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☆ How Reuters pinpointed bat-virus risk zones worldwide
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +12 min

Areas where conditions are similar are more prone to spillover, scientists say. The Reuters analysis, which assessed spillover risk through 2020, has proven to have some predictive power. Similar statistical models are used widely to analyze data in ecology, and researchers use them to understand spillover risk. More than one of every five people on the planet is living in areas where the risk is highest for spillover. Using epidemic modeling software called GLEAMviz, the news agency simulated a worldwide pandemic originating from the spillover of a theoretical novel virus.

☆ Premarket stocks: Wall Street's 'fear gauge' is rising as US debt talks drag on
▼ + stars: | 2023-05-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Markets will get volatile, maybe the stock market will go down, the Treasury markets will have their own problems,” he said. But this fear of market volatility isn’t going away. A similar fight around the debt ceiling in 2011 spurred a serious bout of market volatility. Wall Street’s key measure of volatility, the VIX, reached two year highs and soared more than 35% in just one day. Wall Street typically uses the VIX, known as the market’s “fear gauge,” as a way to measure how investors feel about financial and economic uncertainties.

☆ Former Silicon Valley Bank CEO: ‘I am truly sorry’
▼ + stars: | 2023-05-15 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

“I never envisioned myself or SVB being in this situation,” former CEO Greg Becker writes, adding that he is “truly sorry for how this has impacted SVB’s employees, clients, and shareholders.”Becker is scheduled to testify at 10 a.m. ET Tuesday alongside two former executives of Signature Bank, which collapsed two days after SVB. But SVB’s collapse rumbled across global financial markets and sparked a selloff that has gripped US regional banks for more than two months. In its autopsy of the bank’s collapse, the Fed, which was SVB’s primary regulator, blamed both the central bank’s supervisory shortcomings and SVB management’s missteps. “You have nobody to blame for the failure at your bank but yourself and your fellow executives,” Warren wrote in a letter to Becker in March.

☆ Goalkeeper scores from inside his own penalty area in wild ending to Mexican soccer match
▼ + stars: | 2023-05-15 | by ( Matias Grez | ) edition.cnn.com time to read: +1 min

CNN —Goalkeeper Santiago Ramírez scored an absurd long-range goal to cap off a wild semifinal between his Atlético Morelia team and Celaya in Mexico’s Liga de Expansión. Trailing 2-1 in the second leg and 3-2 on aggregate, Celaya threw everything forward in a desperate attempt to find an equalizer in stoppage time. With Revuelta and the rest of his teammates attempting to run back to their unguarded goal, Ramírez let fly with a booming kick out of his hands that sent the ball into the opposition net, bouncing just twice in the penalty area on the way. Santiago Ramírez aprovechó que el arquero de los Toros fue a rematar y con este despeje anotó el 1-3 definitivo en el Miguel Alemán. It was a fitting end to a chaotic game that featured five red cards – two for Celaya and three for Morelia – and four goals.

☆ Why the US needs regional banks
▼ + stars: | 2023-05-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

But those mega-banks lack the dexterity and regional specialization that small businesses crave, which is partly why Corporate America and policy makers alike are worried about the continued turmoil among regional banks. In just two months, a spark of panic has turned into a conflagration that has put America’s regional banks on notice. All of those banks share a status in common as a “regional” or “sector-specific” lender. By definition, regional banks are more specialized and focused. Without raising the cap, Hockett argues, we risk letting the Wall Street banks gobble up their smaller competition when those regional lenders fail.

☆ Opinion: Mitch McConnell’s confidence is being put to the test
▼ + stars: | 2023-05-14 | by ( Richard Galant | ) edition.cnn.com time to read: +17 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. Not to worry, said Senate Minority Leader Mitch McConnell, a veteran of debt limit battles. McConnell’s reassurance that all will work out in the end is validated by history, but that doesn’t mean this time couldn’t be different. “If female voters are key to a Donald Trump victory in 2024, the former president should be in big trouble – but he doesn’t seem to care,” Jill Filipovic observed. “The town hall audience – selected on the basis of their intention to vote in the Republican primary in New Hampshire – appeared to be made up mostly of Trump fans.

☆ A 74-year old Democrat in Congress pushing to make roads safer thinks 'the bicycle is the key to much of what ails us'
▼ + stars: | 2023-05-12 | by ( Eliza Relman | ) www.businessinsider.com time to read: +6 min

Biking advocates gathered on Capitol Hill on Thursday morning to push for federal legislation. The 74-year-old lawmaker has a short ride to work, but "on a nice morning, you just sometimes keep going," he added. Rep. Earl Blumenauer, an Oregon Democrat, with his bicycle at a congressional bike ride organized by cycling advocacy groups. Romney's comments received significant backlash from biking advocates and others, who pointed out that there's plenty of evidence that better bike infrastructure gets more cyclists on the road, reduces driving, and cuts emissions. "Every person on a bicycle is somebody who's not in a car in front of you," Blumenauer said.

☆ Goldman to pay $215 mln to settle gender discrimination lawsuit - Bloomberg News
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Goldman Sachs Group Inc (GS.N) has agreed to pay $215 million to settle a long-running class-action lawsuit that accused the investment bank of widespread bias against women in both pay and promotions, Bloomberg News reported on Monday citing a person familiar with the matter. Last week, Reuters reported that the talks were ongoing to settle roughly a month before the trial was set to begin. The plaintiffs alleged the bank systematically paid women less than men and gave women weaker performance reviews that impeded their career growth. They are led by Cristina Chen-Oster, Mary De Luis and Allison Gamba, who were Goldman vice presidents, and Shanna Orlich, who was an associate. The lawsuit is among the highest-profile cases targeting Wall Street's alleged unequal treatment of women, including in litigation against many banks that stretches back decades.

New York CNN —Lawyers for FTX founder Sam Bankman-Fried on Monday filed motions to dismiss the US government’s fraud charges against him. Bankman-Fried’s attorneys said the government failed to properly explain what offenses the former CEO of the bankrupt crypto exchange committed. Bankman-Fried has pleaded not guilty to the 13 charges. Prosecutors allege that Bankman-Fried stole FTX customer deposits to finance risky bets at his hedge fund, Alameda Research, and to funnel contributions to American politicians. Three of Bankman-Fried’s former business partners — Gary Wang, Caroline Ellison and Nishad Singh — have pleaded guilty to numerous charges and are cooperating with investigators.

When my car salesperson learned I was paying with cash, they tried to change my mind. After speaking with my financial advisor and accountant, it was clear that I was looking to buy a used car outright, in cash. My car salesperson wasn't enthusiastic about it, but I knew what I wantedYou know that old saying, "cash is king?" Or so used car salespeople would have me believe. Still, it felt good to say that I was paying cash and politely decline financing options.

☆ Restaurants are prioritizing tables for big spenders and return customers through premium programs with SevenRooms and Resy Global Access
▼ + stars: | 2023-05-07 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Certain credit cardholders and frequent bookers are now the top of lists when it comes to booking restaurant reservations. SevenRooms says it shares data with restaurant clients to identify big spenders and offer premium reservations. Members of Resy's Global Access Dining program have access to exclusive reservations at popular restaurants around the world. Through partnerships with both SevenRooms and Resy's Global Dining Access program, Amex holders have special tables set aside for them. Whether that fish is a walk-in or from the Global Dining Access program," he said.

☆ Restaurants embrace premium reservations to target big spenders
▼ + stars: | 2023-05-06 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

When cities and states rolled back lockdown rules, many implemented new orders for restaurants to help with contact tracing, such as requiring customers to book tables in advance. As a result of those pandemic-fueled changes, restaurants and the companies that help them book their tables are targeting big spenders with premium reservation options to drive higher sales. About two-thirds of SevenRooms' restaurant clients use its software to promote special experiences or sell upgrades when customers book reservations. Page said the move toward premium restaurant reservations can partially explain why it feels like it's so much more competitive to book a table in advance these days. "I kind of don't like the whole 'Disney FastPass line' of restaurant reservations," he said.

☆ It Takes Three Months to Renew a Passport, So Do This to Save Your Summer Trip
▼ + stars: | 2023-05-04 | by ( Allison Pohle | ) www.wsj.com time to read: 1 min

If you haven’t yet renewed your passport ahead of international summer travel, prepare to pay plenty to fix the problem. Wait times for passports have increased across the board in recent months. Standard processing times are 10 to 13 weeks, the State Department says. Expedited processing times are seven to nine weeks. Neither estimate includes mailing times, which officials say can tack on two weeks each way.

☆ Banking crisis: Why markets are still freaking out about banks
▼ + stars: | 2023-05-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Similarly, southeastern regional bank First Horizon was teetering, having scrapped a $13 billion merger with Canada’s TD bank. That market pessimism was echoed by Bill Ackman, the billionaire investor, who tweeted Thursday that regional banks broadly are in trouble. Without a miracle from DC, the outlook for regional banks is not great. There is so much pessimism percolating on Wall Street, smaller banks are going to get crushed. That means we can expect more bank failures, and more Wall Street panic, in the weeks and months ahead.

"That's what we are looking towards as we are working with our pilots union to get a deal done." American Airlines, United Airlines (UAL.O) and Southwest Airlines (LUV.N) are all in the middle of contract negotiations with their pilots. The carrier's pilot union said it made no concessions in the deal, which included dozens of work-rule improvements and quality-of-life related items. In an update to its members this week, United's pilot union said it is seeking similar improvements. Casey Murray, head of the Dallas-based airline's pilot union, said it has lost more pilots in the first four months of this year than it did in all of 2022.

☆ Goldman Sachs in talks to settle gender discrimination lawsuit -source
▼ + stars: | 2023-05-03 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew KellyNEW YORK (Reuters) - Goldman Sachs Group Inc is in talks to settle a class-action lawsuit that alleged widespread gender bias against women in pay and promotions, said a source familiar with the matter. The plaintiffs, former employees of the Wall Street bank, accused Goldman Sachs of systematically paying women less than men, and giving women weaker performance reviews that impeded their career growth. Goldman has previously denied wrongdoing.The lawyers for Goldman Sachs, Sullivan & Cromwell, did not immediately respond to a request for comment. The Wall Street Journal reported earlier on the talks.

While a debt default doesn't mean all payments would stop, it could unleash economic and fiscal chaos around the world:Financial marketsAmericans' investments would take a direct hit. That's on top of the increased costs Americans are already facing from the Fed's rate hikes. That's because their costs of borrowing money will also rise, which limits the amount of money they can lend out. The economyA debt default could trigger an economic downturn, which would prompt a spike in unemployment. But if the impasse dragged on for six weeks, then more than 7 million jobs would be lost and the unemployment rate would soar above 8%.

☆ Consumers are ‘retrenching.’ What that means for recession fears
▼ + stars: | 2023-05-03 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

But for consumers, the lengthy spell in the crossfire of persistently high prices and rising interest rates has taken its toll. Inflation-adjusted consumer spending was flat in March, marking the fourth time in five months that expenditures held steady or declined. “Further deterioration in the job market — the last remaining leg propping up the consumer — is bound to accelerate the downshift in consumer spending in the coming months. Private label growth is one of six indicators that Allison tracks to determine a consumer recession. “If you ask the economists, ‘Are we in a recession?’ they’re going to say ‘No, we’re not in a recession,’” he said.

The case could have broader implications for assets that do not fit in to existing regulations preventing investment advisers, brokers and others from trading on material nonpublic information, legal experts have said. "You can't hold Nate to a standard that didn't exist," his lawyer Daniel Filor told jurors in his closing argument on Monday. "Nobody told Nate that he couldn't use or share that information." Prosecutor Allison Nichols said Chastain used anonymous OpenSea accounts to make the illegal trades, showing he knew what he was doing was wrong. "He hid what he was doing," Nichols told the jury in her rebuttal argument.

Catalonia, Spain CNN —Standing in his field of stunted, withered maize, Santi Caudevilla is very worried. It’s becoming increasingly hard to make ends meet as crops shrivel through lack of water – or cannot be planted at all. “This is the worst period that we have had for the last 100 years,” Samuel Reyes, director of the Catalan Water Agency, told CNN. Allison Nussbaum/NASA Allison Nussbaum/NASA These two images show shrinking water reservoirs in the Catalonia region of Spain. In April, Spain requested emergency funding from the European Union to help farmers cope with the impacts of the drought.

☆ American Airlines pilots vote to authorize strike
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - A union representing American Airlines Group Inc (AAL.O) pilots said on Monday its members had approved a strike mandate ahead of the busy summer travel season, although the chances of an actual labor disruption remain slim. The Allied Pilots Association (APA), which represents 15,000 American Airlines pilots, held a strike authorization vote in April to put pressure on the Texas-based carrier for higher salary and better working conditions, even as the two sides closed in on an agreement in principle. More than 96% of the APA membership participated in the vote and over 99% voted in favor of authorizing a strike, the union said in a statement. The finish line is in sight," American Airlines said in a statement. The airline's pilots received their last pay increase in 2019.

☆ Why First Republic Bank may not be the end of the crisis
▼ + stars: | 2023-05-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —After a six-week spiral, First Republic bank finally collapsed in the wee hours of Monday morning. Everyone on Wall Street appears to be drinking from the same punch bowl as Jamie Dimon, who framed the sale as a bookend to the crisis. To his mind, the sale just makes JPMorgan, already the nation’s largest bank, even bigger, and the power of the biggest Wall Street banks more concentrated. That idea got an extra boost on Monday, when the FDIC itself released a report advocating for an increase in the deposit insurance limit for business payment accounts. “You can think of federal deposit insurance as being a bit like nuclear weapons,” he said.

☆ First Republic’s pain had a lot to do with its reliance on wealthy clientele
▼ + stars: | 2023-05-01 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

☆ The Most Annoying Hotel Guest Is the EV Charger Hog
▼ + stars: | 2023-04-28 | by ( Allison Pohle | ) www.wsj.com time to read: 1 min

Most hotel guests know to keep their voices down at night and refrain from smoking in the room. But guests are struggling over proper etiquette when it comes to electric-vehicle charging. More Americans are buying and renting electric vehicles, and factoring charging stops into their travel plans. At many hotels, guests now expect EV chargers.

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