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☆ Judge in FTX bankruptcy case rejects motion to remove elite NYC lawyers
▼ + stars: | 2023-01-20 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —One of America’s elite white-collar law firms has emerged as a contentious figure in the complex FTX saga. A judge ruled that the bankrupt crypto platform could retain Sullivan & Cromwell as legal counsel, overruling objections from FTX customers who accused the firm of conflicts of interest. Then FTX’s former top lawyer supported the motion in a court filing, which included additional allegations that one of his former colleagues improperly funneled FTX business to Sullivan & Cromwell. Friedberg alleged that that lawyer funneled business to Sullivan & Cromwell, hoping to curry favor with the firm to which he hoped to eventually return. Earlier this month, a group of US senators also raised objections to Sullivan & Cromwell’s participation in the FTX bankruptcy.

☆ Airlines Are Bumping a Lot More Passengers Lately
▼ + stars: | 2023-01-19 | by ( Allison Pohle | ) www.wsj.com time to read: 1 min

More U.S. passengers are being bumped from their flights, reversing steady industrywide improvement and adding to the broader frustrations many have with airlines. The Wall Street Journal’s annual airline scorecard found that airlines have been bumping fliers more often than the previous year, and the comparable prepandemic period. This happens when more people are scheduled to fly than there are available seats.

☆ Pilots fail to cash in on air traffic revival -global survey
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - A global rebound in air travel has brought pilots back to work after a pandemic-induced slump, but many men and women in the cockpit have concerns over salary, a survey on Thursday said. More than half of pilots have not had a salary increase for five years, according to the global survey by aviation industry specialist Goose recruitment and FlightGlobal. By contrast, 73% of respondents in North America reported higher salaries, driven by fierce demand for pilots as traffic rebounds. Almost two-thirds of pilots said they want to change jobs for better pay and conditions in the next 12 months. “Pilots will want to see their pay return to what it once was," said Mark Charman, chief executive of Goose Recruitment.

☆ The Best and Worst Airlines of 2022
▼ + stars: | 2023-01-18 | by ( Dawn Gilbertson | Allison Pohle | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/best-worst-us-airlines-flights-cancellations-delays-baggage-11673982171

REUTERS/Kamil Krzaczynski/File PhotoJan 18 (Reuters) - New York excavation contractor Brian Dietz does not view higher air fares as a deal-breaker for flying and airlines are seeing more small and medium size companies like his feeding a 2023 rebound in business travel. Although business travelers often book economy seats, corporate travel is critical for airlines because it means more frequent flyers and appetite for higher-margin premium fares. SME executives were some of the first business travelers back on planes after the pandemic-induced slump. They have since emerged as the fastest-growing segment within corporate travel according to Amex GBT. Spending on business travel globally is expected to recover to 80% of 2019 levels in 2023, up from 65% in 2022, according to the Global Business Travel Association (GBTA).

☆ Citi's Jane Fraser, Wall Street's WFH champion, now has some doubts
▼ + stars: | 2023-01-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —When Jane Fraser became CEO of Citigroup nearly two years ago, in the middle of the pandemic, she established the kind of flexible hybrid work culture that’s mostly unheard of among elite Wall Street bankers. Although Fraser sees no need to return to the old ways, Citi’s experiment has shown not all workers can hack it working remotely. “Apprenticeship is really important,” she added, recalling her own “eccentric and wonderful” mentors from her time as a young banker. A tool in the war for talentFraser became the first woman to run a major Wall Street bank when she took the Citi CEO role in March 2021. As part of her mission to cast Citi as the bank “with a soul,” Fraser saw an opportunity to embrace rather than resist a hybrid work schedule that allowed staff flexibility.

☆ 'M3GAN' is getting a sequel after smashing the box office
▼ + stars: | 2023-01-18 | by ( Travis Clark | ) www.businessinsider.com time to read: +2 min

"M3GAN" is getting a sequel, set for release in 2025. It shows the power of a potential merger between its production companies, Blumhouse and Atomic Monster. Production studios Blumhouse and Atomic Monster announced on Wednesday that they've greenlit a sequel to their hit horror movie, about an AI-powered doll that torments any humans she thinks will harm her owner. The sequel, titled "M3GAN 2.0," is set for release on January 17, 2025. "M3GAN" has been a box-office smash since debuting on January 6, earning $95 million at the global box office so far, $60 million of which is from the US.

☆ Citi's Jane Fraser is bringing underperforming staff back into the office
▼ + stars: | 2023-01-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

Although Fraser sees no need to return to the old ways, Citi’s experiment has shown not all workers can hack it working remotely. A tool in the war for talentFraser became the first woman to run a major Wall Street bank when she took the Citi CEO role in March 2021. As part of her mission to cast Citi as the bank “with a soul,” Fraser saw an opportunity to embrace rather than resist a hybrid work schedule that allowed staff flexibility. It’s simply not sustainable,” she wrote in a memo to Citi’s more than 200,000 global staff. Most roles at Citi would become hybrid, with three days in the office and up to two at home, she said in the memo.

Persons: Jane Fraser, Fraser, “, ”, ” Fraser, It’s, “ We’re, … Organizations: New, New York CNN, Citigroup, Wall Street, Bloomberg News, Economic, Citi Locations: New York, Davos, Switzerland

Airfares from China are now 160% higher than before the pandemic, data from travel firm ForwardKeys shows, due to limited supply. Since Jan. 4, Air China (601111.SS), Hainan Airlines (600221.SS) and China Southern Airlines (600029.SS) have filed schedules with the U.S. Department of Transportation proposing to increase flights to as much as daily on some routes. Foreign carriers seeking to add flights to China require approvals from the Civil Aviation Administration of China, which did not respond to a request for comment. However, other flights were paused as it assessed market demand and government regulations. Many Western airlines parked large planes when international traffic plunged and production of new twin-aisle jets has been limited.

☆ Crypto is a ‘hot ball of money’ with very little intrinsic value, hedge fund says
▼ + stars: | 2023-01-17 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

For the uninitiated: Momentum trading is in an investment strategy that aims to capitalize on a trend. See a stock going up, buy the stock, make money. See a stock going down, short it, make money. The crypto trading world functions in much the same way. The momentum effect becomes self-fulfilling “as market participants attempt to front run the hot ball of money.”

☆ Premarket stocks: The world has a major debt problem. Is a reset coming?
▼ + stars: | 2023-01-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

That number is about 349% of global gross domestic product, and the equivalent of $37,500 of debt for every single person in the world. “Rising interest rates and slowing economies are making the debt burden heavier,” they write. What it means: Higher interest rates are already hurting governments and corporations with low-credit ratings. Rising interest rates also impact stock prices — the Federal Reserve’s hikes in 2022 contributed to a nearly 20% decline in the S&P 500. What comes next: There is no easy way out of a global debt crisis, write Chan and Dimitrijevic.

☆ Bitcoin rallies 25% as crypto markets rebound
▼ + stars: | 2023-01-16 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

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☆ Unlimited vacation is a scam unless managers fight burnout culture
▼ + stars: | 2023-01-16 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +5 min

Unless managers encourage vacation, workers too often don't take the days they should. While the growth of unlimited PTO might seem like a big win for workers, research and commentary from workplace experts suggest unlimited vacation is often, well, limiting. Geoffrey James, a contributing editor for Inc. and author of several business books, called unlimited PTO "the scam of the century." "Unlimited vacation time is classic bait-and-switch," he wrote, explaining his experience with having the benefit. Some employers have learned about the shortcomings of unlimited vacation through experience and have walked back their policies.

[1/4] LNG Canada site construction activities are held, in Kitimat, Canada, September 2022. LNG Canada, in which Japan's Mitsubishi Corp (8058.T) owns a 15% stake, is set to be Canada's first liquefied natural gas (LNG) export terminal. LNG Canada has previously described this approach as only one of the options it was considering. LNG Canada has full environmental permits from both governments to use natural gas turbines for Phase 2, making it unclear what leverage governments have to force electrification. But buyers may pay more for LNG produced with lower emissions, Klein said, noting that some buyers already purchase carbon offsets for LNG cargoes.

☆ NHL roundup: Kraken use huge 2nd period to down Blackhawks
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +9 min

[1/4] Jan 14, 2023; Dallas, Texas, USA; Dallas Stars center Tyler Seguin (91) and Calgary Flames center Nazem Kadri (91) look for the puck in the Calgary zone during the second period at the American Airlines Center. Flames 6, Stars 5Nazem Kadri, Rasmus Andersson and Chris Tanev collected one goal and one assist apiece as visiting Calgary rode a four-goal second period to a victory over Dallas. Bruins 4, Maple Leafs 3Matt Grzelcyk scored with 1:16 left in the third period to lift host Boston past Atlantic Division rival Toronto. Grzelcyk scored his second goal of the season and first since Oct. 28, firing a bomb from above the left circle with David Krejci screening Maple Leafs goaltender Matt Murray. Paul Cotter, Keegan Kolesar and William Karlsson scored goals and Logan Thompson made 33 saves for Vegas.

☆ They say it takes a village to raise children. But millennial mothers are taking to TikTok to say 'there is no village' as their childcare struggles persist.
▼ + stars: | 2023-01-14 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

People say "it takes a village to raise" children. But many millennial parents are raising children without anything resembling a village to help them. "Stop telling us 'it takes a village to raise a child,'" one TikToker wrote in a video caption. New ways to find your villageWhile some politicians are advocating for legislation that could help make childcare more accessible and affordable, this doesn't help parents today. In the meantime, there are a few potential childcare solutions for families without a traditional village to help them out.

Florida could soon become the 26th state to allow individuals to carry concealed loaded guns anywhere without permits — a growing trend that has alarmed gun safety groups. “Constitutional carry” and “permitless carry” laws eliminate the requirement. Permitless carry laws get rid of that requirement. “Permitless carry causes harm, and there is data to prove it,” said Shannon Watts, a board member at the gun violence prevention group Everytown for Gun Safety. She pointed to multiple studies showing that states that have implemented permitless carry have had upticks in both gun violence and police shootings.

When students return to the Virginia school where a first-grade teacher was shot by a 6-year-old, the campus will be outfitted with a metal detector. The Newport News Public Schools district announced Thursday that a detector will be installed at Richneck Elementary School, where Abigail Zwerner was shot while teaching. At least that is one extra layer of support.”Use of metal detectors rare at American schoolsThe use of metal detectors in schools, particularly elementary schools, is still rare, according to the National Center for Education Statistics. During the 2019-2020 school year, less than 2% of public elementary schools performed random metal detector checks on students. About 54.6% of elementary schools had security staff present at least once a week; at middle schools, it was 81.5% and at high schools 84.4%.

☆ People with diabetes struggle to find Ozempic as it soars in popularity as a weight loss aid
▼ + stars: | 2023-01-12 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Berkeley-Lovelace-Jr.Jpg | Berkeley Lovelace Jr. | ) www.nbcnews.com time to read: +5 min

For the past two years, she's managed the condition using a drug called Ozempic, which helps people with diabetes keep blood sugar levels in check. "It's been very frustrating," Largent-Phillips, of Florida, said of the shortage, adding that her blood sugar levels have been fluctuating as she's had to change medications. If the body doesn't use it well, that sugar stays in the blood, resulting in high blood sugar levels. His wife, Gerilynn, who is a nurse, said his blood sugar levels have gone back up since being off Ozempic. Largent-Phillips, of Florida — who has been documenting her experience on TikTok — said that for now, she has to be vigilant about monitoring her blood sugar levels.

☆ Sam Bankman-Fried speaks out for the first time since his arrest
▼ + stars: | 2023-01-12 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

The study, commissioned by non-profit The Sunrise Project, attributed the higher costs primarily to reduced competition to underwrite government bonds in six states furthest along in restricting financial firms or considering doing so. The restrictions would mean fewer banks seeking to underwrite municipal bond issuance, a common way for cities to raise money. According to the new study, taxpayers in six states - Kentucky, Florida, Louisiana, Oklahoma, West Virginia and Missouri - could have faced up to $708 million in additional interest charges on municipal bonds over the past 12 months. The study based its analysis on a recent Wharton School of Business paper that found Texas taxpayers could have faced up to $532 million in additional interest payments because of restrictions introduced in that state. Reporting by Tommy Reggiori Wilkes and Ross Kerber; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ 6-year-old is unlikely to be charged in teacher's shooting, but parents could be, experts say
▼ + stars: | 2023-01-11 | by ( Antonio Planas | Helen Kwong | Antonio Planas Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +4 min

The 6-year-old boy accused of shooting his Virginia teacher Friday with a gun he took from home is unlikely to be charged, but his parents could be criminally culpable depending on if they properly secured the weapon, experts said. The boy shot Zwerner with a 9mm Taurus firearm he obtained from his home, Drew said. NBC News legal analyst Danny Cevallos said it’s highly unlikely the boy will be charged, even in juvenile court. In recent years, several adults have been charged in Virginia after a child has fired an unsecured gun. In October 2013, the Virginian-Pilot reported the parents of an elementary school student in Norfolk were charged with child neglect after their son brought a handgun to school.

☆ FTX lawyers have recovered $5 billion in assets
▼ + stars: | 2023-01-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —FTX officials overseeing its bankruptcy have recovered more than $5 billion in cash and other liquid assets that may be used to help repay creditors, a lawyer for the failed crypto firm said during a bankruptcy court hearing Wednesday. That disclosure significantly raises the estimated amount of funds FTX claims to hold. Last month, FTX lawyers submitted filings that showed the company and its affiliates had a total of $1.2 billion in cash. The lawyers also said they had identified more than 9 million creditors — far more than earlier estimates of around 1 million. FTX founder Sam Bankman-Fried arrives pleaded not guilty to fraud and conspiracy charges in Manhattan on January 3.

FAA officials said a preliminary review traced the outage to a damaged database file, but added there was no evidence of a cyberattack and the investigation was continuing. FAA officials said they were working to "further pinpoint the causes" so the problem can be avoided in the future. One issue airlines are facing is trying to get planes in and out of crowded gates, which is causing further delays. He described confusion as airline employees and many passengers were initially unaware of the FAA's moves and flight delays. The U.S. Travel Association, which represents the travel industry including airlines, called the FAA system failure "catastrophic."

☆ Tom Brady and Gisele Bundchen’s FTX stake will probably get wiped out
▼ + stars: | 2023-01-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

Brady owns 1.1 million common shares of FTX, while Bundchen owns 686,000 shares, according to bankrupcty court documents filed Monday. Whatever Brady and Bundchen paid for their stakes, they, along with hundreds of other investors, will almost certainly see their positions completely wiped out. When companies go bankrupt, stockholders are typically the last in line to recover any funds. Soon after FTX’s collapse, a customer filed a proposed class-action lawsuit against FTX founder Sam Bankman-Fried, along with Brady, Bundchen and several other celebrity backers. Federal prosecutors accuse the 30-year-old entrepreneur, once a celebrity in crypto circles, of stealing customer funds from FTX to cover outsize losses at his hedge fund, Alameda.

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