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☆ A Swashbuckling Tale of Mutiny Took Him Where ‘the Soul of Man Dies’
▼ + stars: | 2023-04-12 | by ( Alexandra Alter | ) www.nytimes.com time to read: +1 min

Often, his stories take a dizzying turn when Grann introduces a new set of facts or a perspective that undermines the narrative he has presented. Rather than trying to lay down a concrete version of events, Grann often invokes a queasy uncertainty that the truth can ever be known. He’s drawn to unsolvable mysteries and stories that explore the fallibility of our perceptions — including his own. “He looked for stories in which an artful manipulation of the reader was an appropriate way to illuminate the story,” said Daniel Zalewski, Grann’s longtime editor at The New Yorker. “Sometimes they were dark entertainments, but because the stakes were real, there was a gravity to them, and a morality to them.”

☆ Tesla has seen $200 billion added to its market cap in 2023, marking the strongest start to the year in its history
▼ + stars: | 2023-03-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Tesla has gained over $200 billion in market value during in the first three months of the year. The EV company's stock enjoyed its best weekly performance in history in January. Tesla's market value has increased from $388 billion at the end of 2022 to $601 billion, according to Nasdaq data on Wednesday. Analysts are still bullish even after a dizzying rise in Tesla stock so far this year. Wedbush this week forecasted the company's stock will rally 13% through 2023 on a surge in deliveries after price cuts on its Model 3 and Model Y in China.

☆ The US housing market is crashing and soaring at the same time. It all depends on where you live.
▼ + stars: | 2023-03-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The US housing market is crashing and soaring all at the same time as pockets of the market see divergent trends. According to data from Black Knight, home prices on the West Coast are plunging at the same time home prices on the East Coast are surging. Meanwhile, all 12 of the major housing markets west of Texas saw home prices fall over the same time period. Such a split in the US housing market is unprecedented. To be sure, West Coast home prices had room to fall after experiencing dizzying gains over the past decade.

Similarly, the U.S. economy and stock markets tend to outperform during booms and draw in overseas investment that lifts demand for dollars. Surely times of great banking and credit stress should boost the greenback? And now we face a bout of severe banking stress alongside stubbornly high inflation that had almost all major central banks raising interest rates again over the past week despite the pretty clear underlying credit stress. JPMorgan's take on the stressed side of the dollar smile last week pointed out that "the underlying macro-financial pathology that necessitates lower yields is the primary determinant of dollar direction". Clearly, the dollar smile is no laughing matter.

☆ Lebanon to sell unlimited US dollars to prop up collapsing pound
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, March 21 (Reuters) - Lebanon's central bank will begin selling unlimited amounts of U.S. dollars in a bid to halt the spiralling devaluation of the Lebanese pound, Governor Riad Salameh said on Tuesday. Salameh set a new rate for Sayrafa, the central bank's exchange platform, at 90,000 Lebanese pounds per dollar on Tuesday. The pound has lost more than 98% of its value since the economy began unravelling in 2019. Tuesday's move came with the approval of the caretaker premier and caretaker finance minister and aimed to "limit the devaluation of the Lebanese pound in the parallel market," Salameh said. The pound began rising in value on the parallel market immediately after the decision was announced.

If you look, it's in Lebanese pounds, so is this the price? To solve the exchange rate confusion, the government needs to implement one unified rate. Shop owner Mahmoud Chaar told Reuters the exchange rate was changing so fast that his business was losing money overnight. Like many business owners, Chaar has to pay in U.S. dollars to import goods but sells in Lebanese pounds. "Basically, we lost in the exchange rate difference what we had made in profit," Chaar told Reuters.

☆ AI and the future of work: Everything is about to change
▼ + stars: | 2023-03-19 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +8 min

Suddenly, AI tools, which have long operated in the background of many services, are now more powerful and more visible across a wide and growing range of workplace tools. Google’s new features, for example, promise to help “brainstorm” and “proofread” written work in Docs. A long list of startups are also developing AI writing assistants and image generators. The pitch from tech companies is clear: AI can make you more productive and eliminate the grunt work. Curran said just how much these AI-powered tools will change work depends on the application.

☆ The Premier League’s Fiercest Battle Is at the Bottom of the Standings
▼ + stars: | 2023-03-18 | by ( Joshua Robinson | ) www.wsj.com time to read: 1 min

In a single dizzying winter of soccer, U.S. men’s national team star Weston McKennie went from Italy to Qatar to figuring out life in a part of England known as West Yorkshire. McKennie had joined Leeds United on loan until the end of the season. And despite linking up with two other American players at the club, Brenden Aaronson and U.S. captain Tyler Adams, very little about the Premier League felt familiar.

☆ Analysis: As worries over banks swirl, investors seek protection against market crash
▼ + stars: | 2023-03-17 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +5 min

The S&P 500 is down 5% from its early February high though it remains up 3% year to date. ... Now the downside tail has a lot more risk priced into it," said Chris Murphy, co-head of derivatives strategy at Susquehanna. Volatility in the Cboe Volatility Index (.VIX), which reflects expectations of stock volatility, has been muted by comparison, though the index hit a five-month high earlier this week. "That is something worth monitoring closely to gauge the expansion of risk within the system," he said. Reporting by Saqib Iqbal Ahmed; Editing by Ira Iosebashvili and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Banking worries send US markets on dizzying ride
▼ + stars: | 2023-03-16 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

The S&P 500 banks index (.SPXBK) was rebounding modestly on Thursday, after sinking 15% in a week. Reuters GraphicsMarkets are also reflecting concern that stress in the banking system may be bringing a recession closer. Economically sensitive assets such as oil and small-cap stocks (.RUT), have headed lower since Silicon Valley Bank's problems made headlines on March 8. The CBOE Market Volatility Index (.VIX) recently hit its highest level since October. But the benchmark S&P 500 index (.SPX) was last down just over 1% since the Silicon Valley troubles arose, and is logging a modest gain for 2023.

☆ AI Tech Like ChaptGPT, Bing, Bard Is a Bigger Threat Than Social Media
▼ + stars: | 2023-03-14 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +13 min

Nowadays, the promise of social media as a unifying force for good has all but collapsed, and Zuckerberg is slashing thousands of jobs after his company's rocky pivot to the metaverse. Much like social media in 2012, the AI industry is standing on the precipice of immense change. And as Altman and his cohort charge ahead, AI could fundamentally reshape our economy and lives even more than social media. If social media helped expose the worst impulses of humanity on a mass scale, generative AI could be a turbocharger that accelerates the spread of our faults. Social media amplified society's issues, as Wooldridge puts it.

☆ Should you be worried about your money, your bank or the U.S. banking system? Experts weigh in
▼ + stars: | 2023-03-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

However, the unexpected shutdowns of Silicon Valley Bank and Signature Bank have many consumers concerned about their deposits, their bank and the U.S. banking system. Here, experts answer what a bank run is, how FDIC insurance works and whether your deposits are still secure. andresr | E+ | Getty ImagesThe short answer is "possibly," according to Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. "This is happening, in part, because of the Federal Reserve's sharp rise in interest rates," Francis said. Further, "many banks are seeing large withdrawals from cash depositors who are looking [for higher rates] to make more money," Francis added.

☆ Nor’easter to Batter East Coast With Snow and Rain As Atmospheric River Pummels California
▼ + stars: | 2023-03-13 | by ( Alyssa Lukpat | ) www.wsj.com time to read: +1 min

Snow in Mammoth Lakes, Calif., on Sunday as California braces for another atmospheric river. Two storms were poised to strike the East and West coasts on Monday, forecasters said, bringing a nor’easter from New York to Maine and yet another atmospheric river to California. Parts of the Northeast, which have had a mild winter, are expected to get heavy rain and snow, forecasters said. Along the Pacific Coast, another atmospheric river was set to add to the dizzying tally of storms this winter that have caused historic flooding and near-record rainfall. The National Weather Service warned it could be difficult to commute in some places.

☆ Wearable Clothes at Last? The Top Trends From the Fall 2023 Fashion Shows
▼ + stars: | 2023-03-11 | by ( Katharine K. Zarrella | Lizzy Wholley | ) www.wsj.com time to read: +1 min

LOW-KEY LUXURY At the fall fashion shows, many designers proposed quiet, classic clothes rife with sophistication. From left: fall looks from Fendi, the Row and Loro Piana. This season put an end to that. Perhaps inspired by political and economic uncertainty, or maybe by the fact that women exist in the tangible world again, not just behind filtered screens, brands including Saint Laurent, the Row, Bottega Veneta and Fendi turned out exquisitely wearable, sometimes understated clothes. The shift in tone resonated with guests, some of whom are cautiously optimistic it might last beyond this crucial season for the brand.

After a bank run of $42 billion in withdrawals, Silicon Valley Bank was shut down by regulators on Friday. The founders were banking at Silicon Valley Bank and wanted to switch banks immediately after being told by their venture investors that the bank was suffering from "liquidity issues." The go-to bank of Silicon ValleySilicon Valley Bank has been a pillar of the startup of ecosystem for four decades, acting as the go-to financial institution for VC fundraising and building strong ties with founders and investors alike. This helped bolster SVB's reputation as the go-to bank of Silicon Valley in the good times, but exacerbated the crisis when it hit Thursday and Friday. "If you're given responsibility to run this iconic Silicon Valley company, you need some humility."

☆ Nor’easter to Batter East Coast With Snow and Rain as Atmospheric River Pummels California
▼ + stars: | 2023-03-10 | by ( Alyssa Lukpat | ) www.wsj.com time to read: +1 min

☆ Legendary investor Jeremy Grantham says the stock bubble is still deflating and the market will bottom in 2024 amid the Fed's 'horror show'
▼ + stars: | 2023-03-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The stock bubble is still in the process of deflating and the market won't bottom until 2024, Jeremy Grantham said. The legendary investor blasted the Fed's monetary policy as a 36-year-long "horror show." He foresaw mild pain in the year ahead for investors, warning of a falloff in equities around April. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. That's similar to the rallies seen prior to the burst of the dot-com bubble, when the Nasdaq Composite plunged 40% in 2001.

The effort comes as the United States seeks to sustain its liquefied natural gas, or LNG, exports to Europe to displace Russian fuel, while also promoting efforts to fight global warming. A credible market for certified natural gas could help it tackle both goals at once. Crabtree said he hosted a workshop in October with gas industry representatives, including a new industry group called the Differentiated Gas Coordinating Council (DGCC), to discuss standards for certified gas. While gas burns cleaner than other fossil fuels, its main component is the powerful greenhouse gas methane, which can leak into the atmosphere from drilling, processing, shipping and distribution. Palti-Guzman said certified gas could also be key to securing a longterm role for U.S. LNG in Europe where carbon prices last month hit a record 100 euros per tonne.

☆ The stock market bubble has burst and investors betting on a rally are in denial, investment manager says
▼ + stars: | 2023-02-27 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The speculative era in stocks is over, and investors are in denial over the burst of the pandemic stock market bubble, Richard Bernstein Advisors said. The investment firm said liquidity in the market was shrinking faster than in 2000 and 2008, when the dot-com and the housing bubbles burst. Investors buying into the current rally are ignoring changing market conditions, the firm warned. "The stock market rally so far this year seems based largely on speculation rather than fundamentals," the investment management firm said note on Monday. "The speculative rally so far this year seems a perfect example of investors' denial of a changing economy," RBA warned.

☆ Colombia court moves to metaverse to host hearing
▼ + stars: | 2023-02-24 | by ( Isabel Woodford | ) www.reuters.com time to read: +3 min

[1/3] A magistrate speaks during a Colombian court hearing held in the Metaverse, February 15, 2023, in this still image taken from a social media video. Bogota?s Municipal Criminal Court 69/via REUTERSFeb 24 (Reuters) - A Colombian court this month hosted its first legal trial in the metaverse, and now hopes to experiment again with virtual reality, authorities told Reuters. At the two-hour hearing held by Colombia's Magdalena Administrative court, participants in a traffic dispute appeared as avatars in a virtual courtroom. "It felt more real than a video call," Quiones told Reuters on Friday, describing the metaverse experience as "amazing." Nonetheless, Colombia's court proceedings on Feb 15 - streamed to Youtube - went off without too much of a glitch, bar some dizzying camera movement and some distorted movements.

☆ Billionaire investor Cliff Asness says stocks are 'woefully' unprepared for a macro shock in the event inflation doesn't come down as expected
▼ + stars: | 2023-02-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Stocks could face a macro shock if inflation doesn't come down the way markets are expecting, according to Cliff Asness. The billionaire investor said stocks were still expensive, and had more downside to come. I wouldn't call the overall market a bubble anymore, I would just say it's a very expensive market," he added. Over the past year, central bankers raised interest rates 450-basis-points to tame inflation – a move that could overtighten the economy into a recession, experts warn. That would be the highest range interest rates have been since 2007, causing Wall Street analysts to sound the alarms for an impending stock crash.

☆ Robinhood’s stock awards tell a cautionary fable
▼ + stars: | 2023-02-22 | by ( John Foley | ) www.reuters.com time to read: +7 min

The now-abandoned payouts to Tenev and Bhatt were a slab of “market-based restricted stock units” distributed ahead of Robinhood’s initial public offering in July 2021. The system works in reverse, too, however: When executives give back stock awards, the company gains nothing in cash terms. U.S. accounting rules treat stock awards geared to a company’s stock price as a gift that cannot be returned. In short, by handing back their awards, Robinhood’s founders have neither robbed from themselves, nor given to anyone else. Even without this unhappy effect on earnings, shareholders should be wary of the kinds of awards Robinhood doled out at its public company debut.

☆ Inside Peloton's rapid rise and bitter fall — and its attempt at a comeback
▼ + stars: | 2023-02-19 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +9 min

"It felt like nothing could get in the way of all that," said a former engineer who attended the party. For this report, CNBC spoke with 16 current and former Peloton employees, the majority of whom declined to be identified because they are not permitted to speak publicly about the company. Foley, meanwhile, spoke briefly with CNBC by phone, saying that while Peloton's stock has fallen, the company has not. Peloton's stock price was slowly sliding down, and employees began to panic as they saw their paper wealth evaporate. By June 30, the end of Peloton's fiscal year, the company's full-year net loss ballooned to $2.83 billion.

☆ As accomplished, high-profile female leaders step back from their careers, I wonder whether any woman can have it all
▼ + stars: | 2023-02-19 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +6 min

I don't fault them; they're women who achieved much and then, it appears, made the best decision for themselves. Women face bias when they're leaders. McKinsey & Company recently said it found that "compared with men, senior women leaders report higher rates of burnout, chronic stress, and exhaustion." A report last year from LeanIn.org and McKinsey said women leaders were leaving their companies at the highest rate ever; the organizations started tracking the data in 2015. "You're not promoting enough women into the leadership ranks, and now you have more women leaving leadership roles," Thomas told CNBC Make It in October.

☆ A guide to climate buzzwords and what they say about corporate promises
▼ + stars: | 2023-02-19 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

Thousands of companies with climate goals use confusing jargon like "carbon neutral" and "net zero." Corporate climate pledges are rife with terms like "carbon neutral," "net zero," and "carbon negative," leading to confusion among consumers and investors, among others, about what it all means. Some companies, including ExxonMobil, also have net-zero goals that only cover direct operations. Why 'carbon neutral' can be misleadingThe UN's concerns about carbon offsets are why claims of an organization or product being "carbon neutral" can also be worrisome. "I think there is rightfully some skepticism around climate neutral," Fischweicher said.

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