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☆ Premarket stocks: The Fed could be on the verge of repeating its 1970s mistake
▼ + stars: | 2023-05-08 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

But Gary Richardson, a Federal Reserve historian, is worried policymakers — now contemplating taking a breather — still risk repeating mistakes from that era. A premature retreat could cause the Fed to lose its handle on the situation, presenting even grimmer options down the road. Quick rewind: The chair of the Federal Reserve at the time, Arthur Burns, hiked interest rates dramatically between 1972 and 1974. Inflation later roared back, forcing the hand of Paul Volcker, who took over at the Fed in 1979, Richardson said. But the comparisons reveal the high stakes for the Federal Reserve at a moment of acute uncertainty.

☆ How NBA star Damian Lillard turned a common foot injury into a sneaker business
▼ + stars: | 2023-05-07 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

Damian Lillard of the Portland Trail Blazers dribbles against the New York Knicks at Moda Center on March 14, 2023 in Portland, Oregon. That was just one of the multiple foot injuries and issues like plantar fasciitis that Lillard, now an NBA All-Star point guard for the Portland Trailblazers, has dealt with over his playing career. Exacerbating issues related to his flat feet, Lillard said the injuries stemmed from the lack of support he was getting from the standard insoles found in basketball sneakers. A high percentage of sneaker wearers also just use the standard insole that comes with their shoes. "The product has to speak for itself and the people that are putting the insoles inside their shoes," he said.

☆ Australia central bank stuns market with 25-bps hike, says more might be needed
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

Wrapping up its May policy meeting, the Reserve Bank of Australia (RBA) lifted rates to 3.85% and said "some further" tightening may be required to ensure that inflation returns to target in a reasonable timeframe. Investors reacted by pushing the Australian dollar 0.9% higher to $0.6687, while three-year bond futures slumped 16 ticks to 96.85. "Given the importance of returning inflation to target within a reasonable timeframe, the Board judged that a further increase in interest rates was warranted today." Home prices are also showing signs of bottoming out, having risen for the second straight month in April, supported by rising migration levels and a chronic shortage in housing supply. Reporting by Wayne Cole; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Wages and Prices Could Show a Cool-Down Before a Fed Meeting
▼ + stars: | 2023-04-28 | by ( Ben Casselman | Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Government data on Friday will provide one final update on inflation, spending and wages before the Federal Reserve's interest rate decision next week. Forecasters expect data from the Labor Department to show that a key measure of wages and salaries increased about 4.6 percent in the first quarter from a year earlier. Commerce Department data, also set for release on Friday, is expected to show that inflation eased somewhat in March but remained uncomfortably high, while consumer spending most likely slumped or may have even fallen. Investors will scrutinize the data for clues about where the economy is headed, and how the Fed will react. Most observers expect the central bank to raise rates a quarter of a percentage point on Wednesday, continuing an aggressive campaign to bring inflation to heel.

☆ A drug company abandoned a treatment for ‘bubble boy disease.’ After a 5-year fight, this little girl is about to get it
▼ + stars: | 2023-04-27 | by ( Elizabeth Cohen Lauren Mascarenhas | Elizabeth Cohen | Lauren Mascarenhas | ) edition.cnn.com time to read: +29 min

The Sulacks weighed their options: Have a transplant with a match that was less than ideal – far less – or wait for gene therapy to become available. The news release didn’t say anything else about the SCID gene therapy. Or was the company abandoning its plans for SCID gene therapy altogether? In February, 2021, the parents of more than 20 children who were waiting for the gene therapy treatment, including the Sulacks, wrote a letter to Gaspar. Insurance companies have sometimes balked at paying for gene therapy, which is typically given in one treatment.

☆ Goldman Sachs M&A team doesn't get out of bed for less than $10 billion
▼ + stars: | 2023-04-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Goldman Sachs' M&A team operates under a similar mandate, albeit with a few more zeros. Why bother stressing over 10 $1 billion deals when you can just do a $10 billion deal? It's not just the M&A market that's facing issues. The bank has held the top spot on the year-end M&A league tables for decades, but it is hearing footsteps. More on Goldman's M&A strategy amid an industry drought.

☆ Barcelona scrapes by Atlético Madrid 1-0 to remain in firm control of La Liga title race
▼ + stars: | 2023-04-23 | by ( Patrick Sung | ) edition.cnn.com time to read: +3 min

CNN —FC Barcelona scraped by Atlético Madrid 1-0 at the Camp Nou to extend its lead at the top of La Liga over eternal rival Real Madrid to 11 points. Ferrán Torres’ goal in the 44th minute made the difference, ensuring Atlético continued its 17-year winless drought – with 8 draws and 15 losses – at the Camp Nou. Antoine Griezmann was Atlético's main offensive threat, but he was thwarted by the crossbar and Marc-André ter Stegen twice. Just when Barça’s domination of possession in the first half seemed to be fruitless, the first goal materialized near the stroke of half-time. The win means Barcelona remains in firm control in the La Liga title race with eight matches remaining and an 11-point lead ahead of Real Madrid.

☆ The upcoming North Carolina gubernatorial election could be another flashpoint in the nation's sharply divided politics
▼ + stars: | 2023-04-23 | by ( John L. Dorman | ) www.businessinsider.com time to read: +6 min

North Carolina GOP Lt. Gov. The 2024 gubernatorial race could feature two major forces in North Carolina government — Democratic state Attorney General Josh Stein and Republican Lt. Gov. "I'm running for governor because we the people of North Carolina need someone who understands us," he told his supporters. Roy Cooper has been an institution in North Carolina Democratic politics. North Carolina State Treasurer Dale Folwell is already in the race, and former Rep. Mark Walker is expected to enter the contest soon.

☆ UK inflation stays at 10% as bread rises at record clip. Here’s why it’s proving hard to beat
▼ + stars: | 2023-04-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —UK inflation remained above 10% in March, far higher than in the United States and Europe, as bread prices rose at a record pace. Energy an ‘Achilles’ heel’The United Kingdom is a net importer of energy, unlike the United States. UK inflation to fall sharplyThe good news is that UK inflation is expected to fall rapidly through the remainder of the year, as lower wholesale gas prices feed through to household energy bills. From April, “UK inflation might start to drop faster than in Europe,” he said. But core inflation could take longer to fall in the United Kingdom, according to Gregory of Capital Economics.

☆ Dominion’s case against Fox News goes to trial next week. Is the First Amendment really on the line?
▼ + stars: | 2023-04-16 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +21 min

But even by the standards of the profession, the language in Dominion's $1.6 billion lawsuit against Fox News has been downright apocalyptic. A victory for Dominion against Fox, they say, could wreak havoc for other journalism organizations across the country. The sheer closeness between Trump and Fox News makes a case like this unlikely to harm journalism organizations down the line, Goodale said. The vast majority of defamation cases against media organizations are settled, which gives few high-profile precedents to the Dominion lawsuit. "And that's the balance that the Sullivan court strike tried to strike in 1964.

☆ ‘Renfield’ Review: Nicolas Cage Dons the Count’s Cape
▼ + stars: | 2023-04-14 | by ( Amy Nicholson | ) www.wsj.com time to read: +1 min

In an era prone to pop psychology, here lies “Renfield” on the therapist’s couch. Now, Renfield ( Nicholas Hoult ) is a co-dependent in a toxic relationship with a narcissist—that’s his master, Dracula. Not to be outdone, the vampire ( Nicolas Cage ) weaponizes the lingo of martyrdom as sharpened in feuds on “The Real Housewives.” “I’m the real victim here!” he snarls. Renfield joins a support group, brandishes a self-help book like a protective crucifix and, during a makeover montage, swaps his gothic rags for khakis. Do we believe for one second that a mass murderer would frame an inspirational poster that reads “YOLO”?

That's a good reason to pause after one more rate increase, he said, to study how the economy and inflation evolve, and try to limit the damage to growth and jobs. 'HAD TO DOWNSHIFT'The Atlanta Fed chief spoke in detail about how the recent turmoil in banking markets buffeted his monetary policy views. At first, high inflation made him open to a half-percentage-point increase at the March 21-22 Fed meeting. Indeed, Bostic sketched out why he still believes the inflation battle can be won without a recession or even much of a rise in the unemployment rate. People and businesses "are sitting in a financial condition that is abnormal, and abnormal in a way that would drive excess consumption," Bostic said.

☆ Woods' ball from 1997 Masters sells for $64,000
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

April 10 (Reuters) - A golf ball Tiger Woods gave to a young fan during the final round of his victorious 1997 Masters tournament has sold for $64,124, auction house Golden Age Auctions said on Sunday. Woods bogeyed the fifth hole and handed the ball to Julian Nexsen, who was nine-years-old at the tie. According to the auctioneers, "dozens of people" witnessed the moment Woods handed the ball to Nexsen. Nexsen has signed a legal declaration certifying the authenticity of the golf ball and the story of his final round interaction with Woods. In November last year a signed Woods ball sold for a record $186,000, Heritage Auctions said.

☆ Koepka and Rahm set for Masters showdown as Woods withdraws
▼ + stars: | 2023-04-09 | by ( Steve Keating | ) www.reuters.com time to read: +3 min

Critics of LIV Golf have branded the Saudi-bankrolled big-money venture as uncompetitive and little more than a sportwashing enterprise by a country eager to polish its human rights record. A Koepka victory will not end the human rights questions but would give the rebel circuit some of the credibility and legitimacy it craves. The 47-year-old American has won the Masters five times, most recently in 2019, but he has struggled since his car crash. "I am disappointed to have to WD (withdraw) this morning due to reaggravating my plantar fasciitis," Woods said on Twitter. "Thank you to the fans and to The Masters who have shown me so much love and support.

☆ Woods withdraws from Masters due to foot injury
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +2 min

[1/5] Golf - The Masters - Augusta National Golf Club - Augusta, Georgia, U.S. - April 8, 2023 Tiger Woods of the U.S. reacts on the 18th green during the second round REUTERS/Brian SnyderAUGUSTA, Georgia, April 9 (Reuters) - Tiger Woods has withdrawn from the Masters due to injury after completing seven holes of his third round, tournament organisers said on Sunday. "I am disappointed to have to WD (withdraw) this morning due to reaggravating my plantar fasciitis," Woods said on Twitter. But in unforgiving conditions on a cold Saturday with heavy rain falling, Woods was visibly limping and made back-to-back double bogeys. Last year, in his second start after the crash, Woods withdrew from the PGA Championship after carding one of his worst rounds at a major tournament -- a nine-over 79. American Brooks Koepka leads Spaniard Jon Rahm by four shots with the third round of the Masters yet to be completed.

☆ WWE apologizes for using Auschwitz footage in pro WrestleMania promo
▼ + stars: | 2023-04-07 | by ( David K. Li | ) www.cnbc.com time to read: +1 min

A view of the former Nazi concentration and extermination camp Auschwitz in Oswiecim, Poland, January 19, 2015. World Wrestling Entertainment inexplicably used footage of infamous Nazi death camp Auschwitz in a recent promotion, prompting the grappling giant to apologize Friday for the offensive gaffe. "We had no knowledge of what was depicted," the WWE said in statement to NBC News on Friday. The Auschwitz footage is now absent from tape of WrestleMania Night 1 and has been replaced with generic images of a jail with barbed wire. The son fought his father in this past weekend's WrestleMania and was beaten soundly by the old man.

☆ Glencore’s Teck gambit could slip on an oily patch
▼ + stars: | 2023-04-06 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Valued at 6 times its expected 2024 EBITDA of $3.2 billion, Teck’s metals unit would be worth just under $20 billion. Glencore boss Gary Nagle’s alternative plan, which would hand Teck shareholders 24% of the enlarged company, initially looks more appealing. Nagle can’t put the business, the pride of Glencore founder Marc Rich, together with the new coal unit. The risk for Nagle is that Teck shareholders do too. Teck shareholders will vote on the company’s proposal on April 26.

☆ Looming spring storm to spawn blizzards, ice, tornadoes across central U.S.
▼ + stars: | 2023-03-31 | by ( Steve Gorman | ) www.reuters.com time to read: +4 min

Other cities potentially in harm's way but at lower risk for tornadoes included Chicago, Nashville, Tennessee, St. Louis, Missouri, Madison, Wisconsin and Des Moines, Iowa. "There's a potential for some very strong tornadoes and some tornadoes that could be on the ground for quite some time, especially in northern Arkansas and western Tennessee," said John Feerick, senior meteorologist at private forecasting service AccuWeather. Feerick said the storm system would intensify through Friday as the sprawling low-pressure system at its core moves farther eastward, drawing up greater moisture from the Gulf of Mexico. Dust storm warnings were in effect for portions of the Southern Plains. Reporting by Steve Gorman in Los Angeles; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ An airline was fined for imposing strict rules about high heels and makeup on female cabin crew, report says
▼ + stars: | 2023-03-26 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

A Spanish airline was fined for enforcing a strict makeup and high heel policy on female crew. Vueling requires female crew to wear high heels and enforces makeup rules, per El Periódico. Catalonia's labor department fined the airline 30,000 euros (about $32,000) after a union complaint. The publication said Vueling's female cabin crew were required to wear high heels of between five and eight inches, and foundation that matches their skin tone. A Vueling representative said it was considering its options following the ruling but there was now "no gender distinction or obligation to wear make-up."

Dollars trade at around twice the price they do at the official exchange rate with even banks offering openly offering unofficial rates. An Economy Ministry source denied to Reuters the possibility of the formalization of official parallel FX rates, while a central bank spokesman declined to comment on the topic. Local economist Gustavo Ber said the "daily bleeding" of reserves was a rising concern, with traders closely watching what happened with the peso crawling-peg. The rising pressure on the currency has seen dollars trade at 400 pesos per dollar in parallel markets, compared to 205 pesos at the official rate. Maximiliano Donzelli, analyst at IOL, said a sharp devaluation remained unlikely despite the growing pressure, with temporary and targeted parallel rates more likely.

☆ Is this the sneaker Gen Z has been asking for? Nike seems to think so.
▼ + stars: | 2023-03-21 | by ( Danni Santana | ) www.businessinsider.com time to read: +2 min

Nike is set to release the Air Max Pulse next week, a brand new addition to the Air Max franchise. A closer look at the Nike Air Max Pulse NikeThe Air Max Pulse has large air bubbles on the midsole of the shoe, similar to the Air Max 270, and draws from London's music scene, according to Nike. The new Air Max Pulse will release on Air Max day March 26, alongside the much-anticipated return of the Air Max 1 '86 "Big Bubble." Air Max day marks the anniversary of the first Air Max release in 1987. Nike has a large catalog of classic Air Max sneakers released over the years, including the Air Max 97s, Air Max 95s, and Air Max 90s.

☆ Deel Speed: The inside story of a $12 billion HR startup's breakneck growth
▼ + stars: | 2023-03-20 | by ( Rob Price | ) www.businessinsider.com time to read: +32 min

Insider spoke with more than 30 current or former Deel workers about the HR company's extraordinary rise, and the unconventional tactics that made it possible. "I think if you talk to anyone, they would say that Alex is the face but all decisions run through Phillipe," one former Deel worker told Insider. "They lose every employment and labor protection," Valerio De Stefano, a professor at Osgoode Hall Law School, said of independent contractors. Alex Bouaziz, Deel on Centre Stage during day two of Collision 2022 at Enercare Centre in Toronto, Canada. The company didn't have an internal human-resources team until sometime in 2021, by which point it had grown to hundreds of people.

☆ The inside story of hot startup Deel's grow-at-all-costs culture
▼ + stars: | 2023-03-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Deel employees told Insider how the startup exploded. In just three years, the HR services startup grew from under 30 employees to over 2,000. My colleague Rob Price talked with more than 30 current/former Deel employees about its astronomical rise. Get a front row seat to Deel's grow-at-all-costs approach — intense, even for Silicon Valley. Loyalty, loyalty, loyalty: Why people are sticking with Silicon Valley Bank.

☆ Mexican president says more fentanyl enters the U.S. and Canada than Mexico
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

However, President Andres Manuel Lopez Obrador told a news conference it was not Mexico that was responsible for the introduction of most fentanyl into the United States. "I maintain that more fentanyl reaches the United States and Canada directly than reaches Mexico," he said. Lopez Obrador, who has bristled at suggestions the U.S. could intervene in Mexico, said Mexican officials had explained to him that only blue fentanyl pills turned up in Mexico. "Over in the United States they've got all colors and flavors," the president said. Asked whether there were fentanyl production labs in the country, Lopez Obrador said "yes" but underlined that the raw materials used to make the drug were coming from Asia.

☆ Mexican president floats banning use of medicinal fentanyl
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, March 15 (Reuters) - Mexican President Andres Manuel Lopez Obrador on Wednesday proposed putting an end to medicinal use of fentanyl, a powerful synthetic opioid blamed for rising U.S. drug overdose deaths which has fed tensions between his country and the U.S. Lopez Obrador has vigorously rejected such suggestions, and argues his government is reducing the threat posed by the drug, saying it has seized more illegal fentanyl than "ever before." During a regular news conference, he said he would ask medical experts to analyze the possibility of "substituting fentanyl for medical uses with other painkillers." Earlier this week, Mexico said it was not a production hub for fentanyl, saying the drug and its ingredients largely come from Asia. Reporting by Mexico City Newsroom Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

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