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☆ U.S. mattress maker Serta Simmons files for bankruptcy protection
▼ + stars: | 2023-01-24 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

The Doraville, Georgia-based company, whose roots date to 1870, filed for Chapter 11 protection from creditors on Monday night with the U.S. Bankruptcy Court in the Southern District of Texas. Serta Simmons also lined up $125 million in financing to keep operating, including to pay its 3,600 employees. The company's brands include Serta, Simmons, Beautyrest and Tuft & Needle. Serta Simmons' advisers include the law firm Weil, Gotshal & Manges, Evercore Group LLC and FTI Consulting Inc. The case is In re Serta Simmons Bedding LLC et al, U.S. Bankruptcy Court, Southern District of Texas, No.

REUTERS/Kamil KrzaczynskiSummary U.S. business activity better than expected, but remains softEuro zone posts surprise return to modest growthBritain PMI falls at fastest rate in two years, surveys showNEW YORK/LONDON Jan 24 (Reuters) - The downturn in U.S. business activity eased slightly in January even as it contracted for the seventh straight month while euro zone business activity made a surprise return to modest growth, as two of the world's major economies hope to avert recession this year, surveys showed on Wednesday. Reuters Graphics Reuters GraphicsEURO ZONE BOUNCES BACKThe Euro zone is showing more resilience. Business activity there made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession. In France, the bloc's second-biggest economy, output fell slightly overall again in January, its PMI showed, but manufacturing activity improved for the first time since August. In the Euro zone, there was mixed news on inflation pressures, according to the PMI survey.

☆ Euro zone business activity back to growth in January -PMI
▼ + stars: | 2023-01-24 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

LONDON, Jan 24 (Reuters) - Euro zone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession, a survey showed. S&P Global's flash Composite Purchasing Managers' Index (PMI), seen as a good gauge of overall economic health, climbed to 50.2 this month from 49.3 in December. In France, the bloc's second biggest economy, output fell slightly overall again in January, its PMI showed, but manufacturing activity improved for the first time since August. British private-sector economic activity, however, fell at its fastest rate in two years in January, another PMI showed, as businesses blamed higher Bank of England interest rates, strikes and weak consumer demand for the slowdown. IMPROVED SERVICESIn a sign they are growing more optimistic, firms in the euro zone increased headcount at a faster rate this month.

☆ Elon Musk Sold Tesla Shares Before Company Acknowledged Weakness
▼ + stars: | 2023-01-20 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Late last year, after a wave of news reports pointing to sagging demand for his company’s vehicles, Tesla Inc. Chief Executive Elon Musk sold almost $3.6 billion of his shares in the electric-car maker. On Jan. 2, Tesla announced fourth-quarter vehicle deliveries that were significantly below the company’s most recent forecast to investors. The news sent Tesla’s stock price plunging when markets opened the next day.

The average cost of renters insurance is $15 in the US, but it can be worth paying for optional extras. I decided to invest in renters insurance with personal property protection add-ons. Although $35 a month is on the high end — the average renters insurance costs $15 a month in the United States — policies abroad tend to be a bit more expensive. The technology coverage is one that I swear by, because it covered me twice while owning renters insurance. I think every renter, especially with items they consider of high value, should consider purchasing renters insurance.

☆ The Year in Pictures 2022
▼ + stars: | 2022-12-19 | by ( The New York Times | ) www.nytimes.com time to read: +57 min

Every year, starting in early fall, photo editors at The New York Times begin sifting through the year’s work in an effort to pick out the most startling, most moving, most memorable pictures. But 2022 undoubtedly belongs to the war in Ukraine, a conflict now settling into a worryingly predictable rhythm. Erin Schaff/The New York Times “When you’re standing on the ground, you can’t visualize the scope of the destruction. Jim Huylebroek for The New York Times Kyiv, Ukraine, Feb. 25. We see the same images over and over, and it’s really hard to make anything different.” Kyiv, Ukraine, Feb 26.

☆ Binance Is Trying to Calm Investors, but Its Finances Remain a Mystery
▼ + stars: | 2022-12-10 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Binance’s “commitment to transparency” has just gotten started, but it has a long way to go before it discloses enough meaningful information to give investors confidence in its future, accounting and financial specialists say. The world’s largest cryptocurrency exchange is seeking to reassure customers about the safety of their holdings after the collapse of FTX. Binance’s position means its success or failure will weigh heavily on the entire crypto market.

The win ends a nearly two-year power sharing agreement, giving Democrats true majority rule. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona's viselike grip on their party's priorities has loosened a bit, thanks to Georgia. Republicans will no longer be able to bottle up Biden administration nominees in committee, and select Democratic committee chairs will again be able to issue subpoenas. "Joe Manchin is a good person; he really is," Biden said Friday at a reception for the Democratic Senatorial Campaign Committee. Senate Majority Leader Chuck Schumer of New York speaks at a press conference at the Capitol on August 5, 2022.

☆ Analysis: Europe's inflation problem will linger for years to come
▼ + stars: | 2022-12-06 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

Government stimulus measures are working against the ECB's policy tightening, and too much of the energy price rise has seeped into the broader economy through second-round effects, fuelling underlying price growth. "The core inflation rate is unlikely to peak until mid-2023 and will only fall slowly thereafter," Commerzbank economist Christoph Weil said. "Against this backdrop, the ECB's goal of pushing the inflation rate back to just under 2% on a sustainable basis seems a long way off." The ECB's new projections, due out next week, are set to show inflation above target through 2024 and only falling to 2% in 2025. But it is not evident that after a few years of above-trend growth, wage-setting will fall back in line with the ECB's target.

☆ Crypto meltdown a boon for bankruptcy lawyers
▼ + stars: | 2022-12-02 | by ( Andrew Goudsward | ) www.reuters.com time to read: +5 min

“You’ve got to pay the gravedigger,” said Adam Levitin, a law professor at Georgetown University who specializes in bankruptcy law. Law firm billing rates are normally not public, but in bankruptcy cases lawyers for the debtor company must detail their billings and request a judge's approval for their fees. The lawyers are paid from the assets of a bankruptcy estate, and experts said judges rarely demand significant reductions in professional fees. Lawyers in the crypto cases must deal with a host of issues new to bankruptcy law, including whether digital assets deposited on a platform are owned by the customer or the platform itself, according to bankruptcy law experts. Levitin, a former member of the restructuring department at law firm Weil, Gotshal, & Manges, said such complex questions call for top-shelf lawyers.

☆ Rising Tether Loans Add Risk to Stablecoin, Crypto World
▼ + stars: | 2022-12-01 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

The company behind the tether stablecoin has increasingly been lending its own coins to customers rather than selling them for hard currency upfront. The shift adds to risks that the company may not have enough liquid assets to pay redemptions in a crisis. Tether Holdings Ltd. says it lends only to eligible customers and requires that borrowers post lots of “extremely liquid” collateral, which could be sold for dollars if borrowers default.

☆ FTX Disclosed Related-Party Transactions but Didn’t Name Names
▼ + stars: | 2022-11-18 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

The saga of Sam Bankman-Fried ‘s bankrupt crypto empire isn’t just about collapsing tokens, missing billions and sunny offshore tax havens. There were also red flags in its books. At the core of FTX Trading Ltd.’s financial statements was a series of related-party transactions. But the company didn’t say who those parties were.

☆ FTX is just the tip of the iceberg. Meet 16 lawyers whose bankruptcy battles, from Revlon to JCPenney, are setting them up for a boom in business
▼ + stars: | 2022-11-14 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Despite the economic downturn, just 312 corporations filed for bankruptcy this year as of October. Here are 16 lawyers who may benefit as more companies negotiate with lenders and restructure their debt. FTX filed for Chapter 11 bankruptcy on Friday after questions were raised about its capital, leading customers to flee the exchange. Despite the high-profile nature of FTX's bankruptcy, such filings actually fell to a new low in 2022. As of end of October, there were just 312 corporate bankruptcy filings, down from 410 filings in 2021, and 640 in 2020, according to an S&P Global Market Intelligence report.

☆ Rising Interest Rates Hit Banks’ Bond Holdings
▼ + stars: | 2022-11-11 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Among big banks, Bank of America had the largest gap between the book value of the bonds it holds and their market value. The Federal Reserve’s rapid interest-rate increases have created an unusual and potentially worrisome gap between the value companies place on trillions of dollars of bonds they hold and the value those bonds fetch in the market. The difference between the bonds’ book values and market values poses unique risks for banks. They could face tighter liquidity and earnings pressure as rates they pay for deposits and other funding sources rise, while yields on the bonds they own stay low.

☆ What We Know—and Don’t Know—About Tether’s Books
▼ + stars: | 2022-11-11 | by ( Jonathan Weil | ) www.wsj.com time to read: 1 min

Tether, the world’s largest stablecoin, has surged in popularity in the past two years. Now that tether has broken the buck again, questions are swirling about whether the stablecoin can maintain investor confidence in the midst of the meltdown in the cryptocurrency market. Tether fell as low as 97.7 cents Thursday, according to CoinDesk, after which it quickly rebounded to its intended $1 peg. Paolo Ardoino , chief technology officer of Tether Holdings Ltd., said on Twitter that it had been processing redemptions with “no issues” and “we keep going.”

☆ When stress is coming at you from all sides, it’s time for a breather. Here are 6 ways to take a break
▼ + stars: | 2022-11-09 | by ( Dana Santas | ) edition.cnn.com time to read: +7 min

The good news is that you can build in stress-relieving “breathing breaks” throughout the day to break the stress cycle and restore calm. Aaron LockwoodUnlike smoke breaks, breathing breaks are actually good for you! Alternate nostril breathingAlternate nostril breathing is a yogic style of breathing that has been specifically shown in research to help ease anxiety. Start off the alternate nostril breathing exercise by using your right thumb to close off the right nostril. Use your right thumb to close off the right nostril.

The states filed their friend-of-the-court brief in San Jose, California, federal court, where the FTC in July asked a federal judge to bar Meta's acquisition of Los Angeles-based Within. The states, joined by the District of Columbia and Guam, said the deal threatens to "harm competition in the emerging virtual reality space." Circuit to revive the states' claims after a U.S. district court judge dismissed the case. Utah, which also signed the amicus brief, is leading a group of states in an antitrust lawsuit challenging how Google runs its app store. The case is Federal Trade Commission v. Meta Platforms Inc, U.S. District Court for the Northern District of California, No.

☆ Meta refuses to give up on campaign to disqualify FTC chair
▼ + stars: | 2022-10-20 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Her previous expressions of her policy views about alleged big tech monopolists, Boasberg said, did not require Khan’s recusal under the standard for federal prosecutors. (The petition and stay motion are not in the FTC docket but are exhibits in the preliminary injunction case.) We know this from an Oct. 6 letter from the FTC to Weil Gotshal in the administrative proceeding. Remember, Meta is not asking Davila to order Khan off either the preliminary injunction case or the administrative proceeding. We’ll know more about whether the stratagem accomplished anything when the preliminary injunction case goes to a hearing in December.

☆ Amazon has changed how warehouses work in America. Some unions are using it as a chance to organize.
▼ + stars: | 2022-10-19 | by ( Sindhu Sundar | Juliana Kaplan | ) www.businessinsider.com time to read: +11 min

Amazon has said warehouse workers can take breaks for activities like using the bathroom, talking to coworkers and managers, and grabbing snacks. A worker on an Amazon warehouse floor can be tasked with packing hundreds of boxes an hour. A worker on an Amazon warehouse floor can be tasked with packing hundreds of boxes an hour. But the Amazon Labor Union, a new union led by current and former Amazon workers, said its Staten Island victory had energized other workers. "There's one Amazon facility that's being built right behind the Victorville facility as we speak," he said.

Companies are spending billions of dollars to connect customers. Here’s a closer look at their different approaches, and the services they hope to offer.

☆ Racism in soccer world to be probed in ‘Patrick Vieira — Off the Bench’ documentary
▼ + stars: | 2022-10-10 | by ( ) www.nbcnews.com time to read: +2 min

Federation Studios, the outfit behind the international Emmy award-nominated documentary “Nadia,” is set to co-produce “Patrick Vieira — Off the Bench,” a social-impact documentary shedding light on racism in the world of soccer and beyond. Federation Studios, whose documentary unit is headed by veteran journalist Myriam Weil, is partnering up with SlugNews, an award-winning production outfit, to develop and produce “Patrick Vieira — Off the Bench.” The documentary feature will soon start shooting in the U.K. and France. A well-respected figure within the sports landscape who went from player to coach for one of the world’s most prestigious soccer teams, Vieira says he has witnessed and experienced structural racism. “In 2022, Black players continue to be insulted on the field and on social media,” says Vieira. Weil says Vieira has been wanting to make a social impact documentary for a long time to spark a discussion and hopefully change the status quo a world scale.

☆ Gregg Costa, a judge who quit the conservative Fifth Circuit appeals court, is joining the law firm Gibson Dunn
▼ + stars: | 2022-09-03 | by ( Jack Newsham | ) www.businessinsider.com time to read: +4 min

Former federal judge Gregg Costa is about to join Gibson Dunn in a senior role, Insider has learned. Gregg Costa, a prosecutor-turned-federal judge who announced that he would return to private practice earlier this year, is joining Gibson Dunn, a person familiar with the matter told Insider. Costa clerked for the conservative Supreme Court justice William Rehnquist and was appointed by President Barack Obama, first as a district court judge in Galveston, Texas and later as an appeals judge. Before becoming a judge, Costa was an associate attorney at the law firm Weil Gotshal & Manges and a federal prosecutor in the Southern District of Texas. Federal courts in Texas and the Fifth Circuit have been top legal battlegrounds for President Joe Biden.

☆ Inside the 'Wild West' of law-school recruiting that has Big Law reeling in talent earlier and more aggressively than ever
▼ + stars: | 2022-08-22 | by ( Jack Newsham | ) www.businessinsider.com time to read: +8 min

Law schools bemoan the trend, but more and more of them allow it, such as Harvard and NYU this year. The nation's biggest and most powerful law firms have always sought to hire the best and brightest students from top law schools. Some schools have threatened to ban law firms from participating in OCI if they engage in pre-OCI recruiting. This year, law schools at both Harvard and NYU even unveiled formal early-interview programs. Last year, they made 1,771 such offers, amounting to 18% of the offers made by law firms that engaged in the practice.

Care este secretul poveștii de succesÎn ultimele două săptămâni, primarul a fost nevoit să răspundă la zeci de telefoane, după ce presa locală a relatat despre „miracolul din Lieg”. Acesta înțelege însă de ce atâta interes din partea jurnaliștilor și a cetățenilor germani: „Între toate știrile șocante pe care le tot auzim, povestea noastră trimite un mesaj pozitiv”. Explicația dată de primar este următoarea: spiritul comunitar și dorința de a ajuta, principalele motive pentru care Lieg a scăpat fără niciun caz de Covid. De asemenea, în urmă cu o săptămână a fost inaugurat un centru special de testare Covid-19, cu rolul de a asigura incidența zero a virusului și pe viitor. Tot la viitor se gândește și primarul din Lieg, care promite o mare petrecere, dacă localitatea trece și prin vara aceasta fără niciun caz de infectare.

Persons: Heinz Zilles, Lieg, Martin Weil Locations: Renania - Palatinat, Germaniei, Lieg

☆ ”Miracolul din Lieg”: Cum a scăpat o localitate din Germania cu zero cazuri de COVID-19 pe tot parcursul pandemiei
▼ + stars: | 2021-04-28 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +4 min

Lieg, un sat cu o populație de 400 de locuitori din landul Renania-Palatinat, a reușit până acum să evite virusul. Și a rămas așa în toate cele 14 luni ale pandemiei. Primarul a fost nevoit să răspundă la telefon non-stop, în ultimele două săptămâni, după ce presa locală a relatat pentru prima dată cazul neobișnuit. Dar vreau oare să aduc oameni din alte regiuni cu incidență mare a virusului în vacanță aici?”, se întreabă el. Tot la viitor se gândește și primarul, care promite o mare petrecere, dacă localitatea trece și prin vara aceasta fără niciun caz de infectare.

Persons: Heinz Zilles, Martin Weil, Weil Organizations: Deutsche Locations: Germania, Renania - Palatinat, Lieg, Hunsrück Hall

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