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☆ Wall Street cues a lesson in Ivory Tower finance
▼ + stars: | 2023-10-20 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +5 min

NEW YORK, Oct 20 (Reuters Breakingviews) - Wall Streeters are trying to teach universities a lesson, but may provide them with a broader understanding of economics instead. The median family income for Harvard students is nearly $169,000, or about 2.5 times the U.S. average. Stockpiles of cash donated by Rowan, Ackman and other alumni also should theoretically make such institutions more accessible, but haven’t. Elite universities funnel many graduates to lucrative careers in finance and consulting, and studies have shown that social class often predetermines success. Ideally, Ivory Towers would price education closer to its actual value rather than what people are willing to pay.

Persons: Marc Rowan, Bill Ackman, Ackman, Rowan, Israel, grads, Liz Magill, Scott Bok, David Magerman, Estee Lauder, Ronald Lauder, Jon Huntsman, Larry Summers, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: Reuters, University of Pennsylvania, Harvard, Rowan, Ivy League, Reuters Graphics Investment, Apollo Global Management, Ackman’s, Palestine, Literary, Renaissance Technologies, Pershing, Harvard University, Thomson Locations: Cambridge , Massachusetts, Wharton

☆ P&G price hikes have no-tears effect on US wallets
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

Pampers, a brand owned by Procter & Gamble, is seen for sale in a store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsWashington/NEW YORK, Oct 18 (Reuters Breakingviews) - If Americans are fed up with inflation, their checking accounts aren’t showing it. Procter & Gamble (PG.N) topped earnings expectations on Wednesday after raising prices 7% year-over-year in the third quarter. Imagine all producers of such goods raised prices by 7% in the past year, as P&G did. P&G credits innovation, and if it can squeeze where others can’t, it may even be able to raise prices more.

Persons: Andrew Kelly, Forrester, Ben Winck, John Foley, Jean, Pierre Mustier, Atos, Larry Fink, Uncle Sam, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Procter & Gamble, REUTERS, Washington, Reuters, of America, PepsiCo, X, News Corp, Thomson Locations: Manhattan , New York City, U.S

☆ Rainmakers find political hedge in Chris Christie
▼ + stars: | 2023-10-16 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

[1/2] Republican presidential candidate and former New Jersey Governor Chris Christie speaks at the New Hampshire Republican Party’s First in the Nation Leadership Summit in Nashua, New Hampshire, U.S., October 13, 2023. Several hedge fund rainmakers poured cash into Chris Christie’s campaign over the summer, according to filings released on Monday. But with legal woes hanging over Trump’s campaign, contributions to the most anti-Trump conservative could become a valuable call option for the group that knows something about hedging. It’s notable that Christie has been vocal about attacking Trump, whom he advised during the prior president’s first term. Former New Jersey Governor Chris Christie raised $3.8 million over the quarter, aided by donations from wealthy investors including Stanley Druckenmiller, David Tepper and Paul Tudor Jones.

Persons: Chris Christie, Brian Snyder, Donald Trump, hasn’t, Wall, Chris Christie’s, Christie, Nikki Haley, Ron DeSantis, Vivek Ramaswamy, Tim Scott, That’s, Stanley Druckenmiller, David Tepper, Tudor Investment’s Paul Tudor Jones maxed, Seth Klarman, Bruce Kovner, Trump, ” Christie, Ramaswamy, Tyler Winklevoss, Paul Tudor Jones, Lauren Silva Laughlin, Sharon Lam Organizations: Republican, New, New Hampshire Republican Party’s, Nation Leadership Summit, REUTERS, Rights, Reuters, Republican Party, Trump, Duquesne Capital, Management, CAM, Fairleigh Dickinson University, Reuters Graphics Reuters, Federal, Former New Jersey, Thomson Locations: New Jersey, Nashua , New Hampshire, U.S

☆ Starboard dusts off old plan at News Corp
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

A view of the signage outside the News Corporation building in New York, U.S., September 21, 2023. REUTERS/Bing Guan Acquire Licensing RightsNEW YORK, Oct 16 (Reuters Breakingviews) - Maybe it takes a pile on to move the Murdoch family’s thinking. Reuters reported on Friday that Jeff Smith’s Starboard is the latest activist to try and unlock value at News Corp (NWSA.O), the publisher of the Wall Street Journal, owner of book conglomerate HarperCollins and Realtor.com. Starboard, which took a position in the $13 billion company, is pushing for a spinoff of the real estate assets, according to the Wall Street Journal. Last year Irenic Capital Management agitated for the same transaction in reaction to the Murdochs’ desire to reunite News Corp with broadcasting company Fox (FOXA.O).

Persons: Bing Guan, Murdoch, Jeff Smith’s, pushback, Jennifer Saba, Jean, Pierre Mustier, Atos, Larry Fink, Uncle Sam, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: News Corporation, REUTERS, Reuters, News Corp, Wall Street Journal, HarperCollins, Wall Street, Capital Management, Fox, X, Thomson Locations: New York, U.S, Europe

☆ Dating apps can embrace gamification of hookups
▼ + stars: | 2023-10-06 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

The dating app Tinder is shown on a mobile phone in this picture illustration taken September 1, 2020. The dating app owned by Match (MTCH.O) said last week it’s rolling out a subscription tier called “Tinder Select” that will cost $500 a month. The $12 billion company could make even more money if it approached hookups the way computer games hook users. By contrast, if a hefty 1% of Tinder’s current subscribers sign up for Tinder Select, they will pay an extra $600 million. Follow @thereallsl on XCONTEXT NEWSMatch’s dating app Tinder is launching a premium service named “Tinder Select” for $499 a month.

Persons: Akhtar Soomro, Bernard Kim, Tinder, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Reuters, Match, Apps, Tinder, Reuters Graphics Reuters, Thomson Locations: Plenty

☆ SPAC shell games will keep hiding the ball
▼ + stars: | 2023-10-05 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +9 min

It’s more or less how another 216 companies backed into public markets in 2021, according to SPAC Research. They’re on track to miss the mark by more than 40%, delivering only about $55 billion, according to recent forecasts compiled by LSEG. The electric-vehicle industry, for one, was a serial SPAC user whose exuberance sputtered badly. Dressing them up as acquisitions of private firms by listed shell companies enables the participants to play by looser rules. SPAC investors buy shares in the empty vessel before its sponsor and takeover target agree on a valuation.

Persons: Vishal Garg, Better’s, Breakingviews, SPACs, ”, Joel Rubinstein, Donald Trump’s, Spruce, Woodruff Sawyer, Gary Gensler, Ellis, Gensler, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, & Finance, Research, LSEG, Polestar Automotive, White, The Securities, Exchange Commission, XL Fleet, SEC, Reuters Graphics Reuters, Case, Kirkland, U.S . Securities, Financial Services, Thomson

☆ Bankman-Fried circus will be a singular clown show
▼ + stars: | 2023-10-04 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, Oct 4 (Reuters Breakingviews) - All eyes are on Sam Bankman-Fried as the cryptocurrency founder’s criminal trial gets underway this week. The high-profile case bears similarities to past scandals such as Enron and Countrywide Financial, when regulation followed investigations. Lawmakers hauled Wall Street analysts up to Capitol Hill to grill them about their “buy” ratings. Importantly, legislators passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, forcing banks to hold more capital, among other stipulations. It also is less prevalent – less than 20% of Americans have invested in crypto, according to the Pew Research Center.

Persons: Sam Bankman, FTX’s, Ken Lay, Arthur Andersen, Dodd, Frank Wall, Tom Brady, Bill Clinton, Fried, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Enron, Countrywide Financial, Countrywide, Bank of America, Lawmakers, Sarbanes, Oxley, Frank Wall Street Reform, Consumer, The Securities, Exchange Commission, Pew Research Center, Louis Federal Reserve, Southern, Thomson Locations: Manhattan, New

☆ Covid-induced Nobel Prize is on brand
▼ + stars: | 2023-10-02 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

They realized that modifying lab-made mRNA, a molecule used for protein production, nearly stopped the body from mounting an inflammatory response. It takes, on average, about 25 years between publishing work and receiving the Noble Prize in medicine. There are exceptions: insulin was created in 1921, administered to children in 1922, and the inventors were given the prize in 1923. Contrast that to Ralph Steinman, awarded the prize in Medicine in 2011 for work done in 1973. Follow @rob_cyran on XCONTEXT NEWSKatalin Kariko and Drew Weissman were awarded the Nobel Prize in Medicine on Oct. 2 for their work in a paper published in 2005 in the journal Immunity on mRNA molecule modifications.

Persons: Kariko, Drew Weissman, Ralph Steinman, Germany’s, Weissman, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, University of Pennsylvania, Medicine, U.S . Defense Department, Pfizer, Moderna, Thomson Locations: Covid

☆ Apollo’s divergent path outshines Blackstone
▼ + stars: | 2023-09-28 | by ( Jonathan Guilford | ) www.reuters.com time to read: +7 min

NEW YORK, Sept 28 (Reuters Breakingviews) - Apollo Global Management (APO.N) and Blackstone (BX.N) both emerged from private equity’s primordial swamp. That spread comprised nearly three-quarters of Apollo’s $3.1 billion in profit available to be doled out to shareholders in 2022. That turbo-charged the fees Blackstone reaps from managing funds, which contributed 59% of $6.6 billion in profit available to shareholders last year. Apollo’s earnings from its insurance business are awarded an even more meager 10 times. This doesn’t form the closed loop like that between Athene, Apollo and its various specialist lenders.

Persons: Marc Rowan, haven’t, dealmaking, Rowan, Blackstone, Steve Schwarzman, Athene, BREIT, Rich, reckons Bain, Schwarzman, Dealmaking, hasn’t, Lauren Silva Laughlin, Oliver Taslic Organizations: Reuters, Apollo Global Management, Blackstone, Apollo, Reuters Graphics Reuters, Barclays, Schwarzman, U.S . Federal, Industry, Life Insurance, Research Association, Thomson Locations: freefall, BREIT, Blackstone

☆ Lululemon and Peloton truce removes one speed bump
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

Yoga mats are seen on display in a Lululemon Athletica store in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew Kelly Acquire Licensing RightsTORONTO, Sept 28 (Reuters Breakingviews) - Lululemon Athletica (LULU.O) and Peloton Interactive’s (PTON.O) truce couldn’t have come fast enough. The apparel firm and exercise-bike maker said on Wednesday they entered into a five-year partnership to make Peloton the exclusive digital fitness content provider for Lululemon, while Lululemon would become Peloton’s primary athletic apparel partner. Peloton gains a foothold in apparel while Lululemon members will gain access to thousands of Peloton classes. It’s easy to envisage Lululemon offering Peloton subscriptions for a discount at checkout time, say, or for Peloton to send a free T-shirts with a bike.

Persons: Andrew Kelly, Lululemon, Sharon Lam, ’, quagmire, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: REUTERS, Rights, Reuters, X, Thomson Locations: Manhattan , New York, U.S

☆ Amazon has a poor man’s monopoly
▼ + stars: | 2023-09-27 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

The $1.3 trillion retailer run by Andy Jassy was sued on Tuesday by the U.S. Federal Trade Commission for alleged anticompetitive practices. She rose to prominence after publishing a paper in the Yale Law Journal in 2017 titled “Amazon’s Antitrust Paradox,” which painted the e-commerce giant as a sprawling monopoly that has gone unchecked by traditional antitrust policing. But Chinese competitors like Shein and Temu, which have different cost structures, are starting to encroach on Amazon’s market. It's possible that Khan and the FTC can nail Amazon in court for behaviors that in the past have given it an exclusive edge. Follow @thereallsl on XCONTEXT NEWSThe U.S. Federal Trade Commission filed an antitrust lawsuit against Amazon.com on Tuesday, asking the court to consider forcing the online retailer to sell assets.

Persons: Andy Jassy, Lina Khan, EBITDA, Walmart’s, hasn’t, Khan, Jonathan Guilford, Sharon Lam Organizations: Reuters, U.S . Federal Trade Commission, Yale Law, Investors, Walmart, Foods, Amazon.com, Alphabet's Google, Thomson Locations: Arkansas, It’s

☆ Long US shutdown is avoidable but seems inevitable
▼ + stars: | 2023-09-26 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

Their requests are so extreme that the measures stand no chance of passing in the Democratic-controlled Senate, which is required to avoid a shutdown. While it could be either avoidable or short-lived, a longer shuttering of the U.S. government seems inevitable. Both chambers of the U.S. legislative branch are making last-ditch efforts to dodge a shutdown before the Sunday deadline. Representative Marjorie Taylor Greene said on Sunday she opposes the budget’s $300 million charge for training Ukrainian troops – that amounts to 0.02% of the total $1.5 trillion budget. The last stoppage, which lasted a record seven weeks between 2018 and 2019, was only solved through compromise between House Democrats and Senate Republicans.

Persons: Kevin McCarthy, Marjorie Taylor Greene, Donald Trump, McCarthy, Joe Biden, “, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Congress, U.S . House, Democratic, Republican, House Republicans, Justice Department, Internal, House Democrats, Senate, Republicans, Thomson Locations: U.S, Mexico, Ukraine

☆ Hollywood’s brief thaw belies a long winter
▼ + stars: | 2023-09-25 | by ( Jennifer Saba | ) www.reuters.com time to read: +4 min

The union representing movie and TV writers tentatively agreed to a new contract on Sunday, setting the stage to end a five-month impasse. Content production is back on the budget line for streaming services. They too want to share in the spoils of a successful movie or TV series on streaming services. Charter now doesn’t have to carry eight Disney networks including FXX and Disney Junior, while Disney also is giving Charter’s customers access to its ad-supported streaming services for no additional charge. The brief thaw belies a long winter.

Persons: Fran Drescher, Duncan Crabtree, Walt Disney, Bob Iger, Ted Sarandos, David Zaslav, Donna Langley, ”, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: SAG, Writers Guild of America, Hollywood, Netflix, Reuters, Guild of America, Walt, Warner Bros Discovery, NBC Universal, Charter Communications, Disney, Disney Junior, WWE, Paramount Global, Paramount, Alliance, Producers, WGA, Thomson Locations: Los Angeles , California, U.S

☆ Carmakers will blink first in union standoff
▼ + stars: | 2023-09-22 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

REUTERS/Michael Swensen Acquire Licensing RightsNEW YORK, Sept 22 (Reuters Breakingviews) - Detroit will run out of road before its unions do. In 2019, when a UAW strike closed manufacturing at GM for 40 days, it reduced output by 300,000 vehicles and operating profit by $3.6 billion. The crux of negotiations probably will come down to wages, where Fain said Ford has budged, including the reinstatement of cost-of-living increases. With the UAW prepared to endure, Detroit will be pressured to blink. The union on Sept. 15 initiated targeted walkouts at three plants owned by the three Detroit vehicle manufacturers.

Persons: Sheila McGee, Michael Swensen, Shawn Fain, Fain, Ford, walkouts, Lauren Silva Laughlin, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Ford, UAW, REUTERS, Reuters, United Auto Workers, General Motors, GM, Ford Motor, Detroit, Thomson Locations: Louisville , Kentucky, U.S, Detroit, Wells

☆ Breakingviews: Carmakers will blink first in union standoff
▼ + stars: | 2023-09-22 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

☆ Republicans leave Ukraine, weed, crypto in limbo
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

U.S. House Speaker Kevin McCarthy speaks with reporters at the U.S. Capitol in Washington, U.S. September 20, 2023. REUTERS/Jonathan Ernst Acquire Licensing RightsNEW YORK, Sept 21 (Reuters Breakingviews) - Legislative casualties of U.S. Congress’s budget fight are emerging. His caving to extreme members of the party augurs poorly for measures like Ukraine aid and cannabis banking. Republicans including Representative Matt Gaetz and Representative Andy Biggs have already denied calls for new Ukraine aid. By siding with further-right members, McCarthy gives them more power to hold the line.

Persons: Kevin McCarthy, Jonathan Ernst, Joe Biden, Biden, McCarthy, Matt Gaetz, Andy Biggs, Ben Winck, Bernie Sanders’s, Lauren Silva Laughlin, Sharon Lam Organizations: U.S, Capitol, REUTERS, Reuters, Republican, Wednesday, Banking, X, Thomson Locations: Washington , U.S, U.S, Ukraine, Washington

☆ Bernie Sanders’s push for four-day weeks has merit
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

Senator Bernie Sanders speaks to the crowd as United Auto Workers President Shawn Fain and UAW Region 1 Director LaShawn English listen during a rally in support of striking UAW members in Detroit, Michigan, U.S., September 15, 2023. The United Auto Workers on Friday began strikes at Detroit carmakers Ford Motor (F.N), General Motors (GM.N) and Stellantis (STLAM.MI). Sanders voiced enthusiasm for their biggest demand: moving to a four-day workweek while maintaining five-day pay. UAW members pushed for this policy in the middle of the last century during a prior wave of automation. With artificial intelligence poised to reshape white-collar jobs, more workers might come to see things Sanders’s way.

Persons: Bernie Sanders, Shawn Fain, Rebecca Cook, Sanders, Jim Farley, Jonathan Guilford, Lauren Silva Laughlin, Sharon Lam Organizations: United Auto Workers, UAW, REUTERS, Reuters, Friday, Detroit, Ford, General Motors, X, Thomson Locations: Detroit , Michigan, U.S

☆ Ford’s boss evokes empty threats in union battle
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble Acquire Licensing RightsNEW YORK, Sept 15 (Reuters Breakingviews) - Ford Motor (F.N) boss Jim Farley is breaking out the "B" word. In a Thursday interview with CNBC, Farley said that pay-rise demands from the United Auto Workers would have driven Ford “bankrupt” if implemented back during 2019 contract negotiations. For now, using “bankrupt” and “Ford” in the same sentence seems like an empty threat. Even in the event of a prolonged strike, Ford has a buffer. The company is sitting on $10 billion of cash net of debt and $47 billion in total liquidity.

Persons: Phil Noble, Jim Farley, Farley, “ Ford ”, Ford, wishlist, Jonathan Guilford, Lauren Silva Laughlin Sharon Lam, Aditya Sriwatsav Organizations: Ford, REUTERS, Reuters, CNBC, United Auto Workers, General Motors, X, Thomson Locations: Liverpool, Britain, North America

☆ Deaths haunt Corporate America via labor strikes
▼ + stars: | 2023-09-15 | by ( Ben Winck | ) www.reuters.com time to read: +5 min

United Auto Workers union President Shawn Fain joins UAW members who are on a strike, on the picket line at the Ford Michigan Assembly Plant in Wayne, Michigan, U.S., September 15, 2023. Manufacturing plants in Wentzville, Missouri, Wayne, Michigan and Toledo, Ohio will be empty as Ford Motor (F.N), General Motors (GM.N), and Stellantis (STLAM.MI) try to reach an agreement with the United Auto Workers collective bargaining committee. Deaths among the demographic that make up the workforce in the transportation sector are partly putting pressure on the problem. Follow @BenWinck on XCONTEXT NEWSThe United Auto Workers union started simultaneous strikes at Ford, General Motors and Stellantis on Sept. 15 after last-minute labor negotiations failed to result in a deal. Pilots organized with the Air Line Pilots Association rejected a tentative labor deal with Fedex on July 24.

Persons: Shawn Fain, Rebecca Cook, they’re, Alan Krueger, walkouts, it’s, “, Darren Hawkins, Sean O’Brien, Lauren Silva Laughlin, Sharon Lam Organizations: United Auto Workers, Ford Michigan Assembly Plant, REUTERS, Rights, Reuters, Ford, General Motors, Bureau of Labor Statistics, White, Richmond Federal Reserve, Reuters Graphics Reuters, United Airlines, Sensible, Pilots, Air Line Pilots Association, Fedex, Delta Air Lines, International Brotherhood of Teamsters, of Labor Statistics, Thomson Locations: Wayne , Michigan, U.S, Wentzville , Missouri, Toledo , Ohio

The Google sign is reflected in a rain puddle outside their offices in Cambridge, Massachusetts, U.S., June 27, 2017. Acquire Licensing RightsWASHINGTON, Sept 13 (Reuters Breakingviews) - Want to know how to remove Google as the iPhone’s default search tool? According to him, the search engine operated by Alphabet (GOOGL.O) enlists Apple (AAPL.O) to answer the query by directing users to its website. Using Google as the default search engine wasn’t Apple’s “choice,” Dintzer said. Follow @BenWinck on XFollow @thereallsl on XCONTEXT NEWSThe U.S. Department of Justice’s antitrust case against Alphabet’s Google started on Sept. 12.

Persons: John Schmidtlein, Kenneth Dintzer, Google, ” Schmidtlein, Schmidtlein, ” Dintzer, It’s, Tim Cook, Alphabet’s Google, Ben Winck, Lauren Silva Laughlin, Jeffrey Goldfarb, Sharon Lam Organizations: Google, Rights, Reuters, Apple, U.S . Department of, Yahoo, Verizon Communications, Microsoft, Netscape, U.S, U.S . Department, Alphabet’s, Thomson Locations: Cambridge , Massachusetts, U.S, Safari, Japan, Washington, New York

☆ DOJ fights uphill battle; Google a losing one
▼ + stars: | 2023-09-12 | by ( Ben Winck | ) www.reuters.com time to read: +5 min

The government, in its opening statements, argued that the $1.7 trillion company’s search engine partnerships illegally protected its monopoly, harming consumers. The problem for the DOJ is that consumers readily dole out their data, and not just to Google. Device manufacturers and browser creators choose Google because it’s the highest quality option, and users can easily pick another default search engine, John Schmidtlein, Google’s lead lawyer, argued. The government’s lawyers have their work cut out for them, but a DOJ loss won’t mean a Google victory. The company’s partnerships may set Google as the default search engine on devices and browsers, but users can usually change their default option with a few clicks.

Persons: General Merrick Garland, Jonathan Kanter, Kenneth Dintzer, Dintzer, Amit Mehta, John Schmidtlein, Google’s, DOJ doesn’t, Google's, Lauren Silva Laughlin, Sharon Lam Organizations: U.S . Justice, Alphabet's Google, Justice Department, Reuters, U.S . Department of Justice, Alphabet’s, Google, DOJ, Microsoft, Court, Big Tech, Alphabet’s Google, Thomson Locations: WASHINGTON

☆ Flood insurance swamps US government
▼ + stars: | 2023-09-11 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

REUTERS/Evelyn Hockstein Acquire Licensing RightsWASHINGTON, Sept 11 (Reuters Breakingviews) - The U.S. government’s flood coverage could soon find itself financially underwater. The National Flood Insurance Program, which covers nearly 5 million properties, needs to be reauthorized by Congress by the end of the month to avoid a housing crunch. A FEMA report seen by the Associated Press estimated another 1 million fewer Americans will buy flood insurance by the end of the decade, further starving the program of much-needed funds. The program’s flood fund lost nearly $1.9 billion in fiscal 2022, up from a $236 million loss the year prior. Follow @BenWinck on XCONTEXT NEWSCongressional authorization for the U.S. National Flood Insurance Program is set to lapse on Sept. 30 if lawmakers don’t approve a new extension.

Persons: Joe Biden, Jill Biden, Evelyn Hockstein, Hurricane Lee, Lee, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Rights, Reuters, Flood Insurance, National Association of Realtors, FEMA, Associated Press, National Oceanic, Atmospheric Association, U.S, National Flood Insurance, Federal Emergency Management Agency, National Hurricane Center, Thomson Locations: Oak, Florida, U.S, United States, Singapore, East Coast

☆ GameStop’s success doesn’t belong in a meme
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Sept 7 (Reuters Breakingviews) - Meme-stock success might look more whimper than bang. GameStop (GME.N), the poster-child for pandemic-era retail-trader enthusiasm, reported second-quarter results on Wednesday that showed losses narrowing and positive, if miniscule, adjusted EBITDA. It’s an improvement on the path to sustainability, especially compared to other retail darlings like bankrupt Bed Bath & Beyond. Hardware sales fell 18% from the prior quarter, as the after-effects of supply shortages fade. GameStop’s share price may still be well above 2019 levels, but its ambitions are as low as ever.

Persons: hasn’t, Ryan Cohen, Jonathan Guilford, Hong Kong, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, GameStop, X, Hong, Thomson Locations: Grapevine , Texas

☆ Warner Bros Discovery re-bundles the bundle
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Sept 7 (Reuters Breakingviews) - Warner Bros Discovery (WBD.O) is taking bundling to the max. The $27 billion entertainment company wants to add live sports from the National Basketball Association and Major League Baseball to its streaming service, free for a limited time, according to Bloomberg. Boss David Zaslav said on Wednesday at a Goldman Sachs conference that CNN will be available too. Warner Bros unveiled its new streaming service Max, which includes HBO, in April. The industry is packed with competitors, and at $16 a month, Max is already one of the most expensive.

Persons: Boss David Zaslav, Goldman Sachs, Max, Walt Disney, Jennifer Saba, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Warner Bros Discovery, National Basketball Association, Major League Baseball, Bloomberg, Goldman, CNN, Warner Bros, HBO, Cable, Charter Communications, ESPN, X, Thomson

China accounts for 19% of Apple’s revenue, and less than 1% of the population works in the government. At 28 times forward earnings, Apple's current multiple, about $8 billion of value goes away. That’s 0.2% of Apple’s market capitalization. On Apple’s multiple, that’s $188 billion, or 7% of the company’s current market capitalization. The biggest problem, however, is Apple’s current valuation.

Persons: Aly, iPhones, Xi Jinping, Robert Cyran, Yawen Chen, Lauren Silva Laughlin, Sharon Lam Organizations: Apple, REUTERS, Reuters, China Mobile, HK, U.S, Congress, Huawei, China, Wall Street, Bloomberg, Thomson Locations: Shanghai, China, Republic, New York, London

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