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Edward Caban, the New York Police Department’s first deputy commissioner and an ally of Mayor Eric Adams, will become the interim head of the agency, the mayor said Friday. “There’s a natural process in place that the first deputy commissioner falls in line until we make a permanent announcement on who the commissioner is going to be,” Mr. Adams said during a radio appearance on 1010 WINS. “And we are going to find a suitable replacement.”The announcement coincided with the last day in office of Keechant L. Sewell, the department’s first Black and first female commissioner, who abruptly announced her resignation two weeks ago, after finding that her powers had been circumscribed by the mayor and his allies. Her departure is one of a wave of high-level officials exiting the still-young administration. The mayor has also lost or is losing his chief housing officer, Jessica Katz, in the midst of a housing crisis; his social services commissioner, Gary Jenkins, in the midst of a record-setting homelessness crisis; his chief counsel, his communications director, his chief efficiency officer, his buildings commissioner and his chief of staff.
Persons: Edward Caban, New York Police Department’s, Eric Adams, , Mr, Adams, Sewell, Jessica Katz, Gary Jenkins Organizations: New York Police
Interest rates have broken the global wealth pump
  + stars: | 2023-06-23 | by ( Edward Chancellor | ) www.reuters.com   time to read: +7 min
Rising inflation and higher interest rates would appear to make matters even worse. In the United States, immigration and the offshoring of manufacturing has undercut the power of labour. Ultra-low interest rates proved the greatest wealth pump ever devised, loading the dice in favour of the financial elite. Since the turn of the century, when the Federal Reserve under Alan Greenspan reduced interest rates to a new post-war low, wealth has consistently grown faster than GDP. That’s where higher interest rates come in.
Persons: Leonard Cohen, Peter Turchin, “ cliodynamics ”, Clio, Turchin, Hong Xiuquan, Andrew Carnegie, Henry Clay Frick, , Donald Trump, ” Turchin, Alan Greenspan, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Times, Elites, Steel, Reuters Graphics Reuters, Wall Street, Federal Reserve, McKinsey Global Institute, McKinsey, Thomson Locations: United States, France, China, Taiping, Japan
Lessons from the original Industrial Revolution
  + stars: | 2023-06-09 | by ( Edward Chancellor | ) www.reuters.com   time to read: +7 min
These are brilliantly described by Martin Hutchinson, a former Breakingviews columnist, in his new book “Forging Modernity: Why and How Britain Developed the Industrial Revolution”. In fact, several pioneers of the Industrial Revolution were self-taught. The Industrial Revolution can be viewed as the world’s first successful energy transition. The task of financing the Industrial Revolution fell to banks that were scattered across the country, some 800 in all. We are so accustomed to the economic growth sparked by the Industrial Revolution that we tend to view economic expansion as pretty much inevitable.
Persons: Martin Hutchinson, King Charles I, Charles, Duke, Bridgewater, Hutchinson, Josiah Wedgwood, Trent, Samuel, Richard, Adam Smith, William Pitt the Younger, Lord Liverpool, Smith, , , Adam Smith’s, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Royal Society, Industrial, Nations, Reuters Graphics Reuters, Government, Dudley, Thomson Locations: Britain, England, British, Manchester, Birmingham, Bridgewater, Mersey, Samuel Whitbread’s, West Indies, Netherlands, United Kingdom
How to trade it Let's remember the elements of a bubble, as defined by many market historians who have written about such financial market phenomena (myself included). The public increasingly has been buying related tech stocks and associated ETFs, but we have yet to see the single-minded focus of the entire stock buying world come to bear on AI stocks. In 1999 alone, some 456 stocks went public at the height of the internet mania. If there is to be a bubble in AI, it's the early days. Also, "easy money" from the Federal Reserve, a key component of financial frenzies, is not fueling speculation in publicly traded AI shares, or any other asset class for that matter.
Persons: Jaap Arriens, Charles MacKay, John Kenneth Galbraith, Edward Chancellor, Charles Kindleberger, David Faber Organizations: Nurphoto, Nvidia, Microsoft, Google, Oracle, Adobe, Fund, Nasdaq, CNBC, Federal Reserve Locations: Sea, Mississippi, England, France
MLB roundup: Reds down Dodgers in thrilling fashion once again
  + stars: | 2023-06-08 | by ( ) www.reuters.com   time to read: +9 min
The Twins wasted a strong start by Pablo Lopez, who allowed just one run on five hits over seven innings. Oakland starter Hogan Harris (1-0), making his first major league start, allowed three runs in five innings. Kutter Crawford (1-3) gave up three runs (two earned) on five hits with three strikeouts over three-plus innings. San Francisco starter Logan Webb Webb gave up four runs on eight hits in 5 1/3 innings. Colorado starter Connor Seabold allowed two runs on two hits, walked two and struck out four in six-plus innings.
Persons: Will Benson, Katie Stratman, TJ Hopkins, Benson, Evan Phillips, Alexis Diaz, Phillips, Mookie Betts, Elly De La Cruz, Randy Arozarena, Jhoan Duran, Isaac Paredes, Pablo Lopez, Alec Burleson, Louis, Jon Gray, Jack Flaherty, Jordan Hicks, Giovanny Gallegos, Ryan Helsley, Ryan Noda, Jace Peterson, Brent Rooker, Jonah Bride, JJ Bleday, Hogan Harris, Rodolfo Castro, Roansy Contreras, Juan Soto, Gary Sanchez, Soto, Sanchez, Michael Wacha, George Kirby, Jesus Sanchez, Luis Arraez, Edward Cabrera, Jordan Lyles, Corbin Carroll, Zach Davies, Emmanuel Rivera, Ketel Marte, Carroll, Davies, Joey Meneses, Dominic Smith, Patrick Corbin, Chris Bassitt, Alejandro Kirk, Bo Bichette, Brandon, Yordan Alvarez, Ronel Blanco, Amed Rosario, Josh Naylor, Josh Bell, Tanner Bibee, Rafael Devers, Kutter Crawford, Michael Harris II, Harris, Nick Anderson, A.J, Minter, Brooks Raley, Pete Alonso, Charlie Morton, Joey Wiemer, Corbin Burnes, Willy Adames, Dean Kremer, Austin Slater, LaMonte Wade Jr, Taylor Rogers, Camilo Doval, Logan Webb Webb, Nolan Jones, Ezequiel Tovar, Connor Seabold Organizations: Cincinnati Reds, Los Angeles Dodgers, Great, Cincinnati, Dodgers, Reds, Rays, Tampa, Minnesota, Cardinals, Rangers, Texas, Athletics, Pirates, Oakland, Pittsburgh, Padres, Mariners, San, Marlins, Royals, Miami, Kansas City, Diamondbacks, Nationals, Arizona, Washington, Blue Jays, Astros, Toronto, Houston, Brandon Belt, Red Sox, Cleveland, Boston, Braves, Mets, National League, Brewers, Orioles, Baltimore, Giants, Rockies, Colorado, Colorado ., Thomson Locations: Cincinnati , Ohio, USA, Los, St . Petersburg, Fla, Bay, Minnesota, Arlington , Texas, San Diego, Seattle, Atlanta, New York, Milwaukee, San Francisco, Denver, Colorado . San Francisco, Colorado
MLB roundup: Mookie Betts belts 2 HRs as Dodgers blast Yankees
  + stars: | 2023-06-03 | by ( ) www.reuters.com   time to read: +11 min
Dodgers left-hander Clayton Kershaw (7-4) matched his season high with nine strikeouts over seven innings while allowing two runs on four hits and one walk. Luis Severino (0-1) was tagged for seven runs on nine hits over four innings. Mariners starter Luis Castillo (4-3) was the hard-luck loser after allowing one run on five hits with six strikeouts over seven innings. Rosario had three of Atlanta's seven hits. Kansas City starter Jordan Lyles allowed one run and two hits in five innings, striking out eight and walking one.
Persons: Mookie Betts, Kirby Lee, Max Muncy, Betts, J.D, Martinez, Clayton Kershaw, Freddie Freeman, Josh Donaldson, Giancarlo Stanton, Luis Severino, Yordan Alvarez, Corey Julks slugged, Framber Valdez, Valdez, Ohtani, Mike Trout, George Springer, Daulton Varsho, Chris Bassitt, Bo Bichette, Whit Merrifield, Justin Verlander, Jon Gray, Gray, Will Smith, Julio Rodriguez, Luis Castillo, Robbie Grossman, Jorge Polanco's, Polanco, Bailey Ober, Will Brennan, Myles Straw, Jameson Taillon, Dansby Swanson, Ian Happ's, outdueled, Michael Wacha, Taillon, Mark Leiter Jr, Juan Soto, Manny Machado, Jake Cronenworth, Xander Bogaerts, Merrill Kelly, Kelly, Eddie Rosario, Miguel Castro, Charlie Morton, Rosario, Ke'Bryan Hayes, Josh Palacios, Louis . Hayes, Carlos Santana, Roansy Contreras, Yohan Ramirez, Brendan Donovan, Nolan Arenado, Nolan Gorman, Louis, Jack Flaherty, Giovanny Gallegos, Andruw Monasterio, Stuart Fairchild's grounder, Curt Casali, Bryse Wilson, Edward Cabrera, JJ Bleday, Jesus Sanchez, Luis Arraez, Lane Thomas, Washington, Jeimer Candelario, Luis Garcia, Alex Call, Thomas, Nick Castellanos smacking, Dalton Guthrie, Zack Wheeler, Tim Anderson, Andrew Benintendi, Eloy Jimenez, Mike Clevinger, Keynan Middleton, Kendall Graveman, Reese Olson, Olson, Ryan McMahon, Elias Diaz, Chase Anderson, Brent Suter, Edward Olivares, Drew Waters, MJ Melendez, Jordan Lyles, Gunnar Henderson, Dean Kremer, Kremer, Felix Bautista, Casey Schmitt, Logan Webb Organizations: Los Angeles Dodgers, New York Yankees, Dodger, USA, Dodgers, Yankees, Astros, Houston, Los, Angels, Blue Jays, Mets, Toronto, New, Rangers, Mariners, Seattle, ., Cleveland, Twins, Guardians, Cubs, Padres, Chicago, San, outdueled Padres, National League, Diamondbacks, Braves, Arizona, Atlanta, Cardinals, Pittsburgh, Pirates, Brewers, Reds, Milwaukee, Cincinnati, Great American, National League Central, Ball, Marlins, Athletics, Miami, Oakland, A's, Nationals, Phillies, Philadelphia, White Sox, Tigers, Detroit, Triple, Royals, Colorado, Kansas City, Rockies, Arizona Diamondbacks, Orioles, Giants, Baltimore, San Francisco, Thomson Locations: Los Angeles , California, USA, Los Angeles, Toronto, Texas, Arlington , Texas, . Texas, Minnesota, Minneapolis, San Diego, Phoenix, Oakland, Detroit, Toledo
Central bankers face a balance sheet reckoning
  + stars: | 2023-05-26 | by ( Edward Chancellor | ) www.reuters.com   time to read: +7 min
LONDON, May 26 (Reuters Breakingviews) - Central banks’ balance sheets have exploded in size since 2008. That’s not a problem, we’re told, since central banks are not bound by ordinary accounting rules. Ferguson and his colleagues examined fourteen central bank balance sheets over a period of 400 years. Central bank hawks on the other hand, are typically slow to expand their balance sheets during crises. Central banks with weak balance sheets are less credible bastions of a fiat currency.
Private equity is being squeezed from all sides
  + stars: | 2023-05-12 | by ( Edward Chancellor | ) www.reuters.com   time to read: +8 min
But this time around there’s a lot more private equity money chasing a limited number of opportunities. So private equity funds could face the prospect of a prolonged period of higher borrowing costs, lower valuations, and depressed investment returns. The birth of private equity coincided with the Reagan administration’s policy of relaxing regulations and tax cuts. Recent high profile corporate bankruptcies owned by private equity include car-rental firm Hertz and retailer Toys R Us. The private equity industry could soon find itself caught in a pincer, between tighter financing on the one hand and tighter regulation on the other.
But a new survey shows parents increasingly want in on a trend that isn't often aimed at families: wellness travel. The data showed an emerging picture of family travel — one in which parents may be starting to prioritize their own needs alongside those of their children. Traveling for physical health is up eight points among parents since last year, said Lindsey Roeschke, travel and hospitality analyst at Morning Consult. Planning a wellness family vacationThough some wellness resorts only allow adults, places like The Farm at San Benito welcome guests of all ages. Planning your own wellness tripRather than a resort stay, parents can plan their own wellness trips based on their interests.
MLB roundup: Padres prevail in offensive showcase in Mexico City
  + stars: | 2023-04-30 | by ( ) www.reuters.com   time to read: +14 min
Trent Grisham hit a two-run double to increase the Padres' lead to 14-11 in the eighth. Machado had three hits with three RBIs and four runs, while Thairo Estrada had four hits and three RBIs for the Giants. Andujar went 2-for-3 with three RBIs, while Connor Joe went 1-for-4 with a solo homer and two runs for Pittsburgh. Patrick Corbin (1-4) gave up three runs on seven hits with two strikeouts and a walk in 5 1/3 innings. Nationals starter Chad Kuhl (0-2) allowed eight runs on seven hits with four strikeouts and four walks in just 3 2/3 innings.
The economists’ solution – often called the Chicago Plan – was to remove commercial banks from the money-creating business. One of the main problems of a central bank digital currency (CBDC) is that it would compete with old-fashioned bank deposits. With the digital money supply increasing in line with the economy’s potential growth, roughly as Friedman advised, inflation would soon come under control. Non-bank lenders like Apollo Global Management (APO.N) would have an enhanced role under the digital Chicago Plan. At present, there’s little chance of the digital Chicago Plan coming to pass.
He has pitched 16 consecutive scoreless innings and has allowed three hits during that span. Joe Jimenez pitched a scoreless ninth inning to finish the game. Yennier Cano pitched a scoreless ninth inning for his first career save. Three relievers completed the Blue Jays' three-hitter, with Jordan Romano earning his eighth save by tossing a 1-2-3 ninth inning. Alex Lange fanned two in a perfect ninth inning for his second save.
A flawed but useful economic model for a bleak age
  + stars: | 2023-04-14 | by ( Edward Chancellor | ) www.reuters.com   time to read: +7 min
Modern Monetary Theory, which endorses unlimited government spending, was all the rage during the years of ultra-low interest rates. John Cochrane’s fiscal theory fits the bill. Cochrane, a senior fellow of the Hoover Institution at Stanford University, recently published “The Fiscal Theory of the Price Level”. Not only are high interest rates incapable of arresting inflation, fiscal theory suggests they actually make the problem worse. Nor do bondholders operate with rational expectations, as fiscal theory suggests.
MLB roundup: Rays make it 12 straight wins to open season
  + stars: | 2023-04-13 | by ( ) www.reuters.com   time to read: +10 min
In his third start of the season, Boston's Chris Sale (1-1) was hit hard, yielding six runs (five earned) on seven hits. Detroit left-hander Eduardo Rodriguez allowed one run, seven hits and one walk in six innings, striking out three. Cincinnati's Hunter Greene worked six innings and allowed three runs on seven hits to go along with a season-high 10 strikeouts. Marlins starter Edward Cabrera allowed seven hits and two runs with four strikeouts and one walk in five innings. Eovaldi (1-2) allowed six runs on 10 hits with no walks and seven strikeouts over five innings.
MLB roundup: Rays beat A's to stay undefeated
  + stars: | 2023-04-08 | by ( ) www.reuters.com   time to read: +10 min
Stroman has allowed two runs and 17 hits over 32 innings while winning each of his last five home starts. Ji Hwan Bae, Ke'Bryan Hayes and Connor Joe each had an RBI double, and Oneil Cruz and Jason Delay hit RBI singles for the Pirates. Pittsburgh starter Rich Hill allowed seven runs and eight hits in four innings. Alex Cobb (0-1) was the hard-luck loser for the Giants after holding the Royals to two runs on seven hits in seven innings. Kershaw (1-1) took the loss after allowing four runs on seven hits in six innings.
[1/3] Britain's King Charles III arrives on a boat for a trip at the port in Hamburg, Germany, Friday, March 31, 2023. Matthias Schrader/Pool via REUTERSLONDON, April 6 (Reuters) - King Charles has given his support to research that will examine the British monarchy's links to slavery, Buckingham Palace said on Thursday, after a newspaper report said a document showed a historical connection with a transatlantic slave trader. The issue of the British Empire's slavery links and calls for possible reparations from the monarchy has been growing in the Caribbean where Charles remains head of state of a number of countries including Jamaica and the Bahamas. That process had continued with "vigour and determination" since Charles succeeded his mother on the throne last September, it said. "Given the complexities of the issues it is important to explore them as thoroughly as possible," the Palace statement said.
It has its own official "NATO Hymn," as well as a decades-old jingle called "The NATO Song." Among the more interesting tributes, however, was "The NATO Song." And "The NATO Song" is far from the only musical celebration of the alliance's existence. A separate NATO informational page refers to a piece called the "NATO hymn song sheet" and links to the lyrics and notes to something titled "NATO — Song." Like Helsinki, Stockholm would provide the military alliance with a meaningful firepower boost as it faces threats from Russia.
MLB roundup: Trayce Thompson's 3 HRs power Dodgers' rout
  + stars: | 2023-04-02 | by ( ) www.reuters.com   time to read: +10 min
Rangers 16, Phillies 3Mitch Garver hit a pair of three-run home runs in Texas' rout of Philadelphia in Arlington, Texas. Blue Jays starter Kevin Gausman (0-1) struck out seven and walked one in six innings. Nationals starter Josiah Gray (0-1) allowed five runs on seven hits -- including three home runs -- in five innings. Gray (1-0) allowed three hits, struck out one and walked four in the second game of the three-game series. The Rays scored the seven runs on six hits, and Yandy Diaz added two runs with a home run the following inning.
WASHINGTON/NEW YORK, March 25 (Reuters) - The banking crisis set off by the swift collapse of Silicon Valley Bank (SIVB.O) has exposed a sharp disconnect between Washington and Wall Street. Some critics are asking whether the Biden administration could have contained the crisis with aggressive actions at the start. FINDING A BUYER FOR SVBThe failure of the nation's 16th largest bank caught regulators off guard. The banking industry itself is not united on how to reassure depositors. The banking industry is searching for sweeping relief to calm markets, while Washington is discussing how to prevent the next crisis.
Both Goldman and Fitch did not specify which small lenders were most vulnerable. The total exposure of the U.S. banking system to CRE loans was $2.5 trillion at the end of December, Fitch said. HEADWINDSThe CRE market faces headwinds that could hobble small banks. Rising interest rates have also depressed demand for CRE loans, while weighing on real estate investment trusts (REITs). Goldman's Viswanathan cited several indicators that reflected a weakening market for office real estate: declining occupancy rates, falling appraisal values and rising defaults.
They offered three reasons why it's unlikely that ChatGPT will replace them in the future. Although ChatGPT might bring some changes to the workplace, here are three reasons why it's unlikely to replace you. Empathy is another skill ChatGPT doesn't have because we have "a higher order way of thinking about things," Jacobson said. ChatGPT can't beat Google's spam policiesCompanies that publish content written by ChatGPT or other AI tools are likely to be penalized by Google's unbeatable spam policies. "For now, the role of ChatGPT and other AI models in content creation is to augment and assist human content creators, rather than to replace them."
"Plaintiffs thus failed to plead that Robinhood did not disclose 'material factors' that would make an investment in Robinhood speculative or risky," Chen wrote. Shareholders in the proposed class action said Robinhood had concealed "severe deterioration" in the two months before the Menlo Park, California-based company's IPO. Chen also dismissed claims against Robinhood Chief Executive Vladimir Tenev, other company officials, and the IPO underwriters led by Goldman Sachs and JPMorgan. Robinhood reported on Wednesday a loss for 2022 of $1.03 billion, or $1.17 per share, on net revenue of $1.36 billion. The case is Sodha et al v Robinhood Markets Inc et al, U.S. District Court, Northern District of California, No.
Feb 7 (Reuters) - Spirit Airlines Inc (SAVE.N) said on Tuesday it expects U.S. antitrust regulators to decide whether to allow the low-cost carrier to proceed with its $3.8 billion merger with JetBlue Airways Corp (JBLU.O) in the "next 30 days or so." "We are now waiting to see whether the Department of Justice (DOJ) filed suit to block the deal or allows us to proceed," Spirit CEO Edward Christie said during an investor call. JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its deal. Spirit had cited the Justice Department lawsuit as a reason to fear regulators blocking its sale to JetBlue when it was trying to persuade Spirit shareholders to back the deal with Frontier Airlines Holding Inc instead. JetBlue had acknowledged that the regulatory process could be drawn out and it did not expect the deal to be completed before December 2023.
A jury found investors failed to prove Elon Musk derailed them with his tweet that he had "funding secured" to take Tesla private, per the WSJ. Tesla investors had alleged that his public statements resulted in billions of dollars in damages. Those verbal assurances in part led him to tweet that he had "funding secured" for a take-private deal for Tesla, he told jurors last month. Musk's tweet, which he posted in August 2018, read, "Am considering taking Tesla private at $420. Porritt, the Tesla investors' attorney, had framed the stakes of the case in sweeping, existential terms, arguing that it came down to a question of whether regular investors could trust the public markets.
Bank of America announced 93 new managing directors in Global Markets on Thursday. The division in 2022 saw sales and trading revenues climb to its highest mark since 2010.Insider has all the names of the newly promoted MDs. On Thursday the bank announced a new class of 360 managing directors, including 93 from the firm's Global Markets division — up from 86 last year. The bank's Global Corporate and Investment Bank promoted 87 new MDs. BofA made $16.5 billion in 2022 from sales and trading — including a fourth-quarter record of $3.7 billion — the highest tally for the firm since 2010.
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