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☆ Biden’s pick to lead FAA withdraws amid shaky Senate support
▼ + stars: | 2023-03-26 | by ( ) www.cnbc.com time to read: +4 min

Phillip A. Washington speaks at a nomination hearing with the Senate Commerce, Science and Transportation Committee on Capitol Hill on March 01, 2023 in Washington, DC. Democrats and allied independents still might have pushed the nomination through, but key senators on their side balked at supporting Biden's pick. "The FAA needs a confirmed Administrator, and Phil Washington's transportation & military experience made him an excellent nominee," Buttigieg tweeted Saturday night. He has strong ties to the administration, however — he led Biden's 2020 transition team for the Transportation Department, which includes the FAA. "Given the significant challenges facing the FAA, this wasn't the time for an administrator who needed on-the-job training," he said.

☆ Making TikTok illegal in the U.S. is a 'slippery slope,' says identity verification services firm
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMaking TikTok illegal in the U.S. is a 'slippery slope,' says identity verification services firmPhillip Shoemaker of Identity.com says it "smacks of xenophobia."

☆ Credit Suisse rescue creates bank twice the size of Switzerland's economy
▼ + stars: | 2023-03-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —The last-minute rescue of Credit Suisse may have prevented the current banking crisis from exploding, but it’s a raw deal for Switzerland. An aerial view of the headquarters of Credit Suisse, center, and UBS, left, at Paradeplatz in Zurich, Switzerland on Sunday, 19 March, 2023. Credit Suisse is “part of Switzerland’s identity,” said Hans Gersbach, a professor of macroeconomics at ETH university in Zurich. “The Credit Suisse Swiss bank is a fine asset that we are very determined to keep,” Kelleher said Sunday. Integration is difficultAt $3.25 billion, UBS got Credit Suisse for 60% less than the bank was worth when markets closed two days prior.

☆ Don't let NASA fool you: The next astronauts on the moon will not be wearing black spacesuits
▼ + stars: | 2023-03-23 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +4 min

NASA and Axiom Space revealed a new spacesuit for the Artemis moon missions last week. The spacesuit is black, but astronauts have to wear white when they're on the lunar surface. Axiom Space chief engineer Jim Stein shows off the prototype spacesuit in Houston on March 15, 2023. Astronauts can't wear black on the moonThe Apollo moon suits were white for a reason. Axiom's spacesuit prototype looks cool, but we're waiting for the version that will go to the moon.

☆ NHL roundup: Alex Ovechkin hits 40 goals for record 13th time
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +10 min

Mandatory Credit: Brad Mills-USA TODAY SportsMarch 22 - On a night he was honored for passing one NHL legend, Washington's Alex Ovechkin made history by eclipsing another. Before the game, Ovechkin was honored in a 20-minute on-ice ceremony for passing Gordie Howe for second place on the all-time NHL goals list on Dec. 23. On Tuesday, Ovechkin scored his 40th goal of the season, passing Wayne Gretzky for the most 40-goal seasons in NHL history with his 13th. Barrett Hayton scored the lone goal for Arizona (27-33-11, 65 points), which saw its four-game winning streak come to an end. Alex Chiasson and Filip Zadina scored regulation goals for the Red Wings, who earned just their third victory in their last 13 games.

☆ Cruise robotaxis blocked a road in San Francisco after a storm downed trees and wires
▼ + stars: | 2023-03-22 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

General Motors ' self-driving vehicle unit Cruise acknowledged that some of its cars stalled out on city streets in San Francisco following rainstorms that downed trees there on Tuesday night. After that, another tree on Polk and Clay streets fell into the street. In response, he said, the San Francisco Fire Department had blocked off Clay between Polk and Jones streets with caution tape. He said the driverless Cruise vehicles did not appear to detect and avoid the caution tape and bus wires properly, and instead became "tangled in them." Cruise has permits to test and deploy autonomous vehicles in San Francisco all hours of day and night, excluding heavy rain."

☆ Joe Tacopina risks being disqualified as Trump's defense lawyer because Stormy Daniels considered hiring him 5 years ago, experts say
▼ + stars: | 2023-03-22 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +7 min

Depending on what Daniels told Tacopina, he could be disqualified in the case, experts say. Tacopina didn't end up taking on Daniels as a client. And the communications from Daniels didn't create a conflict of representation, according to Tacopina. Even if Tacopina didn't take on Daniels as a client, lawyers still have obligations to prospective clients, legal experts say. That appears to be the position of Daniels' attorney.

Companies Credit Suisse Group AG FollowMarch 16 - Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse (CSGN.S) was thrown a financial lifeline by Swiss regulators. As of 0427 GMT, Brent crude futures were up 58 cents or 0.8% to $74.27 per barrel. West Texas Intermediate crude futures (WTI) rose 51 cents, also 0.8%, to $68.12 a barrel. OPEC's rosier outlook for China oil demand also supported oil prices, said Lim Tai An, analyst at Phillip Nova Pte. Higher interest rates can lead to depressed demand for oil as economic growth slows, but concerns about a widenening financial crisis for the banking sector could also weigh on oil demand.

The hearing in Raleigh took place after the state Supreme Court's conservative justices agreed to reconsider a 2022 ruling that found partisan redistricting, or gerrymandering, was unlawful under the state constitution. In the same elections, Republicans flipped two Democratic seats on the court, installing a 5-2 conservative majority that weeks later made the extremely unusual decision to rehear the redistricting case. Several conservative justices appeared sympathetic to the Republicans' arguments, while the court's two Democrats expressed skepticism. The Supreme Court's conservative justices appeared to agree during oral arguments in December. But after the North Carolina court's decision to rehear the case, the U.S. Supreme Court asked the various parties in the case to weigh in on whether the court still has jurisdiction over the matter.

☆ As tech gets hit again, strategists say these stocks present a buying opportunity
▼ + stars: | 2023-03-14 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

Meanwhile, Fed Chairman Jerome Powell said last week that interest rates are likely to remain "higher than previously anticipated" — usually viewed as bad news for the tech sector. But some market pros see the volatility as an opportunity to snap up growth stocks at bargain prices. Big Tech stock picks Speaking last week, before the sell-off, Sylvia Jablonski, chief investment officer at Defiance ETFs, urged investors to watch for pullbacks. AI is expected to grow at a compounded rate of 37% by 2026, Jablonski added, citing research by global market intelligence firm International Data Corporation. Firetrail Investments' Anthony Doyle also identified Microsoft as a tech stock he's bullish on , despite the volatility.

☆ Jehovah's Witness mass shooter presented himself as a business guru charging clients $266,000 a day to get rich, says local report
▼ + stars: | 2023-03-11 | by ( Isobel Van Hagen | ) www.businessinsider.com time to read: +2 min

A German gunman who killed six people previously claimed he could make millions for business clients. The deadly shooting was at a Jehovah's Witness hall in the city of Hamburg. The gunman, identified as Philipp F., shot and killed himself when police arrived at the scene. German authorities identified the shooter only as Philipp F. — a former Jehovah's Witness and member of the congregation he later attacked. The four men and two women killed in the attack were all German nationals, and an injured pregnant woman lost her baby.

☆ Rebels in Indonesia's Papua call in NZ hostage video for UN mediation
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

JAKARTA, March 10 (Reuters) - A New Zealand pilot who was taken hostage last month by rebels in Indonesia's Papua region has appeared in videos put out by separatists calling for the United Nations to mediate in the conflict in the resource-rich region. "OPM requests the United Nations to mediate between Papua and Indonesia to work towards Papuan independence," Mehrtens said in one video, echoing comments in a earlier video statement, in which he said he would only be released if Papua became independent. Indonesia's chief security minister and other officials did not immediately respond to a request for comment on the videos. "No foreign pilots are permitted to work and fly in Papua until Papua is independent," said Mehrtens. In another of the videos, Mehrtens sent his love to his family and asked that any salary he was owed be given to them for food and bills.

☆ House Republicans to highlight US debt ahead of Biden budget proposal
▼ + stars: | 2023-03-08 | by ( David Morgan | ) www.reuters.com time to read: +3 min

WASHINGTON, March 8 (Reuters) - U.S. House Republicans plan to focus on the federal government's $31.4 trillion debt in a closed-door meeting on Wednesday, the day before President Joe Biden unveils a 2024 spending plan the White House says will help limit the debt's growth. The emergence of the two budgets are seen as the starting gun for negotiations between House Speaker Kevin McCarthy and Biden over spending for fiscal 2024, which begins Sept. 1. The stakes of those talks are elevated this year as the federal government is expected to hit the $31.4 trillion debt ceiling by summer. McCarthy wants Biden to agree to spending cuts before his narrow Republican House majority would agree to raise the debt ceiling. Biden insists that Republicans must agree to a "clean" debt ceiling increase without a preliminary deal on spending.

☆ Singapore's Sea Group turns profitable for the first time
▼ + stars: | 2023-03-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Sea Limited's e-commerce arm, Shopee, turned positive adjusted EBITDA for the first time in the fourth quarter of 2022. The group also posted its first-ever positive net income in the quarter. The chairman and group CEO of Sea Limited, said on Tuesday that 2022 was "another year of evolution for us." Shopee and SeaMoneyMeanwhile, e-commerce business Shopee and digital payments arm SeaMoney continued to see strong growth in 2022. Positive EBITDA, or earnings before interest, taxes, depreciation and amortization, refers to the company operating at a profitable level.

☆ NHL roundup: Stars rally, but Flames pull out late win
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +5 min

Nazem Kadri, Jonathan Huberdeau and MacKenzie Weegar each collected two assists, and goalie Jacob Markstrom made 29 saves. Sharks 3, Jets 2 (OT)Logan Couture scored in overtime after assisting on Tomas Hertl's late game-tying goal as San Jose outlasted host Winnipeg. Senators goalie Mads Sogaard made 16 saves on 21 shots after being pressed into action when Cam Talbot was scratched due to a lower-body injury. Kings 4, Capitals 2Adrian Kempe had a goal and an assist for Los Angeles in a win against visiting Washington. Luke Evangelista scored two goals and Colton Sissons also scored for the Predators, whose two-game win streak ended.

☆ The father-son team behind a top-1% mutual fund explains how they pick small companies with high upside built to thrive amid inflation — and makes the case for 5 of their favorite stocks
▼ + stars: | 2023-03-02 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Their refined small-cap investing strategy led to a top-1% performance in 2022. The two men are co-investment chiefs at SouthernSun Asset Management, which Michael founded in 1989, and co-managers of their firm's top-performing small-cap fund. Secrets from top small-cap fund managersPerfecting their investing process has been the key to the Cooks' outstanding recent returns. What SouthernSun's small-cap fund lacks in turnover, it makes up for in volatility. But the fund managers are confident that the small-cap stocks they've chosen will survive — if not thrive — as inflation stays elevated.

☆ Singapore's online portal PropertyGuru remains in the red even as fourth quarter revenue jumped
▼ + stars: | 2023-03-02 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Singapore-based online property portal PropertyGuru maintains a "conservative outlook in 2023" amid challenges, and expects full year 2023 revenue of between SG$160 million and SG$170 million and adjusted EBITDA of between SG$11 million and SG$15 million. SINGAPORE — Singapore's online real estate portal PropertyGuru posted a net loss of 5 million Singapore dollars ($3.7 million) in the fourth quarter of 2022. Net loss for the three months to December 2022 came in at SG$5.2 million. Full year net losses in 2022 amounted to SG$129.2 million, better than a net loss of SG$187.4 million the previous year. Meanwhile, revenue in the fourth quarter came in at SG$40 million, about 17% increase from a year ago.

☆ Hong Kong’s office landlords face a tough rebound
▼ + stars: | 2023-03-01 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, March 1 (Reuters Breakingviews) - Hong Kong offices are emptier than in other Asian financial centres. Singapore and Tokyo boast rates well under half of Hong Kong’s level, and figures there are either improving or roughly unchanged. Last year, mainland-based companies accounted for less than 6% of all leases in Hong Kong’s key Central business district, from nearly 30% in 2019. Hong Kong’s economy shrunk for three of the last four years, and its population is slimming too. However, the plan to reduce its office footprint may not apply to Hong Kong, a person familiar with the situation told Breakingviews.

☆ NHL roundup: Wild's Kirill Kaprizov caps hat trick in OT
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +6 min

Sabers 7, Capitals 4Dylan Cozens delivered his first career hat trick, and Buffalo defeated visiting Washington. Vinnie Hinostroza had a goal and an assist for Buffalo, while Cozens added an assist for the first four-point game of his career. T.J. Oshie scored his fourth goal in three games and added an assist, and Dylan Strome had a goal and an assist. Nick Schmaltz had a goal and an assist, and Shayne Gostisbehere also scored a goal for Arizona. Trocheck added an assist, and Mika Zibanejad and Artemi Panarin each had a goal and an assist.

The city of Phoenix's aviation department, which runs the Phoenix Sky Harbor International Airport, has launched a childcare program for airport workers and plans to build a childcare facility on airport property. Since its launch, 37 airport workers have joined the program, which covers daycare costs partially. At Kelowna International Airport in British Columbia, Canada, construction is underway for a daycare primarily for children of employees who work on airport property. Cincinnati/Northern Kentucky International Airport is similarly weighing offering childcare on-site or nearby in a bid to offer attractive benefits to workers, said airport spokesperson Mindy Kershner. And then there are others - like Jared Barker, a 33-year-old baggage handler at Minneapolis–Saint Paul International Airport who quit and left the industry altogether last year after mass departures during the pandemic led to a heavier workload.

☆ NHL roundup: William Nylander's OT goal lifts Leafs past Wild
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +4 min

Mandatory Credit: Dan Hamilton-USA TODAY SportsFebruary 25 - William Nylander scored at 1:05 of overtime and the Toronto Maple Leafs defeated the visiting Minnesota Wild 2-1 on Friday night. David Kampf also scored for the Maple Leafs, who have won two in a row. Brandon Duhaime scored for the Wild, who had won their fourth straight game 2-0 on Thursday against the Columbus Blue Jackets. Canadiens 5, Flyers 2Jesse Ylonen had one goal and one assist to lift Montreal past host Philadelphia. Compher and Nathan MacKinnon each had a goal and an assist for visiting Colorado in a win over Winnipeg.

"It's going to take more effort on the part of the Fed to get inflation on that sustainable downward path to 2%." She is among the minority of Fed policymakers who back in December thought they would need to lift the policy rate to 5.4% to stop inflation, while most believed 5.1% would suffice. Similarly none of the other Fed policymakers who spoke Friday, including the normally hawkish Governor Christopher Waller and St. Louis Fed President James Bullard, focused on the fresh inflation data to argue for a more muscular Fed response, though all continued to signal more rate hikes would be required. And traders largely erased what had been consistent bets on Fed rate cuts towards the end of the year, pricing in a year-end Fed policy rate of 5.26%. "It looks like the Fed will have to be more aggressive," said Yelena Shulyatyeva, an economist at BNP Paribas.

☆ Speculative bets are cool again and Reddit's army of retail investors is partying like it's 2021
▼ + stars: | 2023-02-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

And yet, despite the dip this week, markets right now are brimming with bullishness — and Reddit-loving retail investors are partying like it's 2021. Retail investors are rebuffing Jerome Powell in piling into speculative assets. Remember, at the start of the pandemic, government stimulus and near-zero interest rates gave retail investors the perfect opportunity to lay down speculative bets. "With all of these headwinds, retail investors are jumping in on maybe some ill-conceived optimism," Goldman said. But economic data be damned, retail investors are still piling into the riskiest corners of the market.

NEW YORK, Feb 22 (Reuters) - The creator of a marketplace for National Basketball Association Top Shot non-fungible tokens must face a lawsuit claiming that the tokens are securities, a U.S. judge ruled on Wednesday. U.S. District Judge Victor Marrero in Manhattan rejected Dapper Labs Inc's bid to dismiss a proposed class action by purchasers of NBA Top Shot Moments, which are digital video clips of NBA game highlights. The lawsuit said Dapper should have registered the NFTs as securities because their value was tied to the success of Dapper's blockchain. It says there are more than 1.5 million users of NBA Top Shot, with sales exceeding $1 billion. The case is Friel v. Dapper Labs Inc et al, U.S. District Court, Southern District of New York, No.

☆ Falling behind on federal student loans can lead to other major financial problems
▼ + stars: | 2023-02-22 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

Falling behind on federal student loans is likely to trigger other major financial consequences for borrowers, according to new research by The Pew Charitable Trusts. More than 80% of borrowers who experienced default stated that they'd faced at least one additional consequence as a result. The most common impact was a drop in their credit score (62%) followed by being subject to collection fees (47%) and losing eligibility for future federal financial aid (37%). Other consequences that followed from a default on federal student loans included wage garnishment, the suspension of professional licenses and having Social Security or tax refunds offset. Most recently, U.S. Department of Education Undersecretary James Kvaal said that if the government isn't allowed to carry out its sweeping student loan forgiveness plan, there could be a "historically large increase in the amount of federal student loan delinquency and defaults as a result of the Covid-19 pandemic."

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