wealthiest countries, the richer people are, the thinner they tend to be. It’s not surprising that in places where food is scarce, obesity serves as a significant marker of wealth. But what the new study points out is that in poor countries, information is also scarce. And in those situations, loan officers use whatever bits of evidence they can find to help make critical economic decisions. “Given the scarcity of readily available hard information in poor countries, wealth signals, including obesity, play a crucial role in economic interactions where individuals seek to evaluate someone’s wealth,” said Elisa Macchi, an assistant professor of economics at Brown University.

Persons: It’s, “, ”, Elisa Macchi Organizations: Economic, Brown University Locations: Uganda

☆ Opinion | Why This Economist Wants to Give Every Poor Child $50,000
▼ + stars: | 2023-06-23 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +51 min

What you’ve got to do to get more money from wealth is just let your money go out there and make money on its own. darrick hamiltonYeah, the extent to which our tax code incentivizes wealth and capital growth, it centers on existing wealth and capital growth. $50,000 to the most wealth-poor person seems like a big number, but we need to put that number in context. In other words, wealth begets more wealth, and wealth builds upon itself. ezra kleinI think that’s a great place to end, so I’ll ask our final question.

Persons: ezra klein, we’ve, We’ve, Darrick Hamilton, Biden Sanders, Bernie Sanders, Cory Booker, Ayanna Pressley, darrick hamilton, hamilton, you’re, ezra klein There’s, you’ve, that’s, Thomas Piketty’s, it’s, there’s, ezra klein I’m, —, ezra klein We’ve, Bill Gates, Elon, Ezra, Ira Katznelson, Crow, Bill, hasn’t, who’s, I’ve, they’re, ezra klein Let’s, darrick hamilton Naomi Zewde, wouldn’t, Let’s, darrick hamilton Ezra, darrick hamilton I’m, Arthur Lewis, Natalie Diaz, ” Natalie, ezra klein Darrick Hamilton Organizations: The New School, Biden, Task Force, Marshall, Black, Washington D.C, Federal Government, SEED, Oklahoma, Social, Social Security Locations: Hamilton, United States, Prosperity, America, Europe, Tulsa , Oklahoma, Connecticut, Washington, —, hamilton

☆ New report shows Ticketmaster controls the vast majority of the live event business, and any promises of 'transparency' just mean they'll overcharge concertgoers more brazenly
▼ + stars: | 2023-06-17 | by ( Madison Hall | ) www.businessinsider.com time to read: +6 min

Live Nation Entertainment announced new "transparent" pricing where it will display fees at the beginning of the transaction. While this has been on Biden's agenda for months, he hasn't addressed the grip Live Nation Entertainment has on the entertainment industry. Republican state Sen. Scott Wilk introduced a bill in early 2023 to ban exclusivity contracts in the ticketing industry. Ultimately, she said, it's up to the Department of Justice to investigate and potentially take action on Live Nation Entertainment. According to the New York Times, the DOJ opened an antitrust investigation into Live Nation Entertainment in late 2022.

Persons: hasn't, —, Biden, Krista Brown, Sen, Scott Wilk, Wilk, Brown Organizations: Nation Entertainment, Service, Ticketmaster, American Economic Liberties, Nation, Congress, Entertainment, California's State Senate, Department of Justice, New York Times, DOJ, Live Nation Entertainment Locations: United States, California's

☆ The debt ceiling deal could lead to 750,000 older Americans losing SNAP benefits
▼ + stars: | 2023-06-07 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

The debt ceiling deal could lead nearly 750,000 adults to lose their Supplemental Nutrition Assistance Program, or SNAP, benefits. SNAP benefits, or food stamps, give monthly funds to low-income individuals and families for food purchases. CBPP noted that high denial rates and long wait times for receipt of disability benefits has made accessing SNAP benefits increasingly difficult. CBPP research noted that the existing work-reporting requirement does not increase employment or earnings but do lead thousands to lose their food benefits. Are you an older American who relies on SNAP benefits and who could be affected by this change?

Persons: —, CBPP, Kevin McCarthy, Joe Biden, Cori Bush, Ed Bolen Organizations: Assistance, SNAP, Service, Budget, Congressional, Office, Democratic, CNBC, American Economic Association Locations: Missouri

A second passenger train, heading in the opposite direction, then struck some of the dislocated cars. More than 2,200 passengers in all were onboard the passenger trains, according to railway officials, and at least 23 cars were derailed. The other passenger train was a Yesvantpur-Howrah Superfast Express train, running from a commuter hub in the southern city of Bengaluru to Kolkata, the capital of the northeastern state of West Bengal. Site of the train crash An initial government report said that the Coromandel Express passenger train derailed while traveling at full speed. In 2016, 14 train cars derailed in India’s northeast in the middle of the night, killing more than 140 passengers and injuring 200 others.

Persons: Ashwini Vaishnaw, Vaishnaw, Derailments, Jitendra Prakash, Narendra Modi, Modi, Modi’s, Amit Dave, Suresh Prabhu, Mr, Mujib Mashal Organizations: Chennai Coromandel Express, South Eastern Railway, Express, Coromandel, INDIA, Economic, Disaster Management, Reuters Rail Locations: India, Balasore, Odisha State, Shalimar, Chennai Coromandel, India’s, Howrah, Bengaluru, Kolkata, West Bengal, Odisha, Bhubaneswar, Odisha’s, Bihar, Pukhrayan, Delhi, Mumbai, Ahmedabad

The other passenger train was a Yesvantpur-Howrah Superfast Express train, running from a commuter hub in Bangalore to Kolkata, the capital of the eastern state of West Bengal. India’s railway minister, Ashwini Vaishnaw, said that he had ordered an investigation into the cause and that those affected by the crash would receive compensation. Site of the train crash An initial government report said that the Coromandel Express passenger train derailed while traveling at full speed. Dozens of trains had been canceled but crews were rushing to restore service after pushing off the train cars involved in the crash off the tracks. In 2016, 14 train cars derailed in India’s northeast in the middle of the night, killing more than 140 passengers and injuring 200 others.

Persons: Ashwini Vaishnaw, Derailments, Jitendra Prakash, Narendra Modi, Modi, Modi’s, Amit Dave, Suresh Prabhu, Mr, Vaishnaw, Mujib Mashal Organizations: Chennai Coromandel Express, South Eastern Railway, Express, Coromandel, INDIA, Sunday, Economic, Disaster Management, Reuters Rail Locations: India, Balasore, Odisha State, Shalimar, Chennai Coromandel, India’s, Howrah, Bangalore, Kolkata, West Bengal, Bahanaga Bazar, Bhubaneswar, Odisha’s, Bihar, Pukhrayan, Delhi, Mumbai, Ahmedabad

☆ India Train Crash Live Updates: Relatives Identify Crash Victims as Modi Visits Derailment Site
▼ + stars: | 2023-06-03 | by ( Sameer Yasir | Mujib Mashal | ) www.nytimes.com time to read: +7 min

The other passenger train was a Yesvantpur-Howrah Superfast Express train, running from a commuter hub in Bangalore to Kolkata, the capital of the eastern state of West Bengal. India’s railway minister, Ashwini Vaishnaw, said that he had ordered an investigation into the cause and that those affected by the crash would receive compensation. Site of the train crash An initial government report said that the Coromandel Express passenger train derailed while traveling at full speed. In 2016, 14 train cars derailed in India’s northeast in the middle of the night, killing more than 140 passengers and injuring 200 others. Within hours of Friday’s disaster, some opposition politicians were already calling for the resignation of Mr. Vaishnaw, India’s railway minister.

Persons: Ashwini Vaishnaw, Derailments, Jitendra Prakash, Narendra Modi, Modi, Modi’s, Amit Dave, Suresh Prabhu, Mr, Vaishnaw, Mujib Mashal Organizations: Chennai Coromandel Express, South Eastern Railway, Express, Coromandel, INDIA, Economic, Disaster Management, Reuters Rail Locations: India, Balasore, Odisha State, Shalimar, Chennai Coromandel, India’s, Howrah, Bangalore, Kolkata, West Bengal, Bahanaga Bazar, Bhubaneswar, Odisha’s, Odisha, Bihar, Pukhrayan, Delhi, Mumbai, Ahmedabad

☆ Opinion | How to Fix the National Drug Shortage
▼ + stars: | 2023-06-02 | by ( Peter Coy | ) www.nytimes.com time to read: +3 min

If a drug manufacturer wants to supply a hospital, nursing home or other institution, it has almost no choice but to go through one of these organizations. The manufacturers pay fees to the group purchasing organization for access to its customers. The fees paid by manufacturers might ordinarily be considered illegal kickbacks under the federal anti-kickback law. That safe harbor sticks in the craw of the group purchasing organizations’ critics. “It’s the biggest scam in America, in my opinion,” Phillip Zweig, the executive director and co-founder of Physicians Against Drug Shortages, told me.

Persons: “, ” Phillip Zweig, Zweig, Sara Sirota, Critics, Todd Ebert Organizations: Department of Health, Human Services, Physicians, BusinessWeek, American Economic Liberties, Federal Trade Commission, Akorn Pharmaceuticals, Bloomberg, India’s pharma, Healthcare, Chain Association Locations: America, United States, India

☆ FTC's Lina Khan presses ahead with sprawling antitrust plans in the face of GOP opposition
▼ + stars: | 2023-05-31 | by ( Chelsey Cox | ) www.cnbc.com time to read: +10 min

As she made history in leading the agency, Khan's sprawling oversight plans and focus on fair competition in markets drew pushback from GOP leaders who denounced them as "politicized." The backlash to Khan's antitrust platform has come from across the Republican caucuses in Congress — even as many GOP lawmakers have backed antitrust policies or slammed Big Tech companies. watch nowKhan has defended her positions, telling CNBC on May 10 that the FTC enforces antitrust laws passed by Congress. Jordan and other GOP House members have criticized the plan as a "power grab." But an FTC spokesperson said Khan's agency has jurisdiction over all fees except banking and airlines.

Persons: Lina M, Khan, Graeme Jennings, Lina Khan, Pete Buttigieg's, Rohit Chopra, Christine Wilson, Noah Joshua Phillips, Joe Biden's, Matt Stoller, Stoller, Lina, Republican Sens, Chuck Grassley, Mike Lee, Ken Buck, Jim Jordan, Grassley, David Cicilline, Sen, Amy Klobuchar, Elon Musk, Musk, Jordan, Jon Schweppe, Jordan tweeting, they're, Mo Cayer, Khan . Jordan, noncompetes, Trump, Wilson, Leslie Overton, Harkrider, Biden Organizations: Commerce, Science, Capitol, AFP, Getty Images, Biden, Federal Trade, Southwest Airlines, Republicans, Consumer Financial Protection, FTC, Yale University Law School, Washington , D.C, New Yorker, Columbia Law School, American Economic Liberties, Big Tech, Republican, GOP, CNBC, Congress, Rhode Island's, Committee, Twitter, GOP House, Elon, The New York Times, Times, University of New, Democratic, Junk Locations: Washington , DC, London, Washington ,, New, Iowa, Utah, Colorado, Ohio, House, Minnesota, University of New Haven, Connecticut, Khan ., Axinn

☆ Airlines and F.A.A. Try to Head Off Summer Travel Meltdowns
▼ + stars: | 2023-05-22 | by ( Niraj Chokshi | ) www.nytimes.com time to read: +1 min

The number of Americans who will fly this summer could eclipse the prepandemic high from 2019. The recovery from the pandemic has been punctuated by several major travel meltdowns, stranding millions of travelers and angering lawmakers and regulators. In recent months, the Transportation Department has proposed requiring greater transparency around airline fees and requiring companies to more fully compensate people whose flights are delayed or canceled. “This pattern they had last year of canceling flights at the last minute, in many cases due to crew shortages, that’s just unacceptable. They’re not going to be able to do that again, I don’t think, not without some serious repercussions.”

☆ How UnitedHealth Group grew bigger than the nation's biggest banks
▼ + stars: | 2023-05-20 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

UnitedHealth Group has the highest price per share of any company on the Dow Jones Industrial Average and it's the tenth heaviest-weighted stock on the S&P 500. In fact, not only is UnitedHealth the biggest health-care conglomerate in the United States based on market cap and revenue, it's even bigger than JPMorgan Chase, the nation's largest bank. "If I had to pick one stock, only one stock to buy, I'd buy United[Health]," said Ana Gupte, principal at AG Health Advisors. "UnitedHealth Group is committed to improving the health system for everyone, advancing evidence-based practice and aligning incentives across the system to ensure people get the right care at the right time in the right place," UnitedHealth Group told CNBC. Watch the video above to learn how UnitedHealth Group grew so big and what that means for the U.S. health-care system.

☆ American jailed for spying by China rubbed shoulders with senior Chinese officials, CNN reporting shows, CNN reporting shows
▼ + stars: | 2023-05-16 | by ( Nectar Gan | ) edition.cnn.com time to read: +9 min

“He’s a very famous person, known by many overseas Chinese in the southern US,” Tang said. Reports published by Chinese-language media in Texas and China’s state media show Leung’s long-running access to senior Chinese officials. In 2014, he met with the director of Jiangsu Provincial Overseas Chinese Affairs Office during a visit to Nanjing, the provincial capital. This photo shows John Leung with Wang Hua, the former director of Jiangsu Provincial Overseas Chinese Affairs Office. It also comes as American and Chinese officials are resuming high-level engagements since a dispute over a suspected Chinese spy balloon shattered efforts to mend ties earlier this year.

☆ Misclassifying employees as gig workers creates 'a race to the bottom' for businesses, Biden's top labor and antitrust regulators say
▼ + stars: | 2023-05-14 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Businesses have an incentive to misclassify workers as contractors to undermine their competitors, according to the DOJ Antitrust Division. It's just the tip of the iceberg when it comes to those called "gig workers" — freelancers, contractors, on-call workers, and temp agency workers, who for decades have increasingly replaced full-time employees as independent contractors. Not so for gig workers. In 2018, 20% of workers were contract workers, and 65% of part-time workers and over half of contract workers went without benefits, according to NPR. "Our goals are the same," Abruzzo said, as NLRB and DOJ Antitrust want to end "misclassification and employment structures that cause vertical constraints on competition."

☆ A new sign of panic in the US banking industry: Law firm Wachtell Lipton calls on SEC to crack down on short selling of bank stocks.
▼ + stars: | 2023-05-04 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +3 min

Influential law firm Wachtell Lipton says the SEC needs to respond by stopping bets against bank stocks in the form of short sales. Read the law firm's memo here. On Thursday, the law firm Wachtell Lipton sent a memo to clients asking the Securities and Exchange Commission to crack down on the short selling of bank stocks. Calls for limits on short selling can be seen as a sign of stress in the financial system. Other longer-term solutions may include reinstitution of the traditional up-tick rule, and aggressive enforcement combating abusive short sales, market manipulation and groups acting in concert.

☆ ‘Progressives’ Want to Go Back to the 1950s
▼ + stars: | 2023-05-03 | by ( Walter Russell Mead | ) www.wsj.com time to read: +1 min

Journal Editorial Report: The week's best and worst from Kim Strassel, Kyle Peterson and Dan Henninger. Images: AFP/Getty Images/CNP/Zuma Press Composite: Mark KellyThe Biden administration plans a fundamental transformation of American economic policy at home and abroad. That’s the takeaway from national security adviser Jake Sullivan ’s speech at the Brookings Institution last week. This was a big speech about major policy changes, and those who want to understand the direction of American policy in a second Biden term would be unwise to overlook it. The break with post-Cold War Democratic trade and economic policy is radical.

☆ 3 indicators the job market is seeing what one economist calls an ‘unambiguous cooldown'
▼ + stars: | 2023-05-02 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

The job market is still hot but is clearly slowing from the scorching levels seen during much of the past two years, according to labor experts. Job openings and voluntary worker departures (or, quits) declined in March, while the layoff rate increased, according to data issued Tuesday by the U.S. Bureau of Labor Statistics. "Two words: unambiguous cooldown," Nick Bunker, director of North American economic research at job site Indeed, said of the data in the Job Openings and Labor Turnover Survey. "If you're looking at the current temperature of the labor market, it's still strong, still hot," Bunker said. The Federal Reserve began raising borrowing costs aggressively last year to cool the economy and labor market, aiming to tame stubbornly high inflation.

☆ Biden Is Transformational, and Not in a Good Way
▼ + stars: | 2023-04-26 | by ( Phil Gramm | Pat Toomey | ) www.wsj.com time to read: +1 min

Journal Editorial Report: Paul Gigot interviews former Trump White House economist Kevin Hassett. Images: AP/Zuma Press Composite: Mark KellyFrom Wall Street to Silicon Valley, from the Permian Basin to the Chicago Loop, an iron net of regulation has descended across the American economy. Churchill’s metaphor conveys the magnitude of the onslaught and the peril it poses to the American economy and our freedom. We face not an errant regulator or an officious bureaucrat, but a sea change in the economy’s regulatory ecosystem. In the short term, President Biden’s regulatory tsunami will fuel inflation and make a recession more likely.

WASHINGTON, April 19 (Reuters) - The U.S. Supreme Court on Wednesday bolstered a bid by Turkey's state-owned lender Halkbank (HALKB.IS) to avoid criminal charges in the United States for allegedly helping Iran evade American economic sanctions. The court's majority, while rejecting a key defense mounted by Halkbank, ordered the Manhattan-based 2nd U.S. Shares in Vakifbank (VAKBN.IS), another Turkish state bank, jumped 9.9% and the bourse's banking index climbed more than 4%. Sovereign immunity generally protects countries from facing legal action in another country's courts. The majority found that the 2nd Circuit did not fully consider whether the bank has immunity under "common law" principles.

☆ US stock futures rally as Fed acts to stabilise banks
▼ + stars: | 2023-03-13 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

The moves came as authorities took possession of New York-based Signature Bank (SBNY.O), the second bank failure in a matter of days. Analysts noted that, importantly, the Fed would accept collateral at par rather than marking to market, allowing banks to borrow funds without having to sell assets at a loss. Investors reacted by sending U.S. S&P 500 stock futures up 1.2%, while Nasdaq futures rose 1.3%. Fed fund futures surged in early trading to imply only a 17% chance of a half-point hike, compared to around 70% before the SVB news broke last week. The dollar eased 0.4% on the Swiss franc , while the euro firmed 0.4% to $1.0690 as short-term U.S. yields dropped.

☆ Stock futures, bonds rally as U.S. acts to stabilise banks
▼ + stars: | 2023-03-12 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

The moves came as authorities took possession of New York-based Signature Bank (SBNY.O), the second bank failure in a matter of days. Investors reacted by sending U.S. S&P 500 stock futures up 0.9%, while Nasdaq futures rose 1.1%. Fed fund futures surged in early trading to imply only a 28% chance of a half-point hike, compared to around 70% before the SVB news broke last week. That, combined with the shift to safety, saw yields on two-year Treasuries dive 47 basis points on Thursday and Friday to stand at 4.58%, a long way from last week's 5.08% peak. Treasury 10-year bond futures added another 6 ticks on Monday, having been up over 20 ticks at one stage in hectic early trade.

☆ Arizona's terrible NHL team is begging voters for $200 million to build a permanent home, but stadiums are consistently huge money pits
▼ + stars: | 2023-02-04 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +8 min

Arizona's terrible NHL team is stuck using a college arena for its games as it awaits a public vote. This May, voters will decide the future of a $2.1 billion plan that includes the Coyotes' new arena. The NHL's Arizona Coyotes are for the moment stuck in an arena that is three times smaller than any other in the league. The professional team might need the facility for a few more years, but they can't even emblazon their own logo on center ice. The city also paid $50 million to the NHL to keep the team in the city while the franchise navigated bankruptcy.

☆ The pandemic created an American entrepreneurship boom — and it looks like it's here to stay
▼ + stars: | 2023-01-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

The pandemic may have given a "lasting, positive shock to American entrepreneurship." Americans filed 5.1 million new business applications in 2022, according to US Census Bureau data, equating to roughly 14,000 new business applications filed every day last year. It marked the second-highest year on record — down slightly from 5.4 million in 2021 — and remained well above the 3.5 million filed in 2019. This also marked the second-highest year on record and exceeded the 1.3 million filed in 2019. Experts have pointed to several explanations for the spike in new business applications in recent years.

☆ Elaine Chao, Trump-era transportation secretary and Mitch McConnell's wife, hits back at Trump for giving her the racist nickname 'Coco Chow'
▼ + stars: | 2023-01-26 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Former Transportation Secretary Elaine Chao has spoken out against Trump's attacks on her. Trump on Monday again referred to Chao as "Coco Chow" in a Truth Social post. Chao said the racist nickname said more about Trump "than it will ever say about Asian Americans." Chao released her statement after Trump in a Truth Social post on Monday once again referred to her by the nickname "Coco Chow." When approached for comment about Chao, Trump's spokesperson, Steven Cheung, told Politico: "People should stop feigning outrage and engaging in controversies that exist only in their heads."

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