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Paul Krugman was mocked for declaring inflation is over based on a heavily adjusted measure. The Nobel economist shared a chart that excluded basics like food, energy, shelter, and used cars. His X post was still at the top of the popular Wall Street Bets subreddit on Friday morning. "A totally ridiculous measure," Jim Bianco, president and macro strategist of Bianco Research, said about Krugman's chart in an X post. Krugman, a retired MIT and Princeton economics professor, admitted to being too dismissive in a follow-up X post on Friday.
Persons: Paul Krugman, Krugman, , Jim Bianco, Chris Martenson, Martenson, he'd, They've Organizations: Service, Index, New York Times, Bianco Research, Prosperity, MIT, Princeton, Federal Reserve
Planes packed with summer travelers boosted Delta Air Lines to a $1.11 billion profit in the third quarter, and the carrier said Thursday that it expects revenue to keep rising into the holiday season. Profit was up 59% from a year earlier, as strong ticket sales — especially for premium seats and international flights — helped Delta shrug off higher labor costs. “I think we’re closing the year strong, and the holiday bookings that we see right now are pretty good,” CEO Ed Bastian said in an interview. For the fourth quarter, Delta said revenue will rise as much as 11% from a year ago and it will earn between $1.05 to $1.30 per share. Bastian expressed confidence that Delta and other carriers can raise prices enough to cover any increase in fuel expense.
Persons: , Ed Bastian, Bastian, ” Bastian, We’ll, Organizations: Delta Air Lines, , Travelers, JFK, Delta, Alaska Airlines, JetBlue, Revenue Locations: Delta, Atlanta, U.S, New
REUTERS/Agustin Marcarian Acquire Licensing RightsBUENOS AIRES, Oct 7 (Reuters) - The hand-written entries in the two dozen notebooks - date, haircut, price - chronicle decades of a Buenos Aires barber's working life. A price of 15 pesos equaled $15 with the currency peg. In her first term the haircut price rose 117%, speeding to 200% in her second term. Haircut prices rose 133% in his four years. The earliest health insurance bill he has was 798 pesos in 2007, since when it has hit 142,636 pesos, outstripping his haircut prices.
Persons: Barber Ruben Galante, Luciano Munoz, Agustin Marcarian, Ruben Galante, Alberto Fernandez, it's, Galante, Javier Milei, he's, Carlos Menem, Raul Alfonsin, Fernando de la Rua, de la Rua, Nestor Kirchner, Cristina Fernandez de Kirchner, Nestor's, Mauricio Macri, That's, Milei, Patricia Bullrich, Sergio Massa, Luciano Muñoz, Diego Maradona, Lionel Messi, Adam Jourdan, Eliana Raszewski, Prinz, Claudia Parsons Organizations: REUTERS, Reuters, Reuters Graphics Reuters Graphics, Currency, Reuters Graphics, Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Belgrano, United States
Kevin McCarthy once kicked Matt Gaetz out of his cabin at Camp David, Cassidy Hutchinson said. Hutchinson said McCarthy told Gaetz to "get lost" when he showed up uninvited to a gathering. AdvertisementAdvertisementRep. Kevin McCarthy once kicked Rep. Matt Gaetz out of a gathering at his Camp David cabin, Cassidy Hutchinson said on a Wednesday night appearance on "Jimmy Kimmel Live." Matt Gaetz was not included," Hutchinson told Kimmel, adding that she was one of the last to arrive at the soirée. "And then, Matt Gaetz got him kicked out of the House," Kimmel joked, referring to McCarthy being ousted from his role as Speaker of the House.
Persons: Kevin McCarthy, Matt Gaetz, Camp David, Cassidy Hutchinson, Hutchinson, McCarthy, Gaetz, , David, Jimmy Kimmel, Donald Trump's, Quentin Tarantino's, Kevin, Kimmel, Matt, they're Organizations: Service Locations: Camp, Hutchinson
It's time to step to the sidelines on shares of Airbnb as the Covid-19 pandemic recovery bump fades, according to KeyBanc Capital Markets. ABNB 1D mountain Airbnb "Our call is that leisure travel has experienced a material recovery from 2021-2023E, resulting in outsized margin expansion, " Patterson wrote in a Monday note. "As these tailwinds fade, we see elevated risk to [room nights and experiences] and [average daily rate] growth." Airbnb has outperformed this year as a resilient consumer shelled out money for travel and experiences. "We believe this could create an overhang on shares as ABNB transitions from a growth to GARP investor base," Patterson said.
Persons: Justin Patterson, Patterson, Airbnb, — CNBC's Michael Bloom Organizations: KeyBanc, Markets Locations: Airbnb, New York City
Journal Reports: TechnologyYour Online Account May Have Been Breached? Don’t Just Sit There. Do Something. By Rajendran MurthyToo many people respond with a shrug and maybe change their password. That’s asking for trouble.
Persons: Rajendran Murthy
Insider has asked Apple, Google and Amazon for comment on various antitrust allegations in the past. But consumers don't pay for Google Search. The results of a Google search Alistair Barr/Insider/GoogleThe Amazon situation is similar. Marketpulse estimated earlier this year that Amazon sellers pay more than 50% of their revenue to Amazon in fees now. The results of an Amazon search Alistair Barr/Insider/AmazonEven Apple does this in its App Store.
Persons: , Mark Schlisky, didn't, Lina Kahn, haven't, Vail, Alistair Barr, superstores, Burton Organizations: FTC, Amazon, DOJ, Google, Apple, Service, Bernstein, Big Tech, Ikon, Epic's, Epic, Vail Resorts
In a survey of jobs Americans would most like to see replaced by robots, the umpire would surely rank near the top. (The MLB league official tells me that legalized gambling has not been a factor in implementing ABS.) Frustratingly, the subjective has infiltrated what initially felt like a technological problem: What does the perfect strike zone even look like anyway? The MLB league official agrees, telling me the Jetson Robot Home Plate Ump is not in their plans. "Growing up, my parents would go, 'Oh, the umpire's strike zone was small!'
Persons: Jordan Pacheco, Pacheco, John McEnroe, , Billy Beane, maniacally, Houston, it's, Ben Hurian, Paul Hawkins, Goltz, Tyler Le, Justin Goltz, he's, there's, rears, Tyler Fitzgerald, Fitzgerald, who's, FanGraphs, Bagwell crouch, Miguel Yajure, Phillip Evans, Evans, X, they'd, Dylan Yep, what's, we're, Rob Manfred, — England's, Calvin Baker, Baker, Drew Strotman, Billy Evans, Strotman, Greg Maddux, MIT grads, steph, klay thompson, alf, hite, mudge, hird, ove, ahn Organizations: Lexington Legends, Twitter, Major League, ump, MLB, Sony, NASCAR, Triple, Albuquerque, Colorado Rockies, Astros, Companies, English Premier League soccer, Rugby, NFL, NBA, ABS, Sutter Health Park, Cats, San Francisco Giants, River, Reno Aces, AAA, Atlantic League, Big, of Fame, Seton Hall Sports, MIT, hawkeyes, ust Locations: OKC, California, Sacramento, uman
But instead of a full-throated battle cry to go public and prosper, Silicon Valley got more of a shoulder shrug. Instacart shares are down more than 23% from their trading debut, hovering just above their IPO price of $30 per share. Earlier today Arm was trading below its $51 per share IPO price, meaning that even the privileged insiders who got access to shares before the general public are under water. Klaviyo is trading slightly above its IPO price of $30 per share but is still down 6% from its opening trade. He says he wouldn't be surprised if IPO markets don't return to normal until 2026 or 2027.
Persons: Klaviyo —, Rowe Price, Howe Ng, Ng, it's, Peter Hebert, Brian Hirsch, wouldn't, David Kaufman, Thompson Coburn, JP Morgan, Nihal Mehta, haven't, Mehta, Instacart, Klaviyo didn't Organizations: Federal, Fidelity, Apple, Pepsico, BlackRock, Lux Capital, Tribeca Venture Partners, JP, Morgan's, Eniac Ventures Locations: Silicon, York
A bearish head-and-shoulders pattern has formed in the S&P 500, Keller said in a recent interview with Insider. The S&P 500 is in a head-and-shoulders pattern and could soon fall to around 4,100. His early August warning that stocks will slide was correct, though the S&P 500 didn't give up as much of its summer rally as the chart guru predicted. Outside of technology, Keller likes stocks in the utilities and energy sectors — specifically those in the oilfield services industry. The recent rebound of utilities, a defensive stalwart, is another signal that more market downside is likely ahead, Keller said.
Persons: chartmaster David Keller, Keller, StockCharts.com, we've, David Keller, Keller's, he's, it's, Keller didn't Organizations: Labor, Nvidia, Utilities, Energy, VanEck Oil Services
Apple's hybrid work pilot program is still going two years after it was first proposed. It started after employees pushed back against a plan to bring them back to the office three days per week. "So what we decided to do was run a pilot where people come into the office three days a week. Apple first announced the pilot program Cook spoke of in June 2021 as pandemic restrictions wound down and people came out into the sun squinting their eyes. In mid-2022, Cook told employees that the pilot program wasn't set in stone and expected aspects to be adjusted.
Persons: Tim Cook, Cook, Tayfun, , Marc Benioff Organizations: Service, CBS, Apple, Anadolu Agency, Getty, Employees Locations: Wall, Silicon, Cupertino , California, United States, Chengdu, Southwest China's Sichuan province
"We think potential disruption from industrial action is likely to create buying opportunities in the D3 shares," the analyst said in a Friday note. "D3," or "the Detroit Three," refers to General Motors, Ford and Stellantis. It also marked the first time in history that the UAW launched strikes at all three of the big automakers simultaneously. Ford shares were flat. "Moving forward, we expect all three stocks to be sensitive to UAW newsflow especially as it relates to the potential duration of industrial action," Jonas said.
Persons: Morgan Stanley's Adam Jonas, Stellantis, Jonas, Itay Michaeli, Citi's Michaeli, Michaeli, Morgan Stanley, Michael Bloom, Mike Wayland, John Rosevear Organizations: United Auto Workers, General Motors, Ford, Detroit, Motors, Union, UAW, Citi, GM Locations: Wentzville , Missouri, Wayne , Michigan, Toledo , Ohio
Fed funds futures hardly budged on the inflation data, and imply nearly no chance of a rate hike next week, and about a 45% chance of another hike by year's end. The S&P 500 (.SPX) rose 0.1% and futures rose 0.2% in Asia. European futures were flat. The euro has been supported this week by creeping expectations for the European Central Bank to hike rates on Thursday, though analysts say it may struggle for further gains. The New Zealand dollar was also firmer at $0.5941, while the dollar slipped about 0.2% to buy 147.11 yen .
Persons: Androniki, Glenn Yin, HSI, Brent Donnelly, it's, Kazuo Ueda, Shri Navaratnam Organizations: Nikkei, REUTERS, Rights, European Central Bank, Tokyo's Nikkei, Treasury, ., New, AETOS Capital Group, Arm Holdings, EU, Spectra Markets, New Zealand, Bank of Japan, Brent, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Asia, Pacific, New York, Melbourne, Saudi Arabia, Russia, Australia
NEW DELHI, Sept 6 (Reuters) - Oil prices reversed course on Wednesday after rising over 1% in the previous session, as investors shrugged off jitters arising from supply cuts from Saudi Arabia and Russia and a firm dollar capped the upside. A stronger dollar can weigh on oil demand by making the fuel more expensive for holders of other currencies. "Iran is producing close to 3.1 million barrels per day (bpd) and plans to pump around 3.4 million bpd. Reflecting supply concerns in the near term, the front-month Brent futures traded near 9-month highs at $4.13 a barrel above prices in six months. Sachdeva, however, added that the annual refinery maintenance period in the U.S. from September to October could limit demand for crude and potentially act as a restraining factor on rising oil prices.
Persons: Alexander Novak, Novak, Sachdeva, Mohi Narayan, Arathy Somasekhar, Christopher Cushing, Stephen Coates, John Stonestreet Organizations: Brent, . West Texas, Rystad Energy, ING Economics, ING, REUTERS, U.S, Saudi, Acme Investment Advisors, Thomson Locations: DELHI, Saudi Arabia, Russia, Iran, Volgograd, U.S, New Delhi, Houston
REUTERS/Brendan McDermid Acquire Licensing RightsCompanies Chevron Corp FollowSYDNEY, Sept 6 (Reuters) - Chevron (CVX.N) and a union alliance will hold a final round of talks on Wednesday ahead of planned strike actions at two major liquefied natural gas (LNG) facilities in Australia as ongoing disputes over pay and conditions remained unresolved. Work will stop for seven hours on Thursday, escalating to 10 hours from Sept. 8 to 13. Australia's industrial arbitrator, the Fair Work Commission, has been hosting mediation talks since Monday, and negotiations are scheduled to run on all days this week. Australia is the world's biggest LNG exporter and the ongoing dispute has stoked volatility in natural gas markets, as traders worry about the risk of long-term disruption. Chevron's Gorgon, Australia's second-largest LNG plant, and its Wheatstone operations account for more than 5% of global LNG capacity.
Persons: Brendan McDermid, Australia's, Renju Jose, Jamie Freed Organizations: Chevron, New York Stock Exchange, REUTERS, Companies Chevron Corp, Workers, Thomson Locations: New York City, U.S, Australia, British, Norway, Sydney
Many of us (myself included) raise an eyebrow at Burning Man. Burning Man would feel much less annoying if the festival just said, yeah, we’re a bunch of idiots who want to party in Mad Max costumes. The Burning Man organizers wrote in a statement: “Burning Man is a community of people who are prepared to support one another. One hopes that events like the flooding at Burning Man will be galvanizing, both for those who experienced it and those who watched in horror from afar. It’s easy to sniff at Burning Man, which seems at once so self-important and so very insubstantial.
Persons: Jill Filipovic, ” Jill Filipovic, Max, Jerry Allen, , Organizations: Twitter, CNN, Labor, San Francisco, Survivor, Facebook Locations: New York, Nevada, California, Utah, Pershing County , Nevada, Reno, playa,
Editor’s Note: Jon Lewis is a research fellow at the Program on Extremism at George Washington University, where he studies domestic violent extremism. However, the 814-page document devoted less than three pages to making recommendations, and in those, perplexingly failed to offer a meaningful set related to domestic terrorism. There is little question that right-wing extremism, particularly white supremacist extremism, is currently the deadliest and most pervasive domestic terrorism threat facing the United States. Nearly 1 in 4 of these right-wing extremist killings were committed in the name of white supremacist terrorism – a staggering 251 total deaths. We stand at a crossroads in the fight against domestic terrorism.
Persons: Jon Lewis, Timothy Kelly, Proud, Enrique Tarrio, Joseph Biggs, Zachary Rehl, Ethan Nordean, Jon Lewis Jon Lewis, perplexingly Organizations: Extremism, George Washington University, CNN, Proud Boys, Justice Department, Biden, Terrorism, Defense, Department of Homeland Security, Twitter, Facebook Locations: United States, Poway, El Paso, Pittsburgh, Buffalo
Fortescue founder toys with reverse greenwashing
  + stars: | 2023-09-01 | by ( Antony Currie | ) www.reuters.com   time to read: +3 min
First the $43 billion iron ore miner’s CEO, Fiona Hick, left abruptly on Sunday, barely six months after joining. But in trying to shrug off the mounting exodus, founder and Executive Chair Andrew Forrest, also known as Twiggy, introduces a new risk: reverse greenwashing. His approach to the energy transition is forcing a lot of change on the company in short order. That process surely would have involved rigorous discussions to ensure they were on board with Forrest’s goals and methods. That makes his absolutist twist to climate spin as unhelpful as the more traditional form of greenwashing.
Persons: Oscar Wilde, Fortescue, Fiona Hick, Christine Morris, Guy Debelle, Andrew Forrest, Twiggy, Forrest, Hick, Morris, Una Galani, Thomas Shum Organizations: Reuters, Fortescue Metals, Reserve Bank of Australia, Fortescue Future Industries, Australian, Thomson Locations: MELBOURNE, Tivan
September is the worst month for stocks, and right now the market rally looks weak. Julian Emanuel, a senior managing director at Evercore ISI, recently published a note for clients warning them of what may be ahead. But instead of celebration and buying, investors greeted the news with a shrug and a sell-off. Evercore ISIThere are two other warning signs Emanuel is keeping an eye on. Evercore ISIWith all that said, how should investors take advantage of the buying opportunity after the September doldrums fade away?
Persons: Evercore's Julian Emanuel, it's, Julian Emanuel, Emanuel doesn't, Emanuel, that's, he's, He's Organizations: Evercore ISI, Nvidia, Evercore, Bear, Vertiv Holdings, JPMorgan, Booking Holdings Locations: U.S, China, Europe
But anticipation is building for the visit of West Ham, who will become the first top-flight team to play a league match at Kenilworth Road since Aston Villa 31 years ago. The volume created by the Hatters fans crammed in on Friday will shake the 118-year-old stadium to its foundations. Forward Cauley Woodrow, who scored in the League Cup win at Kenilworth Road against Gillingham this week, said Luton needed to turn their home into an intimidating 'fortress'. Arsenal's priority will be avoiding any repeat of the early goals they have conceded on a regular basis at home of late. Andreas Pereira's strike for Fulham after 57 seconds last weekend meant the Gunners became the first Premier League team to concede a first-minute goal three times in a calendar year.
Persons: Matthew Childs, hemming, Rob Edwards, We've, Woodrow, Luton, Bramall, Mikel Arteta's, Andreas Pereira's, Martyn Herman, Ken Ferris Organizations: Soccer, Luton Town, Gillingham, Kenilworth, Luton, West Ham United, Burnley, Brighton & Hove Albion, Chelsea, Premier League, Coventry City, Aston Villa, Hatters, League, West Ham, Hammers, Manchester City, Fulham, London, Tottenham Hotspur, Sheffield United, Everton, Newcastle United, Arsenal, Manchester United, Gunners, Thomson Locations: Luton, Britain, Kenilworth, West Ham, West, Bramall Lane, Liverpool, Brighton, Saturday's
Credit Suisse has already flagged that it expects to post a hefty loss for 2023. Rich clients often kept accounts at both UBS and Credit Suisse, so as not to place all their eggs in one basket. In previous quarters, UBS had reported significant inflows, as it benefited from Credit Suisse clients looking for safer alternatives. SWISS BANK'S FUTUREMany bank watchers are waiting to see what UBS does with Credit Suisse's "crown jewel" - its Swiss arm. The huge figure largely reflects a one-off boost to the bottom line from UBS buying Credit Suisse for a fraction of its value.
Persons: Ralph Hamers, Sergio Ermotti, Colm Kelleher, Stefan Wermuth, Rich, Benjamin Goy, Ermotti, Keefe, Thomas Hallett, Noele, John O'Donnell, Tomasz Janowski Organizations: UBS Group AG, UBS, REUTERS, Rights, Credit Suisse, SUISSE, Suisse's, Swiss, Deutsche Bank, UBS's, CORE UNIT UBS, Suisse, Thomson Locations: Zurich, Switzerland, SWISS, Swiss, Woods
Summary This content was produced in Russian-annexed Crimea, where the law restricts coverage of Russian military operations in Ukraine. They said it was all calm here with no problems on the Crimea Bridge. Fewer visitors to Crimea have meant more for Kaliningrad on the Baltic Sea and Dagestan in Russia's north Caucasus region, he said. FATAL CROSSINGFor one Russian couple, the choice of Crimea as a holiday destination proved fatal. "The goal of our trip is, of course, to have a rest, and support Russian tour operators, hoteliers, and Russian tourism, no doubt."
Persons: Siberian Viktor Motorin, Olga Morskova, Alexei Volkov, Volkov, Vasyl Maliuk, Alexander Semashko, Sergei Lenkov, Mark Trevelyan, Alexander Marrow, Gareth Jones, Sharon Singleton Organizations: National Union of Hospitality Industries, Reuters, Thomson Locations: Russian, Crimea, Ukraine, YALTA, Siberian, Moscow, Russia, Khanty, Siberia, Turkey, Thailand, Rybinsk, Sochi, Novorossiysk, Kaliningrad, Dagestan, Russia's, Caucasus, Stavropol, Vologda
LONDON, Aug 25 (Reuters) - In an investment world trumpeting new-found ethical and sustainability guidelines, the seeming indifference of markets to democratic credentials still remains stark. There's little doubt that emerging market risks are many and rising for Western investors. What's more, there were as many emerging economies in its sample with relatively low bond spreads in the group with very low V&A scores as the group with very high V&A scores. If you removed those two wipeouts, screening just for V&A democratic values made much less difference to the bottom line. "Taking heed of these geopolitical risks could be the crucial difference between securing your returns or ending up with nothing."
Persons: Morgan's, Eamon Aghdasi, Mina Tomovska, Saker Nusseibeh, Nick Macfie Organizations: U.S ., Hermes, Financial, Reuters, Thomson Locations: Brazil, Russia, India, China, South Africa, Saudi Arabia, Iran, UAE, Egypt, Argentina, Ukraine, Taiwan, Boston, Belarus, Washington
They’re almost enough to make you forget the pleasures of being a little bit bad. We asked 16 writers — most of them respectable adults — about the irresponsible, immoral, indulgent things they do. Years later, we bumped into each other in public, resulting in a humiliating exposition that left everyone questioning my sanity. Can’t stop won’t stop ShopliftingWhenever I’m at the airport, I like to do a little shopping at the Free Store. Yes yes yes.
Persons: , it’s, I’ve, Kennedy, Dan Cathy, Burger King, Jack, they’re, Chick, I’m, , Tell, Wranchers, pant, Henry Hill, Bob Hughes, — let’s, Kelly I, It’s, Saint Augustine, , It’s icky, Jamieson Webster, Rinee Shah Organizations: Harvard, New York Times Locations: British, New York, , YOLO, San Francisco
Rubiales was, like everyone else at the ceremony, no doubt excited that the Spanish team had won the World Cup. Say it was fine and she’s a bad feminist, letting other women down by justifying bad male behavior (and, perhaps, lying). Rubiales’ kiss also tops off a mountain of allegations about sexism-tinged bad behavior in the RFEF. And yet, when the Spanish women won the World Cup thanks to their own skill and hard work, Rubiales still emphasized Vilda. This, too many people say, is just men being men, or a simple display of normal human emotion.
Persons: Jill Filipovic, CNN —, Luis Rubiales, Jennifer Hermoso’s, Rubiales, Jenni, , ” Hermoso, It’s, Hermoso, there’s, Adrien Brody, Oscar, Greta Friedman, you’ve, I’m, Berry, Brody, Friedman, Jorge Vilda’s, Jorge Vilda, , objectifying Hermoso, ogle, it’s Organizations: Twitter, CNN, Royal Spanish Football Federation, Spanish, Halle Berry, Times, Facebook Locations: New York, Spanish, Hermoso, Ibiza, Halle
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