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☆ Brace for a 'wrathful Old-Testament-style' central bank reaction to sticky inflation that could cause a deep US recession, says JPMorgan
▼ + stars: | 2023-02-28 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Prepare for a more forceful "Old-Testament style" central bank reaction to stubborn inflation, JPMorgan economists say. "The risk of triggering a more wrathful Old-Testament style central bank reaction is on the rise," they said in a note. Such aggressive policy reaction could lead the US economy into a deeper recession later this year, they added. "The risk of triggering a more wrathful Old-Testament style central bank reaction is on the rise. Possible scenarios projected by the analysts include the Fed ending rate hikes next quarter, with its cumulative rate hikes of about 500 basis points since early 2022 leading to a US-concentrated recession later this year.

☆ Hyperloops, supersonic jets and electric aircraft: Here’s what transport could look like by 2050
▼ + stars: | 2023-02-27 | by ( Michelle Cohan | ) edition.cnn.com time to read: +7 min

CNN recently spoke with Malek about what travel will look like by 2050. CNN: Do you think supersonic air travel will return to the skies? Malek: So we’ve seen supersonic planes in the past and I do think we’ll see supersonic planes in the future. So now it’s no longer just a question of will we see supersonic planes, but will they be fueled by net zero carbon fuels? Historically, we’ve started with ‘what do cars need, what do planes need?’ But planes and cars are here just for us.

Persons: Michigan CNN —, Henry Ford, Alisyn Malek, Malek, we’ll, We’re, Volocopter, Hyperloop, it’s, What’s, we’ve Organizations: Michigan CNN, ”, CNN Locations: Detroit, Michigan, City, Detroit , Michigan, Paris, France

☆ Asia stocks feel rate pain, dollar on a roll
▼ + stars: | 2023-02-27 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China has manufacturing surveys and the National People's Congress kicks off at the weekend and will see new economic policy targets and policies, as well as a reshuffling of government officials. S&P 500 futures were flat, while Nasdaq futures edged up 0.1%. Fed futures now have rates peaking around 5.42%, implying at least three more hikes from the current 4.50% to 4.75% band. Markets have also nudged up the likely rate tops for the European Central Bank and the Bank of England. Ten-year Treasury bonds also yield more than twice the estimated dividend yield of the S&P 500 Index, and with much less risk.

☆ TD Bank reaches $1.2 billion settlement in Ponzi scheme lawsuit
▼ + stars: | 2023-02-27 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —TD Bank will pay $1.2 billion to settle a lawsuit alleging its involvement in an infamous $7 billion Ponzi scheme orchestrated by disgraced financier Allen Stanford more than a decade ago. The lawsuit claimed TD Bank collected these deposits in US and Canadian dollar values and continuously ignored red flags about the Antigua-based bank over the years. “TD provided primarily correspondent banking services to Stanford International Bank Limited and maintains that it acted properly at all times,” the bank said. Additionally, HSBC will pay $40 million and Independent Bank, formerly Bank of Houston, will pay $100 million, the receivership’s counsel confirmed. Societe Generale reached a settlement of $157 million and Trustmark agreed to pay $100 million earlier this year.

☆ A single mother escaped Kyiv with her 5-year-old at the onset of the Russian invasion. She is one of 8 million refugees who can only dream of returning home.
▼ + stars: | 2023-02-26 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +8 min

Kseniya Kharchenko and her then 5-year-old son fled Kyiv a day after the start of the invasion. And yet, Before the war, her ex-husband had called her paranoid over her fears of an invasion — Kharchenko said she was waiting for the war to begin for months. "I was so frightened, I really was," Kharchenko told Insider, thinking about how she and her son would survive. The act of protecting her son's life, Kharchenko told Insider, brings her strength and gives her purpose when she feels overwhelmed by the events of the last year. I have a fantasy," Kharchenko told Insider.

☆ Nigerians wait to finish voting in some places as election count underway
▼ + stars: | 2023-02-26 | by ( Tife Owolabi | ) www.reuters.com time to read: +2 min

[1/2] People wait for results during the counting process of Nigeria's presidential election, at a polling unit in Awka, Anambra state, Nigeria February 25, 2023. A Reuters reporter saw voters arriving at polling stations in Yenagoa city, which will open at 10 a.m. (0900 GMT) so electoral commission officials can complete Saturday's presidential and parliamentary election. Voting was also expected to continue in some parts northeastern Borno state, where voting machines failed to work. He is stepping down after winning two previous elections and serving the maximum eight years permitted by the constitution. Whoever wins will face a litany of crises in the country of more than 200 million, Africa's most populous nation.

☆ The success of resale businesses right now hinges on consumer costs, say the investors of 'Shark Tank'
▼ + stars: | 2023-02-25 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Mark Cuban invested $300,000 for 25% equity in the resale startup Retold Recycling on "Shark Tank." Here's what the cofounders learned about running a resale business on "Shark Tank." Yeoh and Trumble are hoping to do this by tapping consumer and investor interest in the resale and sustainable-clothing spaces. Here's what the cofounders learned from the celebrity investors about running a sustainable-resale business during their time in the tank. Christopher Willard/Getty ImagesWhile the sharks supported the mission of Retold Recycling, many didn't see a business opportunity for themselves or a way to turn a profit.

☆ Why the resilient US economy is making it difficult for stock investors to thrive
▼ + stars: | 2023-02-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

The recent stock rally is crumbling as inflation data shows the Fed still has more work to do. But data also shows the economy is strong, and that could help the US avoid a recession. But investors aren't cheering for a strong economy. This follows data earlier in the month that showed the US economy has been resilient in the face of higher interest rates. And, ultimately, the Fed will have the last word for stocks, even if the economy holds up to its aggressive policy.

☆ How a 34-year-old Ukrainian founder created scrappy business opportunities amid the chaos of war
▼ + stars: | 2023-02-25 | by ( Alexandra York | ) www.businessinsider.com time to read: +6 min

Alina Kachorovska has kept her business afloat thanks to scrappy opportunities amid the war. She's made boots for Ukrainian soldiers and focused on international expansion to sustain the brand. Kachorovska, which relied heavily on domestic direct-to-consumer sales before the war, felt a major impact from the displacement of Ukrainians. Opportunities during wartimeKachorovska employees worked from the factory to produce boots and shoes amid the war. Kachorovska first dreamed of taking her brand international six months before the war with Russia began, she said.

☆ Enel Peru says state-run Chinese power firm eying possible purchase
▼ + stars: | 2023-02-24 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

LIMA, Feb 24 (Reuters) - The Peruvian unit of Italy's biggest power utility, Enel (ENEI.MI), said on Friday that state-owned China Southern Power Grid is carrying out "due diligence" on the local unit for a possible purchase offer on its energy distribution operations. Bloomberg reported earlier on Friday that the Chinese firm is weighing a possible bid for Enel's distribution business in Peru, which it said could be valued at some $3 billion. The Guangzhou-based power company's owner, state-owned Assets Supervision and Administration Commission of the State Council (SASAC), did not immediately respond to a request for comment. Part of that announcement included the plan to put up for sale Enel Peru's distribution and generation assets, which the state-controlled firm said was already under way at the time. On Friday, shares of Enel Distribucion Peru rose 25% on Lima's main stock exchange.

Prosecutors presented sufficient evidence to proceed with their case against Anderson Lee Aldrich on all charges filed in the Nov. 19 shooting rampage at Club Q club in Colorado Springs, the El Paso County district judge ruled. Besides multiple counts of first-degree murder, Aldrich faces dozens of counts of attempted murder and assault, as well as hate-crimes charges alleging the attack was motivated by prejudice against victims' sexual or gender identities. Thursday's ruling capped a two-day preliminary hearing in which prosecutors outlined their case for trying Aldrich on all charges. A hand-sketched map of Club Q was also found in a search of the defendant's home, Gasper said. Two patrons with military training subdued Aldrich and held the suspect until police arrived, according to the arrest warrant affidavit.

☆ Russians hung out with US Army soldiers at a weapons expo and played with the missiles killing Putin's tanks in Ukraine
▼ + stars: | 2023-02-24 | by ( Jake Epstein | ) www.businessinsider.com time to read: +3 min

US Army soldiers found themselves situated near Russian weapons contractors at an expo in Abu Dhabi. At one point, the Russians came over to the US booth and played with Javelins, a Breaking Defense report said. These weapons have been used by Ukraine to strike Russian tanks on the battlefield. At least one of the Russians even picked up a Javelin, an anti-tank missile system that the US military has sent to Ukraine and has been used to destroy Russian tanks. US and Russian troops crossed paths last October in Syria, where they shook hands, exchanged patches, and even posed for photographs together.

☆ Ex-Bon Appétit editor Marissa Ross says the wine world ruined her. Now she's back and ready to give it hell.
▼ + stars: | 2023-02-23 | by ( Anna Silman | ) www.businessinsider.com time to read: +40 min

Her rise was tied to a period of reinvention for the wine world during which natural wine conquered millennial taste buds and became ubiquitous on menus across the US. Marissa Ross, Bon Appétit's wine editor from 2016 to 2020, often posted pictures of herself chugging straight from the bottle — a technique she called "The Ross test." "Natural wine," a nebulous term that generally refers to wine made with minimal intervention and without additives like sulfites, was tentatively entering the American wine world. Many in the wine world took the idea that you didn't have to be educated to know about wine as a personal insult. When she first told BA that she planned to cover only natural wines, Ross said, Rapoport called to try to change her mind.

☆ Embattled media company Ozy's CEO Carlos Watson was arrested and faces fraud charges
▼ + stars: | 2023-02-23 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Ozy Media CEO Carlos Watson was arrested on Thursday. Watson is facing conspiracy charges in New York federal court. A New York Times report in 2021 said Ozy's other cofounder masqueraded as a YouTube executive on a call. Watson was arrested and is facing criminal charges in New York federal court, The Wall Street Journal first reported. Watson announced the company shut down in 2021, but has since said it was opening for business, with new hires.

LONDON, Feb 23 (Reuters) - Bank of England interest rate-setter Catherine Mann said on Thursday that it was too soon to say the risks posed by the surge in inflation last year had eased and that the central bank should continue to raise borrowing costs. The BoE raised interest rates to 4% earlier this month but signalled it was close to ending a run of increases which began in December 2021. She has previously argued in favour of raising borrowing costs sharply in the face of an inflation rate that remains above 10%, even though the BoE has forecast that it will fall sharply this year. Two other members of the Monetary Policy Committee - Swati Dhingra and Silvana Tenreyro - voted to pause the rate hikes at this month's meeting. Mann also said that she believed that in normal times, interest rate changes took their full effect faster than the 18-24 months which economists have previously estimated.

☆ Analysis: Why public health officials are not panicked about bird flu
▼ + stars: | 2023-02-23 | by ( Julie Steenhuysen | ) www.reuters.com time to read: +5 min

They say the attributes that have made this virus thrive in wild birds likely make it less infectious to people. Although the exact changes required for a bird flu virus to become easily transmissible in people are not known, a pair of landmark studies done a decade ago offer some clues. Mink have both avian and human-type receptors, but avian receptors are scarce in humans and located deep in the lungs. That change is a must if a bird flu virus is to spread easily in people. None of the experts discounted the possibility that H5N1 or another avian flu virus could mutate and spark a pandemic, and many believe the world has not seen its last flu pandemic.

WHO IS INVESTIGATING WAR CRIMES IN UKRAINE? Ukrainian war crimes prosecutors are working with mobile justice teams supported by international legal experts and forensic teams. A total of 296 individuals have been charged with war crimes. War crimes can be defined under customary international law or national law. A number of mostly European states have universal jurisdiction laws that allow them to prosecute Ukrainian war crimes.

☆ Republicans seek records on SEC's climate proposal as part of push against ESG investing plans
▼ + stars: | 2023-02-22 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Gensler recently announced that the agency is considering adjustments to the proposal, first introduced in March 2022, after pushback from investors. Gensler told CNBC's "Squawk Box" earlier this month that the proposal simply required a clear climate transition plan from public companies. Earlier this month, McHenry formed a Republican working group on environmental, social and governance, or ESG, plans in part to target the rule disclosure. ESG platforms broadly apply to taking into account the environmental and social implications of a company's decisions, and not just its financial performance, as part of investing decisions. Many House Republicans have criticized ESG plans — but some of them have received campaign contributions from the very financial firms they are targeting.

☆ Jim Chanos says he’s still betting against Coinbase even with a 70% rally this year
▼ + stars: | 2023-02-22 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Famed short seller Jim Chanos said Wednesday that he's still short Coinbase even as shares of the crypto exchange rallied more than 70% this year alone. The crypto exchange reported $629 million in revenue, compared to $590 million as expected by Refinitiv analysts. COIN 1Y mountain Coinbase The founder of Chanos & Co. said that Coinbase makes money in two areas — increased commission rates for retail investors and omission of interest on customer deposits. Effectively... round trips for the fourth quarter were costing retail investors 3%, up from 2.7% in the previous quarter," Chanos said. "I just don't think that's a sustainable model as we go from 0% interest rates to 5% interest rates, not paying interest on customer deposits will also be competed away."

☆ Microsoft's president to push Activision deal at EU hearing; Google, Nvidia also present
▼ + stars: | 2023-02-21 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

Smith will lead a delegation of 18 senior executives, including Microsoft Gaming Chief Executive Officer Phil Spencer, while Activision will be represented by its CEO Robert Kotick according to a European Commission document seen by Reuters. Alphabet's (GOOGL.O) Google and chip designer and computing firm Nvidia Corp (NVDA.O), which has a gaming business, will also be taking part in the hearing, the EU document showed. "The European Commission asked for our views in the course of their inquiries into this issue. We will continue to cooperate in any processes, when requested, to ensure all views are considered," a Google spokesperson said. The European Games Developer Federation (EGDF), which has said the deal will allow Microsoft to challenge Apple (AAPL.O), Google and Tencent, is one of the participants.

☆ Florida Great Displacement: Climate Change Forces Residents to Leave State
▼ + stars: | 2023-02-21 | by ( Jake Bittle | ) www.businessinsider.com time to read: +14 min

The Keys are also the first flock of canaries in the coal mine of climate change. The hurricane made undeniable what previous floods had only suggested: that climate change will someday make life in the archipelago impossible to sustain. The decision to leave, on the other hand, which once signified surrender, now looks more like acceptance of the inevitable. It's this messiness that is reflected in the word "displacement": the migratory shifts caused by climate change are as chaotic as the weather events that cause them. This is an excerpt adapted from THE GREAT DISPLACEMENT: Climate Change and the Next American Migration by Jake Bittle.

☆ Beijing plans to hand out $6 a month to low-income families to help offset the cost of food. The amount will just about buy 2 Big Macs.
▼ + stars: | 2023-02-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Beijing is planning to give nearly $6 a month in subsidies to the city's low-income residents. The $6 a month subsidy triggered many Chinese social media users who say it's too little. But it's facing online backlash that the amount — which just about buys two Big Macs in China — is too low. Several users said the subsidy should be 40 yuan a day instead of a month, which would translate to roughly 1,200 yuan — or about $175 — a month. Despite general skepticism over how far 40 yuan can go in the Chinese capital, at least one user said it's a good start that should be emulated by other local governments.

☆ Why it's so hard to build new electrical transmission lines in the U.S.
▼ + stars: | 2023-02-21 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +14 min

Building new transmission lines in the U.S. takes so long — if they are built at all — that electrical transmission has become a roadblock for deploying clean energy. Energy companies that build new transmission lines need to get a return on their investment, explains James McCalley, an electrical engineering professor at Iowa State University. "Someone that benefits more frequent transmission line will pay more than someone who benefits less from a transmission line." transmission lines, energy grid, clean energyGreat River Energy and Minnesota Power are in the early stages of building a 150-mile, 345 kilovolt transmission line from northern to central Minnesota. Engaging with all members of the respective community is a necessary part of any successful transmission line build out, Patel and Johnson both say.

☆ Here's why history's most reliable recession indicator no longer works
▼ + stars: | 2023-02-21 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The inverted yield curve has been one of the most reliable predictors of an imminent recession. In July 2022, the inverted yield curve once again turned negative as the Fed continued to aggressively hike interest rates. But a Monday note from Ned Davis Research argues that the yield curve inversion indicator may no longer be a reliable leading indicator of a coming downturn. Kalish isn't alone in his skepticism of the yield curve inversion indicator. Cam Harvey, the economist and professor who first identified the yield curve as a reliable recession indicator, thinks this time is different.

☆ Inflation in Beijing: Chinese capital gives cash handout to low-income households to offset rising food prices
▼ + stars: | 2023-02-20 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Beijing will give out a $6 monthly cash subsidy to low-income residents to cushion the impact of rising food prices, a move that has unexpectedly angered many online who say the amount is far too low. The demonstrations were the latest outburst of public discontent since mass protests against Covid curbs gripped the country late last year. “In January, food prices in Beijing rose by 6.6%, meeting the conditions for starting the price-linked subsidy program,” the state-run Beijing Daily newspaper quoted an official from the commission as saying in a Friday report. Although the headline figure remains relatively low compared to other countries, food prices jumped 6.2%, with pork and fruit prices rising the most. In Beijing, food prices outpaced the national level.

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