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The security of Europe"s oil and gas pipelines is at risk after the suspected Nord Stream sabotage. Here"s a map of the sprawling network.

Norway said its military will be "more visible" at its oil and gas facilities after NATO declared leaks in the Nord Stream pipelines were "sabotage". A map of Europe's natural gas pipelines from the trade body ENTSOG.ENTSOG The security of Europe's energy infrastructure is in the spotlight after the Nord Stream damage. Norway, now Europe's biggest supplier of oil and gas, is on high alert after acts of "sabotage". Take a look at the sprawling network that transports natural gas around Europe. The security of Europe's oil and gas infrastructure is under scrutiny following the discovery of leaks in the Nord Stream pipelines that have further heightened tensions with Russia.Leaks were found on Monday in the pipelines transporting natural gas from Russia to Europe after a fall in pressure was detected. On Thursday, Sweden's coast guard said it had identified a fourth leak earlier this week, meaning there were two in the Swedish exclusive economic zone and another two in Denmark's zone.  NATO has warned it could retaliate against what it called "sabotage", while Norway – a member of the military alliance – is planning to mobilize its military around its own infrastructure."The military will be more visible at Norwegian oil and gas installations," prime minister Jonas Gahr Stoere said on Wednesday, Reuters reported.The United Nations Security Council is due to meet on Friday to discuss damage to the pipelines at Russia's request. Moscow has also said sabotage was a possibility and branded claims that it was responsible for the damage as "stupid".A wider map of European natural gas infrastructure.ENTSOGNorway is now the biggest exporter of oil and gas to Europe, overtaking Russia following the imposition of Western sanctions in the wake of the Ukraine invasion. The Nordic nation has several undersea pipelines running to the rest of the continent, according to the European Network of Transmission System Operators for Gas (ENTSOG), a trade body.But experts say that also makes Norway, and its Baltic neighbors, more vulnerable to potential sabotage. "Norway's gas supply is probably the biggest and most strategically important target for sabotage in all of Europe right now," Lieutenant Colonel Geir Hågen Karlsen told state broadcaster NRK, The Financial Times reported.Norway has more than 5,000 miles of oil and gas pipelines, according to Norwegian Petroleum, making the security task difficult."The Norwegian response is understandable," Britain's first sea lord and chief of naval staff Adm Sir Ben Key told The Guardian about Norway's mobilization.Kay pointed out it wasn't just energy that was at risk of interference. Most of Europe's internet connectivity comes from undersea cables, according to the European Parliament. "There is a vulnerability around anything that sits on the seabed, whether that's gas pipelines, whether that's data cables that places an obligation on organizations like the Royal Navy – but not just us – to have a means of monitoring and providing security around it," he said.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT13 hr. 26 min. ago Related News

I went inside the Starbucks "cupping room", where employees taste 100 cups of coffee per day and saw why it"s essential to the chain"s success

Cupping was surprisingly technical, with an exact protocol for smelling, scooping, and slurping. Mary Meisenzahl/Insider Starbucks invited me to visit the cupping room in its Seattle headquarters. Cupping is a coffee industry practice where experts test cups of coffee for quality. Cupping was surprisingly technical, and I was impressed by how fast the experts moved. When I was in Seattle for Starbucks investor day, the chain invited me to visit headquarters and see how experts test coffee behind the scenes.Mary Meisenzahl/InsiderI visited the cupping room, where specially trained Starbucks workers taste hundreds of cups of coffee each day to ensure they're high quality.Mary Meisenzahl/InsiderWe started with a geography lesson because Starbucks sources its beans from all three major coffee-growing regions in the world: Africa, Latin America, and Asia-Pacific.Mary Meisenzahl/InsiderBrazil, Vietnam, and Colombia are the biggest coffee-producing countries in the world, head of Starbucks Coffee Trading Company Tim Scharrer told Insider.Mary Meisenzahl/InsiderCoffee grown in different regions has different distinct flavor notes.Mary Meisenzahl/InsiderThe cuppers' job in this room is to make that the base flavors of each type of coffee are exactly what they should be, so they can be used in Starbucks drinks, the company's head of coffee and tea quality Andrew Linnemann said.Mary Meisenzahl/InsiderWith that information in mind, I put on a green apron to do my own cupping.Mary Meisenzahl/InsiderFirst, all the raw green coffee shipments are inspected for quality, scent, and consistency, similar to how you might check produce at a grocery store, Linnemann said.Mary Meisenzahl/InsiderThen it's roasted in small batches in an adjoining room.Mary Meisenzahl/InsiderAll the samples of coffee beans must be treated exactly the same way so they can be compared fairly.Mary Meisenzahl/InsiderRoasters carefully watch temperature and timing to ensure consistent beans.Mary Meisenzahl/InsiderThen, Starbucks provided me with a sample to test myself with one coffee from each of the three regions.Mary Meisenzahl/InsiderAfter brewing, the coffee forms a crust on top.Mary Meisenzahl/InsiderI used a spoon to "break" the crust, which released the aromas beneath.Mary Meisenzahl/InsiderThe three cups had distinct smells that came through, so it was important to rinse my spoon between them to keep them separate.Mary Meisenzahl/InsiderIt's a messy process. "If you don't get coffee on your nose, you're doing it wrong," Bonnie Hall, senior manager of Global Coffee Quality and Operations at Starbucks, told me.Mary Meisenzahl/InsiderI learned that the roasting process also has an impact on flavor, sometimes leaving a "bready," baking smell.Mary Meisenzahl/InsiderIt was kind of like wine tasting, where I suddenly noticed flavors I never had before once someone with more knowledge pointed them out to me.Mary Meisenzahl/InsiderThe Ethiopian coffee, for example, had a very fruity scent that stood out when I tried it alongside other blends, while the Sumatran was more chocolatey.Mary Meisenzahl/InsiderFor the next step, cuppers used spoons to take off any remaining grounds ahead of actually tasting them.Mary Meisenzahl/InsiderThen it was time to taste, under instruction from the experts.Mary Meisenzahl/InsiderLike wine tasting, coffee cuppers traditionally spit out the samples into a spittoon.Mary Meisenzahl/InsiderUsing the spittoon was by far the most intimidating part because it goes against all my instincts to spit into a giant bucket in public.Mary Meisenzahl/InsiderTo taste it, I dipped a spoon slightly into the coffee and slurped it off the spoon.Mary Meisenzahl/InsiderTasting was more challenging than it sounds too because you have to aspirate the coffee, which is basically loudly slurping it.Mary Meisenzahl/InsiderThis coats your taste buds and gets the aroma in your nose because smelling is key to tasting all the notes.Mary Meisenzahl/InsiderWhile I moved slowly, trying to avoid getting coffee everywhere and noticing subtle flavors, the professionals moved shockingly fast.Mary Meisenzahl/InsiderThe cuppers sped down the line, scooping coffee up with a spoon in each hand before loudly slurping and spitting and moving on to the next cup.Mary Meisenzahl/InsiderThe Starbucks workers explained how this room is essential to the creation of every drink at Starbucks.Mary Meisenzahl/InsiderAll coffee is tested hot with these cupping methods that are standard across the coffee industry.Mary Meisenzahl/InsiderWith each variety narrowed down to its flavor profile, Starbucks coffee experts can experiment with combinations to see what works best for different blends, espressos, and cold brew.Mary Meisenzahl/InsiderWhen Starbucks was developing cold brew, coffee experts tested these same blends under different conditions before landing on the standard 20-hour brew time.Mary Meisenzahl/InsiderAbout 70% of the drinks Starbucks sells now are cold, but cupping hot coffee is still key to guaranteeing the quality of those drinks and developing new ones.Mary Meisenzahl/InsiderThe quality of Starbucks coffee, a multi-billion dollar business, is ultimately in the hands of just a few experts who taste nearly 1,000 cups per week.Mary Meisenzahl/InsiderDo you have a story to share about a retail or restaurant chain? Email this reporter at mmeisenzahl@businessinsider.com.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT13 hr. 26 min. ago Related News

Unidentified drones were spotted near offshore installations days before Nord Stream attack, according to letter from Norwegian energy security agency

There was "increased drone activity" near Norwegian offshore energy facilities in September, the agency said. "Their presence has been growing." Danish Defence/Anadolu Agency via Getty Images, Richard Newstead/Getty Images There's been an uptick in unidentified drones near Norwegian offshore energy facilities in September. The Norwegian energy-security agency said there had been "increased drone activity." Leaks in the Nord Stream pipelines this week have largely been blamed on sabotage. Just days before the Nord Stream pipeline was attacked, unidentified drones were spotted near offshore installations off the Norwegian coast, the Norwegian energy-security agency said."Operator companies on the Norwegian continental shelf (NCS) have recently given warnings/notifications of a number of observations concerning unidentified drones/aircraft close to offshore installations," Norway's Petroleumstilsynet said in a letter on Friday, September 23.Nord Stream 1 and 2 each consist of two pipelines carrying natural gas from Russia to Europe. Since Monday, four leaks in total have been reported across the pipelines near the island of Bornholm in the Danish part of the Baltic Sea, around 1,000 kilometers (620 miles) from where the drones were sighted.Some Western governments have said they believe the pipelines were purposefully sabotaged, with some pointing the finger at Russia.The Petroleumstilsynet held an extraordinary Safety Forum meeting on Thursday for companies and unions involved in Norway's oil and gas industry."Part of the background for enhancing preparedness is the reports received in recent weeks of increased drone activity on the NCS," it said in a news release."These craft have been of different sizes, and their presence has been growing – particularly in September."The Norwegian police is now investigating cases where drones had infringed the safety zone around facilities, it added.All platforms on the continental shelf are surrounded by a safety zone, which generally extends 500 meters (around 0.3 miles) out from the facility and the same amount above its highest point. Unauthorized vessels and aircraft are prohibited from operating in the zone, and the Petroleumstilsynet warns that infringing these zones "may be punishable by law.""We would urge increased vigilance, a review of emergency preparedness measures and incident response, and information sharing," the agency told operators in the letter.Germany canceled plans to put Nord Stream 2 into operation after Russia moved forces into Ukraine in February.And in early September, Russian state-controlled gas giant Gazprom turned off Nord Stream 1's gas supply to Europe. Both Gazprom and the Kremlin have said this was because of technical problems.Discussing this week's leaks, former CIA director John Brennan told CNN: "This is clearly an act of sabotage of some sort and Russia is certainly the most likely suspect."Ukraine has accused Russia of causing damage to the pipelines in a "terrorist attack"  and "act of aggression" towards the EU as part of efforts to destabilize its economy."All currently available information indicates that this is the result of deliberate, reckless, and irresponsible acts of sabotage," NATO said Thursday. It threatened to retaliate, saying that if the damage were caused by sabotage, it "would be met with a united and determined response."Russian President Vladimir Putin has called the leaks "an act of international terrorism," while a Kremlin spokesperson told Reuters that state-sponsored terrorism was likely to blame.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT13 hr. 26 min. ago Related News

One of BlackRock"s most senior executives said transitioning to a low-carbon economy is key to growing its alts business. This belief comes as the money manager faces heavy scrutiny over its ESG stance.

The asset manager manages some $35 billion in private-equity client assets under its alternatives business. Now, BlackRock is seeking new ways to finance a transition to a low-carbon economy. Hi. Aaron Weinman here. BlackRock's bullish stance on all things environmental, social, and governance has drawn criticism from a number of politicians, both conservative and progressive.Those on the left of the aisle argue the asset manager could do more to support a transition to a low-carbon economy, while conservatives reckon BlackRock's position on the climate crisis ostracizes heavy-carbon emitting industries.BlackRock's head of international and corporate strategy, Mark Wiedman, told a conference panel that helping finance the transition is an integral way to grow the firm's private-equity unit, and by extension, its alternative-assets business.Before we get into that, however, it's also time for our Banker of the Week!If this was forwarded to you, sign up here. Download Insider's app here.BlackRock wants to grow its private equity assets, top executive Mark Wiedman said Wednesday.Financial Times/Future of Asset Management North America1. BlackRock is after new ways to finance the energy transition. Mark Wiedman, a top executive at the firm, said such an effort could bring together the firm's private equity, infrastructure, and credit capabilities.The asset manager oversees about $35 billion in private-equity client assets as part of its burgeoning alternative-assets business. In fact, it's one of the world's largest alternatives managers.And with the expansion of private markets and pressures on stocks and bonds, BlackRock senses an opportunity to leverage the energy transition as a means to beef up its private-equity offering, reports Insider's Rebecca Ungarino.The firm, however, has not been spared the wrath of a divisive political environment, with representatives on both sides of the aisle taking shots at BlackRock's strategy toward ESG matters.Rebecca Ungarino has the full story with Wiedman here.In other news:Reed Switzer is the cofounder and CEO of Hopscotch.Hopscotch2. Hopscotch, a B2B payments fintech, is aiming to be a Venmo-like tool for businesses. Reed Switzer, its 22-year-old founder, was inspired after paying vendors for his apparel brand with paper checks.3. TripActions has confidentially filed for an initial public offering, Insider exclusively reported. The firm is targeting a $12 billion valuation and aims to go public next year.4. Staying on IPOs, Porsche's long-awaited share sale valued the carmaker at about $72 billion. Parent company Volkswagen raised nearly $19 billion via the IPO to fund its electrification drive. Porsche's IPO is the biggest listing in Germany since 1996.5. While equity-capital-markets bankers had a deal to cheer about, the debt markets are on the fritz. A group of banks led by Bank of America and Barclays were set to cancel a $3.9 billion deal comprising bonds and loans that would have supported Apollo's purchase of some assets owned by telecommunications company Lumen Technologies, Reuters reported.6. Royal Bank of Canada's investment-banking arm has cut 1% of its US team, Bloomberg reported. The reductions were focused on junior staff, and in line with the bank's standard annual changes. RBC still plans to make senior hires.7. NBA stars LeBron James, Draymond Green, and Kevin Love are investing in a professional pickleball team. Major League Pickleball will be expanding to 16 teams from 12 next year, and play in six cities throughout the US.8. Staying on sports, Super Bowl-winning quarterback Eli Manning has clinched his first deal as a partner at investment firm Brand Velocity Group. The firm has acquired a stake in youth league apparel company Score Sports, Bloomberg reported.9. Commercial real estate has entered troublesome territory as buying is all but halted. Property values may drop some 20% to 30%, according to one analyst.Danielle Poli, managing director, Oaktree CapitalOaktree Capital10. And here's our Friday Banker of the Week. Meet Danielle Poli, a managing director and co-portfolio manager of Oaktree Capital, who looks after the firm's diversified-income fund, an effort that's less than a year old.Poli sat down with me just hours before boarding a flight to Australia, and she dissected the best ways to net a return in credit markets like high-yield bonds and leveraged loans.With $8 billion in assets under management, she said diversity in credit markets is the key to netting a solid return in today's choppy markets.She dabbles in public securities, private credit, and structured products like collateralized loan obligations, and many of these asset classes could unlock double-digit yields — you just have to pick the right credit to invest in.Check out the full story here.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT13 hr. 26 min. ago Related News

Here"s what Apple can tell us about the broader stock market and consumer spending habits – and why a sell-off may loom for retail traders.

Apple stock has been a bellwether for consumer sentiment, and shares have had a tough week. A deeper sell-off could be the last straw for retail traders. Nothing beats a sincere "good morning" in your Friday inbox. Phil Rosen here, ready to ring in the last day of the week with you. Let's start with two things that can make you sound smart during your water-cooler banter today (or bar-stool chit chat tonight).First, you should know that yesterday's jobs data surprised markets, with the number of people filing for unemployment falling to a five-month low. But that's not necessarily good news to the Fed. It means policymakers are likely to plow ahead with aggressive rate hikes as the labor market stays hot, making everything from your mortgage to credit card payments more expensive. Second, you'll sound like an economics guru if you bring up the UK debt market. On Thursday, British politicians reiterated their support for a dramatic tax-cut plan, and the UK central bank is still trying to simultaneously tighten and ease monetary policy via buying bonds and raising interest rates.I said it in yesterday's newsletter, but the TLDR is that the Bank of England is in a real pickle. Now that you've got your two talking points for the day, let's turn to stocks — specifically, Apple's recent sell-off and what it says about the broader market.If this was forwarded to you, sign up here. Download Insider's app here.Apple CEO Tim Cook attends an Apple store in ShanghaiThomson Reuters1. Shares of Apple dropped roughly 5% on Thursday as Bank of America downgraded the iPhone maker to neutral from buy. Analysts also lowered Apple's price objective by 14%, from $185 a share to $160. "We view the slowdown in services and relatively lackluster iPhone lead times as indicators that consumer spending will slow," BofA said in a note, adding that weaker earnings and valuation risks may loom. Thursday marked the second steep loss for the iPhone maker this week. On Wednesday, the stock saw a separate 4% slide on reports that the company shelved plans to increase production for the iPhone 14 this year due to weaker demand than expected.In addition to acting as a bellwether for consumer sentiment, Apple has been an important part of retail investors' portfolios over the last few years. According to Vanda Research on Thursday, a deeper sell-off in the stock could be the last straw that forces retail investors to throw in the towel, and the same goes for Tesla stock. Apple and Tesla account for 34% of the average retail investors' portfolio. This year, both companies have outperformed the S&P 500 by a healthy clip. But because of that, any big drop-off in either of their respective stock prices could trigger a wave of selling, Vanda analysts said. "A positioning puke in these two stocks could be the coup de grace for retail investors' PnL," the firm said. And this week's Apple sell-off could ultimately spread to Tesla, Vanda says. Then, both mega-cap companies could end up being a drag on the entire stock market. As Vanda put it: "The danger here is that Apple's U-turn around its production plans risks causing a significant unwinding of positions, dragging Tesla along on second-round effects." Do recent setbacks for Apple point to a wider slump in consumer demand? Email prosen@insider.com or tweet @philrosenn.  In other news:Vladimir Voronin / AP2. US stock futures rise early Friday, along with European stocks. Meanwhile, in the UK, Cardano Investment's Kerrin Rosenberg explained why the Bank of England's emergency bond purchase program may have prevented a collapse in the country's pension funds. Here are the latest market moves. 3. Earnings on deck: Alibaba Group Holding Ltd, Carnival plc, and more, all reporting.4. Billionaire investor Stanley Druckenmiller said owning stocks "doesn't make a lot of sense" right now. The US economy is heading toward a recession, he noted, and the market is in for a decade of dismal returns. Druckenmiller added that the Dow may be about the same price in a decade as it is today.5. Russia's secret expenses top more than $110 billion for next year, as the Kremlin moves to obscure the costs of its war in Ukraine. Moscow is hiding how it plans to use roughly a quarter of its annual budget as it outlines a spending plan for a prolonged conflict in Eastern Europe.6. Top economists like Paul Krugman and Mohamed El-Erian have berated UK leaders as the recently unveiled spending plan rattles markets. The former dismissed planned tax cuts as "deeply stupid," while the latter called them "unsettlingly large." See how some of the biggest market commentators are reacting to the turmoil. 7. China reportedly told state-run banks to prepare for a massive dollar dump and yuan buying spree. Beijing's previous interventions haven't been effective in stemming the yuan's fall in 2022, with the currency on pace for its worst year since 1994. Here's what you want to know. 8. The US housing market slowdown will last longer than originally expected as pending home sales fall off a cliff. That's according to the top economist at the National Association of Realtors. He explained why his outlook has changed recently — and what he expects next for mortgage rates and home prices in 2023.9. Mike Novogratz is committed to betting on crypto but said there's certain things necessary to successfully navigate the space. In a new book, he shared that he managed to successfully flip an $8 million investment into billions of dollars in crypto. These are the two ways he views digital assets. Madison Hoff/Insider10. The bottom half of American families hold just 2% of the country's wealth. And that's while the top 1% of households have a third of it. Dig into the numbers here.Keep up with the latest markets news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here.Curated by Phil Rosen in New York. (Feedback or tips? Email prosen@insider.com or tweet @philrosenn).Edited by Max Adams (@maxradams) in New York and Hallam Bullock (@hallam_bullock) in London. Read the original article on Business Insider.....»»

Category: smallbizSource: NYT14 hr. 58 min. ago Related News

#ByeShopee is trending on Twitter after the ecommerce giant appointed a staunch supporter of President Marcos Jr. as brand ambassador in the Philippines

The Shopee boycotts started after Filipina singer and actress Toni Gonzaga was appointed as brand ambassador on Thursday. LONDON, ENGLAND - FEBRUARY 04: Toni Gonzaga attends an intimate lunch to launch Time With Alessandra Facchinetti for harlan + holden at Harry's Bar on February 4, 2020 in London, England. (Photo by David M. Benett/Dave Benett/Getty Images for harlan + holden)David M. Benett / Contributor / Getty Images Europe Filipina singer-actress Toni Gonzaga was appointed as a Shopee brand ambassador on Thursday. The move sparked backlash, with some people saying Shopee has appointed a politically divisive figure amid mass layoffs. #BoycottShopee began trending on Twitter, with 340,000 tweets as of early Friday, per Bloomberg. Singapore-based ecommerce giant Shopee, the Amazon of Southeast Asia, is facing boycott calls in the Philippines over its choice of brand ambassador.On Thursday, the ecommcerce giant appointed Filipina singer, actress, and vlogger Toni Gonzaga as brand ambassador. Gonzaga is a staunch supporter of President Ferdinand "Bongbong" Marcos Jr., who won a landslide presidential election in May, signalling the return of the one of the country's most notorious political parties. Marcos Jr. is the son of the late dictator Ferdinand Marcos Sr., under whose regime thousands of political opponents were tortured.The calls to boycott Shopee commenced shortly after Gonzaga's appointment. Hashtags #ByeShopee and #BoycottShopee began trending on Twitter in the Philippines, with 340,000 tweets as of Friday morning, Bloomberg reported. Some people began posting about switching to rival commerce platform Lazada, which is backed by founder Jack Ma's Alibaba. —Jovel (@vojzvojz) September 28, 2022 Others took to social media to point out that Shopee has now hired a highly paid, politically divisive celebrity as its brand ambassador, per Inquirer.net. Gonzaga's appointment is particularly divisive because it comes on the heels of mass layoffs at Shopee that affected thousands of employees across Southeast Asia. —Gerry Cacanindin (@GerryCacanindin) September 28, 2022 "These changes are part of our ongoing efforts to optimize operating efficiency with the goal of achieving self-sufficiency across our business," Shopee told Insider on September 20, following the recent round of layoffs. In response to the Gonzaga-related backlash, a Shopee Philippines representative told the Inquirer that Gonzaga was chosen for her "mass appeal" and not for her political leanings.Shopee's layoffs came almost exactly a year after the ecommerce giant raised $6 billion through the sale of equity and bonds in September 2021. At the time, it was the largest fundraising in Southeast Asia.Shopee was founded in 2015 by Chinese-born Singaporean businessman Forrest Li. The ecommerce brand launched in seven markets across Southeast Asia and has since expanded into 13 markets. Today, Li is the billionaire CEO of NYSE-listed Sea Limited, which owns 100% of Shopee as well a gaming unit called Garena.Shopee and Gonzaga did not immediately respond to Insider's requests for comment. Read the original article on Business Insider.....»»

Category: smallbizSource: NYT14 hr. 58 min. ago Related News

Market bull Ed Yardeni rings the alarm on further Fed rate hikes, warning they could tank asset prices and drag the US economy into a deep recession

The veteran economist argued the Fed is being too aggressive in its fight against inflation, as price increases are slowing. Ed Yardeni.Adam Jeffery/CNBC/NBCU/Getty Images Ed Yardeni warned the Federal Reserve is being too aggressive in fighting inflation. The veteran economist cautioned the central bank could drive the US economy into a deep recession. Yardeni raised the prospect of a sharp fall in house prices and further pressure on stocks. Ed Yardeni has sounded the alarm on the Federal Reserve's efforts to beat back inflation, warning the central bank's aggression is threatening to choke the US economy."I think the Fed has to be really careful here," he said on CNBC's "Squawk Box Asia" on Thursday. "If they keep going without pausing, it's really going to create a real possibility of a significant recession."Fed Chair Jerome Powell and his colleagues, in response to inflation hitting a 40-year high of 9.1% in June, have hiked interest rates from near zero in March to a range of 3% and 3.25% today. They have made three consecutive hikes of 75 basis points in recent months, and have signaled rates could climb as high as 4.6% next year.Yardeni, the president of Yardeni Research, argued the Fed was raising rates too rapidly in another CNBC interview on Thursday. He noted the central bank is also shrinking its balance sheet and taking a more hawkish stance on inflation than its global peers, which has boosted the US dollar and roiled foreign-exchange markets.The veteran economist pointed to sliding food and energy prices as evidence that the inflation threat is fading. He underscored the dire consequences of the Fed continuing to tighten its monetary policy regardless."The housing market's getting absolutely crushed," he said, noting mortgage rates have surged from 3% to nearly 7% this year. "I think you're going to see home prices falling pretty rapidly."Yardeni also said the sharp decline in stocks this year is "mostly attributable to the Fed," and predicted tough and uncertain market conditions until the central bank says it has inflation under control.On the other hand, Yardeni said the downturn in asset prices has thrown up some bargains for brave investors."When I see corrections in bear markets, I see opportunities rather than reasons to panic," he said. "And I think there's plenty of opportunities here.Read more: Former stock trader says she doesn't see 'too many opportunities where putting your money into the stock market is going to grow.' Here's where to invest your money right now instead.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT14 hr. 58 min. ago Related News

Elon Musk spoke with Microsoft CEO Satya Nadella after announcing he would buy Twitter, texts show

A text from Satya Nadella shows he had a phone call with Elon Musk where Musk gave him "feedback" on Microsoft Teams. Elon Musk.AP Elon Musk's private tweets were published by the Delaware Court of Chancery. Musk got put in touch with Microsoft CEO Satya Nadella by LinkedIn cofounder Reid Hoffman. Musk and Nadella had a phone call, and Musk gave Nadella "feedback" on Microsoft Teams. A large sample of Elon Musk's private texts was published Thursday by the Delaware Court of Chancery as part of his ongoing battle with Twitter.A few of those texts show a correspondence between Musk and Microsoft CEO Satya Nadella, set up by LinkedIn cofounder Reid Hoffman. Hoffman set up a group chat with Musk, Nadella, and himself on April 27 — two days after Musk announced he planned to buy Twitter for $44 billion.Texts between Nadella and Musk show them setting up a phone call, followed by a final text from Nadella: "thx for the call. Will stay in touch. And will for sure follow-up on Teams feedback!"Microsoft CEO Satya Nadella.GERARD JULIEN/AFP via Getty ImagesIt's not clear from the texts exactly what Musk and Nadella discussed, or what feedback on Microsoft Teams Musk may have given.The same day Musk asked Hoffman whether he would like to invest in taking Twitter private.Microsoft, Musk, and Hoffman did not immediately respond when contacted by Insider for comment outside of usual US working hours.The texts published by the court gave insight into the network of billionaires and celebrities who corresponded with Musk about his proposed purchase of Twitter — which Musk is now trying to abandon.Notable names included former Twitter CEO Jack Dorsey, podcaster Joe Rogan, and billionaire Larry Ellison.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT14 hr. 58 min. ago Related News

The pound rises against the dollar and briefly erases its selloff losses, after UK leaders agree to emergency talks

The UK currency rose after British leaders agreed to talks with the Office for Budget Responsibility on Friday, a highly unusual move. British Prime Minister Liz Truss.Dan Kitwood/Getty Images The pound rose Friday after UK government leaders agreed to talks with independent budget experts. Sterling, which slid on the prospect of tax cuts, briefly erased its losses against the dollar. The debt-funded policy undermined investors' confidence in the outlook for the UK economy. The British pound rose against the US dollar Friday, after UK government leaders agreed to hold emergency talks with independent budget experts over a tax-cutting plan that rocked markets.The sterling selloff this week was sparked by the UK's finance minister, Kwasi Kwarteng, last Friday putting forward sweeping proposals for debt-funded tax cuts that undermined investors' confidence in the UK economy.The gains in the UK currency came after Kwarteng and Prime Minister Liz Truss agreed to talks with the Office for Budget Responsibility on Friday, a highly unusual move. The government has come under criticism for choosing not to publish an assessment of the debt and spending impact of its plans from the independent fiscal watchdog.In Asian trading Friday, the UK currency erased the losses it logged in falling to an all-time low of $1.035 on Monday, from $1.256 last Thursday. The pound hit $1.233 in Asia and was last up 0.16% in Europe at $1.114.Traders are betting that political pressure on the government will force it to ease back on its tax-cutting plans, which have drawn criticism from the International Monetary Fund and ratings agency Moody's. There are concerns that the UK's looser fiscal policy could fuel inflation, prompt faster interest-rate hikes, and undermine Britain's already-shaky economy.US stock futures and European equities were also signaling some recovery from the market turmoil that came in the wake of the pound's slump. Futures on the Dow Jones were up 0.57%, while S&P 500 futures rose 0.71% and Nasdaq futures were 0.68% higher. The pan-European Stoxx 600 rose 1%, and London's FTSE 100 was up 0.52%.Official figures released Friday showed the UK economy grew by 0.2% between April and June, compared with expectations for a 0.1% contraction — a sign that it is not already in recession. That helped ease some investor worries, analysts said.The turmoil in financial markets prompted a rare intervention by the Bank of England, which said it would temporarily buy as many UK government bonds as needed to stabilize debt markets, and delay the start date for its bond sales.It also drew a sharp rebuke from the IMF, which warned the UK government's policy could work at cross-purposes to the BoE's efforts to cool red-hot inflation.Read more: Paul Krugman, Mohamed El-Erian, and Nouriel Roubini are tearing into UK leaders whose spending plans upended markets. Here's what the 3 top economists have said.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT14 hr. 58 min. ago Related News

Elon Musk praised Russian state media propaganda outlets in texts, court documents show

The Tesla billionaire said he found Putin's outlets such as Russia Today "entertaining" in texts with a confidante, court documents reveal. Elon Musk’s Twitter account is displayed on the screen of an iPhone on April 26, 2022 in Paris, France.Chesnot/Getty Images Elon Musk praised Russian state media in texts with a confidante, court documents show.  The Tesla billionaire said he found the outlets "entertaining" and said they had "some good points."  He made the remarks following the EU's order banning access to the outlets.  Tesla billionaire Elon Musk praised Russian state media outlets in texts to a confidante, describing them as having "some good points," court documents released Thursday showed. The texts, first reported by The Hill, were included in court documents released Thursday amid Musk's legal battle with Twitter. The social media giant is locked in a dispute with Musk over his decision to back out of his $44 billion deal to buy the platform. "EU passed a law banning Russia Today and several other Russian news sources. We have been told to block their IP address," Musk wrote to Antonio Gracias, a private equity investor and former Tesla executive, on March 5, the documents show. "Actually, I find their news quite entertaining," Musk continued, according to the filing. In a follow-up text, the world's richest man described Russian media as having a "lot of bullshit, but some good points too.""Free speech matters most when it's someone you hate spouting what you think is bullshit," Musk commented after Gracias agreed with his stance on free speech. Musk was commenting on the order by the EU on March 3 banning Russian state media outlets, including RT and Sputnik, in the wake of Russia's unprovoked invasion of Ukraine. The outlets have long pushed pro-Kremlin propaganda and disinformation about the Ukraine conflict, which meant that companies in the EU were banned from disseminating their content. Tech giants, including Meta, Facebook's parent company, and Google, had already acted to restrict access to Russian state media outlets, and Twitter complied with the ban after it was issued.Musk, at the time, had announced plans to buy Twitter and generated controversy by criticizing policies on the platform designed to slow the spread of disinformation and hate speech, styling himself as a defender of free speech. In Ukraine, Musk has been lauded for providing access to Starlink, his satellite broadband system, allowing swaths of the country to maintain an internet connection despite power outages and Russia targetting the country's internet infrastructure. In March, Musk said he wouldn't agree to requests by governments for Starlink to block access to Russian media unless "at gunpoint."   Read the original article on Business Insider.....»»

Category: smallbizSource: NYT14 hr. 58 min. ago Related News

Putin has signed decrees recognizing the independence of 2 Ukrainian regions, laying the groundwork for their annexation by Russia

Putin is expected to announce the annexation of four Ukrainian territories this week, following a series of sham referendums. Russian President Vladimir Putin is expected to announce the annexation of four Ukrainian territories this week.Ilya PITALEV / SPUTNIK / AFP) (Photo by ILYA PITALEV/SPUTNIK/AFP via Getty Images Vladimir Putin has signed decrees recognizing two Ukrainian regions as independent territories.The move lays the groundwork for Kherson and Zaporizhzhia to be annexed by Russia.Putin is set to annex four Ukrainian territories this week after they held sham referendums.Russian leader Vladimir Putin signed decrees on Thursday recognizing the independence of two Ukrainian regions — Kherson and Zaporizhzhia — and laying the groundwork for their expected annexation by Russia.The decrees come ahead of Putin's expected announcement of Russia's annexation of the two territories, along with Donetsk and Luhansk, per Reuters.The documents unilaterally declare both territories as being independent of Ukraine, a step required before they can be made a part of Russia.Kremlin spokesman Dmitry Peskov said on Thursday that Russia would hold a signing ceremony in Moscow on Friday afternoon to declare the eastern Ukrainian regions as part of Russia, Reuters reported.Per the outlet, Peskov said the ceremony would address "agreements on the accession of new territories into the Russian Federation."The regions to be annexed make up around 15% of Ukraine's total territorial area, per Reuters.Sham referendums that run counter to international law were recently held in the four Russian-occupied regions. The polls were organized by pro-Russian separatists and involved armed soldiers going house-to-house to collect votes, threatening Ukrainian families with violence if they refused to participate.The illegal polls resembled a tactic used by Russia when it illegally annexed Crimea in 2014. At the time, election officials in the region announced an overwhelming vote in favor of unifying with Russia, which Moscow then used to justify its annexation.According to the Associated Press, Russian troops currently have control of most of the Luhansk region and around two-thirds of the Donetsk region. The referendums may also be part of Russia's plan to force Ukraine to accept the annexation of these regions and to hold off a fierce Ukrainian counteroffensive in Kherson.UN secretary general António Guterres has slammed Russia's actions. "Any annexation of a State's territory by another State resulting from the threat or use of force is a violation of the Principles of the UN Charter and international law," Guterres said Thursday. "The Russian Federation, as one of the five permanent members of the Security Council, shares a particular responsibility to respect the Charter. Any decision to proceed with the annexation of Donetsk, Luhansk, Kherson, and Zaporizhzhia regions of Ukraine would have no legal value and deserves to be condemned," he added.Read the original article on Business Insider.....»»

Category: smallbizSource: NYT20 hr. 10 min. ago Related News

Nike is getting ready to discount products across North America, but the company expects to finish before the holidays

The sportswear giant on Thursday reported a 44% increase in inventory and said it expects to start cutting prices across North America. A Nike store.Getty Images The sportswear giant on Thursday reported a 44% increase in inventory. The company's last three seasons of product arrived late and holiday merchandise arrived early. Nike plans to discount older merchandise and clear out offseason products before the holidays.  Nike products are about to go on sale nationwide. The sportswear company on Thursday reported a 44% increase in inventory and said it plans to ramp up discounting in order to clear out some of its $9.7 billion in footwear and apparel before the holidays. Nike isn't the only company dealing with elevated inventory. Target, Walmart and Kohl's are among other large retailers working through flooded backrooms. While the spike in Nike's inventory got the attention of analysts on a Thursday earnings call, executives also reiterated their confidence in the company's core business plan, which is focused on direct, digital sales. Nike's quarterly revenue increased 10%, not including currency charges, to $12.7 billion, above Wall Street expectations of $12.28 billion. The company reported 93 cents in quarterly earnings per share, above the 92 cents expected by analysts. Direct and digital sales, not including currency charges, increased 14% and 23%, respectively. On the call with analysts, Nike executives said inventory peaked in the quarter for several reasons, including late product arrivals for the last three seasons because of the pandemic. Nike also ordered, and received, holiday merchandise early. Added to that, executives said inventory a year ago was lower than normal because of factory closures. Nike has already started discounting products, mostly focusing on offseason apparel. It hopes to clear out older merchandise in time for the holiday season."We're really focused on trying to clear through that late off-season apparel inventory that we have predominantly in North America, but we do have a little bit of it in (Europe) and (Asia) as well," said Chief Financial Officer Matt Friend. Nike shares were down 9% Thursday in after-hours trading within a few hours of the earnings report.Analysts warned the excess inventory will pressure the company's margins because of the need to discount merchandise.Nike CEO John Donahoe said, inventory problems aside, the company's core business plan is working. "I'm proud of our results this quarter as our brand momentum, culture of innovation and proven operational playbook delivered yet another quarter of strong revenue growth," he said. "Our brand strength continues to give us confidence in sustaining our top line momentum." Read the original article on Business Insider.....»»

Category: smallbizSource: NYTSep 29th, 2022Related News

Ukrainian military intelligence claims the risk of Russia using nuclear weapons is now "very high," report says

Intelligence experts have said the threat of nuclear warfare remains minimal, despite Vladimir Putin's recent threats. Russian Yars ballistic nuclear missiles on mobile launchers roll through Red Square during the Victory Day military parade rehearsals on May 6, 2018 in Moscow, Russia.Mikhail Svetlov/Getty Images The Ukrainian military this week responded to Vladimir Putin's recent nuclear threats with alarm. A Ukrainian intelligence deputy told The Guardian the risk of Russia using a nuke is "very high." Still, experts believe the risk of nuclear war is still low. The Ukrainian military isn't taking Vladimir Putin's nuclear threats lightly.The Russian president last week in a brazen escalation of his war in Ukraine made a thinly-veiled threat of nuclear warfare, warning that "this is not a bluff." Several intelligence experts have since said that the threat of nuclear war remains minimal, but Ukraine is sounding the alarm nonetheless. In an interview with The Guardian this week, Vadym Skibitsky, Ukraine's deputy intelligence chief, put the threat of Russia using a nuclear weapon against Ukraine at "very high."  "They will likely target places along the frontlines with lots of [army] personal and equipment, key command centres, and critical infrastructure," Skibitsky said. "In order to stop them we need not just more anti-aircraft systems, but anti-rocket systems."The Ukrainian military intelligence boss did not provide evidence for his claims, and officials in his organization have repeatedly spread baseless theories, including that Putin is personally ill. US officials are reportedly closely following signs that Russia has changed the location of its nukes or their alert status, with no signs to emerge of that activity as of Thursday.Putin is poised to announce the annexation of four occupied Ukrainian territories on Friday. Some Russia watchers and military experts have expressed concerns that these annexations will raise the risk of Putin employing a nuclear weapon. The president has repeatedly made nuclear threats since the war began, and Russian Foreign Minister Sergey Lavrov recently said that any territory formally incorporated into Russia will receive the Kremlin's full protection."The red lines against fighting on Russian territory will be suddenly crossed," Retired US Army Brig. Gen. Kevin Ryan, a former defense attaché to Russia, said in recent comments to Insider on the implications of the annexations, adding, "NATO weapons will be fighting and shooting inside Russia. And most importantly, the Russian state will be under direct attack. And as we know, that is a trigger for using nuclear weapons."That said, there are also many analysts who believe that Putin's nuclear threats are largely designed to limit Western support for Ukraine.""Putin's threats of escalation, including his implicit threat of nuclear escalation, are an attempt to frighten the West and deter it from continuing to arm Ukraine by deploying the false myth that the Kremlin leader is most dangerous when he is cornered. The United States and its allies should not fall for this ruse," Brian Whitmore, a nonresident senior fellow at the Atlantic Council's Eurasia Center, recently wrote.And there is also skepticism that Russia's depleted military could even pull off a tactical nuclear strike."The problem for the Russians is that in order to properly exploit the conditions that are created by a tactical nuclear weapon, you need to have forces that are cohesive, coherent, and with a high level of morale," George Barros, a military analyst with the Institute for the Study of War, told Insider in mid-September."I don't think the conventional Russian military, at this point, has the capability or the morale to be able to do that," Barros added.Read the original article on Business Insider.....»»

Category: smallbizSource: NYTSep 29th, 2022Related News

A Trump-appointed judge undermined a special master order for Trump to back up claims that FBI "planted" evidence at Mar-a-Lago

Judge Aileen Cannon pushed back the end date for the review of records seized from Mar-a-Lago, in just her latest decision siding with Donald Trump. Donald Trump answers questions from reporters after making a video call to the troops stationed worldwide at the Mar-a-Lago estate in Palm Beach Florida, on December 24, 2019.NICHOLAS KAMM/AFP via Getty Images Judge Aileen Cannon undermined the special master she appointed in a new ruling about Trump documents. Cannon extended the deadline for the special master review of the documents from November 30 to December 16. She also excused Trump's lawyers from having to submit a sworn declaration about whether they contest the FBI's list of documents. A federal judge on Thursday excused former President Donald Trump's lawyers from having to submit a sworn declaration about whether they believe the FBI inaccurately summarized the items seized from the former president's South Florida home.Judge Aileen Cannon's ruling wiped away an earlier decision from the outsider arbiter — known as a "special master" — she herself had appointed to review the more than 11,000 documents retrieved from Mar-Lago during an August 8 search of Trump's residence and private club in West Palm Beach. That special master, Senior Judge Raymond Dearie, had ordered Trump's lawyers to address by October 7 whether they contested the completeness and accuracy of the FBI's inventory of records discovered during the search.In a six-page ruling, Cannon said her order appointing Dearie "did not contemplate that obligation" for Trump's lawyers and the former president, who has repeatedly claimed without evidence that the FBI planted some of the highly-sensitive documents seized from Mar-a-Lago.Dearie, who was appointed to sift out records potentially covered by attorney-client or executive privilege, said Trump's lawyers could not suggest in court filings that the inventory of seized items was inaccurate without providing evidence in support of that claim. In ordering the sworn declaration, Dearie wrote, "This submission shall be Trump's final opportunity to raise any factual dispute as to the completeness and accuracy of the Detailed Property Inventory."Trump filed a lawsuit on August 22 demanding that Cannon appoint a special master to review records seized from Mar-a-Lago. In her time presiding over the case, Cannon, a Trump appointee confirmed in 2020, has drawn criticism over rulings that legal experts have seen as showing unusual solicitude to the former president.In addition to tossing Dearie's demand for a sworn declaration, Cannon on Thursday extended the end date for the special master review from November 30 to December 16. Dearie had suggested he could work on a more expedited schedule. But Trump's lawyers pushed back against that pace, arguing that it was too fast and that they could not find outside vendors to assist with the review that was willing to work on that timeline."This modest enlargement is necessary to permit adequate time for the Special Master's review and recommendations given the circumstances as they have evolved since entry of the Appointment Order," Cannon wrote.This is a developing story.Read the original article on Business Insider.....»»

Category: smallbizSource: NYTSep 29th, 2022Related News

A Russian oligarch"s girlfriend was charged with lying to the feds while trying to enter the US to give birth to their baby

The Justice Department charged billionaire Oleg Deripaska's girlfriend with lying to federal agents while trying to enter the US to give birth. Oleg Deripaska distrusted the safety of the Russian hospital system for his children, the Justice Department said.NurPhoto/Getty Images A top DOJ official said the Russian oligarch Oleg Deripaska lied to get the "American way of life." The feds arrested a New Jersey resident on charges she helped Deripaska evade sanctions. Deripaska was sanctioned in response to his support for Russia's election interference in 2016. In 2018, federal authorities blacklisted the Russian oligarch Oleg Deripaska in response to his support for the Kremlin-backed campaign to interfere in the 2016 presidential election.But when his girlfriend was expecting their first child, in 2020, his loyalty to Russia seemed to find its limits. Despite his support for the Russian regime of Vladimir Putin, the billionaire oligarch spent hundreds of thousands of dollars to have their child born in the United States, benefit from the healthcare system, and receive birthright citizenship, according to court records.In an indictment unsealed Thursday, federal prosecutors detailed the circumstances around the birth of Deripaska's children with his girlfriend, Ekaterina Olegovna Voronina,  as the Justice Department charged the couple and two others in connection with an alleged scheme to evade sanctions.A grand jury indicted Deripaska on charges he conspired with two women — Olga Shriki and Natalia Mikhaylovna Bardakova — to circumvent sanctions and make transactions in the United States for his personal benefit. Prosecutors alleged that Deripaska used a web of shell companies to obscure his ownership of US properties as part of a yearslong scheme to evade sanctions.According to the indictment, Shriki and Bardakova helped arrange for Voronina's travel to the United States in 2020 and again in 2022 for the birth of her second child with Deripaska. On that second trip, after arriving on a private jet funded by Deripaska, Voronina lied to the Department of Homeland Security to conceal her ties to the Russian oligarch.Voronina was refused entry, according to the indictment, which charges her with making false statements to federal agents.Announcing the indictment Thursday, Deputy Attorney General Lisa Monaco said Deripaska sought to evade sanctions "through lies and deceit to cash in on and benefit from the American way of life."But shell companies and webs of lies will not shield Deripaska and his cronies from American law enforcement, nor will they protect others who support the Putin regime. The Department of Justice remains dedicated to the global fight against those who aid and abet the Russian war machine."In court papers, prosecutors said Deripaska used one corporate entity — Gracetown Inc. — to illegally make use of the US financial system and maintain three luxury properties in the United States. And he employed Shriki and Bardakova to help him tap into the US financial system, according to the indictment.For instance, "in or about 2019," Shriki facilitated the sale of a music studio in California that Deripaska owned through shell companies, prosecutors said in the indictment. The studio sold for more than $3 million, and Shriki later sought to expatriate the proceeds through a shell company to a Russia-based account tied to another Deripaska-owned company, prosecutors said.Shriki, a 42-year-old New Jersey resident and naturalized US citizen, was arrested Thursday morning.Bardakova, a Russian citizen, directed Shriki to engage in the alleged transactions on Deripaska's behalf, prosecutors said. Between May 2018 and 2020, prosecutors said, Bardakova instructed Shriki to arrange for the delivery of flowers and gifts to Deripaska's social contacts in the United States and Canada."The deliveries included, among others, two Easter gift deliveries to a U.S. television host, two flower deliveries to a then-former Canadian Parliament member, and two flower deliveries in 2020 ... while she was in the United States to give birth to Deripaska' s child," the indictment states.Read the original article on Business Insider.....»»

Category: smallbizSource: NYTSep 29th, 2022Related News

Elon Musk laid out his idea for a new blockchain-based social media platform to his brother Kimbal in private texts: "This could be massive"

"I'd love to help think through the structure of the Doge social media idea," Elon Musk's brother, Kimbal, texted. "Let me know how I can help." Axelle/Bauer-Griffin/FilmMagic/Hannibal Hanschke Pool/Getty Elon Musk told his brother he wanted to build a blockchain-based social media platform, texts reveal. Twitter expressed concern in the past that Musk could use its internal data to build a competitor. The texts were made public in the discovery process during Musk's court battle with Twitter. Elon Musk shared an idea for a potential Twitter competitor with his brother Kimbal Musk ahead of offering to purchase the company, according to a series of private texts that were released amid Musk's court battle with Twitter."I think a new social media company is needed that is based on a blockchain and includes payments," Musk texted Kimbal Musk on April 10, the same day he announced he would no longer be joining Twitter's board of directors.The billionaire had outlined his idea for the social media company the day before."I have an idea for a blockchain social media system that does both payments and short text messages/links like Twitter," Musk texted Kimbal Musk on April 9. "You have to pay a tiny amount to register your message on the chain, which will cut out the vest majority of spam and bots. There is no throat to choke, so free speech is guaranteed."Musk said the site would have a "massive real-time database" that would keep permanent copies of messages and followers and a "Twitter-like app on your phone" that can access the database in the cloud."This could be massive," Musk texted his younger brother.A few days after sending the messages, Musk offered to buy Twitter for $44 billion.Kimbal Musk appeared to support the idea, telling his brother it could be a social media company that cuts back on ads by allowing users to "pay for use" and could allow users to vote off scam accounts."I'd love to learn more," Kimbal Musk responded at the time. "I've dug deep on Web3 (not crypto as much) and the voting powers are amazing and verified. Lots you could do here for this as well.""It drives me crazy when I see people promoting the scam that you're giving away Bitcoin," Kimbal Musk wrote. "Lots of bad people out there."The two brothers appeared to meet up to discuss the idea, according to a text from Kimbal Musk on April 11. Musk's righthand man Jared Birchall later presented Musk with recommendations for a software engineer "to speak with about the blockchain idea" on April 21."Great to hang yesterday," Kimbal Musk said. "I'd love to help think through the structure of the Doge social media idea. Let me know how I can help."But, the conversation around a "Doge" social media platform does not appear again in the publicly available text messages.Twitter has expressed concern in its lawsuit against Musk that the billionaire would use internal data from the company to build a competitor. In August, the Tesla CEO teased his blank website "X.com" as a potential Twitter competitor.The text messages were revealed as a part of a trove of unredacted messages between Musk and several of Silicon Valley's most powerful players, including Oracle cofounder Larry Ellison, and former Twitter CEO Jack Dorsey. The messages are part of the pretrial discovery process in the court battle between Twitter and Musk.The five-day trial that will determine whether Musk will be forced to buy Twitter is set to start on October 17.Read the original article on Business Insider.....»»

Category: smallbizSource: NYTSep 29th, 2022Related News

The millionaire population is set to skyrocket by 2026 in places like India and Brazil. Here"s how fast countries around the world are minting millionaires.

One percent of the world's population could be millionaires by 2026. Growth in the US will be much slower than other countries like China and Mexico. Brazil is projected to see its number of millionaires increase by 115% from 2021 to 2026.Giordano Cipriani/Getty Images Credit Suisse projects the world will have more than 87 million millionaires in 2026 — 40% higher than in 2021. Inflation and rising asset values will drive some of this global wealth growth. India and Brazil top the list of the fastest rate of growth in number of millionaires by 2026. The future of the global economy is looking increasingly uncertain, but millions of people across the world are getting ready to join the millionaire club — at least on paper.From 2021 to 2026, the number of millionaires across the globe is expected to grow by over 25 million — or 40% — according to Credit Suisse's annual wealth report released last week. This would bring the total number to over 87 million.  Based on population data and projections from the United Nations' World Population Prospects 2022, this means that in 2026, 1.1% of the world's population could be millionaires — up from 0.8% in 2021.At nearly 25 million in 2021, the United States has almost four-times as many millionaires as the second-ranked country China, but the report projects the US' millionaire dominance to "erode" in the coming years. "Limited" economic growth and financial assets like stocks falling from "peak values" are expected to slow wealth gains, the report says — leading to US growth of only 13%.The report highlighted India and Brazil as the nations poised for the largest percent change in millionaire growth from 2021 to 2026 among select countries highlighted in the report. These two countries are projected to both see growth of over 100%. The following table shows the percent increase in the number of millionaires from 2021 to 2026 for 22 countries.!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r.....»»

Category: smallbizSource: NYTSep 29th, 2022Related News

The "market riot" won"t stop until the Fed pivots from quantitative tightening, Societe Generale strategist says

The Bank of England has done its own pivot after UK bonds "crashed horribly," forcing the central bank to intervene in the bond market. Federal Reserve Chair Jerome Powell.Win McNamee/Getty Images A "market riot" won't stop until the Fed reverses course on its aggressive tightening strategy, Societe Generale global strategist Albert Edwards said.  UK gilts "have crashed horribly," forcing the Bank of England to buy long-dated bonds, he said Thursday.  The "markets are still in charge and they just won't tolerate QT," in Edwards' assessment.  A sell-off in financial markets won't end until the Federal Reserve reverses course on its aggressive tightening strategy, according to Societe Generale global strategist Albert Edwards. In a note published Thursday, he focused on the recent battering of UK bonds, or gilts, that has sent prices plunging and yields soaring in recent sessions. The UK 30-year gilt yield this week shot past 5% for the first time since 2010.  The 5-year yield moved above 4.5% for the first time since 2008, with markets seeing more risk in 5-year bonds than those for eurozone members carrying the heaviest debt loads. He noted while blame for the selloff has been placed on the UK's mini-budget — which includes billions of pounds in tax cuts — gilts began selling off last Thursday when the Bank of England's Monetary Policy Committee said it will reduce its purchases of UK bonds by £80 billion ($88.4 billion) over the next 12 twelve months, to a total of £758 billion.It also raised the benchmark interest rate by 50 basis points, a less aggressive move than the Fed's latest rate hike of 75 basis points to fight inflation. "While most press attention is on sterling's weakness, it is UK Gilts that have crashed horribly. But the markets have proved that, as in 2018, QT is not 'boring like watching paint dry' and they have forced the BoE into an ignominious Powell-like pivot. What comes next? 'Not-QE' comes next," Edwards wrote. In 2019, Federal Reserve Chairman Jerome Powell said the central bank would restart buying Treasury securities to avoid market turmoil but said "in no sense is this QE," according to Bloomberg.  QT, or quantitative tightening, is the reduction of a central bank's balance sheet, or its assets and liabilities. The process is a reversal of quantitative easing, or QE, when more funds are pushed into financial systems via bond purchases.The so-called BoE pivot came this week when it intervened in the bond market, saying it would temporarily purchase £65 billion in long-dated UK government bonds. Bond buying is aimed at pulling yields down and lowering borrowing costs for the government and companies."The bottom line is, after decades of central bank stimulus inflating bubbles and financial leverage to grotesque heights, the markets are still in charge and they just won't tolerate QT," Edwards said.US bond yields also spiked during this week's panic in bond markets. The 10-year Treasury yield rose to 4% for the first time since 2010. The Federal Reserve this month ramped up its own quantitative tightening program to $95 billion a month. Fed officials are allowing a monthly run-off of $60 billion of Treasuries and $35 billion of mortgage-backed securities. Its balance sheet shot up to about $9 trillion under QE from under $1 trillion before the 2008 global financial crisis.Hinting at another possible pivot, Edwards referred to a quote by former heavyweight champion boxer Mike Tyson: "Everyone has a plan till they get punched in the mouth". "Which reminds me, isn't the Fed in the process of doubling its QT to $96 bn a month? Good luck with that!" wrote Edwards. Read the original article on Business Insider.....»»

Category: smallbizSource: NYTSep 29th, 2022Related News

Here"s what it actually means to die "of old age"

Aging is not actually a cause of death. But older people are more likely to succumb to common infections like pneumonia. HBO/Game of Thrones "Old age" isn't really a medical cause of death. Queen Elizabeth's death certificate says she died of "old age" at 96. Older people are more likely to die as a result of common illnesses (like pneumonia) that others could survive. Ever ask someone how their family member passed away and hear them say they simply "died of old age"?As it turns out, that's almost never quite what's going on from a medical perspective. Aging — in and of itself — is not a cause of death. When most of us say that someone died of old age, what we really mean is that someone died as a result of an illness (like pneumonia) or as a result of an event (like a heart attack) that a healthy, stronger, younger person would likely have survived.The Centers for Disease Control and Prevention keeps track of what people actually die from in the United States. In 2020, the CDC said the number one cause of death for people over the age of 65 in the US was heart disease, followed by cancer, COVID-19, cerebrovascular disease (which often leads to strokes), and Alzheimer's.These "old age" fatalities are often quiet deaths, like what happens when you hear an older person's heart stopped in their sleep. That usually means the person had a heart attack in the middle of the night. Another example is if someone "had a bad fall, and it was just downhill from there." The person likely broke a hip, survived the surgery, but then got pneumonia and died as a result of their infection. Often, what claims the lives of older people can be an accumulation of things. Sometimes this is referred to as "geriatric failure to thrive," a kind of catchall phrase for elderly patients who may have a bunch of interrelated issues, including trouble with moving, eating, depression, and cognitive impairment."As you get older and older, you're more likely to get heart disease and cancer," Amy Ehrlich, a professor of clinical medicine at the Albert Einstein College of Medicine and a geriatric physician at Montefiore Medical Center, previously told Insider. "But we also see a lot of things like falls, where someone falls and ends up with serious trauma like a hip fracture. That's hard to recover from when you're 104."If we don't die as a result of aging, then what the heck is aging?Queen Elizabeth's death certificate says she died of "old age."Chris Jackson/Getty ImagesHumans didn't always live reliably long enough to age. People used to die frequently long before their skin began to sag or their muscles began to wither, succumbing instead to diseases for which we now have vaccines, like tuberculosis or smallpox. Some people died from gastrointestinal infections, which can cause diarrhea. In many countries around the world, diarrhea is still a leading cause of death in kids, along with malaria, and pneumonia.Somewhere around the 1950s (at least in the US, and other wealthy countries), we started living nearly twice as long as our ancestors had just a century before. We now spend a massive portion of our lives getting old before we die, though in recent years, life expectancy has been declining — a trend that started before the COVID-19 pandemic began.Other living organisms don't ageWhat if we experienced aging without death as the final outcome — or didn't age at all? That's how some animals do it.A 2014 study comparing the mortality rates of 46 different species found that some organisms don't age — their mortality rates stay constant from around the time they're born until around the time they die. Others enter a period of aging (like the kind most of us experience around age 65) and then come out of it, continuing their lives.Here's a chart from that study showing what aging looks like in a modern-day human (far left). Mortality rates here are in red, fertility rates are in blue:NatureThat sharp rise in the thin red line says: We have an incredibly long aging period.But lots of other creatures' life spans look nothing like this. Take a look, for example, at the "immortal" hydra (second column, second row), a tiny freshwater animal that lives to be 1,400 years old. It's just as likely to die at age 10 as it is at age 1,000:NatureThe desert tortoise has a high mortality rate in early life, after which the tortoise death rate actually declines with age. NatureWhat does this mean for people who want to live forever?Some scientists think we can use this knowledge of the natural world to stop aging, or at least prolong human life."Aging is not a relentless process that leads to death," Michael Rose, an evolutionary biologist at the University of California at Irvine and the director of its Network for Experimental Research on Evolution, previously told Insider. (Rose has published a series of papers and books on aging and evolution.) "It's a transitional phase of life between being amazingly healthy, and stabilizing."Other researchers, like biologist and theoretician Aubrey de Grey, want to use our knowledge of other organisms to extend our lives. The proportion of people who die of age-related problems is high in wealthy countries, de Grey said in his 2014 film "The Immortalists." "It's absolutely clear that it's the world's most important problem."But we are not hydra nor tortoises, and, for now, we can't do away with human aging. For us, aging is real, and it is long. Fortunately, many older people can still live healthy, happy lives.This story has been updated. It was originally published in 2016. Read the original article on Business Insider.....»»

Category: smallbizSource: NYTSep 29th, 2022Related News

Ford"s tiny truck can run you anywhere from $20,000 to $40,000: See the differences between the basic Maverick XL and fancy Lariat

Is a fancy, $35,000 Ford Maverick all that much better than the basic, $20,000 model? We got up close with both little trucks to find out. The Ford Maverick XL (top) and Lariat.Tim Levin/Insider The Maverick is Ford's newest small truck, and it starts at around $20,000.  Add on all-wheel drive, a bigger engine, and fancy upgrades and that cost could double.  We drove a bare-bones XL and a well-optioned Lariat to find the biggest differences between the two.  Ford's new Maverick is a smash hit, and its success proves that buyers are hungry for smaller, cheaper trucks.2022 Ford Maverick XL.Tim Levin/InsiderLaunched last year, the pint-sized pickup slots below Ford's Ranger and even larger F-Series models.2022 Ford Maverick XL.Tim Levin/InsiderAnd in a world where people regularly shell out $50,000 or more for a truck, the 2022 Maverick costs a measly $20,000 to start.Tim Levin/InsiderRead more: The $20,000 Ford Maverick is a bare-bones pickup truck that proves less really can be moreOf course, a Maverick can cost almost double that for buyers who choose a fancier trim and pile on the options.The 2022 Ford Maverick Lariat.Tim Levin/InsiderBut what are the biggest differences between the cheapest and most expensive models? I drove the bargain-bin Maverick XL and pricier Maverick Lariat to find out.The 2022 Ford Maverick Lariat.Tim Levin/InsiderThe Maverick Lariat starts at roughly $26,000, but the one Ford lent me cost right around $35,000, including some options and a destination fee.The 2022 Ford Maverick Lariat.Tim Levin/InsiderFrom the outside, a few key differences between the XL and Lariat stand out.2022 Ford Maverick XL.Tim Levin/InsiderThe XL gets basic steel wheels, a black grille, and black side-view mirrors.Tim Levin/InsiderThe Lariat comes with 17-inch aluminum wheels (optional 18-inch ones on my tester), silver trim across the grille, and body-colored mirrors.The 2022 Ford Maverick Lariat.Tim Levin/InsiderI find the XL's stripped-down look charming ...Tim Levin/Insider... but there's no question the Lariat looks less like a work truck.The 2022 Ford Maverick Lariat.Tim Levin/InsiderOne of the best things about the Maverick is that it comes with a hybrid engine as standard, giving it an EPA-rated 37 mpg combined.2022 Ford Maverick XL.Tim Levin/InsiderBut if you want all-wheel drive and a bit more grunt, there's also a turbocharged four-cylinder available.The 2022 Ford Maverick Lariat.Tim Levin/InsiderThe hybrid Maverick XL droned loudly at high speeds and struggled to make highway passes.Tim Levin/InsiderBut the Lariat I drove — equipped with the upgraded powertrain — had plenty of power for quick merges and the like. The gutsier engine bumps horsepower from 191 to 250.The 2022 Ford Maverick Lariat.Tim Levin/InsiderRead more: People are roasting BMW for unveiling a 'hideous' $160,000 SUV with 644 horsepower — see the polarizing XMMoving onto the interior, it's no shocker that the Lariat offers up many more comforts and amenities.Tim Levin/InsiderRead more: Tour the $20,000 Ford Maverick pickup truck's funky and functional interiorThe XL's cab is basic and gets the job done.2022 Ford Maverick XL.Tim Levin/InsiderIt even has thoughtful touches like interesting patterns and textures that keep things from feeling cheap.2022 Ford Maverick XL.Tim Levin/InsiderIt has funky door handles and door pockets designed to fit a large water bottle.The 2022 Ford Maverick.Tim Levin/InsiderThere's a small screen with little cubbies nearby for storing sunglasses or a wallet.The 2022 Ford Maverick.Tim Levin/InsiderRead more: I drove the $20,000 Ford Maverick. Here are 4 reasons to buy the little pickup — and 3 ways it falls short.And the center console is packed with little nooks and crannies for your phone and other odds and ends.The 2022 Ford Maverick.Tim Levin/InsiderThe Lariat has all those fun and useful qualities, but features higher-end materials and is more comfortable overall.The 2022 Ford Maverick Lariat.Tim Levin/InsiderIt also has a bolder blue-and-brown color scheme.The 2022 Ford Maverick Lariat.Tim Levin/InsiderRead more: I've driven 15 different electric cars. These are my 13 favorite features, from the F-150's frunk to Rivian's camping kitchen.Both have handy under-seat storage.The 2022 Ford Maverick Lariat.Tim Levin/InsiderMy tester with the optional $3,750 Lariat Luxury Package had heated faux-leather seats, an upgraded stereo system, a heated, leather-wrapped steering wheel, and a wireless phone charger, among other upgrades.The 2022 Ford Maverick Lariat.Tim Levin/InsiderThe Lariat also adds fairly basic conveniences the XL doesn't have, like push-button start, adaptive cruise control, and dual-zone climate control.The 2022 Ford Maverick Lariat.Tim Levin/InsiderBlind-spot monitoring is a welcome addition.The 2022 Ford Maverick Lariat.Tim Levin/InsiderNow onto the heart of the Maverick and the reason most people will buy one: Its bed.Tim Levin/InsiderThe XL has a bare-metal bed with some clever DIY-oriented features.Tim Levin/InsiderRead more: Tour the $20,000 Ford Maverick's small but extremely versatile truck bedIt has stamped slots that let owners use 2X4s as shelves and dividers.The 2022 Ford Maverick.Tim LevinIt offers threaded holes so owners can mount their own accessories.The 2022 Ford Maverick.Tim Levin/InsiderAnd it offers access to 12-volt power, so owners can wire in lighting.The 2022 Ford Maverick.Tim LevinThe Lariat I tested had a bed liner, which made it less slippery to stand on and more durable.The 2022 Ford Maverick Lariat.Tim Levin/InsiderIt also came with a handy folding tonneau cover, LED lights, and sliding tie-down points.The 2022 Ford Maverick Lariat.Tim Levin/InsiderThe left side came with a power outlet.The 2022 Ford Maverick Lariat.Tim Levin/InsiderThe right came with a cubby.The 2022 Ford Maverick Lariat.Tim Levin/InsiderBoth trucks bring a lot to the table. The XL is a great budget option that's bare-bones without feeling cheap.2022 Ford Maverick XL.Tim Levin/InsiderThe Lariat adds on useful capabilities and extra comforts for people who can afford to spend a bit more. And if you can't choose, there's always the XLT trim, which fits right in the middle.The 2022 Ford Maverick Lariat.Tim Levin/InsiderRead the original article on Business Insider.....»»

Category: smallbizSource: NYTSep 29th, 2022Related News