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☆ Wall Street Journal insiders are bracing for more changes under its new top editor, including layoffs that could hit as early as this week
▼ + stars: | 2023-05-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Wall Street Journal staffers are bracing for layoff news as early as this week and other changes under its new EIC. Emma Tucker has shaken up the top editor ranks, and insiders expect changes to the editing process. Wall Street Journal staffers are bracing for layoffs and broader changes under new top editor Emma Tucker. People expect Tucker to overhaul the cumbersome front-page editing process for top enterprise stories and deemphasize commodity news in favor of more investigative pieces, with specifics to come as early as June. "She's not afraid to ask questions that are challenging Wall Street Journal orthodoxy," a second insider said.

☆ Just what is phygital art, and why is Dubai going big on it?
▼ + stars: | 2023-05-29 | by ( Mark Tutton | ) edition.cnn.com time to read: +8 min

CNN —“Phygital art” may not be the most elegant phrase in the English language, but it is generating a buzz in certain circles. The Art Dubai international fair has a digital component exploring new media and technology trends, including phygital works. Separately, Christie's hosted its Art + Tech Summit at Art Dubai this year. Pablo del Val: Phygital works of art can also be NFTs, but a phygital work of art doesn’t necessarily need to be an NFT. Cedric Ribeiro/Getty Images Europe/Getty Images for Art DubaiWhy is phygital art important to you?

☆ Major central banks were expected to pause rate hikes soon. Now it's not so clear cut
▼ + stars: | 2023-05-29 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Brendan McDermid | ReutersThe market has long been pricing in interest rate cuts from major central banks toward the end of 2023, but sticky core inflation, tight labor markets and a surprisingly resilient global economy are leading some economists to reassess. Economic resilience and persistent labor market tightness could exert upward pressure on wages and inflation, which is in danger of becoming entrenched. The Bank of England The U.K. faces a much tougher inflation challenge than the U.S. and the euro zone, and the U.K. consumer price inflation rate fell by less than expected in April. Meanwhile core inflation jumped to 6.8% from 6.2% in March, which will be of greater concern to the Bank's Monetary Policy Committee. Risk management considerations will, we think, force the MPC to push rates higher and further than previously intended."

☆ Get ready to see millions of Americans lose their jobs if Congress doesn't raise the debt ceiling in the next few days
▼ + stars: | 2023-05-29 | by ( Madison Hoff | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then. That would translate to "7.8 million jobs lost from peak to trough," Yaros said. Other industries would see over half a million jobs lost in this scenario, including construction. "It's something closer to the 2001 recession that we had after the dot-com bubble, and you get about 1.5 million jobs lost from peak to trough," Yaros said. And 1.5 million jobs lost — that's still a huge human toll that was unnecessarily incurred."

☆ 10 Things in Tech: Renting properties to sublet them, the world’s largest polymer 3D printer, and a bare-bones Tesla Cybertruck interior
▼ + stars: | 2023-05-29 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

I'm Diamond Naga Siu, and I'm excited that the French Open main draw is in full swing today. ChatGPT helped these people earn more money and become better at their jobs. Insider profiled four of them about how it has made their jobs easier: a recruiter, broker, entrepreneur, and chief marketing officer. My colleague Jack Sommers gathered their profiles and highlighted how these workers turbocharged their jobs with technology. Email dsiu@insider.com or tweet @diamondnagasiu) Edited by Alistair Barr (tweet @alistairmbarr) in San Francisco and Hallam Bullock (tweet @hallam_bullock) in London.

☆ Opinion | The Impossible Math of the Debt Deal’s Detractors
▼ + stars: | 2023-05-29 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

Even the cuts in the debt ceiling deal would be a mild retardant for economic growth. in 2021, compared with 115 percent for the United States, and Japan seems to be doing OK. (Those numbers are somewhat exaggerated because they include debt held by other parts of the government, not just debt held by the public.) At that point, an uncomfortably large portion of federal spending has to be devoted to paying interest on the debt. That brings up the second thing that’s wrong with the right wing’s condemnation of the debt ceiling deal. The drama around the debt ceiling deal, which is far from over, is intense because negotiators are trying to achieve something that is impossible.

☆ Hong Kong media tycoon Jimmy Lai loses bid to terminate national security trial
▼ + stars: | 2023-05-29 | by ( Jessie Pang | Thomson Reuters | Jessie Pang Joined Reuters In After An Internship. She Covers Hong Kong With A Focus On Politics | ) www.reuters.com time to read: +3 min

HONG KONG, May 29 (Reuters) - A Hong Kong Court on Monday rejected an application to terminate a landmark national security trial against media tycoon Jimmy Lai, a case that could see him spend the rest of his life in prison if convicted. Jimmy Lai, 75, is the founder of now shut pro-democracy newspaper Apple Daily and one of the most prominent Hong Kong critics of China's Communist Party leadership, including President Xi Jinping. Lai and his three companies, Apple Daily Limited, Apple Daily Printing Limited, AD Internet Limited faced a total of three charges under the national security law, including collusion with foreign forces. Beijing imposed the national security law on Hong Kong in 2020 after months of anti-government protests. The security law gives the power of the Chief Executive to select a panel of judges who can hear national security cases.

☆ Quite a few Republican representatives are not happy with the debt ceiling deal, and one vowed not to 'bankrupt our country'
▼ + stars: | 2023-05-28 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Joe Biden and House Speaker Kevin McCarthy reached a tentative agreement on the debt ceiling. At least two Republican representatives say they will not vote for the agreement. Several Republican representatives say they're unhappy with the debt ceiling deal after the White House and House Speaker reached a tentative agreement Saturday night. Norman, of South Carolina, called the deal "insanity" in a tweet and said a debt ceiling increase with "virtually no cuts" was not what had been agreed. Ralph Norman (@RepRalphNorman) May 28, 2023Buck, of Colorado, said he's "appalled" by the "surrender" to raise the debt ceiling.

☆ ‘Succession’ Is Over. Why Did We Care?
▼ + stars: | 2023-05-28 | by ( Alexis Soloski | ) www.nytimes.com time to read: +1 min

On Sunday night, with the second son, Kendall, poised to take it all, his younger sister, Shiv, betrayed him. The company would be sold to Lukas Matsson, a Swedish tech anarchocapitalist, with Shiv’s husband, Tom Wambsgans, as C.E.O. In its final season, “Succession” drew fewer than half the viewers, across all platforms, of “The Sopranos” or “Game of Thrones.” So if this was a water cooler show, that water was filtered. Yet its queasy, stinging satire of the ultrawealthy exerted an outsize influence on its audience. If you hardened your heart, or if your heart came pre-hardened, it made for a mutinous kind of comfort viewing, in which pleasure, envy and outrage could twine.

☆ Tesla instructed employees to only communicate verbally about complaints so there was no written record, leaked documents show
▼ + stars: | 2023-05-27 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

Handelsblatt published a series of stories detailing unreported customer complaints and possible data mishandling. One of the leaked documents contained a Tesla policy to only discuss customer complaints verbally, not in writing. Thousands of documents leaked to a German newspaper indicate Tesla enforced a company policy that discouraged creating a written record of customer complaints involving acceleration, braking, and crashes. "Do not copy and paste the report below into an email, text message, or leave it in a voicemail to the customer," Tesla instructed employees, according to files leaked to Handelsblatt. Handelsblatt reported conversations with dozens of those affected by the complaints, including some who showed reporters video of the incidents or their communications with Tesla.

☆ Social Security benefits could be the first to go in a matter of days if the US defaults — and retirees will 'really suffer' if Congress doesn't raise the debt ceiling by then
▼ + stars: | 2023-05-27 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then. Social Security, Medicaid, and SNAP could be among the first programs to go unpaid. At the top of the list are Social Security, Medicare, Medicaid, and SNAP, along with Supplemental Security Income (SSI) payments — all programs that retirees heavily rely upon. Social Security is the biggest federal program, with over 67 million Americans relying on payments. So even if it is possible to prioritize Social Security benefits, we can't insulate Social Security beneficiaries from some serious harm."

☆ How artificial intelligence could threaten major industries and business models
▼ + stars: | 2023-05-26 | by ( Samantha Subin | ) www.cnbc.com time to read: +11 min

Meanwhile, limits on applicable copyright rules make it simpler to train AI tools. Nevertheless, accuracy issues with AI tools, Redburn said, could boost the use case for Pearson. Copyright issues are another major obstacle for music companies. Some potential copyright violations include replicating an artist's likeness or voice, and that could weaken the catalog value for many music companies, analysts said. Similarly, Deutsche Bank analyst Matthew Niknam highlighted in a recent note AI presents more opportunities than risks and offers "underappreciated upside tailwinds" for Five9.

Persons: GOOGL, Goldman Sachs, Dan Rosensweig, Chegg, Brad Erickson, Hayden Brown, Brown, BTIG, Chegg's, Pearson, Redburn, Morgan Stanley, Brent Thill, Thill, Douglas Mitchelson, Rosenblatt, Barton Crockett, Morgan Stanley's Omar Sheikh, Ygal, Nat Schindler, Wix, Jefferies, Oppenheimer, Timothy Horan, Matthew Niknam, Meta Marshall, Marshall, Michael Bloom Organizations: Wall Street, Microsoft, Nvidia, Goldman, Chegg, Companies, Freelance, Upwork, RBC Capital, Pearson, Bank of America, UBS, Jefferies, Industry Music, Spotify, Credit, Warner, Warner Music Group, Universal Music Group, Citi, NICE, Deutsche Bank Locations: Nice

☆ Newsroom insiders are bracing for changes at The Wall Street Journal under its new top editor, including layoffs that could hit as early as this week
▼ + stars: | 2023-05-26 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Wall Street Journal staffers are bracing for layoff news as early as this week and other changes under its new EIC. Emma Tucker has shaken up the top editor ranks, and insiders expect changes to the editing process. Wall Street Journal staffers are bracing for layoffs and broader changes under new top editor Emma Tucker. One audio staffer was laid off last week, in keeping with Journal practice to quietly shed people in small numbers. "She's not afraid to ask questions that are challenging Wall Street Journal orthodoxy," a second insider said.

☆ Economic stability hangs on US love of BBQ
▼ + stars: | 2023-05-26 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, May 26 (Reuters Breakingviews) - The threat of U.S. default isn’t the only thing bringing lawmakers to the negotiating table. That unofficial deadline adds urgency, and also makes it likely that a deal will be no better than just good enough. But lawmakers are also ditching Washington ahead of Memorial Day, a U.S. holiday marking the start of warmer months. In the meantime, a banking crisis, inflation crisis, and potential economic crisis are all pushed into the background. Investors will come back from their weekend of burgers and beer and see stability, which means they will be ready to take risks again.

Find a lender that offers the type of mortgage you needNot every lender provides each type of mortgage. VA mortgage lenders . How to compare mortgage lenders at each stage of the processMortgage prequalificationMortgage prequalification is one of the first steps in the homebuying process. Mortgage loan estimateOnce you choose a home, you will apply for a mortgage and receive a loan estimate from a lender. Between the qualification, preapproval, and loan estimate, the loan estimate is the most detailed and official of the three.

☆ Remembering Martin Amis
▼ + stars: | 2023-05-26 | by ( ) www.nytimes.com time to read: +1 min

The writer Martin Amis, who died last week at the age of 73, was a towering figure of English literature. Amis was “arguably the most slashing, articulate, devastatingly clear, pungent writer of the last 25 years of the past century and the first almost 25 of this century,” Garner says. Just his way with words, his descriptions, the fact that he scorned cliché, scorned outdated language. In my own life as a writer, there are very few writers — of course I’m not a fiction writer, but I study writing — there are only a handful of writers that I think of in the category that Martin Amis is in, which is, if I’m stuck on a piece or I’ve just written a bad sentence, I think: Would Martin Amis ever let this sentence go to print? Not that I can hope to match his sentences, but I hope not to sink to this level where, don’t do that because Martin Amis wouldn’t do it.”We would love to hear your thoughts about this episode, and about the Book Review’s podcast in general.

☆ This Little-Known Pandemic-Era Tax Credit Has Become a Magnet for Fraud
▼ + stars: | 2023-05-26 | by ( Alan Rappeport | ) www.nytimes.com time to read: +2 min

Mr. O’Donnell warned that those who received refunds but were ineligible for the money would have to repay the funds with penalties. was aggressively auditing taxpayers who collected the refunds and the firms that processed them. He estimated that hundreds and possibly thousands of tax credit “mills” had popped up across the country in the last three years. But for eligible taxpayers, they have the potential to provide a substantial windfall in the form of a tax refund. is concerned about taxpayers dipping into multiple pots of relief money and says many tax preparation firms are not telling clients that they cannot claim the tax credit on wages if they also received money to cover payroll costs through the Paycheck Protection Program.

☆ Earth's neighboring star Betelgeuse unexpectedly got 50% brighter —part of a weird process that will end in the dying star going supernova
▼ + stars: | 2023-05-26 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +5 min

This dying red giant had only recently mysteriously dimmed its shine after an enormous explosion. It is expected to explode into a supernova visible from Earth, though likely not for thousands of years. The red giant — a star not far from death — is now shining about 50% brighter than it usually would, scientists said. Scientists are keeping a close eye on Betelgeuse, as this red giant is a dying star that is close to turning supernova. Betelgeuse could burst into a supernova visible from Earth — one dayA pre-supernova star, called a Wolf-Rayet star, 15,000 light-years away in the constellation Sagittarius.

☆ Elon Musk said Ron DeSantis' disastrous campaign launch was the 'top story on Earth.' A quick glance at the global media shows the death of Tina Turner was far more talked about.
▼ + stars: | 2023-05-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

As newspapers reported on it, Elon Musk decided to claim it was "the top story on Earth." But this was the same day Tina Turner died, and DeSantis wasn't mentioned on most front pages. Elon Musk claimed that Ron DeSantis' glitchy presidential announcement on Twitter Spaces was "the top story on Earth" on Wednesday. US Google was dominated by "Tina Turner" with 5 million searches, followed by a rise in Nvidia shares, a PlayStation showcase, and Krispy Kreme donuts. On Wednesday — the day Musk claimed it was the biggest story in the whole world — Turner was well ahead at top spot.

☆ Bill Gates says an under-the-radar startup could be the biggest winner in AI. Check out its free app, and you'll see why.
▼ + stars: | 2023-05-24 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

Bill Gates said the winner in AI will be the company that creates a personal digital agent. Gates added that it's 50-50 as to whether the AI winner behind the digital agent will come from Big Tech or the startup world. The startup was founded by LinkedIn cofounder Reid Hoffman, Deepmind cofounder Mustafa Suleyman, and Karén Simonyan, and describes itself as an "AI studio creating a personal AI for everyone." And Pi is still a ways away from what Bill Gates is imagining, a personal AI that can do your shopping and help read your emails. But Pi is the best conversational AI I've used so far, and everyone I've spoken to who has used it has been impressed.

Persons: Bill Gates, Pi, it's, Gates, I'd, I'm, I've, Reid Hoffman, Mustafa Suleyman, Karén, Matt Turner, we've, It's, there's, Spriha Srivistava, that's, Brad Davis, Brad, ChatGPT Organizations: Microsoft, Google, Big Tech, CNBC, LinkedIn, Pi Locations: San Francisco, Instagram

☆ Consumer spending is slowing, but these two Club retailers are well-positioned to ride out the storm
▼ + stars: | 2023-05-23 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

First-quarter earnings results from retailers this season have shown softer discretionary spending to be the primary headwind facing companies across numerous retail categories. If consumer spending declines too precipitously, it could help tip the U.S. economy into recession. The wholesale retailer's monthly comparable-sales reports have shown Costco shoppers scaling back on discretionary items and prioritizing consumer staples. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Shoppers wait in a check-out line at a Costco wholesale store in Orlando, Florida.

Persons: Mary Dillon's, Jim Cramer, Jim, we're, HomeGoods —, TJX, Jim Cramer's, Paul Hennessy Organizations: TJX Companies, Costco Wholesale, Lowe's Companies, Target, Walmart, Club, Fed, Ross, Costco, BJ's Wholesale Club Holdings, CNBC, Shoppers, Getty Locations: U.S, Orlando , Florida

☆ Why some Democrats think Biden shouldn't worry about legal challenges that would come from getting rid of the debt ceiling forever
▼ + stars: | 2023-05-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

A US default could be days away, and Congress still doesn't have a debt ceiling deal. Some Democrats think Biden should use the 14th Amendment to address the crisis. On Monday evening, McCarthy and Biden met once again to attempt to reach an agreement on raising the debt ceiling and avoiding an unprecedented default. Experts and lawmakers have said that this clause makes a default, and therefore the debt ceiling, unconstitutional, getting rid of the issue forever. Anna Moneymaker/Getty ImagesWhy Biden shouldn't worry about legal challengesNo president has ever invoked the 14th Amendment to address the debt ceiling.

☆ These 4 stocks are on Goldman's 'conviction buy' list — and it gives one 115% upside
▼ + stars: | 2023-05-22 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

A look at Goldman Sachs' "conviction buy" stocks this year reveals some names with serious upside potential. The bank gave Sensata a price target of $60, or around 43% potential upside from its current level. ASML Goldman named Dutch semiconductor firm ASML in its screen of "long-term quality compounders" earlier this year. Goldman gave the U.S.-listed shares of Alibaba a 12-month price target of $136, or potential upside of 58%. Goldman gave the stock a price target of 37.30 euros ($40.20), or nearly 115% potential upside.

☆ In pointed dissent, Justice Kagan accuses fellow liberal Justice Sotomayor of hypocrisy in Warhol decision, says the court is 'trying too hard' and anti-artist ruling will 'stifle creativity' and 'mak
▼ + stars: | 2023-05-21 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +5 min

In her dissent against the 7-2 majority, Justice Kagan accused her colleagues of hypocrisy. Lynn Goldsmith's photograph of Prince; Andy Warhol's silkscreen print of Prince, featured on the cover of a Condé Nast magazine. Quoting the 1965 film "The Sound of Music," Kagan wrote: "'Nothing comes from nothing,' the dissent observes, 'nothing ever could.' "The majority claims not to be embarrassed by this embarrassing fact because the specific reference was to his Soup Cans, rather than his celebrity images," Kagan wrote. "It will stifle creativity of every sort," Kagan wrote.

☆ Martin Amis, Acclaimed Author of Bleakly Comic Novels, Dies at 73
▼ + stars: | 2023-05-20 | by ( Dwight Garner | ) www.nytimes.com time to read: +1 min

As he aged, he stopped playing tennis, a sport he once played daily and wrote about often. He mostly stopped writing criticism, too. “Insulting people in print is a vice of youth,” he said in an interview with The Independent. Mr. Amis was shortlisted for the award in 1991 for “Time’s Arrow,” and longlisted in 2003 for “Yellow Dog.”His final novel, “Inside Story,” published in 2020, was a “novelized autobiography” that considered his friendship with Mr. Hitchens and his relationship with his father. In “The Information,” he wrote: “Every morning we leave more in the bed: certainty, vigor, past loves.

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