New York Governor Andrew Cuomo leaked an opposition file on one of his accusers, Lindsey Boylan, in a move “intended to discredit and disparage” her, according to a report released by New York Attorney General Letitia James (D) on Tuesday, following an independent probe of allegations into the governor. According to the report, Cuomo received […]
Amazon pushes its return to office to Jan. 3.
Daily Business BriefingAug. 5, 2021Updated Aug. 5, 2021, 1:38 p.m. ET Aug. 5, 2021, 1:38 p.m. ET Amazon, Wells Fargo and BlackRock are encouraging employees to be vaccinated but not mandating it.Joseph Prezioso/Agence France-Presse — Getty Images More large corporations, including Amazon, BlackRock and Wells Fargo, announced on Thursday that they would delay their return […]
Beijing Orders Travelers To Quarantine As Delta Surge Hits Chinese Capital
Chinese public health authorities counted another 62 locally-transmitted cases of COVID on Thursday, most likely caused by the delta variant, which is driving what has been described as China’s most widespread outbreak since COVID first broke out of Wuhan more than 18 months ago. Additionally, 54 new asymptomatic cases were reported on Thursday, 32 of […]
Julius Randle To Sign 4-Year, $117-Million Extension With New York Knicks
Julius Randle has agreed to a 4-year, $117-million extension with the New York Knicks, ESPN’s Adrian Wojnarowski reported. Randle, who is set to earn $19.8 million in the 2021-22 season, has a player option in the final year of the deal in 2025-26. Last season the former Kentucky star and No. 7 overall pick in […]
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Fashion Retailers Welcome The Rise In Clothing Prices But The Industry’s Recovery Remains Tenuous
Dressing the kids to go back-to-school, not to mention yourself to get back-to-work, will cost more this year. Overall, the consumer price index for apparel role 4.9% from June 2020 through June 2021. Children’s clothing prices rose even higher, up 5.5% for boys and 5.6% for girls. And new kid’s shoes will cost 5.7% more. […]
Marvel Aims To Start Fans Young With Animated ‘Spidey And His Amazing Pals’
Marvel’s generational domination of the entertainment universe extends from the original “true believers” who remember buying Fantastic Four #1 on the newsstand in 1961 to kids just tall enough to push their money over the counter to see the latest MCU blockbuster, but every year brings a new crop of little ones yet to be […]
Taylor Swift Fans Say Singer's Strange New Video Hints At Future Songs And Celebrity Collaborations
Topline Bestelling singer-songwriter Taylor Swift posted a mysterious clip of a series of jumbled up letters to her social media accounts Thursday morning, drumming up anticipation for an upcoming rerecording of her 2012 Red album and sending fans scrambling to decode what they believe is a puzzle hinting at details of the release. Key Facts […]
Every DC Films Movie Ranked Worst To Best
While I did one of these “every DC Films flick ranked” post in Christmas 2018, the number of so-called DC Films flicks has essentially doubled since then. This isn’t unlike what we saw with the Marvel Cinematic Universe, which offered up six films in Phase One from 2008 to 2012, six films in Phase Two […]
Thursday links: incremental improvements
Quote of the Day “When the current plan is working, even better than expected, it is best to stick with it, make incremental improvements here and there, and keep at it.” (Fred Wilson) Chart of the Day Private equity stocks are having their day in the sun. (chart via @ycharts) (wsj.com) Strategy Crypto Companies Retail […]
Nine Skills And Habits Crucial To Becoming A Successful Modern Marketer
The world of marketing is ever-changing, especially in today’s digital-first world. Successful marketers not only need to be masters at capturing customers’ attention and showing them the benefits of their product or service, but they also need to know how to leverage the most up-to-date digital tools to reach those customers. As business leaders, the […]
Gammasterpiece: The Full Breakdown Of Robinhood's Historic Surge
Submitted by Spot Gamma Robinhood’s recent IPO was initially lackluster, with the stock trading down ~7% from its IPO price. In recent days the stock then started to catch a bid as Cathie Wood & ARK bought in. However yesterday HOOD stock launched over 50%…but why? Options. Yesterday was the first day that options trading […]
Biden Announces Record Amount of Climate Resilience Funding
The Federal Emergency Management Agency will give states $3.5 billion to prepare for disasters, as wildfires and other calamities pummel the country. The Biden administration announced on Thursday a record injection of money to help communities gird against the effects of climate change, as disasters continue to pummel the United States. The new funds — […]
Cardano (ADA) Receives Approval To Be Listed In Japan
Cardano (ADA) has recently secured another win in its long repertoire of wins lately. The native coin of Cardano, ADA, has now been approved to be listed in Japan, which features one of the hardest listing requirements in the world. Only a handful of coins have been able to receive approval to be listed on […]
Sparrow’s Quest For A.I. Athletic Improvement Starts With Golf App (And Crowdfunding)
Some golfers may soon have a junior girls soccer coach to thank for the dramatic improvement to their swing. Joe Chin, a serial entrepreneur and former Columbia University football player, is one of the visionary minds behind the new game-improvement golf app Sparrow. The soon-to-be-released app uses self-developed A.I. technology and a user’s phone to […]
Amazon Delays Return to Office to January
More large corporations, including Amazon, BlackRock and Wells Fargo, announced on Thursday that they would delay their return to office plans as the spread of the Delta variant causes the number of coronavirus cases to climb. Amazon took the biggest step, telling its corporate employees that they did not need to return to their offices […]
Going for Broke in Cryptoland
They have names that make them sound delicious, like Cookie Coin. Or headed for outer space, like Pluto Coin. Or space-bound and delicious, like AstroCake, which was described this way: “Created 5 minutes ago. SAFE.” Hype coins, as they’re known, sit squarely on the flashy, speculative end of the cryptocurrency business. Every day, dozens of […]
Inflation in Britain will peak at 4 percent, the central bank predicts.
Inflation in Britain will rise to an annual rate of 4 percent later this year, according to the new projections by the Bank of England, a level that is double the central bank’s target and one that hasn’t been reached in a decade. But policymakers didn’t feel the need to immediately slow their efforts to […]
Richard Trumka, A.F.L.-C.I.O. Chief, Dies at 72
A third-generation coal miner from Pennsylvania, he had led the labor federation since 2009. Richard Trumka, the president of the A.F.L.-C.I.O., the nation’s pre-eminent labor federation, for the last 12 years and an influential voice in Democratic politics, died on Thursday. He was 72. The federation confirmed the death. The cause was a heart attack, […]
Biden Authorizes Temporary “Save Haven” To Hong Kong Residents In US
In the latest salvo in the US-China ratcheting tit-for-tat over Hong Kong and Taiwan’s political status, President Biden on Thursday signed a memorandum that authorizes the US government to give temporary safe haven to residents of Hong Kong currently on American soil. “Today, President Joseph R. Biden, Jr. signed a memorandum directing the deferral of […]
Longtime Union Leader Richard Trumka Dies At 72
Topline AFL-CIO President Richard Trumka — who led the nation’s largest federation of labor unions for over a decade and became a potent and often outspoken political force — died at the age of 72, the AFL-CIO said Thursday. Key Facts The AFL-CIO announced Trumka’s death in a tweet, saying the organization and the country […]
Trump Asks If Rand Paul Will ‘Apologize’ For Opposing Trump-Backed Candidate: ‘Do You Think He Learned His Lesson?’
Topline Former President Donald Trump on Thursday ridiculed Sen. Rand Paul (R-Ky.) for spending big on a U.S. House challenger in Ohio who lost to a Trump-endorsed candidate, sending a clear signal to Republicans to remain in lock-step or risk stoking the wrath of the de facto leader of their party. Key Facts Trump mused […]
Hot July at Christie’s: Over $93M in NFT sales and Art+Tech Summit 2021
Christie’s upscale building located in New York City’s Rockefeller Center, Midtown Manhattan. The organizers were exhibiting a 3D frame, which allows a hologram of oneself to be remotely projected elsewhere, and discussing how animated interactive collectible cards will change over time based on the real-life performance of the displayed athletes. Galaxy Digital CEO Mike Novogratz, […]
Lionel Messi FC Barcelona Contract Renewal ‘Impossible’ With Negotiations ‘At Point Of No Return’
Spanish media have reported that FC Barcelona star Lionel Messi’s negotiations with the club over a new contract “have reached a point of no return that seems impossible to resolve”. According to MARCA, the six-time Ballon d’Or winner is “further from renewing for Barcelona than ever” before, and on Catalan radio station RAC1, they say […]
Gotham Awards Won’t Define Acting Categories by Gender
The Gothams will replace the best actress and best actor categories with a single category for “outstanding lead performance.” Should acting prizes be gender neutral? The question has been percolating for years, with zealous arguments for and against. But the biggest ceremonies that honor acting, aware that change would kick a cultural hornet’s nest, have […]
Peter Schiff: Central Banks Have Created The Mother Of All Bubbles
Via SchiffGold.com, The Federal Reserve and other central banks around the world have pumped trillions of dollars into the global economy and depressed interest rates to artificially low levels to blow up the mother of all bubbles. In his podcast, Peter Schiff explained how the recent acquisition of Afterpay by Square reveals the extent of […]
Fixing The Texas Power Grid Requires New Oversight — Don’t Hold Your Breath
Loren Steffy, UH Energy Scholar The Texas Railroad Commission, a three-member panel elected by the public, oversees natural gas production. By putting a priority on gas used for heating, it actually curtailed the flow of gas to power plants. The electric system is overseen by the Public Utility Commission, a three-member panel appointed by the […]
Fed governor says CBDCs remain 'a solution in search of a problem'
Chris Waller, a member of the Board of Governors of the Federal Reserve System, seems to think it’s unnecessary for the U.S. government to develop a central bank digital currency. Speaking with Michael Strain of the American Enterprise Institute today, Waller said he was “highly skeptical” of a central bank digital currency, or CBDC, addressing […]
AFL-CIO President Richard Trumka Dead At 72
AFL-CIO president Richard Trumka has unexpectedly died at the age of 72, Politico reports. Trumka, 72, had served as president of the federation, which represents more than 12.5 million workers, for more than a decade and has been a close ally of the Biden White House. Trumka died of what was believed to be a […]
Goldman Hikes S&P Price Target To 4,700 Due To Lower Rates, Says S&P Could Hit 5,000 If Yield Slide Further
Back in June, when the S&P was still trading in the mid 4200’s, Goldman’s chief equity strategist David Kostin published a cautionary note asking “what if we are wrong” in his assumptions, which was meant to provide cover in case stocks tumbled and/or rates spiked but which also had a prudent outlier loophole in case […]
Invesco files with SEC for Bitcoin ETF without direct BTC exposure
Atlanta-based investment company Invesco is planning to launch a new Bitcoin (BTC) exchange-traded fund, or ETF, that will not invest in BTC directly. On Wednesday, Invesco filed an application with the United States Securities and Exchange Commission (SEC) to list a new investment product called Bitcoin Strategy ETF. The Invesco Bitcoin Strategy ETF seeks to […]
Coinbase CEO Warns Of “Sweeping Surveillance Of Crypto Holders” In Infrastructure Bill
We warned over the weekend that ‘things just got ugly for crypto in Washington, D.C.’ as the government aimed to partially cover the cost of its massive infrastructure bill by taxing crypto companies… and the entire industry will feel it. “This is not a drill,” writes Jake Chervinsky, an influential crypto lawyer and a sober voices […]
Digital Currency Is a Divided Issue at the Federal Reserve
Federal Reserve officials seem to be increasingly divided over whether it ought to issue a digital dollar — a digital currency that traces straight back to the central bank rather than to the private banking sector. Speeches by several Fed officials show they have yet to align on the issue, even as the Fed’s peers […]
Israel 'Ready' To Attack Iran In Response To Tanker Incidents
Two tanker attack incidents within the span of less than a week are now being blamed by the US, UK, and Israel on Iran. First there was last Thursday’s Mercer Street tanker drone attack which left two British and Romanian crew members dead, and then on Tuesday there was the hijacking on the Panama-flagged Asphalt […]
July Employment Preview
by Calculated Risk on 8/05/2021 11:45:00 AM On Friday at 8:30 AM ET, the BLS will release the employment report for July. The consensus is for 900 thousand jobs added, and for the unemployment rate to decrease to 5.7%. There were 850,000 jobs added in June, and the unemployment rate was at 5.9%. Click on […]
BAND, INJ, MIR and 1INCH trading starts August 10 – Deposit Now
Kraken is supporting four new assets: Band Protocol (BAND), Injective Protocol (INJ), Mirror Protocol (MIR) and 1inch Network (1INCH) Deposits for all four assets are available starting now Trading will begin on August 10 at approximately 15:30 UTC for all assets Note: Trading is not available to residents of the USA, Canada, Australia and Japan. […]
Kraken Daily Market Report for August 04 2021
Overview Total spot trading volume at $960.1 million, the 30-day average is $796.4 million. Total futures notional at $359.3 million. The top five traded coins were, respectively, Ethereum (+8.7%), Bitcoin (+4.2%), Tether (0%), Polkadot (+9.9), and USDC (+0%). Mostly positive returns, except for Enzyme Finance (MLN) (down 4.7%). However, MLN is up 33% for the […]
Axios Capital: Pay no attention to economists
In this week’s newsletter: The post-pandemic economy; the uselessness of economic forecasts; the rise of BNPL; how banks are failing at anti-racism; Robinhood goes meme; and much more.
Sewell Chan of Los Angeles Times to Lead Texas Tribune Newsroom
Mr. Chan, who became The Times’s editorial page editor last year, will be the editor in chief of The Texas Tribune starting Oct. 18. The Texas Tribune on Thursday named Sewell Chan, a top editor at The Los Angeles Times, as its new editor in chief. Mr. Chan, 43, is the editorial page editor at […]
Ethereum approaches $3K resistance as Bitcoin price rebounds toward $40K
Ethereum’s Ether token (ETH) enjoyed a “massive” rebound towards $3,000 on Aug. 5 as optimism flowed in after its London hard fork went live. ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView Data from Cointelegraph Markets Pro and TradingView showed ETH/USD climbing swiftly to local highs of $2,820 on Bitstamp Thursday. The sudden burst of enthusiasm countered […]
AMC Continues Rally, Surges Higher By 8% After Fund Manager Crispin Odey Reported To Be Short
Update 8/5/2021 1121EST: Shares are surging higher now and have breached the $32 level, up about $2.25, or about 8%. Could Odey’s involvement be all the motivation Redditors needed to jump back in? — Permabear Crispin Odey has seen enough of the meme stock madness, and has officially pushed his chips in short on AMC […]
Biden, in a Push to Phase Out Gas Cars, Will Tighten Pollution Rules
The president is expected to restore and strengthen tailpipe emissions regulations from the Obama era and set a target that half of all vehicles sold in the United States be electric by 2030. WASHINGTON — President Biden on Thursday will roll out a strategy that uses tailpipe regulations to try to rapidly shift Americans from […]
Decentralized and centralized finance need to collaborate
Decentralized finance, or DeFi, has established itself as a force capable of disrupting traditional systems. While DeFi still mostly keeps opposing itself to traditional finance, the centralized operators are actively looking for ways to integrate into the established system. The institutional interest pushes both decentralized and centralized participants to ask questions about DeFi, its role […]
New Candidate for Top Bank Regulator Sees Risks in Crypto and Fintechs
The White House is vetting Saule Omarova, a Cornell professor, for the role of comptroller of the currency. Her work has highlighted the risks of cryptocurrency for banks. The Biden administration is vetting a new candidate for the job of top banking regulator after abandoning two earlier choices because a fight broke out within the […]
Bullish Ethereum Fractal Appears As Important EIP-1559 Upgrade Debuts
All eyes today are on Ethereum as the long-awaited EIP-1559 launches for the first time. The supply-focused update could result in a the start of a spectacular show that could last another several months. A fractal has potentially appeared that mimics the price action just ahead of the most recent explosive Ether rally, which took […]
Oil Producers Used Facebook to Counter Biden's Clean Energy Message
Soon after Joseph R. Biden Jr., then a presidential candidate, released his $2 trillion climate plan last year that promised to escalate the use of clean energy in the United States, the world’s major oil and gas dialed up their presence on Facebook. Overnight on Facebook’s U.S. platforms, 25 of the biggest oil and gas […]
Sysorex Provides Update on Ethereum Mining Operations and Upgrade
To the Ethereum Blockchain Network HERNDON, Va., Aug. 05, 2021 (GLOBE NEWSWIRE) — Sysorex (OTCQB: SYSX) (“Sysorex” or the “Company”), the preeminent, U.S.-based, publicly traded Ethereum mining and technologies company, today announced that as of July 13, 2021, all Ether (ETH), the cryptocurrency fueling the Ethereum Blockchain, mined by the Company, is being aggregated in […]
Longform links: the creative class
Thursdays are all about longform links on Abnormal Returns. You can check out last week’s linkfest including a look at the ‘time tax’ that government requires of its citizens. Quote of the Day “Right-leaning parties don’t need to have a policy agenda. They just need to stoke and harvest the resentment toward the creative class.” […]
Hotels: Occupancy Rate Down 6% Compared to Same Week in 2019
by Calculated Risk on 8/05/2021 10:28:00 AM Note: The year-over-year occupancy comparisons are easy, since occupancy declined sharply at the onset of the pandemic. So STR is comparing to the same week in 2019. The occupancy rate is down 6.2% compared to the same week in 2019. From CoStar: STR: US Weekly Occupancy Down, But […]
'Investment big bang': PM and Chancellor urge pension funds to back 'innovative, greener future'
UK investors and pension schemes have been urged by the Prime Minister and the Chancellor to ignite an “investment big bang” to help drive the economic recovery from the pandemic towards “an innovative, greener future for the UK”. An open letter to UK instutional investors published yesterday – signed by both Boris Johnson and Rishi Sunak […]