DIRS.INFO The most relevant business & tech news

☆ Emiliano Grillo overcomes bizarre event to win first PGA Tour event in nearly eight years
▼ + stars: | 2023-05-29 | by ( Ben Morse | ) edition.cnn.com time to read: +3 min

CNN —It’s been a while since Emiliano Grillo has been able to lift a trophy in celebration on the PGA Tour. Eventually, after the ball had traveled approximately 100 yards before stopping against a rock, Grillo was able to take a drop. Despite the near disaster, Grillo was able rally in the end, birdieing the second hole of the playoff to claim his first PGA Tour win since October 2015. Afterwards, Grillo explained his emotions and thought process during the agonizing wait when the ball was trickling downstream. This year, though, Grillo won $1.566 million for his efforts, fending off stiff challenges from Schenk, Scottie Scheffler and Harry Hall to win his second PGA Tour win.

☆ At Cannes, independent film firms optimistic as streamers stumble
▼ + stars: | 2023-05-17 | by ( Miranda Murray | Thomson Reuters | Speed Editor On The Berlin Hub Who Provides General Coverage On Everything Politics To Energy In Germany | ) www.reuters.com time to read: +4 min

CANNES, May 17 (Reuters) - Independent film companies facing a market upended by the entry of streaming services are showing some optimism heading into this year's Cannes Film Festival as the Netflix era has begun flattening out and audiences start trickling back into cinemas post-pandemic. Cannes may make headlines for its glitz and glamour, but as the world's largest event for buying and selling movie rights, its importance to the industry is unparalleled. "It's a transitional time on the business side as the traditional business model that independent buyers use sees lessened value," said O'Shea. The similarity among much of the content offered on streaming platforms leaves theatre audiences wanting something different, an unmet appetite that independent companies could fulfil, he said. "Something good is happening, and I'm sure other streaming services will follow suit," Cannes Film Festival director Thierry Fremaux said in an interview with Le Film francais magazine in April.

☆ ‘There Are No Good Options’: The U.S. Is Running Out of Money
▼ + stars: | 2023-05-09 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

“The coming weeks are critical for assessing the strength of government cash flows,” said Shai Akabas, the director of economic policy at the Bipartisan Policy Center. The sluggish pace is due in part to a decision by the Internal Revenue Service to give taxpayers in states that were affected by severe weather more time to file their 2022 taxes. Treasury Secretary Janet L. Yellen said on Monday that if the debt limit was not raised, then Mr. Biden would have to decide how to proceed. “I would say that if Congress doesn’t raise the debt ceiling, the president will have to make some decisions about what to do with the resources that we do have,” Ms. Yellen said on CNBC. “And there are a variety of different options, but there are no good options.”

But with flights remaining limited after China's border reopening in January, European luxury stores will need to wait longer for the return of masses of tourists they once depended on for growth. The average transaction value by Chinese travellers in Europe in March was 28% above 2019 levels, UBS said, citing data from VAT refund provider Planet. Cartier-owner Richemont (CFR.S), Hermes (HRMS.PA) and LVMH were best placed to benefit from wealthy Chinese shoppers, UBS added. As wealthy Chinese return to Europe and other foreign destinations, the appeal of China's Hainan Island, a duty free shopping hotspot, appears to be waning among top luxury spenders. China's "higher income, top luxury spenders (are) already travelling abroad again," she said, leading to an observable lower per-capita spend in Hainan.

☆ Google tells staff it plans to limit publishing AI research to 'compete and keep knowledge in house' as its rivalry with Microsoft's OpenAI heats up
▼ + stars: | 2023-05-04 | by ( Thomas Maxwell | Hugh Langley | ) www.businessinsider.com time to read: +7 min

Google told staff it will be more selective about the research it publishes. Recently, information like code and data has become accessible on a "much more on a need-to-know" basis, according to a Google AI staffer. LaMDA, a chatbot technology that forms the basis of Bard, was originally built as a 20 percent project within Google Brain. (The company has historically allowed employees to spend 20% of their working days exploring side projects that might turn into full-fledged Google products.) Google's AI division has faced other setbacks.

☆ Trickling Tax Revenue Complicates Debt Limit Talks
▼ + stars: | 2023-05-01 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

WASHINGTON — A vote by House Republicans last week to lift the nation’s debt limit in exchange for deep spending cuts was the first step in what is likely to be a protracted battle over raising or suspending the borrowing cap to avoid defaulting on United States debt. The United States technically hit its $31.4 trillion debt limit in January, forcing the Treasury Department to employ accounting maneuvers known as extraordinary measures to allow the government to keep paying its bills, including payments to bondholders who own government debt. Treasury Secretary Janet L. Yellen said at the time that her powers to delay a default — in which the United States fails to make its payments on time — could be exhausted by early June. She cautioned, however, that the estimate came with considerable uncertainty. With June now just a few weeks away, uncertainty around the timing of when the United States will run out of cash — what’s known as the X-date — remains, and determining the true deadline could have huge consequences for the country.

Caterpillar shares turn around CAT YTD mountain Caterpillar YTD Dow component Caterpillar delivered a blowout first quarter. Caterpillar revenue in Q1 increased 16.7% year over year to $15.86 billion, exceeding estimates of $15.26 billion, according to Refinitiv. Better-than-expected operating margin of 17% was so strong, due mostly to manufacturing costs that were not as high as expected as well as higher prices. Bottom Line on CAT This was a very strong quarter from Caterpillar as business continues to benefit from pricing power that outweighs costs. Even with oil down in the quarter, Caterpillar continues to see a lot of activity and strength in new engine sales to customers.

☆ A 44-year-old mom of 3 made $735,000 in a year from a reselling business she launched using just the clothes in her closet
▼ + stars: | 2023-04-24 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

She earned $735,000 in 2021 selling on social media livestreams and through brand partnerships. Mona Mejia "Everything was selling really quickly"In 2015, Mejia's family was in need of additional income to supplement her husband's pay. When she began listing more items, she noticed that "everything was selling really quickly" and real money was trickling in. Mona Mejia"The more you list, the more money you're going to make." Despite discounting, she says she's able to maintain high levels of profitability by only selling items she bought at especially cheap rates.

☆ These are the tech jobs most threatened by ChatGPT and A.I.
▼ + stars: | 2023-04-15 | by ( Mikaela Cohen | ) www.cnbc.com time to read: +7 min

A recent Goldman Sachs report found 300 million jobs around the world stand to be impacted by AI and automation. Just like similar trends in history, creative jobs will be in demand after the widespread inclusion of generative AI and other AI tech in the workplace. But even though these jobs will still exist, their tasks and responsibilities could likely be diminished by GPT and generative AI. But other forms of generative AI can go further, reconstructing different outcomes based on patterns and learnings, and almost mirroring a human brain, he said. In this broader set of tasks, generative AI can mimic what an engineer would do through the development cycle.

☆ The Masters were caddied by only Black men for nearly 50 years
▼ + stars: | 2023-04-05 | by ( Jack Bantock | ) edition.cnn.com time to read: +14 min

Located just three miles from The Masters venue, the historically Black district lay adjacent to Augusta Country Club. Eventually, many would hop across Rae’s Creek to begin work at Augusta National. A “good bag” at Augusta National would pay up to $5, Maben said, offering $20 for a particularly lucrative day’s labor. The 1983 Masters saw the first White caddies walk the greens at the major, with just 19 Black caddies on the bag, Clayton said. This year, the Lucy Craft Laney Museum will put the legacy of Augusta’s Black caddies – quite literally – center stage.

Persons: Jack Nicklaus, Arnold Palmer, Willie Peterson caddied Nicklaus ’, Nathaniel “, ” Avery, Peterson –, –, Augusta, Nicklaus, Peterson, Augusta caddies, Leon Maben, Lucy, Lucy Craft Laney, Ward Clayton, “, ” Palmer, ” Clayton, …, Maben, Jerry ” Beard, caddie, Fuzzy Zoeller, John P, caddying, Willie “ Pappy ” Stokes, Stokes, Henry Picard, Ben Hogan, Hogan, Beard, Zoeller, Augusta “, Clayton, ” Maben, ” Beard, Heinz Kluetmeier, Tommy “, ” Bennett, Woods, scalding, John H, Stovepipe ” Gordon, Frank “, ” Stokes, Matthew “ Shorty Mac ” Palmer, Avery’s, Gordon, Gene Sarazen, Sarazen, Willie “, Perteet, Dwight D, Eisenhower, ”, ’, ‘, We’re, caddies, Jim Crow, Ron Townsend, Lee Elder, Elder, Andy Lyons, Townsend, ” Carl Jackson, Ben Crenshaw, Jackson, Crenshaw, “ Gentle Ben ”, Watson, Jamie Squire, Harvey Penick, ” Jackson, you’re, Andrew Redington, Avery, Palmer, Augusta caddies – Stokes, It’s Organizations: CNN, Augusta National, Bettmann, Getty, Augusta Country, Lucy Craft, Lucy Craft Laney Museum of, . Augusta National, ”, Augusta, ESPN, National, PGA, Augusta Country Club Locations: Georgia, Cedar Grove, Sand, Black, Augusta, caddies, Clayton, America, ”, Perteet

☆ Multi-strategy hedge funds had mixed results for a mad March. Here's how Citadel, Millennium, and Point72 did.
▼ + stars: | 2023-04-04 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +2 min

Multi-strategy hedge funds had a mixed March after the Silicon Valley Bank collapse put markets on edge. The Citadel Wellington fund ended the month up 1.38%, while Steve Cohen's Point72 was up 1.33%. Equities was up 2.16% in March, bringing year-to-date performance to 4.56%. Its global fixed income fund returned 0.12% in March, bringing year-to-date performance to 1.77%. Hedge fund performance figures are still trickling out, but data and reports suggest that trend-following and macro funds were caught out after the banking crisis rocked markets.

Chinese demand is helping boost Singapore property prices, Chinese students are snapping up apartments in Sydney and Melbourne, and agents say Chinese interest is ticking up in Thailand. But they indicate that in the wake of the pandemic, Chinese families are looking to relocate assets, and even themselves, overseas. Home purchases in Singapore, where Chinese are the top foreign buyers, cooled early in 2023 from last year's torrid pace - but only slightly despite a steep rise in real estate stamp duties. The Singapore American School has "seen significant interest from Chinese families looking to enrol," it said in a statement responding to Reuters questions. Canada, another real estate market popular with Chinese investors, has put a two-year ban on foreign purchasers.

☆ Nordstrom will cut about 2,500 jobs as layoffs creep into the retail world. Here's the full list of major retailers that have laid off workers in 2023.
▼ + stars: | 2023-03-13 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Layoffs have started trickling into the retail sector, primarily impacting corporate employees. Still, few retailers are laying off store employees as the "labor hoarding" trend continues in 2023. Since the start of 2023, major retailers ranging from department stores to direct-to-consumer brands have cut staff, the latest swing in a sector that's been hit hard by labor challenges and inflation. Brian Ach/Invision for The RealReal/AP ImagesThe RealReal: The luxury consignment company cut 230 employees, about 7% of its workforce. Lidl: Around 200 US-based corporate employees were let go from the German grocery chain.

Now overseas demand is slumping amidst a local credit crunch and a corruption crackdown. A trade agreement and warmer relations with Washington spared its manufacturers from tariffs and sanctions applied to its northern neighbour. Now overseas demand is stuttering. Vietnam's exports of goods and services have been slowingFollow @KatrinaHamlin on TwitterCONTEXT NEWSVietnam's economy grew 8.02% in 2022, the fastest annual pace since 1997, according to data released by the country’s General Statistics Office on Dec. 29. Vietnamese exports were flat in February and fell 23.4% in January compared to a year earlier, according to Refinitiv data released on March 9.

SummarySummary Companies Tech bank's troubles panic marketsFears spread over fallout from rising interest ratesBanks vulnerable as bond values dropLONDON, March 10 (Reuters) - For months, investors had shrugged off the threat of rising interest rates. In SVB's case, venture capital clients, unable to raise cash elsewhere, pulled money from the bank, forcing its hasty sale of bonds at a loss. In February, U.S. regulators said U.S. banks had unrealised losses of more than $620 billion on securities, underscoring the scale of the risks. Jason Benowitz, senior portfolio manager at CI Roosevelt, said SVB's risks were not unique with many banks sitting on such unrealised losses because rates have moved so rapidly. "The SVB situation is a reminder that many institutions are sitting on large unrealised losses," said AJ Bell investment research director Russ Mould.

☆ Publishing Magnate Si Newhouse’s Art Trove Could Sell for Near $150 Million
▼ + stars: | 2023-02-21 | by ( Kelly Crow | ) www.wsj.com time to read: +1 min

The estate of publishing magnate Samuel Irving Newhouse Jr. took note last fall when collectors clamored after Microsoft co-founder Paul Allen’s $1.6 billion record-setting estate sale. Heartened by the art market’s resilience, the publisher’s family said Tuesday it plans to follow suit—auctioning off more of Mr. Newhouse’s own trove this spring. The move marks the third time the Newhouse estate has plied his pieces into sales since he died six years ago at age 89—a trickling strategy that contrasts with the theatrical, everything-must-go atmosphere conjured when Mr. Allen or the Rockefellers before him sold off vast art holdings all at once. The 16 latest works consigned to Christie’s for its coming New York sales in May represent a fraction of the art amassed over the decades by Condé Nast’s chairman emeritus, but the batch is estimated to top $144 million and will showcase his taste for a broad sweep of artists, including Pablo Picasso, Francis Bacon, Jasper Johns and Lee Bontecou.

☆ Neiman Marcus and The RealReal are the latest to cut jobs as layoffs creep into the retail world. Here's the full list of major retailers that have laid off workers in 2023.
▼ + stars: | 2023-02-16 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +2 min

Still, few retailers are laying off store employees as the "labor hoarding" trend continues in 2023. Since the start of 2023, major retailers ranging from department stores to direct-to-consumer brands have cut staff, the latest swing in a sector that's been hit hard by labor challenges and inflation. Most of the cuts so far have impacted corporate retail employees. At a store level, many retailers are actually holding tighter to workers than usual, even seasonal employees, in a practice economists call "labor hoarding." Here are the retailers who have announced layoffs in 2023:The RealReal, founded in 2011, sells secondhand luxury clothing.

☆ From Apple to VW, CEOs Gradually Returning to China After Its Reopening
▼ + stars: | 2023-02-12 | by ( Dan Strumpf | Yoko Kubota | ) www.wsj.com time to read: 1 min

Volkswagen CEO Oliver Blume was among the first top executives from a multinational company to visit China since it scrapped most of its border restrictions. BEIJING—Top executives from multinational companies are trickling back into China with the country’s reopening, as Beijing seeks to restore confidence from global businesses in its struggling economy and attract investments. Volkswagen AG’s chief executive visited China from late January to early February, the company said, while Apple Inc. CEO Tim Cook and Pfizer Inc. CEO Albert Bourla are expected to visit next month, people familiar with the matter said. Ola Källenius , Mercedes-Benz Group AG’s chairman, also plans a visit to China, the company said.

☆ Fans soak up Super Bowl glow as 'Valley of the Sun' takes spotlight
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +2 min

[1/6] Feb 12, 2023; Glendale, AZ, USA; Fans arrive Super Bowl LVII between the Kansas City Chiefs and Philadelphia Eagles at State Farm Stadium. Mandatory Credit: Patrick Breen/The Republic via USA TODAY SportsGLENDALE, Ariz., Feb 12 (Reuters) - Fans dressed in Kansas City Chiefs red and Philadelphia Eagles green excitedly bounced up the walkway to State Farm Stadium on Sunday, as the curtain lifted on a tough-to-predict Super Bowl 57. The NFL said it expected the Glendale, Arizona, stadium's retractable roof to remain open. Mahomes has the benefit of experience over his 24-year-old rival Jalen Hurts, featuring in the Super Bowl for the third time in four years. Super Bowl 57 is set to kick off at 4:30 p.m. MT (2330 GMT).

☆ Earthquake-Hit Syria Sees Arrival of First Aid Convoys
▼ + stars: | 2023-02-09 | by ( Sune Engel Rasmussen | ) www.wsj.com time to read: 1 min

Aid began trickling into northwest Syria on Thursday, four days after deadly earthquakes battered an area that has been politically isolated by war, and left millions of displaced people and other Syrians living under continued hostilities without assistance. Six United Nations trucks crossed the Bab al-Hawa border crossing, which connects Turkey to the far northwestern corner of Syria. Before Thursday, the road to the crossing had been damaged by Monday’s earthquakes. The trucks carried shelter items and nonfood supplies, according to the U.N.’s Office for the Coordination of Humanitarian Affairs, or OCHA.

At his funeral in the western Ukrainian town of Letychiv, friends of the 22-year-old, who volunteered for the military and was hit by shrapnel in Bakhmut last week, were vehement that Russians should be excluded from the Olympics. Fellow decathlete Dmytro Korbenko, who described himself as Androshchuk's best friend, said of Russian athletes: "It's obvious they're not supposed to be in sports, nor at the 2024 Olympic Games." As mourners laid bouquets near Androshchuk's feet or kissed his forehead, Korbenko described his friend as a strong-willed athlete. In response, Ukraine has threatened to boycott the 2024 Olympics if the year-long war is still raging and if Russians are allowed to compete. Russia, which denies committing atrocities in Ukraine, said attempts at banning it from international sports were "doomed to fail."

☆ Weekly mortgage demand jumps 7% as interest rates drop to lowest level since September
▼ + stars: | 2023-01-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage interest rates fell for the third straight week, while mortgage demand also rose again. Total application volume increased 7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.2% from 6.23%, with points increasing to 0.69 from 0.67 (including the origination fee) for loans with a 20% down payment. Mortgage applications to purchase a home rose 3% for the week but were 39% lower year over year. Mortgage rates have moved slightly higher to start this week, but are still well within the new lower range.

☆ The richest 1% of people amassed almost two-thirds of new wealth created in the last two years, Oxfam says
▼ + stars: | 2023-01-16 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +2 min

Over the last two years, the richest 1% of people have accumulated close to two-thirds of all new wealth created around the world, a new report from Oxfam says. A total of $42 trillion in new wealth has been created since 2020, with $26 trillion, or 63%, of that being amassed by the top 1% of the ultra-rich, according to the report. The remaining 99% of the global population collected just $16 trillion of new wealth, the global poverty charity says. It suggests that the pace at which wealth is being created has sped up, as the world's richest 1% amassed around half of all new wealth over the past 10 years. It's time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow 'trickling down' to everyone else," Bucher said.

“He’s got to say, ‘I messed up, I apologize,’” said Lanny Davis, who handled various investigations as a lawyer in the Clinton White House. The White House didn’t publicly confirm that documents had been found until Monday, when CBS News reported that a review was underway. A statement from a White House lawyer, Richard Sauber, mentioned only classified material found at the center. We respect that process.”Jennifer Palmieri, who served as communications director in the Obama White House, suggested that any White House press secretary in this position would be in a tough spot in terms of what can be disclosed in the briefing room. “The White House should consider appointing a separate spokesperson to handle all questions related to this matter,” said Karen Finney, a Democratic strategist who also served in the Clinton White House.

☆ NASA hasn't heard from its InSight lander in 5 days. It may have run out of power and died on Mars.
▼ + stars: | 2022-12-20 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +9 min

NASA's InSight lander on Mars isn't responding to communications from Earth, likely due to low power levels. The solar arrays on NASA's InSight lander are deployed for a test at Lockheed Martin Space Systems, Denver, on April 30, 2015. An illustration of the InSight Mars lander. An artist illustration of the InSight lander on Mars. Then they instructed the robot to scoop up dirt and slowly trickle it next to the solar panels.

Search resuls for: "trickling"

25 mentions found