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☆ Inflation Fight Has Come Down to Housing, Chicago Fed’s Goolsbee Says
▼ + stars: | 2023-12-02 | by ( Bob Fernandez | ) www.wsj.com time to read: 1 min

“The key thing we have to watch is housing,” Chicago Fed President Austan Goolsbee said Friday. He is shown above at The Wall Street Journal Global Food Forum in Chicago in June. Photo: Kevin Sikorski for The Wall Street JournalInflation seems on track toward the Federal Reserve’s 2% target and now the big question is what will happen with housing in 2024, a top Fed official said Friday. “It was absolutely where we wanted it to be,” Chicago Fed President Austan Goolsbee said of the government’s latest inflation data.

Persons: Austan Goolsbee, Kevin Sikorski Organizations: Chicago Fed, Wall Street, Food Forum, The Wall, Federal, Fed Locations: Chicago

☆ Sandra Day O’Connor and Other Powerful Women Trailblazers
▼ + stars: | 2023-12-02 | by ( Talal Ansari | ) www.wsj.com time to read: 1 min

Former Federal Reserve Chairwoman Janet Yellen was sworn in as secretary of the treasury in 2021, becoming the first woman to hold that spot. She has also chaired the White House Council of Economic Advisers. Elizabeth Frantz for The Wall Street Journal

Persons: Janet Yellen, Elizabeth Frantz Organizations: Federal, White House Council, Economic Advisers, Wall Street

☆ A Home for the Holidays and More: Photos of the Week
▼ + stars: | 2023-12-02 | by ( Joe Fornabaio | ) www.wsj.com time to read: 1 min

Russian POW Sergei says his army training consisted mostly of menial chores, such as picking up branches. The number of Russian soldiers captured by Ukraine forces has risen as Moscow pours troops into its latest offensive. Serhii Korovayny for The Wall Street Journal

Persons: Sergei Organizations: Wall Street Locations: Ukraine, Moscow

☆ Hunter Biden’s Missing ‘Services’
▼ + stars: | 2023-12-01 | by ( Kimberley A. Strassel | ) www.wsj.com time to read: +1 min

Kimberley Strassel is a member of the editorial board for The Wall Street Journal. She writes editorials, as well as the weekly Potomac Watch political column, from her base in Alaska. Ms. Strassel joined Dow Jones & Co. in 1994, working in the news department of The Wall Street Journal Europe in Brussels, and then in London. She moved to New York in 1999 and soon thereafter joined the Journal's editorial page, working as a features editor, and then as an editorial writer. An Oregon native, Ms. Strassel earned a bachelor's degree in Public Policy and International Affairs from Princeton University.

Persons: Kimberley Strassel, Strassel Organizations: Wall Street, Potomac Watch, Dow Jones & Co, The, Street, Fox, Sunday, Press, Policy, International Affairs, Princeton University Locations: Kimberley, Alaska, Brussels, London, New York, An Oregon

From the remote speck of land they call home, the residents of Thitu Island have watched China’s presence creep closer, and grow more assertive, over the past decade. Boats belonging to China’s fishing militia regularly swarm the waters near Thitu, which lies in the South China Sea and is controlled by the Philippines. On pitch-dark nights, the Filipino islanders can see lights flicker on the horizon, emanating from a Chinese military base that didn’t exist 10 years ago.

Locations: Thitu, South, Philippines

☆ For the First Time, Most Golfers Play Off-Course
▼ + stars: | 2023-12-01 | by ( Will Feuer | Photographs Maggie Shannon For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Trevor Underwood now plays golf in a complex off the highway more often than on the lush course he has frequented for years. “It sure beats the driving range,” says the 34-year-old marketing executive from New Braunfels, Texas. Underwood says his local Topgolf, a chain that offers food, drinks and simulated golf, is more convenient, even when driving there takes him past his longtime traditional golf course.

Persons: Trevor Underwood, ”, Underwood Locations: New Braunfels , Texas

BEITUNIA, West Bank—After more than a year of detention, Azhar Assaf has finally returned to her home in the occupied West Bank. Although she doesn’t consider herself to be political, she says she owes her freedom to Hamas. Assaf and other freed prisoners, many of whom have been held without trial, are attributing their release to Hamas, with some openly praising the group. That is helping to boost Hamas’s public image among Palestinians amid a war with Israel that has left more than 15,000 dead in Gaza, mostly women and children, according to authorities in the enclave. The numbers don’t distinguish between militants and civilians.

Persons: Azhar Assaf, doesn’t, Assaf Organizations: West Bank —, West Bank Locations: Israel, Gaza

☆ Meet the First Lady of Lowriders
▼ + stars: | 2023-12-01 | by ( A.J. Baime | Photographs Morgan Lieberman For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Tina L. Blankenship-Early, a street sweeper operator living in Los Angeles who is the first woman inducted into the National Lowrider Hall of Fame, on her 1966 “Game Killa” Chevrolet Caprice, as told to A.J. I started out doing car audio for my best friend’s dad on a 1966 Chevrolet Impala in his garage many years ago. Then, he let me work on other cars in his garage. I had always wanted a lowrider because I grew up around them in the Watts neighborhood of Los Angeles. One day, my friend’s dad said, “You need to build a car.” He helped me find a 1965 Impala, and that’s how it all started.

Persons: Tina L, Blankenship, ”, A.J Organizations: National Lowrider Hall of Fame, Chevrolet Impala Locations: Los Angeles, Watts

☆ This Lowrider Bounced From Hollywood to the Hall of Fame
▼ + stars: | 2023-12-01 | by ( A.J. Baime | Photographs Morgan Lieberman For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Persons: Tina L, Blankenship, ”, A.J Organizations: National Lowrider Hall of Fame, Chevrolet Impala Locations: Los Angeles, Watts

☆ PwC’s China and Hong Kong Units Fined in Training Exam Cheating Probe
▼ + stars: | 2023-12-01 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

More than 1,000 workers at PwC China and PwC Hong Kong engaged in training-exam misconduct from 2018 to 2020, according to the PCAOB. Photo: Alyssa Schukar for The Wall Street JournalThe Public Company Accounting Oversight Board fined PricewaterhouseCoopers’s China and Hong Kong units over training exam misconduct from hundreds of employees as part of its first set of enforcement settlements with audit firms in the region since it gained full access to inspect them late last year. PwC Hong Kong and PwC China agreed to pay a combined $7 million to settle claims that they failed to detect or prevent extensive and improper answer sharing on tests for mandatory internal training courses, the U.S. auditing watchdog said Thursday.

Persons: Alyssa Schukar Organizations: Wall Street, Company Locations: China, Hong Kong, PwC Hong Kong, U.S

[1/2] A couple who bought a television on sale had their motorcycle towed while shopping in a store during Black Friday sales, in Caracas, Venezuela November 25, 2022. The government allows banks to lend only 27% of their total cashflow, rendering credit cards largely useless as prices balloon on annual inflation of more than 300%. "Consumer credit has died in Venezuela," said Luis Vicente Leon, director of consulting firm Datanalisis, calling credit limits "ridiculous." "The economy needs consumption to be more dynamic," said Gustavo Valecillos, president of the Consecomercio retailers guild, adding layaway helps move inventory. I paid half and the rest in two installments," said construction worker Juan Vegas as he left a shoe store in Caracas.

Persons: Leonardo Fernandez Viloria, Nicolas Maduro, Ernesto Urdaneta, Urdaneta, Betsy Perez, Luis Vicente Leon, Pedro Vallenilla, Ecoanalitica, Gustavo Valecillos, Juan Vegas, Mayela Armas, Mariela Nava, Tibisay Romero, Julia Symmes Cobb, Emelia Sithole Organizations: Black, REUTERS, Thomson Locations: Caracas, Venezuela, CARACAS, Latin America, Maracaibo, Valencia, Banks

☆ IRS Court Win Paves Way for Higher Taxes on Hedge-Fund Managers
▼ + stars: | 2023-11-30 | by ( Richard Rubin | Peter Rudegeair | ) www.wsj.com time to read: 1 min

The IRS has challenged investment funds over who qualifies for an exception that limited partners get from federal self-employment taxes. Photo: Ting Shen for the Wall Street JournalThe Internal Revenue Service scored a significant win over the hedge-fund and asset-management industries this week in a case that could bring higher taxes for many fund managers. The U.S. Tax Court’s ruling could require managers to pay self-employment taxes of more than 3% on much of their income. If the opinion survives additional legal battles and is applied broadly, it would close off a popular technique that lets them exclude millions of dollars in income from self-employment taxes and related levies that others must pay.

Persons: Ting Shen Organizations: IRS, Wall Street, Internal Revenue Service, U.S, Tax

☆ AbbVie to Buy Cancer Biotech ImmunoGen for More Than $10 Billion
▼ + stars: | 2023-11-30 | by ( Jared S. Hopkins | Colin Kellaher | ) www.wsj.com time to read: 1 min

If the deal goes through, AbbVie would acquire ImmunoGen’s flagship cancer therapy Elahere. Photo: Brian L. Frank for The Wall Street JournalDrug company AbbVie has agreed to buy biotech ImmunoGen for $10.1 billion in a new bet on one of the most promising novel drug technologies for attacking cancer. ImmunoGen develops cancer drugs called antibody-drug conjugates, or ADCs, which work like guided missiles delivering a toxic agent directly to tumors. The technology is among the hottest areas in the pharmaceutical industry. Recent advancements have spread its use to common kinds of cancer such as breast, spawning other multibillion-dollar deals.

Persons: AbbVie, Brian L, Frank, ImmunoGen Organizations: The Wall Street Journal

☆ Consumers Likely Pulled Back Spending in October
▼ + stars: | 2023-11-30 | by ( Gwynn Guilford | ) www.wsj.com time to read: +1 min

Dwindling pandemic savings and student loan payments resuming are some of the factors eroding Americans’ ability to keep spending. Photo: Rachel Wisniewski for The Wall Street JournalAmericans slowed their spending in October and inflation ebbed as the economy downshifted from a fast-paced third quarter, forecasters say. Economists surveyed by The Wall Street Journal estimate consumer spending rose 0.2% in October, down from a 0.7% rise in September and the slowest increase since May. Core prices rose 0.2% in October from the prior month, down from the 0.3% monthly gain in September, they said. Core prices rose at a 2.8% annualized rate in April through September, down from a 4.5% annualized rate in the prior six-month period.

Persons: Rachel Wisniewski Organizations: Wall Street Journal, Wall, Federal

As snow fell silently in a secret location in eastern Ukraine, the Russian infantrymen huddled on a garage floor, their hands dirty and their faces exhausted. The men had been captured by Ukrainian troops during intense fighting for the city of Avdiivka. Now they waited to be sent to prisoner-of-war facilities, far from the front line.

Locations: Ukraine, Russian, Ukrainian, Avdiivka

☆ Can a Big Pharma Ever Be Worth $1 Trillion?
▼ + stars: | 2023-11-29 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Daniel Skovronsky, chief scientific and medical officer at Eli Lilly, pushed the company to move more quickly and focus more on science. Photo: Maddie McGarvey for The Wall Street JournalThere are five tech companies valued at over $1 trillion. In healthcare, the closest contender is Eli Lilly . This year it became the first big pharmaceutical to surpass a market capitalization of $500 billion thanks to the popularity of its obesity and diabetes medications and, to a lesser extent, its experimental Alzheimer’s drug. But hanging over Lilly and rival Novo Nordisk is a reality that puts the brakes on big pharma’s ascent: the patent cliff.

Persons: Daniel Skovronsky, Eli Lilly, Maddie McGarvey, Lilly Organizations: Wall, Novo Nordisk

☆ Kim S. Nash — Deputy Bureau Chief at The Wall Street Journal
▼ + stars: | 2023-11-29 | by ( Kim S. Nash | ) www.wsj.com time to read: +1 min

Kim S. NashKim Nash is an editor who manages a team of reporters covering cybersecurity and data-privacy issues for The Wall Street Journal's Pro unit in New York. Kim guides her team to write frequently on what works and what doesn’t in corporate cybersecurity efforts, from a management and technological viewpoint. The team also explores how regulatory policy and threats to critical infrastructure help and hinder corporate protection and privacy. Of great importance is how C-suite executives collaborate among each other and with the board of directors to oversee cybersecurity. Kim joined the Journal from CIO Magazine, where she was managing editor, working with freelance reporters and writing cover stories for the then-monthly publication.

Persons: Kim S, Nash Kim Nash, Kim Organizations: cybersecurity, Magazine Locations: New York

THERE’S NO PARTY I love more than a holiday party. A fabulous frock, a little lippy, something special to sip on. But this year, instead of shots and Champagne towers (which I adore), I’m craving something more relaxed. For a drink that still feels special but also suits nights when I don’t feel like tearing up the dance floor, I can think of nothing more perfect than vermouth. Strangely, it’s taken me years to figure out how to re-create this social ritual at home.

Persons: sipping, it’s Locations: Palma , Mallorca

Joan Soranno and John Cook clicked from the start. They met when they were working as architects on a Frank Gehry-designed project in 1991 in Minneapolis and spent the ensuing decades as partners, first in work and then in marriage. Together, they have designed many award-winning cultural landmarks, from the Marlboro Music Reich Hall Rehearsal Building & Music Library in Vermont to the Bigelow Chapel at the United Theological Seminary of the Twin Cities.

Persons: Joan Soranno, John Cook, Frank Gehry, Bigelow Organizations: Marlboro Music, Music Library, United Theological Seminary, the Twin Locations: Minneapolis, Vermont, the Twin Cities

☆ Gayle King on Jumpsuits, Waking Up at 3:24 a.m. and Why She Doesn’t Drink
▼ + stars: | 2023-11-29 | by ( Marshall Heyman | Photographs Kacey Jeffers For The Wall Street Journal | ) www.wsj.com time to read: +1 min

TELEVISION PERSONALITY Gayle King began honing her interview skills as a child in Chevy Chase, Md. Today, she adds a new prime-time CNN news show to her résumé, “King Charles,” which she hosts with sportscaster Charles Barkley. For many years, King was best known as a much-referenced pal of Oprah Winfrey , whom she met in Baltimore in 1976 when both worked in local news. But today, King is a force in her own right, equally admired for her outsize personality, adventurous fashion sense and facility for chatting uninhibitedly with celebrities such as Jay-Z and Barbra Streisand. “Shyness is not one of my strong suits.” Here, King opens up about her addiction to icing, unfashionable loyalty to iPods, robust high-low wardrobe and more.

Persons: Gayle King, hasn’t, ”, “ King Charles, Charles Barkley, King, Oprah Winfrey, Barbra Streisand, “ I’ve, ” King Organizations: CBS, Oprah Daily, CNN Locations: Chevy Chase, Md, “, Baltimore

☆ Harvard’s Hamas Confusion
▼ + stars: | 2023-11-28 | by ( William Mcgurn | ) www.wsj.com time to read: 1 min

William McGurn is a member of The Wall Street Journal editorial board and writes the weekly "Main Street" column for the Journal each Tuesday. Previously he served as Chief Speechwriter for President George W. Bush. Mr. McGurn has served as chief editorial writer for The Wall Street Journal in New York. He spent more than a decade overseas -- in Brussels for The Wall Street Journal/Europe and in Hong Kong with both the Asian Wall Street Journal and the Far Eastern Economic Review. Bill is author of a book on Hong Kong ("Perfidious Albion") and a monograph on terrorism ("Terrorist or Freedom Fighter").

Persons: William McGurn, George W, Bush, McGurn, Bill Organizations: Wall Street, The Wall Street, Street Journal, Economic, Washington, National Review, Foreign Relations, Notre Dame, Communications, Boston University Locations: New York, Brussels, Europe, Hong Kong

☆ Shein Still Needs to Prove It’s a Bargain
▼ + stars: | 2023-11-28 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

A wide range of apparel at affordable prices has made Shein a sensation. Photo: Adrienne Grunwald for The Wall Street JournalBuilt-in-China online fashion company Shein has swept the world with its fast-to-market, hip designs. It now needs to show investors that its breakneck growth can convert into bigger profit, too. The company is probably looking for a valuation higher than the $66 billion implied by a fundraising round in May. That would put Shein’s market value comfortably above H&M ’s $27 billion but below Zara’s parent Inditex ’s $127 billion.

Persons: Adrienne Grunwald, Shein Organizations: Wall Locations: China, Singapore, U.S

☆ Katherine Blunt — Reporter at The Wall Street Journal
▼ + stars: | 2023-11-28 | by ( Katherine Blunt | ) www.wsj.com time to read: 1 min

Katherine BluntKatherine Blunt has covered power, renewable energy and utilities for The Wall Street Journal since 2018 and is based in San Francisco. Much of her work has focused on wildfires, drought and other challenges facing utilities in the West. Her coverage of PG&E was a finalist for the 2020 Pulitzer Prize for National Reporting and earned a Gerald Loeb award, the highest honor in business reporting. She is the author of “California Burning: The Fall of Pacific Gas and Electric and What it Means for America’s Power Grid.” Prior to joining the Journal, Katherine was a business reporter at the Houston Chronicle. Before that, she covered transportation for the San Antonio Express-News.

Persons: Katherine Blunt Katherine Blunt, Gerald Loeb, Katherine Organizations: Wall Street, National, “, Pacific Gas and, Houston Chronicle, San Antonio Express Locations: San Francisco, West, “ California

☆ The Secrets to Charlie Munger’s Success
▼ + stars: | 2023-11-28 | by ( Jason Zweig | ) www.wsj.com time to read: 1 min

Charlie Munger in 2019 at his home in Los Angeles. Photo: Michael Lewis for The Wall Street JournalBusiness and financial leaders made frequent pilgrimages to Los Angeles to hear Charlie Munger ’s thoughts as he held court while peering through thick eyeglasses over high, rosy cheekbones. Among the attendees at his weekly “Friday lunch club” and periodic dinners were John and Patrick Collison , founders of the online payment firm Stripe; Bobby Kotick , chief executive of videogame company Activision Blizzard ; Pradeep Khosla , chancellor of the University of California, San Diego; Maria Pope , chief executive of Portland General Electric , Oregon’s largest utility; and Howard Marks , co-founder of investment firm Oaktree Capital Management.

Persons: Charlie Munger, Michael Lewis, Charlie Munger ’, John, Patrick Collison, Bobby Kotick, Pradeep Khosla, Maria Pope, Howard Marks Organizations: The Wall Street Journal, Activision Blizzard, University of California, Portland General Electric, Oaktree Capital Management Locations: Los Angeles, San Diego, Portland

☆ Russian Court Extends Detention of American Reporter
▼ + stars: | 2023-11-28 | by ( Ivan Nechepurenko | More About Ivan Nechepurenko | ) www.nytimes.com time to read: 1 min

A Moscow court on Tuesday extended the pretrial detention of Evan Gershkovich, an American reporter for The Wall Street Journal who has been held in Russia for nearly eight months on an espionage charge that he, his newspaper and the U.S. government vehemently reject. Mr. Gershkovich, 32, has been held in the notoriously strict Lefortovo prison in Moscow since his arrest on March 29 during a reporting trip to the central Russian city of Yekaterinburg. If convicted, he could face up to 20 years in a Russian penal colony. Wearing jeans and a checkered shirt under a dark jacket, Mr. Gershkovich listened to the judge on Tuesday from a white courtroom cage, according to a video shared by the press service for Moscow courts. The ruling means that Mr. Gershkovich will remain in custody until Jan. 30; it was the third time his detention has been extended.

Persons: Evan Gershkovich, Gershkovich Organizations: Wall Street, U.S Locations: Moscow, American, Russia, Russian, Yekaterinburg

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