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Opinion | The Age of Spectacle Is Upon Us
  + stars: | 2023-06-22 | by ( David Brooks | ) www.nytimes.com   time to read: +2 min
The Dodgers were wrong to honor a group that dishonors other people’s uniforms, and the sacred commitments those uniforms represent. My real beef is that they should be in the baseball business, not the culture war business. There is the state, the church, the family, the schools, science, business, the trades, etc. In our country, the business sphere has sometimes tried to take over the education sphere — to run schools like a business. You open your email and find corporations taking political stances on issues that have nothing to do with their core businesses.
Persons: they’ve, that’s, Abraham Kuyper, Kuyper Organizations: Dodgers, ? Society
Wellington has historically taken a more conciliatory approach towards China than Australia or its other Five Eyes security partners. “Building of North Asia (markets) and the building of Southeast Asia (markets) is really, really crucial because it's de-risks that dependency,” Talbot said. CALLS FOR DIVERSIFICATIONThere is no expectation that New Zealand will stop selling to China. China needs the food and fibre that New Zealand produces and is prepared to pay for it. “China is going to be a really, really fundamental trading partner for this country for the foreseeable future,” Pete Chrisp, chief executive of government funded international business development agency New Zealand Trade and Enterprise.
Persons: Chris Hipkins, Jacinda Ardern, Xi Jinping, , Mathew Talbot, it's, ” Talbot, New Zealand Wang Xiaolong, , ” Hipkins, Hipkins, Li Qiang, Zhao Leji, Xi, It's, Pete Chrisp, Lucy Craymer, Martin Quin Pollard, Lincoln Organizations: New Zealand, New, Alliance, National People’s, New Zealand Trade, Enterprise, Thomson Locations: China, Australia, New Zealand, Wellington, Asia, Southeast Asia, Zealand, North America, Beijing
Some of the biggest hedge funds in the world are facing a problem that's proving just as challenging as predicting the markets. The Wall Street Journal has a story on that very conundrum, reporting on the tension at the $60 billion hedge fund Two Sigma between cofounders John Overdeck and David Siegel. While the structure of the modern hedge fund dates back to the 1940s, the industry really hit its stride during the 1990s. But I imagine not every hedge fund will want to go that route. And here's more on how hedge funds like Citadel and Millennium are transforming themselves with the help of Goldman Sachs' alumni.
Persons: Dan DeFrancesco, we've, cofounders John Overdeck, David Siegel, Overdeck, Siegel, cofounders, Goldman Sachs, Tracy Gray, Zhenni Liu, Wil Chockley, Charlie Hanna, Peter Deaner, Jeffrey Epstein, Jes Staley, Epstein, CliffsNotes, Bill Ackman, We've, Jeffrey Cane, Hallam Bullock Organizations: Sigma, Citadel, MaC, Marcy Venture Partners, JPMorgan, Columbia, Bloomberg, Financial Times, Pershing Square Capital, LinkedIn Locations: NYC, Los Angeles, Swiss, New York, London
Elon Musk said he'd be up for fighting his tech world nemesis, jiu-jitsu lover Mark Zuckerberg. Elon Musk says he'd be up for settling his beef with Mark Zuckerberg in the ring. On Tuesday night, Musk took to Twitter to respond to unsubstantiated rumors that Meta might soon launch a rival to Musk's Twitter, called Threads. While we can only assume Musk's cage fight proposition is a joke, Musk and Zuckerberg have in the past traded words over their respective tech kingdoms. In the very, very slim chance that Musk and Zuckerberg were to meet in the cage, Musk would find a tough opponent in his tech world nemesis: Zuckerberg has been looking totally shredded lately.
Persons: Elon Musk, he'd, Mark Zuckerberg, Musk, Vladimir Putin, Musk's, Zuckerberg, Putin, Ramzan Kadyrov, Dmitry Rogozin . Organizations: Morning, Twitter, SpaceX, Facebook, Boring, Meta Locations: Ukraine, Redwood City , California, Russian
Robert F. Kennedy Jr., the anti-vaccine activist who's now running for president, has another wealthy backer in his corner: veteran Wall Street executive Omeed Malik. Representatives for Kennedy, Clinton, Pompeo, Summers and Lasry did not return requests for comment about the dinner. Kennedy is the son of former Attorney General Robert F. Kennedy, who was assassinated during his own presidential run in 1968, and the nephew of late President John F. Kennedy, who was shot dead in 1963. Billionaire Twitter owner Elon Musk hosted Kennedy in a recent Twitter Spaces. He later hosted a glitchy Twitter Spaces for the Florida Republican when he announced his run for president.
Persons: Robert F, Kennedy Jr, who's, Omeed Malik, Malik, Kennedy, Hillary Clinton, Trump, Gary Cohn, Mike Pompeo, Boris Johnson, Larry Summers, Marc Lasry, Cohn, Clinton, Pompeo, Summers, Lasry, Johnson, Joe Biden's, Biden, Donald Trump, John F, David Sacks, Chamath Palihapitiya, Sacks, Elon Musk, Musk, Ron DeSantis Organizations: Wall, Bellagio, Business, UK, Democratic, Financial, Quinnipiac, Kennedy, Venture, Republicans, Billionaire Twitter, Florida Gov, Florida Republican Locations: Las Vegas
WASHINGTON — Members of the Senate Banking Committee on Wednesday will consider a bill that would aim to hold banking executives accountable in the wake of the collapse of several big banks. The Recovering Executive Compensation from Unaccountable Practices Act, known as the RECOUP Act, would give regulators power to claw back compensation for executives of failed banks, institute penalties for misconduct and direct banks to beef up corporate governance, according to the committee. Sherrod Brown, D-Ohio, chairman of the committee, and ranking member Tim Scott, R-S.C., announced an agreement on the legislation last week. Brown is up for reelection next year, and Scott is running for the 2024 Republican presidential nomination.
Persons: Sherrod Brown, Tim Scott, Brown, Scott Organizations: WASHINGTON Locations: Ohio
Fed Governor Christopher Waller warned on Friday "core inflation is not coming down like I thought it would." Richmond Fed President Thomas Barkin said he was "comfortable" with further rate increases given that inflation was still not on the path back to 2%. Markets now await comments from more Fed officials including Fed Vice Chair Michael Barr later in the day, and Fed Chair Jerome Powell's semiannual monetary policy testimony to the U.S. House Financial Affairs Committee on Wednesday. Adding to the dour mood, China cut its benchmark lending rates by a smaller-than-expected 10 basis points. U.S.-listed shares of Chinese companies including Alibaba Group , JD.com and PDD Holdings (PDD.O) fell between 1% and 6% in premarket trading.
Persons: Eli Lilly, Christopher Waller, Thomas Barkin, CMEGroup's, Waller, Barkin, Michael Barr, Jerome Powell's, Powell, Hogan, Daniel Zhang, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi Organizations: Therapeutics, Dow, Nasdaq, Federal Reserve, Richmond Fed, Traders, Microsoft, U.S . House Financial, Housing, Capitol, Riley, Fed, Alibaba, PDD Holdings, Dow e, Adobe Inc, Ford, General Motors, Tesla Inc, Dice Therapeutics, Thomson Locations: China, U.S, Bengaluru
Okdongsik’s soup is said to be made from just aromatic vegetables and muscle, without bones, offal or trimmings that might thicken and cloud the broth. After its initial run ended in April, the restaurant graduated from pop-up to long-term status. Mr. Ok opened his original restaurant in western Seoul in 2016. When it had all been sold, lunch was over and the restaurant closed for the day. Many Korean restaurants excel at one or two dishes, but their menus still offer dozens; loyal customers know exactly which ones to order.
Persons: Okdongsik Locations: New York, Seoul, United States
Malta, Land of Knights, Sailors and Rainbow Flags
  + stars: | 2023-06-20 | by ( Alexander Lobrano | ) www.nytimes.com   time to read: +1 min
Knowing nothing about Maltese food, I assumed it would be a variation on the fare of nearby Sicily. “Our food is a reflection of all of the peoples who ruled us,” he said, explaining that Malta has one of the world’s most cosmopolitan cuisines. Baroque masterworks and neon-lit nightlifeMalta is only 122 square miles, so 72 hours had seemed like an adequate amount of time to explore. I decided to check out the main island first, and then Valletta itself after that. The delightful Anna Grech Sant, a local guide, offered an abbreviated but fascinating lesson in Maltese history, richly seasoned with memorable trivia.
Persons: ruddy, bouillon, Brincat, , Anna Grech Sant Organizations: British Navy Locations: Sicily, Malta, Libya, India, Northern Europe, Bolognese, Gozo, Valletta
He still gets nervous before big scenes — but it’s helpful, he said; it means there’s something to risk. “I had my feelings hurt a lot.”In “The Bear,” Matty Matheson, the Canadian chef and restaurateur, plays the hanger-on and handyman Neil, his first scripted role. “I’m a student of the acting school of Ebon,” he said. “I’m like this soft blade, trying to constantly be nice,” said Matheson, who is also a producer and consultant on the series. For him, “The Bear” was a character study in loss and change.
Persons: “ I’m, he’s, , , ” Matty Matheson, Neil, Matheson, Richie, I’m, ” “, “ Richie doesn’t, ” Storer, Courtney Storer, Christopher, Edebiri, Moss, Bachrach, — Carmy’s, Jon Bernthal, offscreen — Richie, ” Moss Organizations: Beef, nachos Locations: Ebon, Chicago, Los Angeles, Sydney, Chicagoans, Moss
Indian Prime Minister Narendra Modi waves to supporters as he arrives at the Lotte New York Palace hotel in New York City, June 20, 2023. As China's economy falters, top U.S. corporate executives are making it a priority to meet Prime Minister Narendra Modi during his state visit to the White House, including Thursday's dinner. The administration is going all out to give the prime minister a close-to-royal welcome," Frank Wisner, former U.S. ambassador to India, told CNBC. China is one of the agenda items when Modi meets with Biden and U.S. executives Thursday and Friday. With China's economy decelerating and political tensions high, corporate America has taken steps to diversify away from the country.
Persons: Narendra Modi, Tim Cook, Sundar Pichai, Satya Nadella, Raj Subramaniam, Frank Wisner, Tony Capuano, Cummins, Jennifer Rumsey, Safiya Ghori, Ahmad, Atomics, Antony Blinken, Xi Jinping, Modi, Biden, Wisner, Elon Musk Organizations: Indian, Lotte New, Lotte New York Palace, White, Apple, Microsoft, FedEx, White House, CNBC, Marriott, Electric, Hindustan Aeronautics, Atlantic Council, Senate Foreign Relations Committee, U.S, Modi, Tesla Locations: Lotte New York, New York City, India, New Delhi, U.S, Delhi, China, America
Britain's M&S the latest supermarket to cut prices
  + stars: | 2023-06-19 | by ( James Davey | ) www.reuters.com   time to read: +2 min
SummarySummary Companies M&S cuts prices of 70 products, holds prices of 150Morrisons cuts prices of 47 productsMoves follow other reductions across sectorBank of England keeping close eye on food inflationLONDON, June 19 (Reuters) - Marks & Spencer (MKS.L) on Monday became the latest supermarket group in Britain to cut food prices, adding to signs that a surge in inflation is set to abate. M&S cut the price of 70 staple products, such as beef mince, Greek style yoghurt, salmon fillets, chickpeas and tortilla wraps, by between 3% and 25%. Also on Monday, Morrisons, Britain's fifth largest supermarket group, said it was cutting the prices of 47 products by an average of over 25%. On Friday, market leader Tesco (TSCO.L), said Britain's food inflation has peaked. EXPLAINER-Why is UK food inflation so stubbornly high?
Persons: Spencer, Rishi Sunak's, Kantar, James Davey, Kylie MacLellan, Susan Fenton Organizations: Bank of England, Morrisons, Tesco, Asda, Waitrose, Thomson Locations: Britain
British supermarket Morrisons cuts prices of nearly 50 products
  + stars: | 2023-06-18 | by ( ) www.reuters.com   time to read: +1 min
LONDON, June 19 (Reuters) - British supermarket Morrisons said on Monday it was cutting the prices of 47 products by an average of over 25%, in another sign that a surge in inflation might be set to abate. Morrisons, Britain's fifth largest supermarket group, said products subject to the latest price cuts included beef mince, ham, tomatoes, spinach and wholemeal pittas. On Friday, market leader Tesco (TSCO.L), said Britain's food inflation has peaked. 2 Sainsbury's (SBRY.L) reduced the price of toilet paper, and upmarket grocer Waitrose reduced the price of over 200 products. EXPLAINER-Why is UK food inflation so stubbornly high?
Persons: Rishi Sunak's, Kantar, James Davey, Alistair Bell Organizations: British, Morrisons, Bank of England, Tesco, Asda, Waitrose, Thomson
Additionally, Cargill began marketing several plant-based protein ingredients, made from soy, pea and wheat, to food and beverage manufacturers worldwide. What to expect for plant-based meat in next decade Cargill's calculated approach to plant-based meats coincides with the nascent industry's trajectory. And then there's the consumer's appetite to pay a premium price for plant-based meat. So Cargill's biggest competition will be the established plant-based meat companies, like Beyond and Impossible, he said. The future of plant-based meat might be analogous to the ongoing transition to electric vehicles.
Persons: Florian Schattenmann, Cargill Cargill, Cargill, Schattenmann, it's, John Baumgartner, Baumgartner, Caroline Bushnell, Bushnell, that's, Seth Goldstein, Goldstein, Tyson's Organizations: Cargill, Foods, Tyson Foods, Hormel Foods, Smithfield Foods, Cargill Inc, The, Bloomberg, Getty, Foods Cargill, Mizuho Securities USA, Good Food Institute, Cubiq Foods, FDA, North, Food and Drug Administration, Morningstar Research Services, Nielsen, annualized Nielsen, Nestle, Tesla, tiptoed, Ford, GM, Hyundai, Volkswagen Locations: U.S, Minneapolis, Montreal, Quebec, Canada, Spanish, Berkeley , California, Puris, North American, Netherlands, Bflike, Belgian, North America
On Thursday, Ron DeSantis dared Gavin Newsom to run for president. Ron DeSantis threw out a challenge to his Californian counterpart, Gov. In July, DeSantis attacked Newsom after Newsom put up an ad in Florida enticing Floridians to move to California. Newsom told MSNBC in April that he thought DeSantis was better off waiting "a few years" instead of running in 2024. Newsom has been beefing up his baseWhile DeSantis continues to wrestle with a twice-indicted Trump, Newsom has been working to shore up his platform.
Persons: Ron DeSantis, Gavin Newsom, DeSantis, Trump, Newsom, , Biden, MAGA, Donald Trump, he's, Floridians, Insider's Kimberly Leonard, Newsom sparred, Sean Hannity, Twitter's, MSNBC's Mehdi Hasan, Adam Parkhomenko, Ron Filipkowski, who's, Newsom's, Hannity Organizations: GOP, Service, Florida Gov, Democratic, Fox News, Hannity, Fox, DeSantis Locations: Florida, California
Press a button, head out for work and return hours later to a perfectly prepared chili. For a while, the Instant Pot, an electronically controlled device that could pressure-cook and slow-cook food, was the kitchen tool everyone wanted. The product hit the market in 2010, quickly became a top seller, and spawned a legion of fans who called themselves “Potheads” and used their Instant Pots to create dozens of recipes. But over the past few years, the Instant Pot has failed to attract new fans, and its parent company is struggling. Instant Brands, the maker of the Instant Pot and other household brands such as Pyrex, Snapware and CorningWare, announced on Monday that it had filed for Chapter 11 bankruptcy.
Organizations: Instant Brands
The impact of artificial intelligence on Wall Street has plenty of people concerned, but some financial advisors fear a much more sinister opponent. Financial advisors are right to be concerned. A 2022 survey found Gen Z was more likely to seek out financial advice from TikTok (34%) and YouTube (33%) than a financial advisor (24%). Couple that with their often obsessive consumption of social media, and you start to see why financial advisors never had a fighting chance. More on why advisors are worried about young people turning to TikTok for help with their finances.
Persons: Dan DeFrancesco, we've, James Gorman's, Morgan Stanley, David Solomon, Goldman Sachs, Samantha Lee, Insider's Lindsay Dodgson, Z, they've, that's, Kelsey Wells, Kyle Davies, Su Zhu, Davies, Zhu, Brian, Lisa Sugar, David Solomon can't, Let's, Jeffrey Cane, Nathan Rennolds Organizations: Insider, YouTube, Arrows, Avid Capital Advisors, Wall, LinkedIn Locations: Dublin, Bali, Miami, South Beach, New York, San Francisco, Chicago, London
Over the next year, meatpackers said they had a hard time recruiting enough workers to fully run their plants. Ranchers held on to cattle, adding to costs to keep them longer than usual. When they could get their cattle in to meat processors, they got less for the animals amid the excess supply.
Persons: meatpackers
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June 13 (Reuters) - Walmart (WMT.N) said on Tuesday it would invest $257 million to open a beef-packing plant in Olathe, Kansas in 2025, which would create more than 600 jobs. The facility will package and distribute cuts of the higher grade Angus beef from Sustainable Beef LLC. Walmart had acquired a minority stake in the ranch-based beef processing plant last year, which is expected to be functional in late-2024. The company's investment plans come at a time when consumers have been trading down to cheaper private labels due to high inflation. Reporting by Juveria Tabassum in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.
Persons: Juveria, Shilpi Majumdar Organizations: Walmart, Sustainable Beef LLC, Thomson Locations: Olathe , Kansas, Angus, Bengaluru
Pentagon Trying to Get Weapons to Allies Faster
  + stars: | 2023-06-13 | by ( Gordon Lubold | ) www.wsj.com   time to read: 1 min
During fiscal 2022, the Pentagon had oversight of more than 15,000 foreign military sales cases totaling in excess of $679 billion. Photo: Eric Lee for The Wall Street JournalWASHINGTON—The Pentagon plans to beef up training for its corps of officers who help execute foreign weapons sales, said senior Defense Department officials, part of an effort to cut red tape and speed up sales to allies and partners, who complain along with others that the Pentagon is sluggish, ponderous and ineffective.
Persons: Eric Lee Organizations: Pentagon, The Wall Street Journal WASHINGTON, Defense Department
An internal Union Investment document seen by Reuters shows that the firm received just 30 responses to its outreach. Although consumer goods manufacturers are particularly exposed, other sectors that import goods associated with deforestation, including commodities houses and industrials companies, will also face scrutiny. Consumer goods makers are counting on technology such as satellites and artificial intelligence to help eradicate deforestation from their supply chains. Several large consumer goods companies say they are close to meeting their ambitious zero-deforestation goals. "The EU rules make deforestation a financial risk as well as an environmental risk."
Persons: Ueslei Marcelino, Henrik Pontzen, Pontzen, Janus Henderson, Jonathan Toub, haven't, Snorre Gjerde, Christophe Hansen, Magdi Batato, Kit Kat, Nestlé, David Croft, Reckitt's, Arild Skedsmo, Richa Naidu, Kate Abnett, Matt Scuffham, David Evans Organizations: REUTERS, Reuters, EU, Germany's, Investment, Unilever, ESG, Union Investment, Nestle, Pepsico, Danone, L'Oreal, KLP, Aviva, Fidelity International, Reckitt, UN Food and Agriculture Organization, Consumer, Thomson Locations: Uruara, Para State, Brazil, NBIM, Nescafe, London, Brussels
New York CNN —US grocery prices ticked up in May after dipping in March and April. Overall, grocery prices were 5.8% more expensive in May than they were a year ago. Together, food prices jumped 6.7% throughout the year, once again outpacing overall annual inflation, which came in at 4%. After falling for a few months, grocery prices ticked up again in May. Egg prices are in historic declineEven though grocery prices ticked up overall from April to May, a number of individual items got cheaper — notably, eggs.
Persons: Richard B, Levine, Levine Roberts, Bacon Organizations: New, New York CNN, Bureau of Labor Statistics ’, ZUMA Locations: New York, America, Ukraine
UK supermarket Asda freezes prices of 500 products
  + stars: | 2023-06-13 | by ( James Davey | ) www.reuters.com   time to read: +2 min
Prime Minister Rishi Sunak has set a 2023 target to halve overall inflation but the goal has been undermined as inflation has remained stubbornly high, particularly food inflation. Overall UK consumer price inflation ran at 8.7% in April, the most recent official data showed, while food and drink inflation was 19.1%, just below a 46-year high. Food retailers have said they expect prices to rise in 2023 overall but with the rate of inflation declining through the year. Last week the French government secured a pledge from 75 top food companies to cut prices on hundreds of products. Last month, British finance minister Jeremy Hunt met food manufacturers to raise concerns about the surge in food prices, but no formal price controls were proposed.
Persons: cornflakes, Rishi Sunak, Clive Black, Jeremy Hunt, Kantar, James Davey, Sarah Young, Mark Potter Organizations: Grocers, Asda, Tesco, Foods, Waitrose, Shore Capital, Thomson
Pig prices soared in Europe last year as output was cut by farms squeezed by high grain and energy costs. The EU pork industry has been buffeted in the past decade by a Russian trade embargo, the westward spread of African swine fever and the COVID-19 pandemic. "We're continuing to add costs to the overall pork production chain," Justin Sherrard, global strategist for animal protein at Rabobank, said. That may mean EU pork exports, whose share of production more than doubled to 21% between 2000 and 2020, have peaked. But an inflationary economy may make consumers less ready to accept rising pork prices and deepen a shift towards chicken as a cheaper, more convenient option.
Persons: Carole Joliff, Joliff, Jean, Paul Simier, AKI, We're, Justin Sherrard, slaughterhouses, Klaus Kaiser, FICT, Rabobank's Sherrard, jamon serrano, prosciutto, Tim Koch, Gus Trompiz, Forrest Crellin, Michael Hogan, Johannes Birkebaek, Emma Pinedo, Toby Sterling, David Evans Organizations: European Union, Commission, Rabobank, BLE, Danish Crown, AMI, Thomson Locations: PARIS, Brittany, Europe, Russian, Hungarian, China, Japan, Denmark, Netherlands, Danish, France, Brazil, United States, Germany, EU, Paris, Hamburg, Copenhagen, Madrid, Amsterdam
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