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☆ Our bend-don't-break economy is reaching its limit
▼ + stars: | 2024-08-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, interest-rate cuts are almost certainly coming, but the relief won't be felt immediately . The big storyCrash landingKevin Dietsch/Getty, Tyler Le/BIOur bend-don't-break economy might finally have reached its limit. After a year of resiliency in the face of high interest rates, the cracks are showing in the US economy. But it's not a silver bullet, and the rate cut's effect will take time to make its way through the economy.

Persons: —, Kevin Dietsch, Tyler Le, it's, Chelsea Jia Feng, Claudia Sahm, Madison Hoff, McDonald's, Jared Siskin, Bobby, Jordan Grumet, Justin Best, Brian Stauffer, Michal Kosinski, Rob Price, sompong, Seng kui Lim, Getty, Joe Biden's, Elon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Relief, Getty, Fed, Amazon, Big Tech, Madison, Park Conservancy, Citadel, FIRE, Union Square Advisors, Nvidia, America Locations: resiliency, Central, Switzerland, Canada, Park, Paris, New York, London

☆ How the hedge fund superstar went extinct
▼ + stars: | 2024-07-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

But for now, we're examining how the hedge fund superstar has gone extinct . The big storySo long, superstarGetty Images; Alyssa Powell/BIWhere have all the hedge fund superstars gone? AdvertisementIn years past, even rubbing shoulders with a legendary hedge fund manager was enough for aspiring fund managers to raise capital. Meanwhile, the hedge fund industry has also evolved. Aaron Weiner, a 31-year-old from Coatue, got a multibillion-dollar check from Millennium for his to-be-launched hedge fund .

Persons: —, Kamala Harris, Harris, Alyssa Powell, Insider's Linette Lopez, Julian Robertson, Griffin's, Izzy Englander's, Goldman Sachs, Jared Siskin, Bobby Jain, it's, Aaron Weiner, Jonathan Xiong's, Maja Hitij, Carl Godfrey, Apple, Sam Altman's, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Democratic, Democratic Party Convention, Business, Getty, Management, Goldman, Madison, Park Conservancy, Citadel, Credit Suisse, Jain, ExodusPoint, Investment Partners, Blackstone, Elon Musk's, Big Tech, Bank of America, BI Founders, Forge, Apple, Google, General Motors Locations: Venture, Wall, Park, Coatue, Miami, London, New York

☆ President Joe Biden ended his reelection bid. What's next?
▼ + stars: | 2024-07-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, President Joe Biden ended his reelection bid . The president ended his reelection campaign on Sunday, the culmination of mounting pressure from his party after a disastrous debate last month. Meanwhile, former President Donald Trump said in a post on Truth Social that "Crooked Joe Biden was not fit to run for President." Biden's reelection campaign has quickly pivoted to serve Harris, making it an uphill battle for any Democrat looking to challenge her , writes Business Insider's Brent D. Griffiths. Many have made comparisons to the 1968 Democratic convention , which was a contested convention after President Lyndon B. Johnson ended his reelection campaign earlier that year.

Persons: —, Joe Biden, Biden, Alyssa Powell, BI Joe Biden, Elon Musk, Reid Hoffman, Donald Trump, Kamala Harris, Harris, Jared Siskin, Biden's, Insider's Brent D, Griffiths, Hillary Clinton, BI's Bryan Metzger, Lyndon B, Johnson, Hubert Humphrey, Humphrey, Richard Nixon, Brent, Here's, Sieg, Merrill Lynch, Abanti Chowdhury, Andy Sieg, Warren Buffett's, Buffett, Paul Chinn, Andrew Caballero Reynolds, Marc Andreessen, he'd, Andreessen, Trump, BI's Adam Rogers, OpenAI, Sam Altman's, slowdowns, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, BI, Democratic, Madison, Park Conservancy, Citi Wealth, BI Citi Wealth, Bank of Montreal, Buffett Locations: Park, Plenty, Washington, Chicago, Southern, New York, London

☆ ‘Show the violated work’: Artist requests vandalized sculpture remains on view
▼ + stars: | 2024-07-12 | by ( Leah Dolan | ) edition.cnn.com time to read: +3 min

CNN —A controversial statue by Pakistani-American sculptor Shahzia Sikander — one of a handful of public pieces by the celebrated artist — has been beheaded at the University of Houston. The intact work of art, seen while on display in Madison Square Park in 2023. The university cancelled an opening celebration of Sikander’s work along with a scheduled talk from the artist. “And I hold the University of Houston accountable for their inadequate response and failure to protect the art. I have asked the university to remove the tarp and show the violated work.

Persons: Shahzia Sikander —, —, Lynda Churilla, Ruth Bader Ginsburg, Beryl, Sikander, ”, “ Organizations: CNN, University of Houston, “, Madison Square, Madison Square Park, Houston, University of Houston Police Department Locations: Madison, Manhattan, New York, Madison Square, Texas, Houston

☆ Insider Today: Biden's denial
▼ + stars: | 2024-07-07 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

This week's dispatchWin McNamee/Getty Images; iStock; Rebecca Zisser/BIPressure on Biden buildsUS President Joe Biden had a terrible debate. He's done little to turn things around since and appears to be in denial over the damage done to his campaign. AdvertisementThat's the story of a critical 10-day period in the US presidential race, which kicked off with Biden's historically bad debate performance. Biden's poor performance led to a Democrat freak out and growing calls for Biden to step aside. Neither sentiment is likely to satisfy the many Democrats who have serious concerns about Biden's mental acuity and electability.

Persons: —, Win McNamee, Rebecca Zisser, Joe Biden, He's, Biden, Donald Trump, ABC's George Stephanopoulos, Trump, Lorenzo Matteucci, It's, Alyssa Powell, they're, Tyler Le, Jared Siskin, Bobby Jain, Pete Ballmer, Steve Ballmer Organizations: Service, Business, Biden, Democrats, Republican, Trump, Madison, Park Conservancy, Jain Locations: Park

☆ Rupert Murdoch just slashed the price of his Manhattan penthouse by half. See inside the $28.5 million apartment he can't seem to sell.
▼ + stars: | 2024-06-28 | by ( Maria Noyen | ) www.businessinsider.com time to read: +1 min

Rupert Murdoch has cut the price of his three-floor New York City apartment to $28.5 million. to $28.5 million. The media mogul, 93, listed the property for $62 million in 2022. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Now, in his latest bid to shift the property, he's selling it for $28.5 million, more than half its original listing price.

Persons: Rupert Murdoch, —, Elena Zhukova Organizations: Service, Fox Corporation, News Corp, Air, Business Locations: York City, Manhattan, New York City, Madison, Bel, Air , California

☆ Venture firms could be the latest target for AI disruption, and that's not the only threat to VCs
▼ + stars: | 2024-06-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at how AI could completely upend venture capitalism amid a wider shakeup for the industry . The generative AI boom was a welcome change for a venture industry looking for a new trend to back (and hopefully profit from). Some of the adjustments aren't novel to the VC industry. ACME Capital; Getty Images, Chelsea Jia Feng/BIThe VC industry might be doomed with or without AI. AdvertisementScott Stanford, a cofounder and partner at early-stage VC firm ACME Capital, told BI's Blake Dodge that half of today's VC firms will shutter in the next decade .

Persons: —, VCs zentilia, Jenny Chang, Rodriguez, Insider's Ben Bergman, Ben, Long, Scott Stanford, Chelsea Jia Feng, BI's Blake Dodge, Hany Nada, Jared Siskin, Bobby Jain's, Jonathan Barton, Jain, Rebecca Zisser, OpenAI, Apple, Elif, Jeff Bezos, Robert Winnett, Will Lewis, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Grace Lett, Amanda Yen Organizations: Service, Business, ACME, Getty, ACME Capital, Stanford, BI, Madison, Conservancy, Jain, EV, Ford, European, Regulators, Anadolu Agency, Getty Images, Washington, Harvard, Leagues Locations: today's, Wall, Saudi, Saudi Arabia, Europe, Brazil, Southeast Asia, London, American, Paris, New York, Chicago

☆ New York’s Freedom Plaza development will feature skyscrapers joined by daring cantilevered ‘skybridge’
▼ + stars: | 2024-02-15 | by ( Christy Choi | ) edition.cnn.com time to read: +5 min

The "skybridge" connecting the two hotel towers is set to feature a 150,000-gallon rooftop infinity pool. Bjarke Ingels GroupThe development is one of several projects competing for three casino gaming licenses recently approved for downstate New York by the state’s gaming commission. Bjarke Ingels GroupSoloviev Group has also promised that an unspecified percentage of the gaming profits, starting with a minimum $5 million donation, will go to an independently run non-profit community fund. Freedom Plaza will also contain public green space and a new Museum of Freedom and Democracy. Bjarke Ingels GroupUnaffiliated with Long Island University’s Museum of Democracy, the new institution will contain pieces of the Berlin Wall and works from the Soloviev Group’s art collection.

Persons: Bruce Munro, Le Corbusier, Wallace Harrison, Oscar Niemeyer, ”, Ray Pineault, “, Michael Hershman Organizations: CNN, New, United, Museum of Freedom and Democracy, British, Soloviev Group, BIG, UN, downstate, Soloviev, Mohegan, Museum of Freedom, Democracy, of Freedom and Democracy, Ingels Group, University’s Museum of Democracy Locations: New York City, Midtown Manhattan, Madison, Danish, North America, York City, York, New York, Long

☆ When the Skyscraper You Hate Blocks the Skyscraper You Love
▼ + stars: | 2023-10-25 | by ( Michael Kimmelman | More About Michael Kimmelman | ) www.nytimes.com time to read: +1 min

When I reached the plaza I turned to admire the Flatiron, as usual. But the view north had changed. The Empire State Building is gone, or almost. From much of the plaza, yet another anorexic supertall for squillionaires, rising at 29th Street, now blots it out. Ever since Henry Hudson sailed through the Narrows, change has been New York’s mantra and bugaboo.

Persons: Henry Hudson Organizations: downer, State, Empire State Locations: Madison, York

☆ To Star at the Venice Biennale, Artists Need Patrons’ Deep Pockets
▼ + stars: | 2023-10-24 | by ( Zachary Small | More About Zachary Small | ) www.nytimes.com time to read: +2 min

Organizers said that last year’s exhibition there by Simone Leigh cost about $7 million. But curators say financial support from the State Department has not kept pace with the increases. “We consider private-sector support a strength in our approach to this program, as it creates broad engagement with a wide variety of stakeholders,” a spokesman for the State Department said. “I think there is an understanding even before a selection is made that if you apply, then you have the ability to fundraise,” said Brooke Kamin Rapaport, artistic director and chief curator at Madison Square Park Conservancy and the commissioner of the $3.8 million Venice exhibition by the sculptor Martin Puryear in 2019. Robert Storr, who directed the 2007 Venice Biennale and is a former dean of the Yale School of Art, said the rising costs of shipping and other logistics make the system unsustainable.

Persons: William Adams Delano, Chester Holmes Aldrich, Robert Rauschenberg’s, Robert Gober’s, Simone Leigh, “, ”, Brooke Kamin Rapaport, Martin Puryear, Robert Storr Organizations: State Department, Venice Biennale, Park Conservancy, “, Yale School of Art Locations: United States, Venice, Italy, Madison

☆ Imagine Spider-Woman With a Crochet Hook
▼ + stars: | 2023-06-22 | by ( Hilarie M. Sheets | ) www.nytimes.com time to read: +1 min

“My favorite thing is crocheting 20 feet in the air,” the artist Sheila Pepe said at her studio in the Brooklyn Army Terminal. “Up high, in my overalls and my crochet hook in hand, on top of a drivable scissor lift, it’s the funniest gender joke in the world for me,” said the 63-year-old artist, who identifies as lesbian. Now you’re Uncle Joe!”For more than two decades, Pepe has used the craft of crochet, which she learned as a child from her mother, as a way to “draw” in three dimensions and infiltrate architecture. Using crochet in place of steel, Pepe has invited reconsideration of a humble craft done by generations of women and the painstaking labor that went into it. Her grandfather ran a shoe repair shop in Brooklyn, and her parents owned a deli in Morristown, N.J.

Persons: “, Sheila Pepe, ”, Joe, Pepe Organizations: Brooklyn Army Locations: Brooklyn, Manhattan’s Madison, Italy, Morristown, N.J

☆ I'm a bear when it's called for, like in 2007. But this stock market belongs to the bulls
▼ + stars: | 2023-04-30 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

I have not been bombarded with as many warnings about how we are about to embark upon a wave of failures of all sorts — shadow banks, regional banks, commercial real estate lenders, real estate investment trusts — at any time since 2007. Let's take commercial real estate. I mention SL Green because it may be the most challenged of the REITs, real estate investment trusts, other than Vornado Realty Trust (VNO), a historically fine New York real estate concern, which just delayed its dividend. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ MediaMath seemed destined for a $1B fairy-tale exit. Instead, most early investors got nothing.
▼ + stars: | 2023-03-01 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +19 min

At its Halloween party in 2015, the adtech startup MediaMath seemed on the brink of greatness. The machine-learning revolution that took over the financial industry was finally happening in marketing, and many industry insiders considered MediaMath to be the hottest adtech company of the time. "We never came close to consummating such a deal with MediaMath nor entertained the purported valuation," said a representative for Singtel. The Trade Desk, the most comparable independent DSP company to MediaMath, was riding high after its 2016 initial public offering. The quasi-equity agreement was structured to protect Searchlight if MediaMath didn't perform to certain quotas or if things went south financially.

☆ Snow go: New York City's winter is missing the white stuff
▼ + stars: | 2023-01-24 | by ( Christine Kiernan | ) www.reuters.com time to read: +1 min

[1/2] A woman walks by the sculpture "Witness," installed by Pakistani-American artist Shahzia Sikander, in Madison Square Park in New York City, U.S., January 18, 2023. REUTERS/Shannon StapletonNEW YORK, Jan 24 (Reuters) - Winter is well under way in New York City and the holiday celebrations are fading into the distance - but there has still not been a proper snowfall. Although an epic blizzard hit western New York state just after Christmas, the Big Apple itself has gone 230 days without snow, according to the National Weather Service. It is now approaching the record latest snow for the city - Jan. 29, which dates back to 1973. "February is actually our snowiest month here in New York City, here in Central Park," Kruczkiewicz said.

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